Porter Stoutheart
Seen Stamkos?
- Jun 14, 2017
- 16,547
- 13,416
Or get them, max them out, and don't worry too much about it. YOLO. When you die, you won't care about maxed out credit cards anymore.
OT: Off-Topic, again.
- Thread starter Jonesey
- Start date
-
Work is still on-going to rebuild the site styling and features. Please report any issues you may experience so we can look into it. Click Here for Updates
BigFatCat999
First Fubu and now Pred303. !@#$! you cancer
Or get them, max them out, and don't worry too much about it. YOLO. When you die, you won't care about maxed out credit cards anymore.
UH....no
101st_fan
I taught Yoda
Should you get a card? Maybe. If you do choose to get one, which is right for you? It depends.
The goal is always card(s) you can pay off every month to avoid interest. 15-28% APRs are commonplace.
Basic credit cards are easy to find and get ... most banks will give you something with a Visa or Master Card logo and a relatively low limit. If you choose to apply for a card with a cash back or points system then do your homework first. They all have their nuances and some have annual fees that can range anywhere from around $50 at the low end to over $700 for the more "premium travel" type cards ... but depending which perks of a certain card you use and normally pay for out of pocket anyway, a card with a fee could make sense for you.
FossilFndr
RIP Steve
I agree with PredV82, pay it off every month. Most companies use average daily balance so what you owe goes up every day that you carry a balance over the first due date even if you don't buy anything else.
Someone I knew told me once that his friend's goal was to die with as much debt as possible and never pay more than the monthly minimum as Porter Stoutheart suggests. He also espoused borrowing as much as possible from family and friends and never paying a dime back. I'm sure someone kept him a warm place next to the fire for after he passed.
Not really clear on the "all debt" part of that sentence though.
Someone I knew told me once that his friend's goal was to die with as much debt as possible and never pay more than the monthly minimum as Porter Stoutheart suggests. He also espoused borrowing as much as possible from family and friends and never paying a dime back. I'm sure someone kept him a warm place next to the fire for after he passed.
Not really clear on the "all debt" part of that sentence though.
Last edited:
I use a CC for everything. If you have self control there is every incentive to do so. Of course I am on the extreme end and churn the heck out of them for sign up bonuses.
I have a Southwest Airlines card that I use to pay for everything I can possibly put on a card so I rarely pay for airfare but I had to get tickets for a trip with American so I was going to have to pay for it. They had an offer to get $250 off of the airfare if I signed up for their card, I said thank you very much and excepted their generous discount in exchange for a card I'll cancel in 6 months.
Nice! I'm about to do the American card as well just to get the mileage bonus but also for the free checked bag perk. If you like southwest you might want to consider a chase sapphire preferred (as an example). Really nice sign up bonus and 1:1 point transfer to Southwest (and others). It does have some amazing travel protection and other add ons too.
With that said I also rock a Southwest card. Forget what it's called but it gives the 4 upgrades a year, $75 statement credit, and mileage. So it is basically free to carry the card even with the AF just with the statement credit and mileage. The 4 upgrades are nice perks on longer haul flights like BNA to Seattle, Vegas, LA, etc. and they're basically thrown in for free.
Armourboy
Hey! We suck!
This is essentially what we do here lately. Think the last one we did it on was a Penny's card when my mother in law was dying from cancer and we had to leave so quick we needed to pick up some things for the funeral. Ended up getting an additional 40% off and then cancelled it after 6 months.
predfan98
Registered User
- Aug 5, 2007
- 2,885
- 204
just know that that closed credit card account will show up on your credit score as a closed account. and part of your credit score is how long you’ve had the card.
Along with everyone else , BFCat, don’t get a card unless you can pay it all off every month.
Armourboy
Hey! We suck!
They do but it drops off eventually. Main thing they look at on those deals is that you have some kind of longer term history and your debt to income ratio isn't all out of whack.
101st_fan
I taught Yoda
A lot depends on what the annual fee is on that card. No fee, no reason to cancel it right away. Now, those few hundred dollar a year annual fee cards .....
I had a credit card since the early 80's that I used to pay my Preds season tickets but paid it off so it usually had no balance, a HUGE limit and lots of history. I got another card through my bank at some point but used it sporadically. Old Card jacked my rate up to 27%--from 15%. I had never been late and it irritated me. So I started putting all my purchases on the other card. And after about 6 months with no balance Chase closed the account. Mr Adz had a card dropped due to lack of use, too, so my advice is to put something on it every month or two, even if you pay it immediately. They don't give you notice, they just close your account and then notify the credit bureaus. My score went down considerably but only stayed low til they adjusted their algorithm and then it rose back up.
Viqsi
"that chick from Ohio"
Personally, I have as little to do with credit cards as humanly possible. Mostly because I find it reprehensible to buy any more into an industry that is literally explicitly designed to break you financially. But I'm kind of a radical like that. (I use my debit card and have a good working relationship with my bank.)
Porter Stoutheart
Seen Stamkos?
- Jun 14, 2017
- 16,547
- 13,416
I dunno, credit cards are a scam, but in a way, they are completely susceptible to being scammed right back. Isn't that basically the Donald Trump school of thought? You can pile up the most enormous credit card debt ever, then just write it all off with a bankruptcy? And start the whole cycle again?
The only thing is most people are too decent and responsible to be willing to do that. But if they thought those companies were truly evil, they could stick it right back at them like that if they really wanted.
Viqsi
"that chick from Ohio"
I've been tempted to go that direction sometimes but I'm not sure if I could live with myself afterward.I dunno, credit cards are a scam, but in a way, they are completely susceptible to being scammed right back. Isn't that basically the Donald Trump school of thought? You can pile up the most enormous credit card debt ever, then just write it all off with a bankruptcy? And start the whole cycle again?
The only thing is most people are too decent and responsible to be willing to do that. But if they thought those companies were truly evil, they could stick it right back at them like that if they really wanted.
That seems a plan for you but if you like your next of kin please don't. Just closing accounts for a deceased person is a headache, can't imagine how much more of a hassle it would be with debt involved.Or get them, max them out, and don't worry too much about it. YOLO. When you die, you won't care about maxed out credit cards anymore.
FYI if you have a family member pass, get a MINIMUM of 20 death certificates and copies of the will. Go through everything they have, paperwork etc, to find money/debts and keep up with them for the final tax return.
Porter Stoutheart
Seen Stamkos?
- Jun 14, 2017
- 16,547
- 13,416
predfan24
Registered User
- Jul 12, 2006
- 5,130
- 1,000
Same here. Obviously you have to be disciplined, but I've done the math, and I get 100s of dollars back every year in cash back without paying a single penny in interest. Clearly the credit card companies wouldn't offer cashback if many people didn't spend way more than they could afford and carry a balance. Then the credit card companies drain them with interest. So, BFC, if you have the finances and discipline get a rewards/cash back card. If you think you don't have the ability/discipline don't get one because you will bleed money.
predfan24
Registered User
- Jul 12, 2006
- 5,130
- 1,000
Yeah, credit cards have some scum on them, but nothing compares to "payday" loan places or "get cash now" places. Makes me sick.
Viqsi
"that chick from Ohio"
When I take over the world, every single one of those will be set on fire.
I have no problem signing up for a card, getting the sign up bonus, then canceling. Moving on to the next card and doing the same. Rinse/repeat with each type every couple of years. They find their victims but I'm certainly not one of them. This is free money for the disciplined souls out there. I travel a ton for free thanks to this.
With that said, there is one card I always keep specifically because of the benefits. If you're responsible there is no reason at all to use a debit card over a really good credit card. I'm not aware of any debit card that offers perks like primary rental car insurance, trip cancelation, purchase protection, warranty extension, lounge access, etc. Of course those perks have to matter to you.
With that said, there is one card I always keep specifically because of the benefits. If you're responsible there is no reason at all to use a debit card over a really good credit card. I'm not aware of any debit card that offers perks like primary rental car insurance, trip cancelation, purchase protection, warranty extension, lounge access, etc. Of course those perks have to matter to you.
101st_fan
I taught Yoda
I'm not churning but there are a few cards in my wallet right now. I have some serious decisions to make as the perks of being active duty are disappearing ... and no annual fees on most of my cards has been very, very nice. Free hotel nights, lounges, my XM costs just over $1 per month after card benefits, etc.
Feel free to come to Wisconsin early in your tour. I believe that we have more than our share in the Badger State.
Porter Stoutheart
Seen Stamkos?
- Jun 14, 2017
- 16,547
- 13,416
Ironically, I'm the ultimate socialist, but I don't even really mind these somehow. I used them once upon a time a long time ago. I figure if you know what you need and what you're willing to pay for it, or SHOULD KNOW anyway, and you still want to do it... heck, it's better than loansharks. They're offering a product. At a price. A ridiculous price. But if you have looked at all your options and you're still willing to pay that price... uh, well, ok, at least there is that option out there as a last resort.
And if you want to smoke crack, and you know (or should know) the cost and the risks, and are still willing to do it... uh, ok, it's your life.
Then of course in my socialist utopia we'll still take care of you even if you make such a bad decision. But hardly anybody will need to make those decisions anymore because we'll have been taking care of you better long before it comes to that.
predfan24
Registered User
- Jul 12, 2006
- 5,130
- 1,000
Haha, I understand your reasoning, and in a perfect world it makes sense, but I don't think that's the way people actually are. I don't buy the idea that most humans think sufficiently rational when deciding whether to use services like this especially when adding in factors like poverty, poor education, culture, desperation. I would simply say these businesses target these people who often lack the ability to know what they are getting into. I think that is super unethical. Straight grimy. But hey, obviously, I acknowledge these places are legal and expressing my opinion on them over a hockey forum means nothing 
.
.
