[jonasdatum]

http://www.bankofamerica.com/

Money Return® Platinum Plus® Visa® Credit Card

LOL, I have a balance and you offer me a rebate on the interest I owe you LOL. So basically I am getting my money back on the money I owe you anyway?

I needed a good joke right now.


Bank of America® Accelerated Cash Rewards™ American Express® Card

Not bad for a cash rewards card. Cash rewards cards are great for accounts you can pay with them. In the year you save yourself perhaps a bill or two. Remember it's not about getting rich, it is about affording yourself every advantage. Just like the rich.

[jonasdatum]

The Secret History of the Credit Card (1 of 6)


Watch it.

[StumpedTechy]

Oh man I wrote a good post about this on a UK thread -


Right now I have about 30k in credit card debt and I am still paying 0% (down from 50k). This is due to medical expenses I have had over the years but how I got this debt really is irellevant. It will still take me a bit to pay it off but I am slow and steady on the approach. I am assuming probably 5-8 years as I have kids I have to feed and cover with clothes. So the example below I can't continually afford to pay as much has I have paid each month to these cards as I have been depriving my children of things I shouldn't.

Here is the easy way to do it.

Get an offer for 0% for 12 months (this is where the good credit comes inplay also I hear you get these offers right after filing bankruptcy but I can't verify this but I can see people wanting you to use the card to start racking up more debt while you can't refile) and make sure its a low transfer fee. Transfer about 10k per card to the new card. Usually the transfer fee on 10k is about 200-300$ and the 200-300 (ultimately a one time fee of 2-3%) and your not paying any more on the total cost (which ultimately means that if you split the 2-3% up among 12 months your only paying about .3% per month, this comes out to about 25$ using the 10k example.

And rinse and repeat every 12 months.

So with this being said you have a beginning balance of 10300 (max) and you pay about 200-220 per month (of course this lowers per payment but you always want to put as much as you can toward the card to pay it off). This means in 1 year you have paid off 2400 if you make minimum payments with 2,100 of this being towards the total borrowed balance. So the next transfer will be 7,900. At this rate it would take a bit over 4 years to pay off.

The main mistakes people make are the following -

1) They miss payments and screw up the 0% thus giving you a high interest rate.
2) They buy more stuff and put it on the same cards. You should be buying new things with cash and not keepign this card boosted up.
3) They leave the bablance on the card after the 12 months putting you into a high interest payment situation again.

Just my experience but as I have stated I have paid off 20k in debt (no small feat) in about 2-3 years. This is with me NOT following rule number 2 and adding our daily expenses food, clothes, and things to the cards.

SIDE NOTE: if your reading this and want to try it make SURE that once your done with the credit card and the 12 months is up and you have transferred the money off it you go and cancel the credit card. If you have too many credit cards open its also a bad thing and will screw up your credit rating.

[oil painter]

I have never been in debt but I really think Gail Valdez has the answer to those who are in debt. She has a show called- until debt do us part- on Slice. I'm not sure if it's only in Canada or in the States too.
First she gets an honest tally of all money owing, money coming in and just exactly how much you spend in a month. Then she takes the fixed costs, like mortgage and things you can do nothing about and the rest that you can do something about.
She gets rids of every credit card and makes them live on cash, make a budget, and write down what they spend.
She gets them to contact their credit card holders and try to get their interest lowered- they'll do that if they think they might not get paid at all-- or go to the bank and get a consolidation loan. Then make a list of everyone they owe with the highest interest on top.
As the money is freed up they pay as much as they can on the highest interest cards first while paying the minimum on the rest, and so on down the line.
She gets people with 40.000 in debt free and clear in 2 or 3 years.

[jonasdatum]

Originally Posted by Rep

I only remember paying a monthly interest fee one time. The month after my wife and I were married.

We have used the save for it plan. It has worked out actually very well for us and I would recommend it.

One long term thing everybody can do is to encourage your state lawmakers to reinstate the old 21% interest rate cap on cards. Wisconsin eliminated it in the late 1980's.

I think most businesses can survive earning 21%.

It is not in the credit industries best interests to have a cap. They gain more profit from fees and interests than they do from those who pay the bill. You have to understand how money works in just about every banking system on the planet today:

"Money is destroyed when loans are repaid. Money is created when loans are granted."

Creditors earn money from the fees merchants charge for the transactions used with debit and credit cards.

Creditors earn money when people use credit cards in volume. Credit cards entice applications with 'incentives.' Like cash back, travel, or affinity cards. I like that affinity card. You know the organizations that the card has a logo on actually gets a part of the profit from each use of that card LOL. Love that, great scam.

Credit Card companies make money when you pay more in interests and fees. Now combine that with the fee the creditor earns from you making the transaction; the take into consideration that if you have a basic credit card you earn nothing but time before your money is due. What do I mean by 'that' :

Cash Back = Rebate.

Rewards: Hotel, gas, reservations, etc.

Travel = Investment i.e. Hotel, rentals, etc.

Affinity Cards: You rarely get anything back, but two businesses profit regardless.

Now combine debt + no rewards +/- affinity = foolish!

Marketing Skills = Priceless!

[jonasdatum]

Originally Posted by jonasdatum

It is not in the credit industries best interests to have a cap. They gain more profit from fees and interests than they do from those who pay the bill. You have to understand how money works in just about every banking system on the planet today:

"Money is destroyed when loans are repaid. Money is created when loans are granted."

Creditors earn money from the fees merchants charge for the transactions used with debit and credit cards.

Creditors earn money when people use credit cards in volume. Credit cards entice applications with 'incentives.' Like cash back, travel, or affinity cards. I like that affinity card. You know the organizations that the card has a logo on actually gets a part of the profit from each use of that card LOL. Love that, great scam.

Credit Card companies make money when you pay more in interests and fees. Now combine that with the fee the creditor earns from you making the transaction; the take into consideration that if you have a basic credit card you earn nothing but time before your money is due. What do I mean by 'that' :

Cash Back = Rebate.

Rewards: Hotel, gas, reservations, etc.

Travel = Investment i.e. Hotel, rentals, etc.

Affinity Cards: You rarely get anything back, but two businesses profit regardless.

Now combine debt + no rewards +/- affinity = foolish!

Marketing Skills = Priceless!

Coming Soon The Card Game On air and online November 24, 2009 at 9:00pm (check local listings)
http://www.pbs.org/wgbh/pages/frontline/creditcards/

O.k. what crud is up with this?

I like getting a % of each purchase back. Failing that saving considerably more. Last thing any of us need to a bank screwing me over more. It's a game PLAY TO WIN!

[jonasdatum]

Originally Posted by jonasdatum

Coming Soon The Card Game On air and online November 24, 2009 at 9:00pm (check local listings)
http://www.pbs.org/wgbh/pages/frontline/creditcards/

O.k. what crud is up with this?

I like getting a % of each purchase back. Failing that saving considerably more. Last thing any of us need to a bank screwing me over more. It's a game PLAY TO WIN!

I was watching part of this still not aired story. If you have bank account, then why not get a credit card. A credit union or a bank are the best possible options. Paying somebody to spend my money is just retarded. Why do people get these things 'if' many know of other means and have the ability to do so.

As being poor, ignorant, and disadvantaged doesn't work. The weak, kind, and gentle get screwed by those claiming to have 'good intentions'. Rarely is it otherwise.

I could understand why prepaid cards could be an emergency supplement, but not for continuous use.

To all my associates and allies get good jobs, education, and invest. It is the only sure and just way to get what you want.

[hewee]

That will be good to watch

[jonasdatum]

Originally Posted by hewee

B of A keeps send me saying I am pre approved for $50,000 and I know they are crazy because with a limited income of $14,000 a year so I can not have any interest on any cards no matter how small the payment is. I got a $10,000 limit on the costco american express. But I only get what I can pay in full each month.
How can B of A ever think I would be able to pay them back unless I pay them for the rest of my life

My income has now increased greatly (gross), and I was recently offered the opportunity to apply for a few HIGH END cards. Not an American Express Black Card, but pretty darn close to it. I ultimately declined the offer because I don't like the idea of yearly fee to have a credit card.

I am thinking of getting two new credit cards. Not because I need them, not even because I can use them at a particular store, simply because they look nice. Yes it will for the short term degrade my credit, but for the long term I have another piece of plastic collecting dust.

[TechGuy]

Because they "look nice"??!?

[jonasdatum]

Originally Posted by TechGuy

Because they "look nice"??!?

Yes, the card designs are beautiful. Catching my eye. LOL, not that I'd use them much, if at all. Will wind up collecting dust in my home with most of the others. Although one of them do have some useful rewards. Nice to know I still have that option. Also nice to know that I still have credit cards collecting dust in my house. I know that idle credit can look bad on a credit report. However many of the cards are also my 'oldest' cards. Hence canceling them is not the best idea - for the moment.

[hewee]

Originally Posted by jonasdatum

My income has now increased greatly (gross), and I was recently offered the opportunity to apply for a few HIGH END cards. Not an American Express Black Card, but pretty darn close to it. I ultimately declined the offer because I don't like the idea of yearly fee to have a credit card.

I am thinking of getting two new credit cards. Not because I need them, not even because I can use them at a particular store, simply because they look nice. Yes it will for the short term degrade my credit, but for the long term I have another piece of plastic collecting dust.

I got a think in the mail from them also for the Black card. They make it sound like your one in a million to get picked to get the card and how lucky you are. I did not read all the detail but if it cost to have it I would say no right there no matter if the card was made of Gold.

I have other cards that have a reward etc but never gotten anything from them.
The American Express card I get a check each year and every year so I get my rebate or reward from American Express.
Got to watch on the gas part because you get more back for gas.
But are you getting the gas rebate that is higher?
Was told they can not always tell because the way the billing is done
Like all these place you can get gas from the bill can come in under 7-11 or what ever. You can but other things there because it's a store also and so many places you get gas now days sell other things so have a mini store and that is how American Express sees it so you get 1% and not 3% in a rebate.
With the high cost of gas and what you drive and how much you drive keeping track of that can add up to a good amount if you lose out on the gas rebate or the right amount on the rebate.

Only one back thing about American Express and that is there are places that do not take American Express. They say American Express wants to much so they don't deal with them.
So if you really want American Express then get another card also.
I had a Master card or I had a Macy's card but got the Macy's Master card back when all the store cards started to change them. I went to buy my new juicer on the phone but they would not take American Express.
I then said wait let me get the Penny Visa but not sure because it has a very low limit and I forget what it is. It was to low so I said OK the Macy's card.
I looked and seen a newer one but could not find the older one. I then seen the newer one had the sticker you got to call the first time that I never did. I then looked at the date and said wow the date is even passed. I never even got a new card like I did each year because I never called that number. I never used it but once every year or two but had it for 20 years. So I did not know I had a dead card till a couple weeks back.

If you get the cards just use them now and then and pay in full each month.
Then just keep them to show that your not over doing it and to get you score up. Even if you somehow get into trouble even if you do not use the cards do not have them cancel the cards because they say it puts a bad mark on you. Crazy because it's your card and if you don't want it. Now you could just cut the card up and maybe not renew it without it putting a bad mark on you.

[jonasdatum]

Originally Posted by hewee

I got a think in the mail from them also for the Black card. They make it sound like your one in a million to get picked to get the card and how lucky you are. I did not read all the detail but if it cost to have it I would say no right there no matter if the card was made of Gold.

I have other cards that have a reward etc but never gotten anything from them.
The American Express card I get a check each year and every year so I get my rebate or reward from American Express.
Got to watch on the gas part because you get more back for gas.
But are you getting the gas rebate that is higher?
Was told they can not always tell because the way the billing is done
Like all these place you can get gas from the bill can come in under 7-11 or what ever. You can but other things there because it's a store also and so many places you get gas now days sell other things so have a mini store and that is how American Express sees it so you get 1% and not 3% in a rebate.
With the high cost of gas and what you drive and how much you drive keeping track of that can add up to a good amount if you lose out on the gas rebate or the right amount on the rebate.

Only one back thing about American Express and that is there are places that do not take American Express. They say American Express wants to much so they don't deal with them.
So if you really want American Express then get another card also.
I had a Master card or I had a Macy's card but got the Macy's Master card back when all the store cards started to change them. I went to buy my new juicer on the phone but they would not take American Express.
I then said wait let me get the Penny Visa but not sure because it has a very low limit and I forget what it is. It was to low so I said OK the Macy's card.
I looked and seen a newer one but could not find the older one. I then seen the newer one had the sticker you got to call the first time that I never did. I then looked at the date and said wow the date is even passed. I never even got a new card like I did each year because I never called that number. I never used it but once every year or two but had it for 20 years. So I did not know I had a dead card till a couple weeks back.

If you get the cards just use them now and then and pay in full each month.
Then just keep them to show that your not over doing it and to get you score up. Even if you somehow get into trouble even if you do not use the cards do not have them cancel the cards because they say it puts a bad mark on you. Crazy because it's your card and if you don't want it. Now you could just cut the card up and maybe not renew it without it putting a bad mark on you.

You have some typos, please correct them. I've corrected some of mine as well. Secondly, yes it is true many people don't like American Express because of the merchant fees they charge. That is why if you have only one credit card, it should be a Master Card or a Visa. If you have three, then it is recommended you have AmEx, Visa, and a Master Card.

I have gotten rewards for my cards each year. Some more than others, but I did receive them. Not anything special and their is a yearly cap. I posted about this a year or so ago on the thread.

"Remember there is a good debt and bad debt. Paying for that degree to improve your social economic status - good. Paying off that plasma TV - bad."

[Wino]

I dropped AMEX a few years ago after 35+ years. I had asked them to drop the yearly charge and they refused, so I closed the account. They had been offering me a free year ever since to re-open the account - go figure - they could have kept me had they dropped the charge that one time I asked.

I joined COSTCO a couple years ago and now have their AMEX card which is free with some kickbacks. Of course paying COSTCO's membership fee is basically a yearly charge and the only reason is for their gasoline which is normally less than others and they won't accept any other payment method. If I decide to drop COSTCO, AMEX will be gone, too.

I pay off my cards every month. Anyone that doesn't should have their head examined.

[TechGuy]

Originally Posted by Wino

I pay off my cards every month. Anyone that doesn't should have their head examined.

That might be a little harsh, but there is a lot of truth there. Those who don't pay it off each month may simply need some education in personal finance. It's seems to be a topic not taught anymore.