Posted on 11/30/2009 4:38:39 AM PST by Oldeconomybuyer
If you do that, you get the use of the card for free, like I do. In addition, get a card with cash back, and the CC actually pays you for using it. My Amex gives me 2% back on gas and groceries and 1% on everything else.
I anticipate this shortly, myself. Cry me a river... < /s>
Gee, let’s see, our benevolent ozero media tells us the recession is over, so go out and spend. Yea, right. No one trusts this goofball or his media. I used to have a card that tried to charge me 21%, so we had a little chat. I called them and asked them to lower the rate to 9%. No go. So I let the rocket scientist know that they could either get 9% of a balance, or 21% of nothing. It took 4 levels of management until I got someone who actually understood what I was saying. Got the 9%, then paid it off anyway.
Woo hoo, love Dave Ramsey. However I do put all big purchases on my American Express and pay it off when the bill comes. The extended warranty can’t be beat.
Will your credit score be reduced by them cutting your credit line?
Actually they kinda did, during WWII, they needed the Mafia to keep security in the ports, so they made a deal.
The beauty of cash is you don’t have to stand there during the purchase and worry if it’s going to clear or if you’re over your limit!
Dave Ramsey ping.
Cash is king...debt is dumb. Life without owing money is priceless :)
No. For one thing, AMEX won’t share info with the credit bureaus. Second, the credit bureaus are actually pretty accurate. They don’t screw up nearly as often as people claim.
It could have a negative effect in that part of the score is based on your available credit vs. used credit. If you only have one credit line and it’s slashed, that could hurt you. I keep multiple lines open and have a high limit, but use them enough that I don’t get them closed out for non-use.
“Even if it is a loss-leader for them, they probably have data that show that sooner or later even us “disciplined” types fall off the wagon and pay the 24% interest for a cycle or two.”
Bull shit!!!
In my 72 years I have never paid one cent in interest for anything that I have bought except our first home.
I have a credit card with a $30k limit that I have had for 25 years that I charge $3-4k/month and pay off every month.
“people who buy gifts with a credit card tend to spend anywhere from 20 to 40 percent more on the gift,”
Which is the best reason to buy with cash, have a plan and don’t deviate from that plan. I understand that some (very few) CC users can manage to stick to the plan and not spend more than was planned, following that up with paying the full balance each month, however I believe that this is a very small percentage (maybe a fraction of a fraction) of CC users. I prefer not to even risk it....Remember, if you play with snakes you will eventually get bit.
Thanks Hoosier for the ping.
Dave Ramsey Fan Ping List.
If you would like to be added to the “Live like no one else, so that you can LIVE like no one else” list, feel free to Freepmail me.
I don’t even have a Credit Card why assume the risk?
I know I know I know, All you much wiser than me FReepers are gonna tell me about cash back and all the great things putting yourself at risk does for you.
I expect cash will be taken away from us fairly soon.
My gifts are purchased, wrapped, and under the tree. Paid cash for everything including 2 DS systems for the little kids, 2 DS games each, a new flat-screen for the RV with a new DVD player for Hubby, tons of stuff for the grandgirls and my grown kids.
I even got gifts for the pets. No Debt. Not one penny.
And....in honor of my nice promotion, I bought myself a new leather padfolio for work and the Wii Fit Plus (already have the Wii).
I tend to like credit cards myself. I use them regularly.
Have you heard of mint.com?
Their service allows you to track and analyze your spending with various graphs and other tools. I started using it after hearing Clark Howard recommend it. It’s great.
I certainly hope not.
BUMP!
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