Wasted Money or How to Save Money

[jmc]

I read an article on corporate stunts that are pulled on consumers and one memorable one was that credit card customers on the West Coast must send their payments to the East coast and visa-versa. Furthermore, that distant collection center is never at a major mail center, like San Francisco, but at a secondary mail destination, Like Reno, NV. The whole point is to harvest those late fees if the payments are not received by their, say, 1:30PM cutoff time.

I signed up for an Amazon/Chase card for their promotional discount and rarely use it. When I notice that the payment is almost late, I can pay it at my local Chase Bank rather than mail it. (I am not recommending this card-they have their own stunts)

 

[Steppenwolfe]

I read an article on corporate stunts that are pulled on consumers and one memorable one was that credit card customers on the West Coast must send their payments to the East coast and visa-versa. Furthermore, that distant collection center is never at a major mail center, like San Francisco, but at a secondary mail destination, Like Reno, NV. The whole point is to harvest those late fees if the payments are not received by their, say, 1:30PM cutoff time.

I signed up for an Amazon/Chase card for their promotional discount and rarely use it. When I notice that the payment is almost late, I can pay it at my local Chase Bank rather than mail it. (I am not recommending this card-they have their own stunts)

That's strange, I have an Amazon / Chase card and get close to $1500 a year in cash back.

 

[Tractor Seabee]

Our household expenses including gasoline run between $1 and 2K per month. We have a Fred Meyer (Kroger) credit card that now gets all those purchases and pay off every month in full. The rewards, the gas points, special coupons, and special prices for card holders really add up. We gain over $1K per year on that card.

Ron

 

[4570Man]

How many of you run a tight budget? I’ve been watching the Dave Ramsey videos. I was kinda forced into it but willingly continued. He hammers the idea of a budget and says every dollar should be spent on paper first. I’m naturally a saver not a spender so I’ve never had a budget.

 

[fishheadbob]

For just about all our bills I use a card with a straight 2% cash back on everything. Like everyone says, don't ever get into a position where you must pay interest as generally the higher the cash back, the higher the interest rate on any unpaid balance.
I honestly don't remember where the payments are sent since I do just about all bills by electronic or online banking. Set it up one time then just enter the amount into the screen, press send, and they get their payment the next day. Saves the postage too.
I will open a store card if buying something that might come with 5 or 10% off if I use their store card but those kind of cards carry astronomical interest rates usually 24% or higher. You really have to watch for the bill on those and not toss them with the junk mail.

 

[square1]

That's only true for those who don't pay the balance in full every month.

Many studies show if you pay with cash you will spend less than if you use a credit card.
spend more when using credit card than cash - Google Search

How many of you run a tight budget? I致e been watching the Dave Ramsey videos. I was kinda forced into it but willingly continued. He hammers the idea of a budget and says every dollar should be spent on paper first. I知 naturally a saver not a spender so I致e never had a budget.

Every expenditure is logged in an Excel workbook that has (18) worksheets. It all rolls up to a summary. At a glance I know everything about my income / expenses / savings to the penny. This approach is in part, a large part, responsible for changing my finances from living pay check to pay check (and often running out of money between pay checks) to one were I'll retire without worrying about finances. When you don't sleep much you need something to fill the wee hours of the morning

 

[fried1765]

I致e never seen anyone get rich using a credit card. But we are reminded daily of the problems they cause. Divorce, bankruptcy etc.
Your suggestion is fools gold and reckless. The reality is they made more off of you in the last few years while you weren稚 paying attention then you will make in two lifetimes of transferring the 2% into your IRA.

"Fools gold and reckless" ????
Really?
There may be a "fool" here, but certainly not a "fool" who pays with a 2% rebate credit card.
I charge EVERYTHING that I can on my 2% cash back card, except gasoline, groceries, and drugs, which I instead charge on my 5% cash back card (the 5% is limited to those three categories). I also have a 3% cash rebate card, for hardware stores, office supply stores, Lowe's, and Home Depot.
I pay my CC bills on time, each month. I am 77 years old, and do not spend frivolously!
There is no annual fee for any of my 3 cards.
This "fool" gets cash rebates totaling in excess of $1000 every year.
I would certainly like to learn more, about: "they have made more money off of you (me) in the last few years".
Please advise!

 

[fried1765]

Over the last 20 or 30 years I think I've spent about $6 on interest because I was out of town for work, my travel got extended and I had to pay a bill late. This was before I could do all of it online. I only get 1% back on my Navy credit union card. BUT the tellers, both B&M and online are VERY good at detecting bogus charges, easy to work with and all speak very good American English.
I've had several bogus charges that amounted to several hundred dollars caught and I didn't have to pay.
But then I always pay attention to my credit card charges.

I am of the opinion that ALL credit card companies will cover bogus charges.
You do not need to worry about that.
When you buy on E-Bay, and use PayPal, you have their coverage as well.
Navy Federal is not doing you any favors at 1%.
There are several 2% rebate cards available.
I believe that Citibank offers one, though I use Capital One.

 

[fried1765]

I read an article on corporate stunts that are pulled on consumers and one memorable one was that credit card customers on the West Coast must send their payments to the East coast and visa-versa. Furthermore, that distant collection center is never at a major mail center, like San Francisco, but at a secondary mail destination, Like Reno, NV. The whole point is to harvest those late fees if the payments are not received by their, say, 1:30PM cutoff time.

I signed up for an Amazon/Chase card for their promotional discount and rarely use it. When I notice that the payment is almost late, I can pay it at my local Chase Bank rather than mail it. (I am not recommending this card-they have their own stunts)

Paying your CC amount on line is the absolute easiest, and you get a payment confirmation number.

 

[CobyRupert]

I love contradictions. When an answer can be both "yes" and "no", and both answers are true.
Yes, as an individual, you can save 1%, 2%, 3% etc...by using a credit card. But there's a tipping point collectively. When a certain percentage of customers use credit cards, who charge the retailer 1%, 2%, 3% in transaction fees, what do you think happens to the price of the item? It's going to go up 2%.
So what have you saved when you get 2% back on an item that's marked up 2%? Is it 0% or 2%? Answer: Both.

Locally, there is a convenience store chain that offers 10 cents a gallon reduction on gas if you use their "membership gas card" that directly deducts from your linked bank account. At first I wondered, why do they do this? I'm pretty sure it's so they don't have to pay the credit card company, and it's a way to get around not being not allowed (by the credit card companies) to offer a "cash price" reduction.