the cac mamba
Veteran
rewards are cool but payin with cash trumps all, ill never cosign that statement
just how i feel breh
Credit Card Rewards - Let make money
- Thread starter 7oclock
- Start date
just how i feel breh
LOL - dude you give me the
like you had something for me.
fukk out my thread and don't your bring your ass back
the cac mamba
Veteran
BlvdBrawler
Superstar
In what way? It's being paid for either way. With a card, though, you're simply spending less.
the cac mamba
Veteran
if this was true, the business wouldnt exist
BlvdBrawler
Superstar
Black smoke and cac jokes
All Black Everything
Do u work for JP Morgan, u mention chase a lot 
Budget #1:
Person A has the following Monthly spend habits:
1. $200 on groceries
2. $150 on gas
3. $100 on clothes at top department stores
4. $200 on restuarants
5. $200 on other spend (excluding rent, but including utilities and car payments)
that's a total spend of $850 per month and $10,200 per annum that you spend money on regardless.
Card #1:
Chase Freedom
Chase Freedom has no annual fee to use and offers 5% back on rotating "bonus" categories every quarter. For example in quarter 1 and 3 you get 5% back on gas and in 2 and 4 you only get 1% back (which essentially is 3% annualized) Applying this to the budget above , you could earn $17.50 in a month or $210 in a year (essentially 2%, which is higher than most savings and mney market accts right now).
Again this is for money you already are going to spend.
Here's the kicker - Credit Card Olym
I like that financial smartness in here. Investing in multiple accounts such as cds with great interest rates, money markets, interest checking account, trust funds, mutual funds, and many many more accounts is worth investing into.. Before making a financial decision always read the terms and conditions, penalty fees, if it FDIC insured. Another great way to save is signing up with your employers federal credit union.. It the best way to open multiple accounts for whatever you want to save for and have it automatically deducted from your payroll.. Transfering money is usually at no cost with an ACH external account. I recommend that people should open an account for emergency situations in a case an emergency situations. Opening multiple accounts at a credit union is usually no cost.. Unlike the banking insituation, some may charge a fee or interest for opening up an additional accounts (such as a saving account)..
I like that financial smartness in here. Investing in multiple accounts such as cds with great interest rates, money markets, interest checking account, trust funds, mutual funds, and many many more accounts is worth investing into.. Before making a financial decision always read the terms and conditions, penalty fees, if it FDIC insured. Another great way to save is signing up with your employers federal credit union.. It the best way to open multiple accounts for whatever you want to save for and have it automatically deducted from your payroll.. Transfering money is usually at no cost with an ACH external account. I recommend that people should open an account for emergency situations in a case an emergency situations. Opening multiple accounts at a credit union is usually no cost.. Unlike the banking insituation, some may charge a fee or interest for opening up an additional accounts (such as a saving account)..
I like that financial smartness in here. Investing in multiple accounts such as cds with great interest rates, money markets, interest checking account, trust funds, mutual funds, and many many more accounts is worth investing into.. Before making a financial decision always read the terms and conditions, penalty fees, if it FDIC insured. Another great way to save is signing up with your employers federal credit union.. It the best way to open multiple accounts for whatever you want to save for and have it automatically deducted from your payroll.. Transfering money is usually at no cost with an ACH external account. I recommend that people should open an account for emergency situations in a case an emergency situations. Opening multiple accounts at a credit union is usually no cost.. Unlike the banking insituation, some may charge a fee or interest for opening up an additional accounts (such as a saving account)..
Do u work for JP Morgan, u mention chase a lot
No.
I actually don't use the Chase cards because of my spending profile (mostly gas and groceries and dept stores) - the mix I use is the Amex BCP and the Barclays Arrival the latter you will need top notch credit/debt to income.
I focus on Chase because of the great system they have for cashback and utilizing points (if you do international first class travel) and because most people can easily be approved for the Chase Freedom (plus no annual fee and easy to use) and also a lot of people already have this card so it's easy to supplement it with the other Chase cards.
mcdivit85
Superstar
good thread breh, but this statement
Yea I was kinda perplexed by that statement myself. I'm a cash/debit card guy. If I don't have it, then I don't spend it. But I'm curious to see what is being said in this thread. The benefit that seems to be talked about here is getting "rewards" from using credit cards instead of just using cash/debit card that simply pays for the transaction.
Am I correct?
Peace
mcdivit85
Superstar
Please explain what you mean here. Are you intimating that credit is better since a person receives points/rewards for simply making the purchases they would make anyway? Or is there another point you're making?
I'm curious to know why you're so for using credit instead of cash. I would like to learn if I am missing some piece of information.
Peace
That's the gist.
1. Credit is a another investment vehicle. you see how people used credit purchase a house they couldn't afford and when their houses were underwater they walked away from them. It's not different then buying a stock and having it go backwards and cutting your losses.
2. What is cash? Is a handful of cash an investment? In most cases no (unless you're doing forex transaction) - inflation itself will cause cash to devalue - so holding cash is just not a smart thing to do.
3. Now to answer directly your question. You should never use cash for purchases, because the longer you hold your cash the longer you can invest cash.
So lets say you want to buy a 2000 tv. You go in and you pay cash on Jan 1 and that's it. By Jan 31 , you're down for the month 2000 for the purchase.
Me, I pay the tv with credit. I take my 2000 cash and maybe I put it in an investment that got me 1% - so I just made $20 on the cash. Now since I used credit and l'm receiving 2X on my credit card purchase, I jus made 4,000 points on the card (under chases ultimate rewards, that comes out to e $48) so at the end of the month, I made $68 just by not purchasing the tv directly with cash.
Even, if I didn't invest the $2000 cash, I would have still made $48. Now think about your monthly budget/spend and realize that if you're paying cash - you are literally throwing out money you would have earned by using credit.
There's no reason to use cash/debit - when you can do the same thing with credit (with a bit more discipline).
Not to mention, with certain credit cards you will get additional warranties, securities, customer service, concierge services, and other assistance that you would not get with cash/debit.
Say that TV broke down in 8 months - and the TV warrant was only 6 months; I have a credit card that gives me 1 year warranties on all electronic purchases. I can be reimbursed for the tv amount - if you paid Cash/Debit you'd be SOL.
Again - if anyone can make a point to using cash/debit over credit I'd love to hear it.
