I am getting too much free money

[TXHokie]

I used to rack up all the credit card deals back in the days. Then I cancel it after it's done. My credit score is still very high (800+). It was kind of funny when they ran my credit report tho for a mortgage and it came out printed on a stack of paper probably 20 pages long. It's all good, just make sure you keep track and close out unused accounts.

 

[slayer202]

It's a good way to build credit. Everything that you buy on your debit buy with a cash back card. Just don't get lazy and rack up a lot of debt. When the bill is due pay it in full. Rather than spending $20 on debit here, $50 on debit there , coffee and lunch, small things. Use the card, the amount won't be so big.

Just don't do that if you expect a big expense in the future that would require a card.

:awe: imma be rich!

but yes, I never use a debit card for purchases. I'm talking about starting to take advantage of a multitude of these CC offers

 

[DaveSimmons]

I get the $100 - 200 CC offers now and then but haven't used any of them.

It's the "spend $3,000" that stops me -- aside from rent, food and utilities I don't spend much. My TV is from 2006, gaming PC is from 2012, and so on. I'd have to buy things I don't need to get the rewards.

 

[sze5003]

I used to rack up all the credit card deals back in the days. Then I cancel it after it's done. My credit score is still very high (800+). It was kind of funny when they ran my credit report tho for a mortgage and it came out printed on a stack of paper probably 20 pages long. It's all good, just make sure you keep track and close out unused accounts.

I thought the rule was to not close accounts you have had open for a long time.

 

[SlitheryDee]

I'm starting to get those offers from citibank now. I just don't want to get started on that rollercoaster. The thought of juggling a bunch of credit cards for rewards makes me tired. I have plenty of money, a couple of cards that give good consistent rewards, and a low stress life outside of work. I want to keep all of those things pretty much as they are.

For the guys who like to sign up for 0% cards all the time, you know you can often call your CC company when your current promotion runs out and they'll put you on another one with your current card right? I did that with my discover card this year. 18 months 0% right after I just got off the initial 14 month promo I got for signing up.

 

[HendrixFan]

I get the $100 - 200 CC offers now and then but haven't used any of them.

It's the "spend $3,000" that stops me -- aside from rent, food and utilities I don't spend much. My TV is from 2006, gaming PC is from 2012, and so on. I'd have to buy things I don't need to get the rewards.

Buy grocery store gift cards to stretch out the $3k spend. If you keep an eye out, those $3k spend offers shrink to $1k for a small period of time.

 

[EliteRetard]

some of us don't like eating ramen noodles for all meals and walking everywhere.

And most of you are miserable and poor as hell because you don't know how to spend money properly. I can do more with $1200/month than most can with 3-4 times that.

I'm ALWAYS helping out people who make way more than me because they "can't afford it".

Also, I'm allergic to MSG...I buy fruits & veggies.

 

[dank69]

I thought the rule was to not close accounts you have had open for a long time.

Length of credit history is important. You don't want to close your oldest account. Not sure if anything but the oldest matters.

 

[sze5003]

I would never spend 2-3k a given time to get some money back. I just don't spend that much all at once. Maybe if you include all my expenses and student loans each Month than yea but I've never wanted to spend that much in a given time. If I am it's usually a motorcycle and it's with cash.

 

[NikolaeVarius]

And most of you are miserable and poor as hell because you don't know how to spend money properly. I can do more with $1200/month than most can with 3-4 times that.

I'm ALWAYS helping out people who make way more than me because they "can't afford it".

Also, I'm allergic to MSG...I buy fruits & veggies.

Oh man, the smug feeling of superiority is strong in this one.

Especially when many of us are eating much better than the two apples he eats a day.

 

[EliteRetard]

Buy grocery store gift cards to stretch out the $3k spend. If you keep an eye out, those $3k spend offers shrink to $1k for a small period of time.

That's interesting...do gift cards actually count for rewards? I was pretty certain they did not. If so, I could maybe find a grocery card that doesn't expire and buy a years worth of food for around $1k to get a small reward.

If I can find/qualify for such a deal.

 

[M0oG0oGaiPan]

this is called churning. bunch of guides online.

not sure if it works anymore but you can send like $1k a month with amazon payments for manufactored spending.

here's a simple guide on manufactured spending:
http://thepointstraveler.com/beginn...es-and-points/intro-to-manufactured-spending/

 

[TXHokie]

I thought the rule was to not close accounts you have had open for a long time.

I have only one account that I've had for near 20 yrs now. Maybe that's what holding up the high score. Guess I won't close it just to find out. The rest are less than 5 yrs.

 

[Xonim]

Of interest: reddit.com/r/churning

The offers can be more lucrative if you focus on travel instead of cashback, but if you don't like to travel, then it's kinda pointless. Also, absolutely don't do it if you're within 12-18 months of a major purchase (house, car, etc).

My wife and I are slowly going through this process so we can take a free trip to Europe. We're not people that do 5 cards each every 3 months, but I've had 6 in the past 10 months and she's had 3 in the past 5 months. We'll each have 2-3 more by the end of the year, at which point we'll be booking our trip.

In a little less than a year, we've cashed in ~$1000 for statement credits or direct deposits (only from programs that are purely "cash back") and have roughly $3500 worth banked in various airline/hotel programs. If we redeem for travel like we're planning, that $3500 will be worth closer to $12-15k (business class flights to Europe, 10-12 free hotel nights in 5* hotels, etc).

OP, for some of the larger offers (mostly travel related), check out the Chase Sapphire Preferred ($400 after $3k, worth $800+ when transferred to a partner and redeemed for travel), Chase United MileagePlus Explorer (use Flyertalk thread to get 50k miles after $2k spending instead of 30k miles after $1k, worth 1.8-2.0 cents per mile for most flights), and Barclays Arrival World Mastercard ($400 after $3k, must be redeemed for travel expenses, get 10% "points rebate" after redemption).

I like the hotel cards that give free nights on your anniversary after paying the fee -- the IHG Mastercard has a $49 AF but you get a free night at ANY of their properties, including intercontinentals. The Club Carlson visa gives you 40k points each year for a $75 annual fee. The Chase Hyatt card gives you a free night at category 1-4 hotels each year for a $75 annual fee. Those cards each also have pretty good signup bonuses available -- 80k points after $1k spend for IHG here, 85k points after $2.5k spending for the Club Carlson (and you get the last night free on points redemptions of 2 or more nights, essentially 2-for-1 if used properly), and 2 free nights after $1k spend on the Hyatt (at any property, no category restrictions).

As for the credit score, if you don't let a balance report (as in, charge $0 to it, or if you do charge, don't let it hit the statement) on more than 3-4 cards, you'll only see a small short term negative effect from the inquiry and average age of accounts but a long term positive effect from available credit and your utilization ratio. And obviously, if you carry any sort of a balance that isn't paid off in full before the due date, this isn't for you.

The thought of juggling a bunch of credit cards for rewards makes me tired. I have plenty of money, a couple of cards that give good consistent rewards, and a low stress life outside of work.

Autopay + email alerts to watch for spending on your dormant cards.

Excel spreadsheet to update your points balances periodically.

Takes hardly no time at all, any charges you make go on whatever card you're currently chasing the bonus for. There's no card juggling =)

 

[Insomniator]

Eh still seems like a lot of effort for at best a few grand a year.

 

[M0oG0oGaiPan]

one thing you can do is consolidate the due date for all your cards. helps when you're trying to manage your bills.

 

[Newell Steamer]

Good luck trying to get a future home loan!!

 

[EliteRetard]

Oh man, the smug feeling of superiority is strong in this one.

Especially when many of us are eating much better than the two apples he eats a day.

Has nothing to do with being smug or superior. My friend makes $20/hour eats at fancy restaurants all the time and can't afford anything. Drove a crap car until he wrecked it and can't do anything but sleep and work. Frequently sick because most food he eats is not healthy (no matter how great it tastes). He currently owes me about $6k. Car repairs, travel expenses, computers/electronics, help with rent/utilities etc. He has managed to pay back some money a few times, so I'm still willing to help.

I make ~$7.5/hour. I also help out my family. Even my parents owe me money. I had to give my dad a loan so he could get a new computer. My sister owes me like $10k over the last ~15 years and has not paid me back.

I live frugal because I have to. Then you high income people make fun of me for not having nice clothes, eating expensive food, or buying anything...and then ask me for money because you think you're more entitled to it than me since I don't "spend" it. I oblige for my friends and family because I'm just cool like that. They, like you, have no idea how hard it is.

And when I need help, there is none. You guys wasting $100k a year are the ones who refuse to offer me a loan, or give me any opportunities. I gotta do it all myself.

I still managed to save up enough for a nice car, it took 2.5 years of every extra cent I had, but I did it, tolerated it, made it work. It kinda sucks hearing about people who have so much money that they can literally throw it away to get "free money". Would have been nice if they could have thrown some my way, even if I had to pay it back eventually.

You "high class" basically say I don't deserve to have my own home, a decent car, or a "good life". But you know what? I'm going make it happen anyway. I'm going to eat as cheap as possible, travel as cheap as possible, save as much as possible.

And so far I've managed a decent life. No sex, drugs, alcohol, probably nothing you guys would say is good...but decent enough. I have at least been able to travel when/where I want. Trips to disney world with the family, cross country trip for me, and even 3 months in japan.

And I just got myself that decent car.

One day I'll be able to get my own home as well. But that's going to take about 25 years of saving everything I have. Just in time to retire in it. Sure it would be nice to have it sooner, but that requires somebody else to help me out. So far there has been nobody making that much money willing to share it with a "low class" person like me. I looked for about a year.

Gotta recover from the car expense then I'll probably look again. Is it really "smug and superior" to work hard and compromise to get the kind of things others take for granted?

Ahhh...ranting again, I have a habit of doing that. Sorry.

 

[RockinZ28]

I need to get back in the game. Closed on my house 3 weeks ago, no need for 760+ score in the immediate future.

What are the best deals currently? I have Chase Freedom, Amazon, Southwest personal premier and plus, BofA cash rewards and power rewards, and a Cap1 for 1.5% on everything.
Need a Discover, seems they have a lot of 5-10% cb, trying to hold out for at least some initial bonus.

 

[purbeast0]

And most of you are miserable and poor as hell because you don't know how to spend money properly. I can do more with $1200/month than most can with 3-4 times that.

I'm ALWAYS helping out people who make way more than me because they "can't afford it".

Also, I'm allergic to MSG...I buy fruits & veggies.

not miserable or poor at all here. i know how to spend and make money just fine.

<--- leaving for turks and caicos in 5 days and extremely excited! also not a poor mans trip!

 

[Tweak155]

<snip> It kinda sucks hearing about people who have so much money that they can literally throw it away to get "free money". <snip>

No one is suggesting buying extra to get the free money. If your spending habits already support receiving the bonus, then you get it. Otherwise you don't.

Like my one card that I use explicitly for required purchases (groceries, utilities, etc)... this month it was ~$2500 because I paid all 6 months of my auto insurance at once, plus renewed my registration on all my vehicles.

It would have been easy for me to hit $3000 this month if I consolidated all my purchases, thus making it free money.

 

[xanis]

I play the game a little. I have three cards: AAA (Visa), Chase Freedom (Visa) and an AMEX Bluecash Everyday. I don't ever use the AAA card, I just keep it open for the credit history. I rotate between the BCE and CF depending on what I'm buying. For example, CF has 5% back on restaurants, so I'll use that exclusively when I eat out. I might be tempted to open a new card if there was a good deal. Chase Sapphire Preferred has a good signup bonus but I won't use it enough down the line to justify the yearly fee (%95).

 

[Tweak155]

not miserable or poor at all here. i know how to spend and make money just fine.

<--- leaving for turks and caicos in 5 days and extremely excited! also not a poor mans trip!

I think part of his failed assumption is we landed our first job at $100k/yr. Pretty sure most of us had to work our way through college or even during high school.

I started off at $5.25/hr and learned how to manage money very fast. Now I make a very comfortable living and have good spending habits to go along with it. More income means more disposable income too... not necessarily bad habits.

No point in saving every single penny.

 

[Svnla]

Credit cards are just tools, very handy and useful tools, if you know how to use them and handle them properly (never carry balance, never pay late, 20% utility or less), you will be fine.

 

[xanis]

Credit cards are just tools, very handy and useful tools, if you know how to use them and handle them properly (never carry balance, never pay late, 20% utility or less), you will be fine.

This is how I use them. I have/want to buy things: Why not use a CC and get free stuff while I'm at it? I never carry a balance, never have more than 20% utilization. I haven't exactly gotten rich off them, but anything is better than nothing.