Freedom and CSP combine?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
33 posts
takeshi
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Postby takeshi » Thu Dec 19, 2013 8:28 am

samhradh wrote:The point is HUGE.

...and the point is subjective. Otherwise we'd all have the same exact card(s). OP can decide if the rotating 5x spend categories are worthwhile or not.


MemberSince99
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Postby MemberSince99 » Thu Dec 19, 2013 9:00 am

ncosky290 wrote:I can always apply again for one and get better terms after a year not having it i hear...



There is no guarantee you will be approved, and even if you are it's another inquiry and a new account and you know what that will do to your AAoA vs keeping an existing one open.


I've done my share of opening and closing accounts, but it's best to consider all the factors when deciding to do it.

MemberSince99
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Postby MemberSince99 » Thu Dec 19, 2013 9:02 am

takeshi wrote:...and the point is subjective. Otherwise we'd all have the same exact card(s). OP can decide if the rotating 5x spend categories are worthwhile or not.




Yep, he can decide whether he'd prefer to earn 5% over 1% that's true enough. Seems easy enough to me to figure out - I'd take the 5% but maybe I'm greedy.

ncosky290
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Postby ncosky290 » Thu Dec 19, 2013 9:16 am

MemberSince99 wrote:Yep, he can decide whether he'd prefer to earn 5% over 1% that's true enough. Seems easy enough to me to figure out - I'd take the 5% but maybe I'm greedy.


5% is nice when the category is useful but the card is useless in the summer when it is 5x on home improvement. Worst category ever.
-AMERICAN EXPRESS DELTA GOLD SKYMILES - AMERICAN EXPRESS EVERYDAY -AMERICAN EXPRESS PLATINUM - CITI DOUBLE CASH - CITI PLATINUM AADVANTAGE - CITI THANK YOU PREFERRED - BARCLAYCARD ARRIVAL PLUS - DISCOVER IT - CHASE SAPPHIRE PREFERRED-

wiivile
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Postby wiivile » Thu Dec 19, 2013 10:03 am

"APR" and "interest rate" are naughty words on this forum!! You should be using credit cards only to increase your creditworthiness and to earn rewards, not to make purchases you can't afford to pay off when your statement comes! Doing so is letting the banks make money- we want to make money off them via rewards. Let the banks make money from the merchants. It's a mutually beneficial relationship.
    Chase Sapphire Preferred Visa Signature: 11/2013, $15,000 CL
    Chase Freedom Visa: 11/2009, $4,700 CL
    U.S. Bank Cash+ Visa Signature: 11/2013, $11,200 CL

ncosky290
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Postby ncosky290 » Thu Dec 19, 2013 10:22 am

wiivile wrote:You should be using credit cards only to increase your creditworthiness and to earn rewards, not to make purchases you can't afford to pay off when your statement comes! Doing so is letting the banks make money- we want to make money off them via rewards. Let the banks make money from the merchants. It's a mutually beneficial relationship.


That is your opinion. If you can pay cash for everything then good job... I bet you can't. Your Home, Car, Home Theatre, Macbook. If you paid cash for them then 99% of this world is doing something wrong...
-AMERICAN EXPRESS DELTA GOLD SKYMILES - AMERICAN EXPRESS EVERYDAY -AMERICAN EXPRESS PLATINUM - CITI DOUBLE CASH - CITI PLATINUM AADVANTAGE - CITI THANK YOU PREFERRED - BARCLAYCARD ARRIVAL PLUS - DISCOVER IT - CHASE SAPPHIRE PREFERRED-

wiivile
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Postby wiivile » Thu Dec 19, 2013 11:36 am

ncosky290 wrote:That is your opinion. If you can pay cash for everything then good job... I bet you can't. Your Home, Car, Home Theatre, Macbook. If you paid cash for them then 99% of this world is doing something wrong...


I only pay cash for my shoe shine guy and rent. Everything else goes on the credit card, which I pay in full every month.
    Chase Sapphire Preferred Visa Signature: 11/2013, $15,000 CL
    Chase Freedom Visa: 11/2009, $4,700 CL
    U.S. Bank Cash+ Visa Signature: 11/2013, $11,200 CL

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djrez4
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Postby djrez4 » Thu Dec 19, 2013 12:32 pm

It's not a matter of opinion. The fact is that if you pay interest on your credit card purchases, it offsets any rewards you earn.

If a 1% reward costs you 15.24% (CSP's current rate), you're losing 14.24%.

Credit cards are not a way to finance purchases you can't afford right now. A home loan at 3.5%? Sure. Auto loan at 2%? Yes. Those make financial sense. Buying a fancy home theater system on a credit card and paying it off at 15%? You're throwing money away. Save up for 12 months, put the purchase on the card, and immediately pay it off. Otherwise, the banks win and you lose.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
[/RIGHT]

ncosky290
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Postby ncosky290 » Thu Dec 19, 2013 12:33 pm

djrez4 wrote:It's not a matter of opinion. The fact is that if you pay interest on your credit card purchases, it offsets any rewards you earn.

If a 1% reward costs you 15.24% (CSP's current rate), you're losing 14.24%.

Credit cards are not a way to finance purchases you can't afford right now. A home loan at 3.5%? Sure. Auto loan at 2%? Yes. Those make financial sense. Buying a fancy home theater system on a credit card and paying it off at 15%? You're throwing money away. Save up for 12 months, put the purchase on the card, and immediately pay it off. Otherwise, the banks win and you lose.


Your not loosing anything... It is a choice...
-AMERICAN EXPRESS DELTA GOLD SKYMILES - AMERICAN EXPRESS EVERYDAY -AMERICAN EXPRESS PLATINUM - CITI DOUBLE CASH - CITI PLATINUM AADVANTAGE - CITI THANK YOU PREFERRED - BARCLAYCARD ARRIVAL PLUS - DISCOVER IT - CHASE SAPPHIRE PREFERRED-

MemberSince99
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Postby MemberSince99 » Thu Dec 19, 2013 12:52 pm

You are losing hard earned money you worked for by paying a lot more for items than you would otherwise. You gain nothing for that except for getting it "right now". If it's a need not a want, I understand to some degree. If it's a want, it is your freedom to choose that, but you aren't helping your financial situation by doing it. It may please the bank but it won't please your wallet.



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