Hate to admit it but....

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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djrez4
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Postby djrez4 » Wed Jul 10, 2013 10:44 pm

The only flaw I see in your scheme is a disregard for the value of a point.

Credit card spend is has value twice - first, when you make the purchase and earn X points per dollar; second, when you redeem the points for whatever. If you can redeem an Amex MR point for more than $0.01, it's more valuable than the 1% cash back you get by using the It as a catchall card.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
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MemberSince99
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Postby MemberSince99 » Thu Jul 11, 2013 6:34 am

Your Discover debit must be hooiked up to your checking right? In that case I see another flaw - the same flaw that exists with all debit cards - security.

Since you have credit cards I can never see a reason to take the risk of using a debit card. In fact if I ever had to again for some weird reason I'd open a throw-away checking account and just keep a small amount of money in there and transfer money into it from my main account as needed so if thieves drain that, I stand to lose less and be out less for however long it takes to get my money back (I was told it can take months).

I can't see doing that, no matter how much they give you back. And all the banks push for you to use your debit card, but it may be good for them but it's sure not for you.

MB131174
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Postby MB131174 » Thu Jul 11, 2013 10:33 am

Yes, it is. I have the new Discover Cash Back checking account. I only use the card for those small transactions under $10 unless I'm at a restaurant, which then I'll use the CSP. The rise of debit card usage among Americans pretty much means my chances of something happening are very remote. When I start hearing of issues happening on a daily basis among people I know, then I'll think twice.

As far as points go, I don't want points. I want cash back. Points are pretty useless to me, especially for travel as I have IATAN/CLIA travel discount benefits due to owning my own travel agency. I pay like 50% of a hotel room rate, cruises can be like $30 a day, etc. So travel benefits are pretty much moot to me.
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MemberSince99
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Postby MemberSince99 » Thu Jul 11, 2013 12:42 pm

I'm not sure that just because more people are using debit cards means you are safer using one.

I'd be very afraid of them draining your money from your account. If they steal the info from your credit card it's the bank's money they stole - if they take it from your debit account, it's your money they stole.

I'd almost rather go back to cash, or checks for everything but gas rather than risk using my debit card. (And gas only because you have to pre-pay).

MB131174
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Postby MB131174 » Thu Jul 11, 2013 1:30 pm

Never heard about someone getting their account drained because they bought napkins at walmart and used a debit card. I don't live my life in fear of "the bad things" happening. I just live life and deal with schtuff that comes up as it arises.
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FutureBillionaire
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Postby FutureBillionaire » Thu Jul 11, 2013 1:31 pm

MB131174 wrote:Hate to say it, but I've pretty much moved away from AmEx. I re-reevaluated my cash back options and here's what I'm doing:

Internet - Chase Ink (5x points/dollar)
Cellphone - Chase Ink (5x points/dollar)
Restaurants - Sapphire Preferred (gonna PC to Sapphire once AF hits) (2x points/dollar, can combine with points from Ink)
Gas - Currently Discover It (5% cash back), once category is over, BofA 321 (or is it 123?) cash rewards (3% cash back on gas)
Online shopping - Discover it via whatever they call their online mall (5% to 20% cash back)
Non-restaurant purchases under $10 - Discover debit card (10c back per purchase)
Auto Pay - car insurance, E-Z Pass, iTunes, etc - Discover it
All other purchases - Discover it

Anyone see any better way?


There is a better way. I work to get 5x points on everything I possibly can. The cards in my signature allow me to do that.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape



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