I wish I would've realized this sooner...

[dud]

Originally posted by: mh47g
If you have a credit card that gives you 1% cash back on everything you buy, and you pay off your balance every month... It's like having a 12% APY Savings Account...

Wha?

I have an MBA and I still don't know where you pulled this out of. If you hadn't already figured this out ... credit card companies give you "cash back" as an incentive to get you to use their card. They charge the merchants that take their card (typically in the range of 2.5%) for every transaction. They also hope that you DO NOT pay off your balance each month so that they can collect anywhere up to 22% (or more) interest on your monthly balance.

I have a CC with Chase that used to give me up to 5% "cash back" on many purchases, up to $600 per year. I had no problem earning the max reward for the year (I was charging in excess of $2,000 per month at the time). I stopped using the card because the thieves changed the cap from $600 to $300 without notifying me. I collected the $300, stopped using the card and then waited to collect the other $300 and cut the cards up.

Beware of credit cards. They are evil except for those who can pay off the balance at the end of the month (IMHO).

 

[Special K]

n/m

 

[SpeedEng66]

I have a CC with Chase that used to give me up to 5% "cash back" on many purchases, up to $600 per year. I had no problem earning the max reward for the year (I was charging in excess of $2,000 per month at the time). I stopped using the card because the thieves changed the cap from $600 to $300 without notifying me. I collected the $300, stopped using the card and then waited to collect the other $300 and cut the cards up.

Beware of credit cards. They are evil except for those who can pay off the balance at the end of the month (IMHO).

I had the same thing but they switched me to a point system a few months ago
alittle confusing but it equals the same (I think)
1point for every 1 dollar
5 point for every 1 dollar spent on gas, food shoppin, drug store
5000 points = $50 cash back

 

[Cuda1447]

Originally posted by: Apathetic

Originally posted by: Cuda1447
Wait wait... does it make a difference if .999999 = 1? What type of interest rate is it then?

You really want to be taken out back and beaten, don't you?

Dave

Haha, I was just a bit confused thats all.