Credit cards are up to something sneaky

[Free Thinker]

Quote from killthesunshine:

how?

last fall i flew to alaska free thanks to capital one. value $700
today i am leaving for florida free thanks to american express skymiles. value $580
the last car i bought i got $2500 off thanks to the gm card.
i have another $3700 built up for my next car purchase.

the amount i have paid them in fees and interest. $0

 

[ProfLogic]

Quote from trendlover:

You can get the (cash back rewards points). They give you money on % you charge. Then you pay the whole balance every month so you you can have no interest charge.

Yup, I built my home using 2 credit cards and then paid the balance off each month with the construction loan funds (9 months to build). At the end of the build I had enough in reward points to purchase a majority of the applicances and then took the saving to help pay toward the mortgage at closing.
Creative finance at its finest.
We still pay for all major purchases using our rewards cards and then paying them off each month.

 

[trendlover]

Quote from ProfLogic:

Yup, I built my home using 2 credit cards and then paid the balance off each month with the construction loan funds (9 months to build). At the end of the build I had enough in reward points to purchase a majority of the applicances and then took the saving to help pay toward the mortgage at closing.
Creative finance at its finest.
We still pay for all major purchases using our rewards cards and then paying them off each month.

----------------------------------------------------------------------

Very creative!!, and Freethinker poster too.

 

[killthesunshine]

Quote from ProfLogic:

Yup, I built my home using 2 credit cards and then paid the balance off each month with the construction loan funds (9 months to build). At the end of the build I had enough in reward points to purchase a majority of the applicances and then took the saving to help pay toward the mortgage at closing.
Creative finance at its finest.
We still pay for all major purchases using our rewards cards and then paying them off each month.

enjoy it while it lasts because they will cancel your cards soon they figure you out

 

[trendlover]

Quote from killthesunshine:

enjoy it while it lasts because they will cancel your cards soon they figure you out

killthesunshine, this is legal. The credit card company still make money from the merchant fee.

 

[Free Thinker]

Quote from killthesunshine:

enjoy it while it lasts because they will cancel your cards soon they figure you out

no they wont. i have been doing it for years. its all perfectly legal. the card companies are making a bet that you will someday pay them interest. with some people they lose that bet.

 

[trendlover]

Quote from Free Thinker:

no they wont. i have been doing it for years. its all perfectly legal. the card companies are making a bet that you will someday pay them interest. with some people they lose that bet.

---------------------------------------------------------------------



Yes. That is why they give the rewards points. They bet people will charge so much more to get rewards, then no have the money to pay the whole balance. Then the cc company can charge interest.
So to play this game you only charge on the card no more than what you can pay to take away the WHOLE balance of one cycle.

 

[CaptainObvious]

You bet they are. Here's my punishment for not carrying a balance on my Chase card. A year ago they lowered my limit from 20K to 12K. A few months later my rate went from 7.9% to 12.9%. Two months ago it went from 12.9% to 20.9%. All this with a 780 score. Why in the world would I ever carry a balance?

 

[Dr. Zhivodka]

I don't quite get the mid-stream "change of terms." I would cancel immediately. They can go fuxx themselves. Big and bigger credit lines are readily available for those in demand.

Quote from CaptainObvious:

You bet they are. Here's my punishment for not carrying a balance on my Chase card. A year ago they lowered my limit from 20K to 12K. A few months later my rate went from 7.9% to 12.9%. Two months ago it went from 12.9% to 20.9%. All this with a 780 score. Why in the world would I ever carry a balance?