I don’t know what your credit card is like, but I swear by my Bank of America Visa card. Just today, I received a check for $250 from them. This was my reward for charging $25,000. Of course, I could have opted to have travel rewards (with NO blackout dates) or free merchandise, but during this time of economic austerity, I preferred cash. What it boils down to is I got 1% back per dollar charged. Not bad, huh?
My sister-in-law always pays for her purchases with cash, because, she says, that prevents her from spending more than she should. So to pay for dinner for 10 people at a restaurant one day, she carried $500 in cash. Good lord! She might have been robbed, then what? On the other hand, if she had charged the meal, she would have gotten cash or mileage or merchandise in return. In other words, she would have been “paid” for using her credit card. What’s wrong with that?
The crucial part of the deal is that one must pay the balance in full every month. So far, I have always done that, no problem. We definitely live within our means.
I might add that this Bank of America Visa card also benefits the UH Athletic Department, which sent us the application for the card. If your credit card does not have comparable rewards, I suggest you check out mine.
December 3, 2008 at 8:38 pm |
Can’t emphasize enough that second-to-last paragraph: Pay the balance in full every month. Not to mention, good credit will help when it’s time to purchase a car or home, or open a new business.
December 3, 2008 at 10:42 pm |
I have the Costco AMEX and I get great $ back. I think my rewards are 3% on gas, 2% on eating places and 1% everywhere else. I too pay in full every month. Last month I went crazy so my bill for December is over $2K but, most of my Christmas shopping is done so I guess it all works out.
December 3, 2008 at 10:51 pm |
We have the Costco American Express Card also and use it every week at Costco. The problem is their rebate can only be used for purchases at Costco. They don’t send you a check which can be deposited in your bank. What happens to the rebate if you no longer want to shop at Costco?
Correct me if I am wrong, but that is my understanding.
December 4, 2008 at 2:18 pm |
Cash and carry. I use debit cards only – unless I’m renting a car or somewhere else that does not accept them. If I need a big amount of money, I use my home as equity.
December 4, 2008 at 2:45 pm |
I have no problems like you folks, Mrs LV took my credit and debit cards away.
December 6, 2008 at 8:13 pm |
The Costco rebate can be cashed out at Costco. I usually use it for one of my shopping trips and then they give me the balance in cash. It works for me because I use Costco so much.