Accumulating Cash

[kdonnel]

he was AGHAST that anyone would pay just for the privledge of having a card.

Might have been before the trend of rewards cards but I get WAY more value out of the rewards cards I have than the annual fees I pay.

For example one card with a $95 annual fee netted me nearly $10,000 in value.

 

[tvguy]

I was referring more to not reporting cash transactions and not paying any taxes on those transactions at all, rather than managing timing and the timing of what year to honestly pay the appropriate taxes due.

But both impact taxes.

 

[tvguy]

Might have been before the trend of rewards cards but I get WAY more value out of the rewards cards I have than the annual fees I pay.

For example one card with a $95 annual fee netted me nearly $10,000 in value.

My cards would net me $10,000 in value if I spent $334,000 on them But they ARE free cards. Retired and living on Social Security only, so that ain't happening.

 

[kdonnel]

My cards would net me $10,000 in value if I spent $334,000 on them But they ARE free cards. Retired and living on Social Security only, so that ain't happening.

I spent $0 on the card other than the annual fee.

 

[tvguy]

I spent $0 on the card other than the annual fee.

And they gave you $10,000 in benefits?

 

[kdonnel]

And they gave you $10,000 in benefits?

The saga is detailed in this thread.

Thread 'Ever fly somewhere just for the day?'

Jul 11, 2024

I just booked a day trip from Atlanta to Philadelphia.

We leave Atlanta at 6am and arrive back in Atlanta at 11pm should all the flights happen on time.

The point of the trip is to as cheaply as possible try to take advantage of a status match that will hopefully result in a free 7 day cruise for two. The airfare is $100 round trip for the two of us and I used points to rent the car for the day. I am not sure if it will all work out but even if it does not, we will have had a fun day in Atlantic City for $100.

• kdonnel
• Replies: 67
• Forum: Community Board

• 
• 

Sadly the loophole closed not long after I got the value.

 

[Neapolitan Ice Cream]

I don't do cash anymore save for a few £1 coins for green fees for my club. I have a few current accounts, so if one is frozen due to fraud, I can rely on the others. We don't have hurricanes, earthquakes or tsunamis so no emergency kits to take into account.

 

[Southernmiss]

I was referring more to not reporting cash transactions and not paying any taxes on those transactions at all, rather than managing timing and the timing of what year to honestly pay the appropriate taxes due.

I would be suspicious of a company preferring cash payments that they were keeping shady books. And if they'll cheat on bookkeeping, what will they cheat on on my job.

And dh is an auditor. He would be suspicious,too, and would decline to do business with them as it could come back to affect dh's own employment.

 

[amcnj]

my father passed in 1981. he NEVER trusted 'banks' and would use savings and loans exclusivly. his basis for mistrust-he was a young adult when the stock market crashed in 1929 and saw the difference between what happened with the s&l's vs. the banks. it was ingrained in him that banks were cold hearted buisnesses while s&l's had some kind of community connection. he knew chapter and verse how banking regulations and safeguards had been instituted since then but he just could not shake what he had witnessed first hand.

When I was around 10 years old I was riding in the car with my father, and he pointed out a man walking along the side of the road. He said the man walked to the bank every day to make sure that it was still open for business.

 

[John VN]

Easy-Peasy, need cash just go to Bank DW. Been working for 52 years plus side benefits.

 

[easyas123]

Easy-Peasy, need cash just go to Bank DW. Been working for 52 years plus side benefits.

I think my husband may bank at one of those branches ha ha I’m not sure he signed a mortgage application, tax return or anything else in 30 years! He does know where our two local bank branches are though cause I’ve had to send him there once or twice! I keep a cheat sheet in our lock box of the credit cards, and the banking, and other investment accounts the sign in the password in case I disappear off the face of the Earth tomorrow he can figure out where all the monies at.

 

[_19disnA]

Stores pay a processing fee when something is paid for with a credit card. I don't assume they run a shady business just because they offer the opportunity to pay by cash and save the credit card fees. If I am making a one-time purchase and they charge less for cash, I don't think it is any of my business to question why they do that.

Recently my dentist and local car dealer both have signs indicating a processing fee will be added if paying with a credit card. I think that makes sense so they don't have to markup their services to account for credit card fees.

 

[tvguy]

I would be suspicious of a company preferring cash payments that they were keeping shady books. And if they'll cheat on bookkeeping, what will they cheat on on my job.

And dh is an auditor. He would be suspicious,too, and would decline to do business with them as it could come back to affect dh's own employment.

Just smart business to me. If the company can avoid paying 3% to a credit card company and are willing to share that savings with me, we both win. Nothing shady there.

 

[RoseColored97]

We keep a small amount of cash in the house and in the cars. I like to have it for emergencies, but wouldn't keep more than $2,000 around.

We sell on FB Marketplace all the time and never accept Venmo anymore. It's too risky now, we've had attempted scams twice with it (buyer gets item, is satisfied in person, purchases then decides a week later they no longer want so do the buyer protection chargeback or outright lies and says they never received the item) so it's not worth dealing with on the off chance someone refuses to use cash. Hasn't happened yet, I'm not concerned about potentially missing a sale if it were to come up...just not worth it.

 

[sksjasams]

Not intending this to be another thread where folks argue over cash vs. electronic payments (not that it won't turn into that... )

I've come to find out how difficult it is to come up with the bills to pay for something exclusively in cash, especially in this day and age when you don't have a "physical" bank to go to.

Long story short, we're working on buying a jet ski from Facebook marketplace. The seller has said he would prefer cash. Not a problem, except that suddenly, in the last few days, I've been having to come up with $6,500 in cash. Our checking account isn't with a brick-and-mortar institution (at least none are near us), so I found myself going from ATM to ATM doing withdrawals. I'm really gotten to know our area ATM's Every one had different maximum daily withdrawals, different bills they dispense, etc. So I ended up with a mixture of $100s, $50s and $20s (which I've really tried to avoid).

At the end of the day, I feel like I'm rolling up a gambling stake to run to Vegas.

OP, another easy way to get cash is to make a small purchase at a store like Walmart using your debit card and request cash back. I think most stores will allow $100 cash back.