[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)
http://www.youtube.com/watch?v=lhBxCygBMZA

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