Making money with credit card

[beowulf]

Lowes card for the 5% discount.

Amazon Chase card for the 5% discount on Amazon orders.

Costco Citi card for everything else (4% gas, 3% restaurants and travel, 2% Costco purchases, and 1% for everything else).

 

[fried1765]

Lowes card for the 5% discount.

Amazon Chase card for the 5% discount on Amazon orders.

Costco Citi card for everything else (4% gas, 3% restaurants and travel, 2% Costco purchases, and 1% for everything else).

10% VA at Lowe's and Home Depot, + 2% for Citi card
BBVA bank VISA for 5% gas & groceries.
Citi card for 2% on everything else everywhere.
Approximately $1100 total each year.

 

[Snobdds]

One Saturday I stopped in my local Polaris dealership, prior to COVID when they had inventory, and ended up buying a Ranger. I didn't feel like going through their financing BS, so I just paid with my CC and would transfer money on Monday to pay for it. I knew I would get 3% cash back, which would end up paying for 1/2 the sales tax. Ran it and out the door I go.

Two months later I get a call from the dealership saying they should not have allowed me to pay with my card because they had to pay a 2.5% processing fee on the entire purchase price, which was around $500. They asked if I would pay that as they have to pass on processing fees. I said lets talk in person. So I go in and talk with the Owner and Manager. Now I had no intention of fighting them and saying, your **** out of luck, as they service the machine and I am always buying something. So it was not in my best interest to screw them over on such a small amount of money. I ended up paying them the $500, but I did get 3 fluid changes out of the deal. Which was agreeable to both parties.

Now if they ever have that situation again, they will increase the price of the machine by 2.5%.

There is no free lunch...you pay for the pleasure to use the card, one way or another.

 

[BoylermanCT]

GM Card gives me 5% on all purchases towards a GM car. Earn up to $500 a year, up to $3500 discount on a car. So far I've bought 3 GM cars and saved $10,500. Waiting for the car price frenzy to subside and may buy a 4th next year.

 

[Doughknob]

....

Your sig says, "nothing is permanent." I beg to differ. Do you know what it is?

 

[GoldsmithDozers]

Ha, didn't expect this subject to be on a tractor site. It's sad that they don't teach us how to use our credit in schools, especially since your credit score is such a big factor in life. I am fortunate enough that I now make a decent living, and can afford to pay extra on my auto note. Just an extra $100 cuts into the principle, and in the long run saves thousands off the interest.

Thanks for the education on credit cards and different types, I personally don't have many when I do go shopping, I will know which ones to get for sure.

 

[lman]

some do most dont. stores will charge you the same whether your paying cash, check or credit card. usually only gas stations offer a cash discount. most other places dont. the state of Idaho adds 3% if you use CC to pay for permits or licenses online.

no one will ever convience me you dont make money using CC as long as balance is paid in full. ive been using my Citi Double Cash card for years in my business. id purchase $250,000 a year worth of generators on the card and earn 2% back. did this for many years. there was no discount offered by company for personal check or money order. all ways cost the same.

i now get 5% off of fuel bill, plus 2% on everything else. even if i took advantage of the $0.10 per gal cheaper cost at the pump for cash, im saving $0.15 per gallon (5% of $3 diesel) by using card. again, saving more than using cash.

Do you charge the same price if your customers use a credit card for payment to you?

 

[lman]

I have never been charged to use my CC and no annual fees.

If you purchase gas at some stations, you are paying a higher price than cash sale. So, you would then be charged to use your CC.

 

[LD1]

I play the game too.

I charge in the ballpark of 3000 a month and pay it off every month. Use the card for EVERYTHING that does NOT charge the convenience fee or extra percentage for using it.

BMV, my water bill, and my internet/tv bill all charge extra to use card. And my phone and insurance both give a discount that exceeds CC rewards to set up automatic payments.

But everything else, electric bill, gas, groceries, general shopping, eating out, fast food, beer, etc etc gets a card

I started with a Disney reward card cause had plans on taking kids to Disney. Paid for the whole trip with the rewards. This was a once in a life trip so no more use for Disney points. Switched to a 1.5% cash back.

Just last month for an offer in the mail for a fidelity 2%, no annual fee, cash back on everything card. So I switched

Don't reckon I'll change my ways until vendors start giving a discount equal to what they are paying in transaction fees...IE:cash discount

 

[grsthegreat]

Do you charge the same price if your customers use a credit card for payment to you?

I added an accross the board increase of 2.5% to my billing program. At the time bill is paid, if they request cc payment, i simply run the bill. If they say they want to pay cash or check, I take the 2.5% off of the bill. Its a simply check mark on my iPad billing program.