Credit card with a straight simple cash back (personal finance)

[Platapus]

I decided to change credit card companies. My old credit card was an airline frequent flyer card and not only do I not fly but the deal kept getting worse and worse over the years. I decided to move to a credit card with a straight simple cash back. I have excellent credit so there was no problem getting the card issued.

[Onkel Neal]

Ahoy, I copied your thread with a new subject, I wanted to address the credit card aspect of your discussion.

I stopped using credit cards 20 years ago, instead using my debit card. But I began to worry about fraud, and any fraud on my debit card is fraud involving my checking balance. So I started using a credit card with high % cash back, and set it to pay the balance each month, so I'm not incurring any interest or charges. And if any fraud takes place on the credit card, well, that's Visa's money, not mine.

Crazy that they offer cash back and they don't get any $$ from me.

Also, while on the subject of personal finances, I moved all my cash savings from my local credit union where the interest rate is .1% to Goldman Sachs Marcus bank, with 2.25%. It a REAL difference in interest added to the account.

More Americans are finally moving cash to online banks for higher interest rates
https://finance.yahoo.com/news/more-...204337577.html

Americans are finally getting the memo: You don’t have to settle for microscopic bank savings rates anymore.

With short-term interest rates rising broadly across the economy the past few years, a small but growing share of customers are moving their cash to online banks that pay higher yields on savings and money market accounts. In the past 24 months, 21% of Americans have transferred their money to an online bank that pays at least 2% interest, according to a NerdWallet online survey of 2,012 adults for USA TODAY earlier this month.

Before that, only 6% of Americans had their savings account at an online-only bank, such as Ally, E-Trade or Discover.

“If you work hard to save any money, you want to make sure it’s there when you need it and that it has the same buying power,” says Greg McBride, chief financial analyst of Bankrate.com. A 2% savings rate simply lets consumers keep up with annual inflation that has been running around 2%.

So why haven’t traditional banks had to raise their rates to stay competitive? They’re flush with deposits and don’t need to attract more to make loans.

[em2nought]

I've been thinking about putting something in this Singapore location https://www.silverbullion.com.sg/ instead of in a safety(which isn't) deposit box at the credit union. This depository basically works like a bank should really work. You store your precious metals there, and they charge you for that. You can make fiat loans to other people who store precious metals there. If they don't pay, you get their precious metals. If they do pay you can cover your costs of storing your precious metals.



I try to work all my credit cards with balance transfers, zero interest periods, cash back rewards, and paying off on time.

[Sean C]

When I was younger, I avoided getting a credit card. I kept seeing all of these commercials asking if I had $10,000 of credit card debt or more. Scared the bejeebuz out of me. I couldn't imagine having that much debt, and I wasn't about to start spending money I didn't have.


It wasn't until later that I found out that having and using a credit card is an excellent way [if not essential] to build credit. As long as you use it responsibly. So, I bit the bullet and got one. I use it for small purchases which I know I can cover and I pay it off every month.


I now have an excellent credit rating. Of course, it helps that I also pay all my other bills on time, too.


On a [perhaps] unrelated note: I've also had the same bank account for 31 years - although with four different banks. They just keep buying each other.

[em2nought]

Originally Posted by Nathaniel B.

I now have an excellent credit rating. Of course, it helps that I also pay all my other bills on time, too.

I think they've just brought out some recent tools that let all those other bills being paid on time have more weight towards credit scores.


Ah, here it is
https://www.usatoday.com/story/money...ol/2349887002/

[Skybird]

Originally Posted by em2nought

I've been thinking about putting something in this Singapore location https://www.silverbullion.com.sg/ instead of in a safety(which isn't) deposit box at the credit union. This depository basically works like a bank should really work. You store your precious metals there, and they charge you for that. You can make fiat loans to other people who store precious metals there. If they don't pay, you get their precious metals. If they do pay you can cover your costs of storing your precious metals.



I try to work all my credit cards with balance transfers, zero interest periods, cash back rewards, and paying off on time.

Nice idea they have there.


Personally, I never saw the meaning in credit cards, and thus since years have none anymore. To me credit cards are man-in-the-middle-attacks, sort of, somebody demands to get paid for squeezing himself needlessly between me and my bartering partner in a deal, and all he does is that he taks the mone yout of my hand and give sit to him after he played with it in the csiono, and then gives the other'S chnage to me after he plaid with it in the casino. And for this fantastic service he even demands us to pay him...?


But then, the whole modern money model is a disaster and an intellectual declaration of bancruptcy. I only have Paypal currently, and this only because of rare, pragmatic need. German banks were very late to this kind of party, and thus trail far behind with comparable offers.

[Platapus]

I do like the protections you can get with credit cards that you don't have with many debit cards.



I have had my credit card information stolen twice and used for purchases. Total cost to me was $0.00 Can't beat that. The only inconvenience was that once they had to issue me a new card, but it only took me a few minutes to update my repeating credits.



I carry a little bit of cash on me primarily for the office pantry and for the occasional diet coke at a gas station. Pretty much everything else goes on the credit card. Pay it off and we are good to go.

[Jimbuna]

I've always preferred credit cards over the years primarily for the guarantees and safeguards they bring with them.

Paying off the full balance at the end of each month means they are totally free also.

[Onkel Neal]

Apparently a legit bank
https://redneck.bank/

[Catfish]

^ how very.. trustworthy

[JU_88]

Don't touch credit cards anymore.
Bar the mortgage, I wont spend a penny that I don't actually have.

[STEED]

Originally Posted by JU_88

Don't touch credit cards anymore.
Bar the mortgage, I wont spend a penny that I don't actually have.

Good advice, shame most people don't see that and just rack up the debt.

[Jimbuna]

Originally Posted by JU_88

Don't touch credit cards anymore.
Bar the mortgage, I wont spend a penny that I don't actually have.

Wise words Francis

[em2nought]

My friends think I'm a bank. I'm pretty sure I should be a pawn shop instead. I look like a shorter version of Rick from Pawn Stars anyway.

[ikalugin]

https://www.youtube.com/results?sear...l+take+it+away

There is a whole british TV series on the topic of debts.