Type of credit card you use?
Muddy
USA
I got USAA and they are nice over there don't get me wrong but all these other ones got all these points for travel and hotels USAA don't hold a candle to any of that stuff. I'm think I'm gonna make the switch to something else. I would've built up a year's worth of hilton's and free flights all over the fucking world by now wtf am I even doing.
What are you guys using and you got any good/bad things to say? And for the record I still haven't carried a balance yet to this day I don't care really care too much about interest.
What are you guys using and you got any good/bad things to say? And for the record I still haven't carried a balance yet to this day I don't care really care too much about interest.
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30 comments
Some people that are heavy-travelers seem to pay-up for certain cards that have an annual-fee but very-good-rewards and it's worth it to them given the amount of traveling they do per year.
Check out nerdwallet or wallethub for a comparison of offers (and this recent piece has a helpful chart towards the bottom: https://www.forbes.com/advisor/credit-ca…)
When capital one refused a purchase on Amazon, I gave up and got an Amazon card that also pays back a percentage.
Last year, I was offered $200 by my bank to open a card and spend about $5K. Since I paid off my house and my credit score was affected by not having enough credit any longer, I got that card as I knew I had a big plumbing expendature coming up. It was an easy way to get $200. I paid off the balance and don't really use that card.
While not really a credit card, I do have a card that is tied to a line of credit on my home as it can be used to purchase something super expensive like a new vehicle. I haven't used it much since buying a vehicle a while back and paying that off.
It seems weird that you need to have a lot of available credit to keep a very high credit score but you do. I pay off my cards monthly and just use my capital one card as my primary and the Amazon card for purchases on that site. I have a decent amount of rewards on each that I will cash in for something fun.
I travel enough for work to get airline and hotel points so I don't need those cards. Many of those cards also come with a fee.
They were really good to me on my Afghan deployment, clueing me into stuff that they did not directly benefit them, like the 10% CD.
@ MO -- I suppose so, I used to have to brief my unit NOT to use their government issued credit cards at strip clubs.
I'd go to a cash back card, or something for a service I use a lot (like Amazon), but the antiquated "age of accounts" factor messes with your credit score.
I haven't carried a balance in 20+ years so I can't speak to interest rates or balance transfers.
I generally stick to the cash back cards, USAA has one of those that I use occasionally. I used to have a GM Card I used, but they implemented limits on redemption some time ago and I stopped using it because I racked up the max redemption amount in under a year but only bought a new truck every 5 years or so. They've allegedly fixed that, but they pissed me off when they changed the deal on me, so fuck em.
I did airline cards for a while too, but I lost interest when I started traveling for work. I had enough miles from traveling that I couldn't use either. Now its mostly the BOA or USAA card.
I don't run a balance, I mostly use it because its easier. Outside of the strip club, I almost never use cash. I love the NFC payment shit with my phone.
If you want to keep it simple — simplicity is an underrated value —there are several CCs out there that are 2% back on everything with no annual fees. Choose one, enjoy. If one will give you a signup bonus? Even better.
If you don’t mind a more complex CC setup, keep multiple specific use cards. there are cards (Amex for example) that will give you 5% back on groceries up to spending of 5,000$. Use that card for the specifics like groceries, get brand specific for travel (Hiltoncard), then use your 2% card otherwise. This can easily push one toward the ideal 3% back annually. If you are going to sketchier SCs, also consider (for example) the Apple Card. There’s no number or security code on it, you can hand it out with a higher level of confidence at sketchy places. It sucks when your CC number gets taken and you have to reapply to every auto pay.
Never! carry CC balances unless it’s a no interest ir very low interest intro period. CC balances are how the financially struggling stay struggling. Seriously, this is loan shark territory. What’s even worse is the 2% to 3% annual cash back (noted above) is paid for by the financially struggling. For those who pay off monthly balances, you’re an extremely tiny if not a zero profit margin customer. But they can afford your 2+% back due to the financially struggling who are paying 10, 15 or even 20% interest on carried balances.
Since I retired I use a cash back Visa from Merrill Lynch average about 3% cash back overall and I use my Costco for in store purchases and gas that gives me back 2% in Costco and 5% on all gasoline purchases.
I never carry a balance except for an occasional promotional purchase like electronics or furniture wit a zero interest option, or an automobile purchase also with a zero percent finance option.
Aren’t they still are making money off of you from the credit card processing fees from your purchases even if you pay it off each month? The business you are making the transaction with has to usually pay somewhere between 2-4% on average for that transaction?
"Credit card companies reported $176 billion in income in 2020; interest fees accounted for $76 billion. Credit card companies hauled in $176 billion in income in 2020, according to data from industry research firm R.K. Hammer."
Keep this in perspective, this is split amongst four companies
"There are four major credit card networks in the United States. These include: American Express: This credit card network offers the world's largest integrated payments platform. American Express also doubles as a card issuer.
My secondary card is a Chase IHG card. I get a free room night and Platinum status.