Be careful using Best Buy's credit card for big purchases this holiday...

[Route 45]

Let's agree to disagree. I don't use credit cards. Fraud isn't the only risk. You could lose a job. Or there be some issues with payroll and your paycheck comes late. Or an unexpected bill comes up and the credit card can't be paid off. Or you get injured and can't work for a period of time. Or...
It just isn't a game I play. My opinion is that it is unwise. See Proverbs 22:7

If you hit your thumb with the hammer, it's not the hammer's fault. And congratulations if you have your house paid off and are not a "slave" to a bank or mortgage company. But stop paying your property taxes, and you'll see just how much of a "slave" you are to the state. But hey, Mark 12:17, so it's cool.

 

[Cameramonkey]

If you hit your thumb with the hammer, it's not the hammer's fault. And congratulations if you have your house paid off and are not a "slave" to a bank or mortgage company. But stop paying your property taxes, and you'll see just how much of a "slave" you are to the state. But hey, Mark 12:17, so it's cool.

Instead you are just a slave to the state with property taxes.

 

[jkaetz]

If you hit your thumb with the hammer, it's not the hammer's fault. And congratulations if you have your house paid off and are not a "slave" to a bank or mortgage company. But stop paying your property taxes, and you'll see just how much of a "slave" you are to the state. But hey, Mark 12:17, so it's cool.

Instead you are just a slave to the state with property taxes.

And your thumb hurts.

 

[MillenniumC5]

Anyone use the transfer balance with 0% offers where you can extend to another card for x many months?

 

[MillenniumC5]

Instead you are just a slave to the state with property taxes.

We only rent our land, if they can take something away from you, you don't truly own it.

 

[jkaetz]

Anyone use the transfer balance with 0% offers where you can extend to another card for x many months?

Only if they don't have a transfer fee. These are rare but have popped up. 0% for XX months on purchases show up from time to time as well. While we don't need these they are nice to see show up. I did just drop one of the balance transfer checks into my account to make interest for XX months one time because it had no initial transfer fee. Most of them charge 4% or so of the amount as a transfer fee which makes it a non-starter in my mind unless you're paying off something that has a much higher interest rate.

 

[Gabriel]

Use cash to buy gift cards or prepaid cards.

Sounds exhausting.

 

[WebSnyper]

Lowes credit card does this as well. But unless you get an idiot behind the counter who claims he cant, theirs is easy. "Hi, I'd like to make a payment. Please apply it to the promotional charge."

I did the above while traveling in Evansville. Idiot's response. "I cant specify that sir. You will have to call the customer service line and have them change the payment after the fact." I responded "That is odd. They can do it at least up in the big city. I've paid 3 promotional payments in Indianapolis with no trouble." He just shrugged.

But yes, always read the fine print. They are sneaky that way. And its really ugly since its accrued and you get hit with ALL of the back interest, not just what starts when the promo ends.

Have you called in and asked to have those payments changed? Granted it was just the last one for us, but in the past Lowes has happily tweaked things like that for us when payments didnt get applied right.

There is also a setting in the Lowes bill payment portal where you can set your default allocation for payments. This is directly from the Lowes site... much easier than calling in, etc and once you set it... it should be set for all payments going forward:

1. Standard Allocation:

Payment received in excess of minimum payment amount due will be applied to non-promotional balances before deferred interest promotional balances except in the last two months of a deferred interest promotion. In the last two months of a deferred interest promotion, the payment amount in excess of the minimum payment due will be applied to the deferred interest promotion(s) that are in the month of expiration and/or the month prior to expiration.

2. Allocate Payment to Deferred Interest Promotional Balances First:

Any payment you make (including the required minimum payment due and any additional amounts) will be applied to the deferred interest promotional balance before the non-promotional balance.

3. Allocate Payment to Non-Promotional Balances First:

Any payment you make (including the required minimum payment due and any additional amounts) will be applied to the non-promotional balance before the deferred interest promotional balance. Please note, even with this setting, during a billing period in which a deferred interest promotion expires, if your payment is enough to pay off the expiring promotion, your payment will be applied to the expiring promotion first before the non-promotional and other balances on your account.

Use cash to buy gift cards or prepaid cards.

Most prepaid major card company cards have a fee associated to activate the card. Specific store gift cards generally don't. I'd rather get cash back.

To each their own. Unless someone is asking me to pay their bills, I don't care how others manage their $.

One can argue that the price of goods at many stores are higher since they have to pay credit card fees on a transaction, but if they are not offering a discount to pay cash, etc then the point is moot, and I might as well get a % back. If someone is offering a discount or charging a fee to use a card and it is more than I will get back from the card, then of course, I don't use it in that scenario.

Credit card companies obviously make a lot of money on those that don't pay off their balance every month, but for those of us that can, we can reap benefits, paid for by those who cannot. Kind of reverse wealth redistribution than that which our govt is so fond of redistributing in the other direction. I'll take it.

 

[injb]

...

One can argue that the price of goods at many stores are higher since they have to pay credit card fees on a transaction, but if they are not offering a discount to pay cash, etc then the point is moot, and I might as well get a % back. If someone is offering a discount or charging a fee to use a card and it is more than I will get back from the card, then of course, I don't use it in that scenario.

Credit card companies obviously make a lot of money on those that don't pay off their balance every month, but for those of us that can, we can reap benefits, paid for by those who cannot. Kind of reverse wealth redistribution than that which our govt is so fond of redistributing in the other direction. I'll take it.

Exactly. When you use a credit card (a good one that gives rewards) then you are being subsidized by people who don't. Everyone is paying a higher price for the products (to account for the cc processing fee that the merchant has to pay) but the credit card companies kick a little of this back to their customers, either in the form of cash back or reward points.

Personally, I can't live without a cc now mainly due to the fact that it's getting increasingly hard to rent a car without one. When you've been left stranded in a remote airport once, you won't let it happen again And even when can rent without one, you're on the hook for the value of the car unless you buy the CDW at 2-3x the cost of the rental. Most good credit cards cover CDW for free.

 

[HoughMade]

Wow. Store credit cards. Reminds me of my childhood in the '70s and '80s.

Anyone have a card from Chalmer's Big and Tall men's shop? It's a seven outlet chain in the pacific northwest.

 

[DoggyDaddy]

Wow. Store credit cards. Reminds me of my childhood in the '70s and '80s.

Anyone have a card from Chalmer's Big and Tall men's shop? It's a seven outlet chain in the pacific northwest.

I have a Kohl's card, a Menard's card and a Lowe's card because all get me some kind of discount or cash back. I typically come right home and pay off whatever I just charged with them.

 

[JettaKnight]

Exactly. When you use a credit card (a good one that gives rewards) then you are being subsidized by people who don't. Everyone is paying a higher price for the products (to account for the cc processing fee that the merchant has to pay) but the credit card companies kick a little of this back to their customers, either in the form of cash back or reward points.

Personally, I can't live without a cc now mainly due to the fact that it's getting increasingly hard to rent a car without one. When you've been left stranded in a remote airport once, you won't let it happen again And even when can rent without one, you're on the hook for the value of the car unless you buy the CDW at 2-3x the cost of the rental. Most good credit cards cover CDW for free.

AFAIK, hotels demand one to cover (potential) incidentals.

 

[DoggyDaddy]

AFAIK, hotels demand one to cover (potential) incidentals.

Well, except for those "no-tell motels"... but they usually want the first hour in advance.

 

[MCgrease08]

Sounds exhausting.

So is digging out of debt.

I'm not one that believes that credit cards are inherently bad or should never be used, but I do understand why some would make that argument. I also agree that when used responsibly cash back cards and travel cards can provide some small benefits.

That said, I've never heard a millionaire say they built their wealth through airline miles or cash back points either.

 

[BehindBlueI's]

That said, I've never heard a millionaire say they built their wealth through airline miles or cash back points either.

"I made my millions paying an extra 3% for groceries..."

 

[MCgrease08]

"I made my millions paying an extra 3% for groceries..."

Who is doing that? Is that in reference to my reply about using a gift card for someone looking to buy goods online without using a credit or debit card? One would use cash to pay cash for groceries.

Or they could use a credit card, which has the potential for paying an extra 17-25% depending on whether or not they are responsible enough to pay the balance every month.

 

[BehindBlueI's]

That said, I've never heard a millionaire say they built their wealth through airline miles or cash back points either.

"I made my millions paying an extra 3% for groceries..."

MCgrease08]Is that in reference to my reply about using a gift card for someone looking to buy goods online without using a credit or debit card? One would use cash to pay cash for groceries.

Mostly just tongue-in-cheek about the millionaries comment. I don't think a lot of self-made millionaires get there by *not* taking advantage of opportunities that present themselves.

Who is doing that? ....One would use cash to pay cash for groceries.

And that person would pay an extra 3% for the privilege vs someone using a cashback card, such as: earns 3% cash back at U.S. supermarkets (on up to $6,000 spent per year, then 1%), 2% back at U.S. gas stations and select U.S. department stores, and 1% back on everything else.

I get from 2% to 5% back on everything I purchase, and have gotten easily thousands of dollars in benefits. Want TSA pre-check? There are cards that will reimburse the cost for you. Don't want to pay $35-$60 to check a bag? There's cards that will take care of that for you. Bought something on vacation that was to be delivered that never showed? Card reimbursed me, cash would not have. Pay money changer fees to get cash or make purchases outside the country? Nope, no foreign transaction fee/no atm fee card. I might not be a millionaire, but I know I'm getting a benefit from my cards that adds up to real money.

 

[Route 45]

People need to stop projecting their inability to be financially responsible with credit cards onto those of us who are smart enough to use them for their obvious benefits.

 

[HoughMade]

Seems legit. My wife pointed out that I should have used the Discover or the Visa to by the lawn sweeper I just bought for the 5% cash back...I used neither. Retirement waits another day.

 

[Hookeye]

My kid has docs that require payment up front. Insurance can take 4 months to reimburse. Last surgery he wanted 21 grand up front but last minute said 7500. She already had three outpatient deals at 3 or so grand each....month prior.

I just slapped em on the card. Kinda nice. Of course when insurance sent me a check it went 100% to pay off tje card