What's wrong with Discover cards?

[FelixRex]

I used my Visa to effectively launder all my housing expenses, car expenses, food and pretty much everything else. Pay it off at the end of the month, and you can just about rack up a free flight to Europe every year (thanks to the morons who carry a huge balance and pay the minimum every month). I think of it as my tax-payers revenge against the morons whose existence I have to subsidize. Makes me feel a little better (vengeance is a pretty underrated narcotic IMO; no diminishing returns as far as I can tell).

Which card?  Specific airline?

Visa card through my bank. No specific airlines.

I see that they did just make some "post-economic meltdown" adjustments. Haven't checked how that affects me (it gets complicated some times, because some airlines are occasionally iffy about flying into some Middle Eastern airports). Planning a trip to Lebanon, and am anticipating flying into Jordan and buying a separate transfer.

Personally, I go in cycles but find it much easier to use credit card/debit card so that I can easily track where I'm spending my money without a Costanza wallet.

This.

I can download the itemized info from my bank and credit accounts directly to Quicken, and can easily and more efficiently track all my household expenses when it's plastic (or a check). I'm very Medici about disdaining the handling of "dirty money." (And don't get me started on change. Srsly. Why don't we just barter some chickens or something?)

I pretty much just use cash to get better deals (and to buy hookers/coke). Can't wait until the "mark of the beast" comes out. Sounds super convenient.

Of course, I still have a Costanza wallet, but now it's full of Subway coupons, random gift cards from the holidays and my "F.emale B.ody I.nspector" badge.

[Saulbadguy]

Credit cards are handy to have, just never keep a balance and you will be fine

Using credit cards statistically results in spending 12-18% more than you spend with cash.  It makes it painless to spend money.  Paying with cash makes you feel like you are buying something and you are more cognizant over how much you are spending. (looks like catdude just beat me to it)

Do you negotiate a bargain when purchasing groceries, gas, or a restaurant bill?

As long as you pay your balance every month they give you free crap.

Not typically, but my discount also comes from spending that 15% less. 

Also, having had my identity stolen and not really knowing where it happened, I quit giving restaurant workers my credit card to take out of my site long before I ever got rid of them all.

Even the most basic identity theft is no fun to deal with.

Honest question:

Do you really think that statistic is distributed evenly?  I mean considering that most people carry a balance and none of the people in this discussion seem to, wouldn't you suppose that might not be an accurate figure?

If you have the self control and financial wherewithall to pay off the card every month, it is probably a net gain.

Personally, I go in cycles but find it much easier to use credit card/debit card so that I can easily track where I'm spending my money without a Costanza wallet.

Studies show that I spend the same whether or not i'm using cash or a credit card, so that statistic is invalid when pertaining to me.

How are you supposed to buy things off the internet with a credit card?  I wouldn't mind using a debit card but credit cards do offer better protection against hax and they will back you up if you a problem with the sale.

Some credit cards even offer an "extended warranty" on purchases built in - or perks like insurance coverage on a rent a car.

Overall, it's probably a wash.  Cash has its advantages as do credit cards.  Credit cards aren't evil, no matter how much the ramseyites want to drill that in to peoples heads.

[Rick Daris]

Credit cards are handy to have, just never keep a balance and you will be fine

Using credit cards statistically results in spending 12-18% more than you spend with cash.  It makes it painless to spend money.  Paying with cash makes you feel like you are buying something and you are more cognizant over how much you are spending. (looks like catdude just beat me to it)

Do you negotiate a bargain when purchasing groceries, gas, or a restaurant bill?

As long as you pay your balance every month they give you free crap.

Not typically, but my discount also comes from spending that 15% less. 

Also, having had my identity stolen and not really knowing where it happened, I quit giving restaurant workers my credit card to take out of my site long before I ever got rid of them all.

Even the most basic identity theft is no fun to deal with.

Honest question:

Do you really think that statistic is distributed evenly?  I mean considering that most people carry a balance and none of the people in this discussion seem to, wouldn't you suppose that might not be an accurate figure?

If you have the self control and financial wherewithall to pay off the card every month, it is probably a net gain.

Personally, I go in cycles but find it much easier to use credit card/debit card so that I can easily track where I'm spending my money without a Costanza wallet.

Studies show that I spend the same whether or not i'm using cash or a credit card, so that statistic is invalid when pertaining to me.

How are you supposed to buy things off the internet with a credit card?  I wouldn't mind using a debit card but credit cards do offer better protection against hax and they will back you up if you a problem with the sale.

Some credit cards even offer an "extended warranty" on purchases built in - or perks like insurance coverage on a rent a car.

Overall, it's probably a wash.  Cash has its advantages as do credit cards.  Credit cards aren't evil, no matter how much the ramseyites want to drill that in to peoples heads.

some people can handle credit cards and some can't. same w/ alcohol.

[Saulbadguy]

Credit cards are handy to have, just never keep a balance and you will be fine

Using credit cards statistically results in spending 12-18% more than you spend with cash.  It makes it painless to spend money.  Paying with cash makes you feel like you are buying something and you are more cognizant over how much you are spending. (looks like catdude just beat me to it)

Do you negotiate a bargain when purchasing groceries, gas, or a restaurant bill?

As long as you pay your balance every month they give you free crap.

Not typically, but my discount also comes from spending that 15% less. 

Also, having had my identity stolen and not really knowing where it happened, I quit giving restaurant workers my credit card to take out of my site long before I ever got rid of them all.

Even the most basic identity theft is no fun to deal with.

Honest question:

Do you really think that statistic is distributed evenly?  I mean considering that most people carry a balance and none of the people in this discussion seem to, wouldn't you suppose that might not be an accurate figure?

If you have the self control and financial wherewithall to pay off the card every month, it is probably a net gain.

Personally, I go in cycles but find it much easier to use credit card/debit card so that I can easily track where I'm spending my money without a Costanza wallet.

Studies show that I spend the same whether or not i'm using cash or a credit card, so that statistic is invalid when pertaining to me.

How are you supposed to buy things off the internet with a credit card?  I wouldn't mind using a debit card but credit cards do offer better protection against hax and they will back you up if you a problem with the sale.

Some credit cards even offer an "extended warranty" on purchases built in - or perks like insurance coverage on a rent a car.

Overall, it's probably a wash.  Cash has its advantages as do credit cards.  Credit cards aren't evil, no matter how much the ramseyites want to drill that in to peoples heads.

some people can handle credit cards and some can't. same w/ alcohol.

Or the $3 bucket o popcorn.

[Chingon]

Credit cards are handy to have, just never keep a balance and you will be fine

Using credit cards statistically results in spending 12-18% more than you spend with cash.  It makes it painless to spend money.  Paying with cash makes you feel like you are buying something and you are more cognizant over how much you are spending. (looks like catdude just beat me to it)

Do you negotiate a bargain when purchasing groceries, gas, or a restaurant bill?

As long as you pay your balance every month they give you free crap.

Not typically, but my discount also comes from spending that 15% less. 

Also, having had my identity stolen and not really knowing where it happened, I quit giving restaurant workers my credit card to take out of my site long before I ever got rid of them all.

Even the most basic identity theft is no fun to deal with.

Honest question:

Do you really think that statistic is distributed evenly?  I mean considering that most people carry a balance and none of the people in this discussion seem to, wouldn't you suppose that might not be an accurate figure?

If you have the self control and financial wherewithall to pay off the card every month, it is probably a net gain.

Personally, I go in cycles but find it much easier to use credit card/debit card so that I can easily track where I'm spending my money without a Costanza wallet.

Studies show that I spend the same whether or not i'm using cash or a credit card, so that statistic is invalid when pertaining to me.

How are you supposed to buy things off the internet with a credit card?  I wouldn't mind using a debit card but credit cards do offer better protection against hax and they will back you up if you a problem with the sale.

Some credit cards even offer an "extended warranty" on purchases built in - or perks like insurance coverage on a rent a car.

Overall, it's probably a wash.  Cash has its advantages as do credit cards.  Credit cards aren't evil, no matter how much the ramseyites want to drill that in to peoples heads.

some people can handle credit cards and some can't. same w/ alcohol.

Or the $3 bucket o popcorn.

BOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOM!

[KSU176]

Credit cards are handy to have, just never keep a balance and you will be fine

Using credit cards statistically results in spending 12-18% more than you spend with cash.  It makes it painless to spend money.  Paying with cash makes you feel like you are buying something and you are more cognizant over how much you are spending. (looks like catdude just beat me to it)

Those statisics most likely apply to those who are irresponsible.  If you are, responsible with your finances, using a credit card will benefit you and make you life easier.  Its a responsibility thing.

[jeffy]

How are you supposed to buy things off the internet with a credit card?  I wouldn't mind using a debit card but credit cards do offer better protection against hax and they will back you up if you a problem with the sale.

Not true at all.  If your debit card is a Visa, you are covered by the Visa theft policy, same as with credit cards. 

Overall, it's probably a wash.  Cash has its advantages as do credit cards.  Credit cards aren't evil, no matter how much the ramseyites want to drill that in to peoples heads.

Credit cards are not evil.  You are right.  It's the lack of personal responsibility on one end that is evil.  It is the corporate bank that doesn't deserve any responsible person's money.



All it takes is one little oops with a credit card (mis-schedule a payment or miss one by a day, etc) and that wipes out a ton of those wonderful points. 

[Rick Daris]

Credit cards are handy to have, just never keep a balance and you will be fine

Using credit cards statistically results in spending 12-18% more than you spend with cash.  It makes it painless to spend money.  Paying with cash makes you feel like you are buying something and you are more cognizant over how much you are spending. (looks like catdude just beat me to it)

Do you negotiate a bargain when purchasing groceries, gas, or a restaurant bill?

As long as you pay your balance every month they give you free crap.

Not typically, but my discount also comes from spending that 15% less. 

Also, having had my identity stolen and not really knowing where it happened, I quit giving restaurant workers my credit card to take out of my site long before I ever got rid of them all.

Even the most basic identity theft is no fun to deal with.

Honest question:

Do you really think that statistic is distributed evenly?  I mean considering that most people carry a balance and none of the people in this discussion seem to, wouldn't you suppose that might not be an accurate figure?

If you have the self control and financial wherewithall to pay off the card every month, it is probably a net gain.

Personally, I go in cycles but find it much easier to use credit card/debit card so that I can easily track where I'm spending my money without a Costanza wallet.

Studies show that I spend the same whether or not i'm using cash or a credit card, so that statistic is invalid when pertaining to me.

How are you supposed to buy things off the internet with a credit card?  I wouldn't mind using a debit card but credit cards do offer better protection against hax and they will back you up if you a problem with the sale.

Some credit cards even offer an "extended warranty" on purchases built in - or perks like insurance coverage on a rent a car.

Overall, it's probably a wash.  Cash has its advantages as do credit cards.  Credit cards aren't evil, no matter how much the ramseyites want to drill that in to peoples heads.

some people can handle credit cards and some can't. same w/ alcohol.

Or the $3 bucket o popcorn.

just reported you on this. good luck. 

[steve dave]

All it takes is one little oops with a credit card (mis-schedule a payment or miss one by a day, etc) and that wipes out a ton of those wonderful points. 

Same with every other aspect of life.  That's why credit cards are fantastic for us responsible types.

[FelixRex]

All it takes is one little oops with a credit card (mis-schedule a payment or miss one by a day, etc) and that wipes out a ton of those wonderful points. 

Same with every other aspect of life.  That's why credit cards are fantastic for us responsible types.

QFT

Personally, I don't usually mind. If irresponsible people weren't racking up credit card fees and interest payments, people like us couldn't get credit cards with no monthly fees and fantastic, travel-around-the-world points.

It's one of the few ways to recoup your tax dollars from social drains.

[steve dave]

Tried to set my mortgage up to come out of my Hilton Visa every month and they wouldn't let me 

[michigancat]

Tried to set my mortgage up to come out of my Hilton Visa every month and they wouldn't let me 

Heh.  I tried to do the same for my chase freedom.  at 3% cash back that would have been SWEET.

[Rick Daris]

i think i read something about people being able to use amex to go to a certain place and purchase travelers checks for free which they then take to their bank and pay their mortgage. sounds like a lot of trouble though.

i applied for and received around ten credit cards a couple of months ago just to get airline miles and hotel points. have cancelled about half of them already and just used part of what i got to get two free roundtrip tickets to puerto vallarta. going to apply apply for the churnable ones (AA Citicards) again in a couple of days.

[steve dave]

i think i read something about people being able to use amex to go to a certain place and purchase travelers checks for free which they then take to their bank and pay their mortgage. sounds like a lot of trouble though.

i applied for and received around ten credit cards a couple of months ago just to get airline miles and hotel points. have cancelled about half of them already and just used part of what i got to get two free roundtrip tickets to puerto vallarta. going to apply apply for the churnable ones (AA Citicards) again in a couple of days.

Yeah, that is a great thread.  Any indication on how it affected your credit yet?  Any new "tips"?

[Rick Daris]

i think i read something about people being able to use amex to go to a certain place and purchase travelers checks for free which they then take to their bank and pay their mortgage. sounds like a lot of trouble though.

i applied for and received around ten credit cards a couple of months ago just to get airline miles and hotel points. have cancelled about half of them already and just used part of what i got to get two free roundtrip tickets to puerto vallarta. going to apply apply for the churnable ones (AA Citicards) again in a couple of days.

Yeah, that is a great thread.  Any indication on how it affected your credit yet?  Any new "tips"?

my credit score went down around 20 points i think, which is in line with everything else i've came across although some people say their score wasn't affect as much. i think that if i just cancelled all these new cards it would go back up pretty quickly because all these new ones are affecting my avg length of credit and if a cancel them...they won't. don't know about wife's. hers was a little higher than mine to begin with though and we both got the same cards.

not really sure about any new tips. Your can still turn over the citi AA cards (business and personal) every 90 days. you now get 30,000 miles per card. when i did it you could only get 25,000. that means that we had 100,000 miles combined. you don't need to have a business to get the business card you can just make one up. our two roundtrip tickets were 70,000 total so we still have some left over. you can also get enough free miles for roundtrip w/ the delta cards and usairways as well but you can only do it once.

Starwood cards are pretty incredible i guess. they are amex and you can get a business and a personal one (10,000) points each. plus if you refer someone you get another 5000 points for each referral. so you could get a personal card and then refer your wife who could then refer you on a new business card for you who could then...you get the idea.

if you lurk around here enough, people come up with some pretty good info. the four forums below are all pretty good places for info. it is all interesting to me so i check it out every couple of weeks....

http://www.flyertalk.com/forum/

milesbuzz
airline programs
hotel programs
creditcard programs


edit to add that i'm pretty sure you do a lot w/ delta. don't know if this helps you or not...http://www.flyertalk.com/forum/american-express-membership-rewards/962349-30-delta-transfer-bonus.html

[jeffy]

All it takes is one little oops with a credit card (mis-schedule a payment or miss one by a day, etc) and that wipes out a ton of those wonderful points. 

Same with every other aspect of life.  That's why credit cards are fantastic for us responsible types.

I have been running Dave Ramsey's system for almost 4 years, but only recently got rid of my CC.  I was responsible enough, but I found my hatred for the free, undeserved money that BoA and Chase received from the government gave them no right to "deserved" money that came from my wallet.

I find it quite funny that there are a lot of the "responsible" type that are whining and complaining about the CC banks changing their rates for no reason at all.

[jeffy]

i think i read something about people being able to use amex to go to a certain place and purchase travelers checks for free which they then take to their bank and pay their mortgage. sounds like a lot of trouble though.

i applied for and received around ten credit cards a couple of months ago just to get airline miles and hotel points. have cancelled about half of them already and just used part of what i got to get two free roundtrip tickets to puerto vallarta. going to apply apply for the churnable ones (AA Citicards) again in a couple of days.

Yeah, that is a great thread.  Any indication on how it affected your credit yet?  Any new "tips"?

What benefit do you really think you get from a high credit score?

[steve dave]

i think i read something about people being able to use amex to go to a certain place and purchase travelers checks for free which they then take to their bank and pay their mortgage. sounds like a lot of trouble though.

i applied for and received around ten credit cards a couple of months ago just to get airline miles and hotel points. have cancelled about half of them already and just used part of what i got to get two free roundtrip tickets to puerto vallarta. going to apply apply for the churnable ones (AA Citicards) again in a couple of days.

Yeah, that is a great thread.  Any indication on how it affected your credit yet?  Any new "tips"?

What benefit do you really think you get from a high credit score?

None at all if you already own your home. 

[steve dave]

All it takes is one little oops with a credit card (mis-schedule a payment or miss one by a day, etc) and that wipes out a ton of those wonderful points. 

Same with every other aspect of life.  That's why credit cards are fantastic for us responsible types.

I have been running Dave Ramsey's system for almost 4 years, but only recently got rid of my CC.  I was responsible enough, but I found my hatred for the free, undeserved money that BoA and Chase received from the government gave them no right to "deserved" money that came from my wallet.

I find it quite funny that there are a lot of the "responsible" type that are whining and complaining about the CC banks changing their rates for no reason at all.

Isn't Dave Ramsey primary beneficial for people who can't balance their check book properly?  Kinda like Suze Orman?  Like, isn't he always yelling at people for having huge amounts of CC debt and not paying it off?  Doesn't seem like it would benefit me in the least.  I dunno, what did you pay the credit card companies?  Did you carry a balance or something?  I honestly don't even know or care what my cc rates are. 

[Saulbadguy]

i think i read something about people being able to use amex to go to a certain place and purchase travelers checks for free which they then take to their bank and pay their mortgage. sounds like a lot of trouble though.

i applied for and received around ten credit cards a couple of months ago just to get airline miles and hotel points. have cancelled about half of them already and just used part of what i got to get two free roundtrip tickets to puerto vallarta. going to apply apply for the churnable ones (AA Citicards) again in a couple of days.

Yeah, that is a great thread.  Any indication on how it affected your credit yet?  Any new "tips"?

What benefit do you really think you get from a high credit score?

Some people do see benefit in borrowing money for larger purchases.  

[Saulbadguy]

All it takes is one little oops with a credit card (mis-schedule a payment or miss one by a day, etc) and that wipes out a ton of those wonderful points. 

Same with every other aspect of life.  That's why credit cards are fantastic for us responsible types.

I have been running Dave Ramsey's system for almost 4 years, but only recently got rid of my CC.  I was responsible enough, but I found my hatred for the free, undeserved money that BoA and Chase received from the government gave them no right to "deserved" money that came from my wallet.

I find it quite funny that there are a lot of the "responsible" type that are whining and complaining about the CC banks changing their rates for no reason at all.

Isn't Dave Ramsey primary beneficial for people who can't balance their check book properly?  Kinda like Suze Orman?  Like, isn't he always yelling at people for having huge amounts of CC debt and not paying it off?  Doesn't seem like it would benefit me in the least.  I dunno, what did you pay the credit card companies?  Did you carry a balance or something?  I honestly don't even know or care what my cc rates are. 

I listened to Dave Ramsey's show and even read his book at one point.  It was hilarious to listen to these morons call in with over $50,000 in credit card debt (not including car payments, house payments, etc).  Seriously people, you don't need a Christian fundamentalist to tell you to not be a dumbass and spend more than you make.  Dave just gives people tools who have little self control.

I don't see the point, though.  Money is made to be spent.  I want to enjoy myself, not eat hamburger helper with no meat.

[Rick Daris]

i think i read something about people being able to use amex to go to a certain place and purchase travelers checks for free which they then take to their bank and pay their mortgage. sounds like a lot of trouble though.

i applied for and received around ten credit cards a couple of months ago just to get airline miles and hotel points. have cancelled about half of them already and just used part of what i got to get two free roundtrip tickets to puerto vallarta. going to apply apply for the churnable ones (AA Citicards) again in a couple of days.

Yeah, that is a great thread.  Any indication on how it affected your credit yet?  Any new "tips"?

What benefit do you really think you get from a high credit score?

None at all if you already own your home. 

yeah, i wouldn't have done what i did if i thought i would be buying a home in the next year. i won't be. thanks for the free flights citibank.

 

[LimestoneOutcropping]

I got more miles then I can use from business travel.  Thanks for nothing Citi.

[Rick Daris]

I got more miles then I can use from business travel.  Thanks for nothing Citi.

can i just give you the word when i want to fly somewhere then?/ i call dibs on lsocs AA miles.

[steve dave]

I got more miles then I can use from business travel.  Thanks for nothing Citi.

You should just have your butler drive you in your Ferrari anyway.  Take the top down in winter and just layer up in your mink coat collection.

[LimestoneOutcropping]

I got more miles then I can use from business travel.  Thanks for nothing Citi.

can i just give you the word when i want to fly somewhere then?/ i call dibs on lsocs AA miles.

I donate many of them to charity.  Refugees who want to fly home and see their families etc.  Giving is very elite.

[jeffy]

i think i read something about people being able to use amex to go to a certain place and purchase travelers checks for free which they then take to their bank and pay their mortgage. sounds like a lot of trouble though.

i applied for and received around ten credit cards a couple of months ago just to get airline miles and hotel points. have cancelled about half of them already and just used part of what i got to get two free roundtrip tickets to puerto vallarta. going to apply apply for the churnable ones (AA Citicards) again in a couple of days.

Yeah, that is a great thread.  Any indication on how it affected your credit yet?  Any new "tips"?

What benefit do you really think you get from a high credit score?

Some people do see benefit in borrowing money for larger purchases.  

If a bank isn't smart enough to look at a person and see that they make $100,000 a year and have no debt, so they can likely afford a $1000 a month house payment, then they need to wise up.  If a bank can't look at a person and see that they make $40,000 a year and have a car payment, etc. and determine that they probably can't afford a $1000 a month house payment.

If you were a banker and Dave Ramsey decided he wanted a loan (with a credit score of zero), do you think he would be good for the money, or does the zero score make him a dead-beat and a bad loan target?

There are plenty of people in the country that are able to receive loans, but shouldn't because they've managed to keep their debt score high.

[jeffy]

I listened to Dave Ramsey's show and even read his book at one point.  It was hilarious to listen to these morons call in with over $50,000 in credit card debt (not including car payments, house payments, etc).  Seriously people, you don't need a Christian fundamentalist to tell you to not be a dumbass and spend more than you make.  Dave just gives people tools who have little self control.

I don't see the point, though.  Money is made to be spent.  I want to enjoy myself, not eat hamburger helper with no meat.

I find that comment quite odd coming from an Obama supporter.  If I could send one of Dave's books to Obama and have it impact him as much as Saul Alinski's book, then I would.


Do you think my family eats the proverbial "rice and beans" just because I work within Dave Ramsey's system?

[Saulbadguy]

i think i read something about people being able to use amex to go to a certain place and purchase travelers checks for free which they then take to their bank and pay their mortgage. sounds like a lot of trouble though.

i applied for and received around ten credit cards a couple of months ago just to get airline miles and hotel points. have cancelled about half of them already and just used part of what i got to get two free roundtrip tickets to puerto vallarta. going to apply apply for the churnable ones (AA Citicards) again in a couple of days.

Yeah, that is a great thread.  Any indication on how it affected your credit yet?  Any new "tips"?

What benefit do you really think you get from a high credit score?

Some people do see benefit in borrowing money for larger purchases.  

If a bank isn't smart enough to look at a person and see that they make $100,000 a year and have no debt, so they can likely afford a $1000 a month house payment, then they need to wise up.  If a bank can't look at a person and see that they make $40,000 a year and have a car payment, etc. and determine that they probably can't afford a $1000 a month house payment.

If you were a banker and Dave Ramsey decided he wanted a loan (with a credit score of zero), do you think he would be good for the money, or does the zero score make him a dead-beat and a bad loan target?

There are plenty of people in the country that are able to receive loans, but shouldn't because they've managed to keep their debt score high.

You are arguing that the system of using a credit score to determine credit worthiness is broken, which it may or may not be, but is really beside the point, IMO.

[Rick Daris]

i think i read something about people being able to use amex to go to a certain place and purchase travelers checks for free which they then take to their bank and pay their mortgage. sounds like a lot of trouble though.

i applied for and received around ten credit cards a couple of months ago just to get airline miles and hotel points. have cancelled about half of them already and just used part of what i got to get two free roundtrip tickets to puerto vallarta. going to apply apply for the churnable ones (AA Citicards) again in a couple of days.

Yeah, that is a great thread.  Any indication on how it affected your credit yet?  Any new "tips"?

What benefit do you really think you get from a high credit score?

http://www.bankrate.com/finance/debt/high-credit-score-can-save-you-plenty-1.aspx