Saving money by using credit cards

[lisaross]

i also use credit cards for different cash back area's.

Not nearly as good as u guys - b ut now my goal for 2012 will be to see how much i can earn! so please tell me how do u get the great offers from credit cards - i get lots of offers in the mail (never open them though) do u search them out or just wait for them to mail u the offers?

Any tips would be great.

I always pay my credit cards off each month.

 

[hsmamato2]

thanks for tip on Capitolone and my next statement is probably a complete irony having said that.... I do think the title of this thread is likely misleading,since most people here who do play the 'card game' to get rewards pretty much spend more than with straight up cash,even if it's paid before it's due at end of month(myself included) so I guess at this stage of my life I will have to assess what will really save me more money,using the cc for rewards or going to cash. sigh....why does life require so much thinking?

 

[Sandy61]

i also use credit cards for different cash back area's.

Not nearly as good as u guys - b ut now my goal for 2012 will be to see how much i can earn! so please tell me how do u get the great offers from credit cards - i get lots of offers in the mail (never open them though) do u search them out or just wait for them to mail u the offers?

Any tips would be great.

I always pay my credit cards off each month.

Several years ago I found a website that let me compare many cc and put in my spending habits to see which ones came up best for me. I then applied for the one I wanted. It should also give you info like fees etc. Google compare credit cards or something.

 

[kacaju]

calypso726
Is that your dog in your siggy?

 

[drcmk]

I use the credit card exclusively for groceries and gas and for regular bills like the phone, and of course online purchase. My card lets me link my credit card, my husbands and my business card into one account. We earn enough points for the four of us to get free airplane tickets about every 18 months. Sometimes there is enough left over to get a gift certificate to a restaurant we will visit during our vacation, too. Definitely worthwhile for us.

 

[FredS]

Since it is now possible to use a credit card, and thereby get some form of rewards, for almost everything, for those who are disciplined enough to pay in full each month, AND, to not overspend because plastic doesn't seem real, then it is good.

If someone says that they are earning several hundred dollars worth of rewards every month, it seems to be that they are exaggerating (this is the disboards budget board after all, LOL) or they are buying WAY too much. Maybe pay off some other debt or put that towards retirement instead of spending every extra penny??

Kind of like "having" to buy something you don't really need because it's on sale. Earning a percentage of a purchase you didn't need to make in the first place is not a smart move!

 

[mrodgers]

Since it is now possible to use a credit card, and thereby get some form of rewards, for almost everything, for those who are disciplined enough to pay in full each month, AND, to not overspend because plastic doesn't seem real, then it is good.

If someone says that they are earning several hundred dollars worth of rewards every month, it seems to be that they are exaggerating (this is the disboards budget board after all, LOL) or they are buying WAY too much. Maybe pay off some other debt or put that towards retirement instead of spending every extra penny??

Kind of like "having" to buy something you don't really need because it's on sale. Earning a percentage of a purchase you didn't need to make in the first place is not a smart move!

I spend over $3000 just in bills and expenses (gas and groceries) every month. If a person is getting 5% back, I see how they could earn several hundred dollars. Just with my monthly bills, gas, and groceries, I would get $153 back at 5%.

 

[FredS]

I spend over $3000 just in bills and expenses (gas and groceries) every month. If a person is getting 5% back, I see how they could earn several hundred dollars. Just with my monthly bills, gas, and groceries, I would get $153 back at 5%.

Just my point. I don't think many people pay rent/mortgage and get cash back. Using your example, I think using a credit card for $3,000 worth of expenses is higher than average and I think getting 5% cash back on everything is also higher than average. I'm not doubting you at all -- I think that is totally within the realm of possibility, and I think many of us get around $100 if we carefully use our cards.

But $153 is still not several hundred . . .

 

[alice99]

Reading this thread is making me laugh. I make my husband crazy, telling him which card to use. Since the rewards are so great on these cards, I have opened new accounts and closed older, less profitable (points-wise) ones.

I have been taking advantage of all these same deals with the Chase Freedom card (my husband and I have separate accounts)...... same with the Citibank Thank you card. I just got that card and will get 40K bonus points as soon as I spend 2K within the first 3 months. That's 400$ of gift cards..... I had my husband apply for a separate account, and he got the same deal.

I pay the cards weekly, as my paycheck comes in on Friday I pay everything from the week.

 

[MrsPete]

After seeing all this, I am thinking about getting more CC with a sign up bonus. Will getting more CC help my credit score or hurt it? Right now it is 850 so it could dip down a little.

Never make decisions based upon your credit score. Rather, do what's best for your financial stability, and you won't need to worry about your credit score. Spend less than you earn. Put money away for the future. Pay all your bills on time. Do these things, and you'll never need to think about your credit score. It'll be a number that'll help you.

So, in answer to your question, do you need this other credit card? Well, you probably don't need it, so let me re-word: Will it make your life more convenient, or will it give you rewards that you can't get now? If so, get the card. If you're getting it just for a sign-up bonus, then no -- skip it.

If someone says that they are earning several hundred dollars worth of rewards every month, it seems to be that they are exaggerating (this is the disboards budget board after all, LOL) or they are buying WAY too much. Maybe pay off some other debt or put that towards retirement instead of spending every extra penny??

I hear what you're saying. It's kind of like people who say, "I'm great with yard sales! I have one every May, and I never make less than $500!" Anyone who can have a yard sale that big every year is over-spending and justifying it by recouping pennies on the dollar. Sure, it's possible to do the same thing with credit cards, and if you don't examine your finances carefully it could LOOK like a wise choice.

Sometimes we really do have "several hundred dollar months". But those are always months when my husband took business trips. That means he paid for his plane fare, hotel, rental car, and expensive client meals on our personal card . . . and then was reimbursed by the company. Right this minute, we have a 9K credit card bill; we did have one big car repair this month, but most of it is business-related. We love that because he gets every penny back after he files his expense report . . . but we get 5% to use for restaurant cards, etc. for personal use.

I agree with your overall theme: Do not lie to yourself about your spending.

 

[North of Mouse]

The Disney Credit Card is so worth it to my husband and I - we put almost all monthly bills on it, then pay it off every month. Then when we go to WDW we usually have enough between us (yes, we have individual accounts) for half or more of our food - we usually stay there abt. 10 days. But, you do have to be aware that it's not just plastic, it is real money. Our daughter cannot do this even though she would like to because she can't control impulse buying with it. So, it's not for everyone.

 

[marie1203]

We have been doing this for years and we gotten so much money back just for charging everyday things. Every Monday I log on and pay them all off. We haven't paid any interest. This year alone we have $600 rewards in our disney visa. About $100 on Amex and some money from master card.

 

[lisaross]

How do u get the good deal on the credit card? Do u apply first and they offer it to u or do u call and say what deals do u have if i open a card?

Reading this thread is making me laugh. I make my husband crazy, telling him which card to use. Since the rewards are so great on these cards, I have opened new accounts and closed older, less profitable (points-wise) ones.

I have been taking advantage of all these same deals with the Chase Freedom card (my husband and I have separate accounts)...... same with the Citibank Thank you card. I just got that card and will get 40K bonus points as soon as I spend 2K within the first 3 months. That's 400$ of gift cards..... I had my husband apply for a separate account, and he got the same deal.

I pay the cards weekly, as my paycheck comes in on Friday I pay everything from the week.

 

[lisaross]

JUst applied and was approved for the Chase Freedom Card with the $200 cash back after charging $500.00 after the 1st 3 months!

This is great - love a new challenge for the year!

After the 3 months, i will have my husband apply and we can then get another $200.00!

Great Thread!

Lets post any great credit card offers!

Happy New Year!

 

[calypso726]

How do u get the good deal on the credit card? Do u apply first and they offer it to u or do u call and say what deals do u have if i open a card?

I search the internet and read some of the credit card forums and review sites to see what is out there and where the best offers are. There are web sites like creditcardforum dot com fatwallet dot com nerdwallet dot com.

The forums are helpful when it comes to some of the fine print we might overlook. For example, if you look at the Discover cash back card, the information it tells you is that you can earn 5% quarterly on certain categories and 1% unlimited. What it doesn't tell you (unless you are specificaly hunting for it) and what I learned from the forums is that unlimited 1% is tiered. You earn the full 1% AFTER you have spent $3K. Until you reach that amount you earn .25%. Fortunately, the 5% categories do earn 5% regardless of whether or not you meet the $3K in annual spending.

calypso726
Is that your dog in your siggy?

Yes That is my beloved Disney. We lost him in June just shy of 12 years old Miss him so much.

If someone says that they are earning several hundred dollars worth of rewards every month, it seems to be that they are exaggerating (this is the disboards budget board after all, LOL) or they are buying WAY too much. Maybe pay off some other debt or put that towards retirement instead of spending every extra penny??

Kind of like "having" to buy something you don't really need because it's on sale. Earning a percentage of a purchase you didn't need to make in the first place is not a smart move!

I can see earning several hundred in the first month if you applied for several cards with sign on bonus offers at the same time. Consistently though, over the course of a year ... that's a lot of spending.

JUst applied and was approved for the Chase Freedom Card with the $200 cash back after charging $500.00 after the 1st 3 months!
This is great - love a new challenge for the year!
After the 3 months, i will have my husband apply and we can then get another $200.00!
Great Thread!
Lets post any great credit card offers!
Happy New Year!

January 1st - March 31st your 5% categories are gas and purchases on amazon dot com. Keep in mind you must enroll in the 5% programs it doesn't happen automatically. You can do it online or call them up. Happpy bonus cash earning!

 

[North of Mouse]

lisaross, most of the time the offers come in the mail - mine came from Chase with $200 after first use, then two weeks later one came for my husband with the same offer. He applied, wondering if it would go through with the same address, but it did!! So, we had $400.00 total for planned Disney trip and it paid for most of our food for 10 days. We are not big eaters, but ate what & when we wanted regardless of cost. Also, now, we put all our monthly bills on the cards and "save" for our next WDW trip. By the way, we pay it off each month, so it truly is "free" money . We had already in the past had offers anywhere from $25-$100, but that didn't appeal to us - we carry very few cards, but the $200 after first use appealed to us . We also have very little credit and get offers at least twice or more a week which we decline.

 

[Jett456]

Some credit cards now can link directly to amazon.com and you can spend your points or miles. I bought quite a few gifts this year using my rewards money!

 

[alice99]

How do u get the good deal on the credit card? Do u apply first and they offer it to u or do u call and say what deals do u have if i open a card?

Getting the 200 back on the Freedom card was through a website, I used a link through a blog to apply for the card.

Citibank sent me a pre-approved application, my husband and I got the same offer for 40k points. Great deal.

 

[HallsofVA]

Thank you The only card I know of with no annual fee, giving 5% cash back, year round, no caps, right now is the Pen Fed card. You have to belong to their credit union and to qualify for that, be part of the military or related to someone in the military. You can also qualify by making a one time $15 charitable donation to Voices for America's Troops. Not bad and it's next on my list of card to acquire

Alas, all good things must come to an end. We've been holders of the PenFed card you mention for several years, and switched our purchases to it for the higher cash back and the cashback deposited into our account every month. However, I just got a letter from them explaining that while the gas rebate will still be 5%, the rest of the cash back rebate will drop from 1% to .25% in mid-January. Looks like it will now be our gas card only!

Like so many others, they are trying to get people off of the cash rewards card, to the rewards card that earns points instead.

 

[calypso726]

Alas, all good things must come to an end. We've been holders of the PenFed card you mention for several years, and switched our purchases to it for the higher cash back and the cashback deposited into our account every month. However, I just got a letter from them explaining that while the gas rebate will still be 5%, the rest of the cash back rebate will drop from 1% to .25% in mid-January. Looks like it will now be our gas card only!

Like so many others, they are trying to get people off of the cash rewards card, to the rewards card that earns points instead.

WOW! Thanks for the heads up, good to know. When I do get it I will use it as a gas card only as well.