View Full Version : Money Back Credit Cards
E-BRAKE
02-18-2008, 03:23 PM
So, I was wondering if it is a good idea to get those money back CCs, and where could I find one of those?
dTran33
02-18-2008, 03:45 PM
i have a citibank card i get 3% cash back on gas/groceries and 1% on any other purchases.
amex, discover, etc. have a lot of these offers you just have to have decent credit
E-BRAKE
02-18-2008, 05:06 PM
Are there any risks with getting one of those cards? I mean if I keep track of my spending and pay every month everything should be ok right?
Also, do you search their website to apply or do you just get it in the mail?
grnlude97
02-18-2008, 05:17 PM
Are there any risks with getting one of those cards? I mean if I keep track of my spending and pay every month everything should be ok right?
Also, do you search their website to apply or do you just get it in the mail?
Just the same risks as any other credit card. If you manage your $ correctly you can get a lot back. I think last year I received about $600 back from various card rewards programs.
Daniel :)
grnlude97
02-18-2008, 05:18 PM
i have a citibank card i get 3% cash back on gas/groceries and 1% on any other purchases.
amex, discover, etc. have a lot of these offers you just have to have decent credit
Which Citibank is this? I found the best one (for me) to be the Professional but I canceled mine due to crappy customer service.
Daniel :)
Slim ThuG
02-20-2008, 08:15 AM
credit cards are no good, dont fool yourself with those offers.
dTran33
02-20-2008, 03:46 PM
credit cards are no good, dont fool yourself with those offers.
w/o credit cards it's hard to build credit...unless you have some good cosigners that will help you on your first large installment purchase (car, house etc.)
credit cards are no good, dont fool yourself with those offers.
We all can't be a rich thug like you and pay cash for everything.
grnlude97
02-20-2008, 05:04 PM
We all can't be a rich thug like you and pay cash for everything.
I'm pretty sure he's kidding.
Daniel :)
I'm pretty sure he's kidding.
Daniel :)
The hell you know my name???????
LoW_RiDa
02-20-2008, 05:32 PM
:rofl: I think thats what he uses as a sig
I've always wondered about this type of offer. I sure wouldn't mind $600 or so in free stuff:D
97blacklude
02-21-2008, 12:40 AM
:rofl: I think thats what he uses as a sig
I've always wondered about this type of offer. I sure wouldn't mind $600 or so in free stuff:D
Doesnt really work like that. You earn points according to the amount of dollars you spend in most cases. EX: Spending $2000 and paying it off equates to 2000 points which theres usually a scale.. 2000 points may equate to like $20 back. Now there's other cards out there like this card i have AMEX blue cash, in which i receive 5% back.. so i usually use that card for most purchases..
Slim ThuG
02-21-2008, 05:42 PM
CC's do help build credit which i agree is ok, but dont get 1 just bc you will get cash back, you have to spend alot to get a little back
CC's do help build credit which i agree is ok, but dont get 1 just bc you will get cash back, you have to spend alot to get a little back
That is true. CC will never lose money in promotions.
grnlude97
02-21-2008, 07:02 PM
CC's do help build credit which i agree is ok, but dont get 1 just bc you will get cash back, you have to spend alot to get a little back
I agree about spending a lot to get a litte however I got mine only to get cash back. In fact EVERYTHING I purchase goes on credit cards.
That is true. CC will never lose money in promotions.
My cards lost about $600 on me last year. Don't carry a balance so it costs me nothing.
Daniel :)
I made back about 2 grand last year off my money back cards. I use 2 of them. The Chase money back one is pretty good because it gives you higher returns on things you spend on every day (gas, food, etc), the American Express Blue one isn't that bad, and I never really use my Discover anymore.
I made back about 2 grand last year off my money back cards. I use 2 of them. The Chase money back one is pretty good because it gives you higher returns on things you spend on every day (gas, food, etc), the American Express Blue one isn't that bad, and I never really use my Discover anymore.
i just use my wamu card which doesn't really seem to give me shit back - do you think it warrants enough money to me to switch to something else and open another line of credit (only have an amex gold and my debit card)
Kohinoor
02-22-2008, 11:05 AM
My cards lost about $600 on me last year. Don't carry a balance so it costs me nothing.
you incur interest daily, so yes, it did cost you something
grnlude97
02-22-2008, 11:07 AM
I made back about 2 grand last year off my money back cards. I use 2 of them. The Chase money back one is pretty good because it gives you higher returns on things you spend on every day (gas, food, etc), the American Express Blue one isn't that bad, and I never really use my Discover anymore.
Dude I hate to call you out on this but even if you were getting back a full 3% on everything you'd be spending over 65k on your cards. Most cards including Chase only give 3% on up to $600 in purchases then it reverts to 1%. Discover is tiered with 1% back on most things and 5% back on certain categories each month and even those are capped.
Daniel :)
grnlude97
02-22-2008, 11:08 AM
you incur interest daily, so yes, it did cost you something
No, credit cards do NOT incur any daily interest if the balance is paid in full each month. They only carry a daily interest on cash advances which I have never done. My credit cards cost me NOTHING.
Daniel :)
My credit cards cost me NOTHING.
Daniel :)
wish i could say the same, stupid amex charges.
its worth it to me just for the fact that they double all warranties when purchases are made on the card. not to mention the airline miles i rack up.
grnlude97
02-22-2008, 11:21 AM
wish i could say the same, stupid amex charges.
its worth it to me just for the fact that they double all warranties when purchases are made on the card. not to mention the airline miles i rack up.
I remember calculating the break even point with a Gold card a while back. I did the math a while back but I don't remember the exact figures (I'm thinking somewhere around 10,000 year). I ended up canceling my Amex because the rewards were better on other cards.
Daniel :)
Dude I hate to call you out on this but even if you were getting back a full 3% on everything you'd be spending over 65k on your cards. Most cards including Chase only give 3% on up to $600 in purchases then it reverts to 1%. Discover is tiered with 1% back on most things and 5% back on certain categories each month and even those are capped.
Daniel :)
Check your PM, I sent you details. It was mostly work related spending :o
Most cards are geared to return less cash the more you spend. Amex isn't, you actually earn more back the more you spend - and it isn't capped. Once you clear 6.5K you are earning back 5% on necessities and 1.5% back on everything else.
i just use my wamu card which doesn't really seem to give me shit back - do you think it warrants enough money to me to switch to something else and open another line of credit (only have an amex gold and my debit card)Depends on your spending patterns. Amex actually rewards you for spending more, while most other cards are designed to penalize you for spending a lot on them.
I made back about 2 grand last year off my money back cards. I use 2 of them. The Chase money back one is pretty good because it gives you higher returns on things you spend on every day (gas, food, etc), the American Express Blue one isn't that bad, and I never really use my Discover anymore.
AMEX Blue Sky ftw!! :rock:
E-BRAKE
02-29-2008, 06:17 PM
wish i could say the same, stupid amex charges.
its worth it to me just for the fact that they double all warranties when purchases are made on the card. not to mention the airline miles i rack up.
So would you say that AMEX card is the way to go? It automatically doubles your warranty on say laptops?
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