We’re retired, own everything we have and can pay directly for anything we want/need - with no reason for a loan.
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That’s where my wife and I are but last year, in November, we cashed a check from Capital One for $905.00, for cash back points. 01.5% for purchases. Our new balance on points is up to $285.00 now. Around Christmas time in 2017 we’ll cash in again, should be over $1,000 by then. We never have paid a cent in interest.
The banks charge merchants a minimum of 03%, so we both are making money.
I tried to buy a new car on the credit card and pay it off at the end of the month but the dealer wouldn’t go for it.
The banks charge merchants a minimum of 03%, so we both are making money.
I tried to buy a new car on the credit card and pay it off at the end of the month but the dealer wouldn’t go for it.
Our Chase Visa does similar. They urge you to cash in for gift cards but we periodically have them put it against our account. Since we use it for everything, it builds points pretty quick, but you already know that.
Car dealers won't take the automatic loss for what the credit companies charge - at least they haven't built in even more margin like all the other retailers....I did get one to accept a earnest money credit card payment to hold a car once, but it was only $100.
When I bought my last car, I drove to the bank and got a cashier's check to take back to the dealer. I actually had my credit company limit my normally available credit for security - If I need more, I can call them and have it bumped for the purpose. The last time I paid interest, I had actually got my payment to them a few days before the cutoff on the bill - I sent a note that if I ever got charged interest again like that, I would take my business elsewhere and they'd lose out on a sure take on x-thousands of dollars charges per year. Been over 10 years....