Questions about using cc for rewards

[mrsbornkuntry]

I've been reading through pretty much all of the threads on debt reduction on here lately and saw that alot of the people on here use cc just for the rewards and then pay them off immediately. I'm debt snowballing right now and I don't know if what I just did was even a good idea. I was just approved for a Choice Hotels rewards card. I personally do not have any cc in my name, we have two with balances under $300 in DH's name that we're paying off and keeping one for emergencies. DH and I like the Choice Hotel chain and want to get the reward points for free nights.

My question is, how do you pay it off so you aren't charged interest? Do you have to pay it immediately before the bill comes, or do you just have to pay the bill in full when it comes? I would want to pay it immediately so I could be sure not to get back in debt, if I do that will I still get the rewards? My plan was to use it for my groceries and then pay it off as soon as it shows up on my account, can I do that? I'm sorry if these are stupid questions, but the interest on this card starts out low, but after 6 months is really high and I don't want to pay it!

 

[Anne34]

We use a couple different rewards cards (Discover and DIsney Visa). We pay off our balances each month when we get the bill. On the next bill there is a place that shows you how much you have accumulated in bonus rewards. (They are both around 1% of your purchases -- Disney Visa will keep a running total and you get a dollar for each $1,000, so if you charge $500 this month and $500 next month - you have now reached a $1,000 reward level.)

Hope this explains it a little bit. If you have any questions, please let me know. We charge A LOT every month, but always pay them off immediately.

 

[lovemygoofy]

Hi another Army wife here,

I dont know what cc you use but have you looked into USAA's credit card. They have excellent interest rates and you can choose the rewards program you want whether it be points or miles. We choose cash back on our card but that's just us. I don't use my card enough either way. I'm thinking about switching to points/miles when my dh deploys next month because he will be using his cc the whole time he is away and I will be using that to keep tally of my gas and food. If you want more info about USAA just PM me. I really like the whole instution.

 

[mrsbornkuntry]

Hi another Army wife here,

I dont know what cc you use but have you looked into USAA's credit card. They have excellent interest rates and you can choose the rewards program you want whether it be points or miles. We choose cash back on our card but that's just us. I don't use my card enough either way. I'm thinking about switching to points/miles when my dh deploys next month because he will be using his cc the whole time he is away and I will be using that to keep tally of my gas and food. If you want more info about USAA just PM me. I really like the whole instution.

I can't believe I didn't even think of USAA! We have our checking acct. and insurance with them and I've always been really happy with them. I'll have to look into theirs, thanks. Is your DH going to Iraq? I was just wondering if a cc would be the best way for us to do it, too. Usually when DH is deployed I give him a cash allowance that he withdraws or writes a check for at AAFES, will he be able to do that there, or does that just depend where he's at?

 

[lovemygoofy]

I can't believe I didn't even think of USAA! We have our checking acct. and insurance with them and I've always been really happy with them. I'll have to look into theirs, thanks. Is your DH going to Iraq? I was just wondering if a cc would be the best way for us to do it, too. Usually when DH is deployed I give him a cash allowance that he withdraws or writes a check for at AAFES, will he be able to do that there, or does that just depend where he's at?

My dh is going back to Iraq. I imagine that this tour will be different from the first one because he was there when it started and there were no PXs or anything like that. He was also on a mountain top and either ate from everything I sent him or just MREs. I imagine that this time will be different but he is going to take his CC when he needs to buy things online or send my flowers or whatever but he is also taking his debit card that he will always know how much money is in it becaus I always keep the same amount in there. If needs cash like for buying a plane ticket or something big, he can get an advance from Finance but that sucks because it comes out of his pay later. If you have more questions about the best way to survive deployment just ask away. We are old pros by now.

 

[Lisa loves Pooh]

AS long as you pay by the due date of that first month (you charge something...they send a bill---with a due date)...then there is no interest for major credit cards usually.

 

[mrsbornkuntry]

If you have more questions about the best way to survive deployment just ask away. We are old pros by now.

Well, we have deployments down okay, but he hasn't been to Iraq yet, they're expected to go in or after Dec. 2006 so I may need to hit you up for tips then. Right now I'm in denial!

Thanks for all the replies, I don't think I'll have a problem doing this, I like the idea of earning rewards and now Dh and I know better than carry a balance (I hope).

 

[InstImpres]

Another option is to pay the cc on line multiple times within the month. My charges usually post within 2 days and I can make as many payments as I want per month. This is good if you are afraid the money sitting in your checking account will get reallocated :

OT: Thank you, thank you, thank you to our military families for all the sacrifices you make