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Old 12-19-2004, 05:10 PM
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Default Credit Cards

I know this thread is off topic, but being powerboaters, Im guessing many of you use credit cards alot!

Anyway, does anyone know much about what credit card companys offer what rewards, and if it is worth it? I have my checks direct deposited, and lately have found it very convienient to use my credit card for everything from buying gas to buying groceries or whatever, then just paying the bill a few days later online. Last night it was brought to my attention that they have alot of different rewards, but I never have given them much thought.

Any suggestions?
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Old 12-19-2004, 05:33 PM
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BankAmerica cash back
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Old 12-19-2004, 05:35 PM
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Default Re: Credit Cards

Quote:
Originally Posted by Troutly
Sorry, can't help ya. No credit cards here. Just a debit card. If the cash aint there it don't get spent!
same here
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Old 12-19-2004, 05:36 PM
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Default Re: Credit Cards

Discover offers a credit card with special cash back rates on gasoline. You get 5% cash back on gas purchases. And they have certain partners that if you take gift certificates for their stores versus cash, they double the reward to 10%.

You can call 1-800-discover and just ask for the special gas credit card deal. You can also find it on the internet if you search for gas credit cards. They got rated as the best deal. I like it because you can buy any brand gas you want.
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Old 12-19-2004, 05:42 PM
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Arrow Re: Credit Cards

Quote:
Originally Posted by Troutly
Sorry, can't help ya. No credit cards here. Just a debit card. If the cash aint there it don't get spent!

That's what we do too. It's called a budget. If we have it fine and if not it stays on the shelf.

As most of my assets are tied up in the business a LOT stays on the shelf. I am only into hepling those who have appropriate needs in my books. I turn away more than I take on for that reason. That limits my income a lot. I sleep better at night.
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Old 12-19-2004, 05:52 PM
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Default Re: Credit Cards

Quote:
Originally Posted by Troutly
Sorry, can't help ya. No credit cards here. Just a debit card. If the cash aint there it don't get spent!
Troutly hit on the head, his idea and maybe a slice of AMEX.
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Old 12-19-2004, 05:57 PM
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Default Re: Credit Cards

Looks like most of you missed my point. The money is there. I just use the card instead of writing a bunch of checks. I havent paid one penny of interest on a credit card in years, and I never carry a balance. Since I use it the way I do, I thought maybe it could be earning me some kind of rewards.

I learned at a young age that credit cards will screw you if you arent careful. They are tough to pay off if you get them high enough.
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Old 12-19-2004, 06:20 PM
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Default Re: Credit Cards

I got a card from Capitol One that pays you airline miles for every dollar and there is no annual fee-and you can use them on any airline. 9000 for a ticket.
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Old 12-19-2004, 06:25 PM
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Default Re: Credit Cards

AMEX has a Rewards program. You can either purchase items with the points you accumulate or transfer them to some Airline programs for miles
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Old 12-19-2004, 06:42 PM
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Default Re: Credit Cards

My daddy (God rest his soul) got me a checking account the day I got my driver's license. He got me a low-limit credit card the day I went to college. Taught me that credit was a tool, just like a can opener or a torque wrench. You can get the job done without them, but they make things easier and better.

In all my years of having credit cards, I've used the holy crap out of them but have only carried a residual balance for maybe 8 billing cycles in 25 years (and most of those were low balances near Christmas time in my early years of being married - dam wives are expensive).

I like the following about cards: They give you detailed statements, and you pay a month worth of transactions with one check. They give you buyer protection on lots of purchases. They can give you extended warranties on purchases. They give you free rental car insurance and air travel accident insurance. They keep you from having to carry a wad of cash. They give you 30 days to pay your purchases. They can also give you rewards.

I use them whenever I can. I pay my cards off every month.
I am very familiar with most rewards programs. And the rewards programs all involve an annual fee from $20 to $100. That's the downside.

For flying, the Southwest Airlines VISA offers by FAR the best bang for the buck.
For accomodations, the Marriott Rewards VISA card offers a great value.

but if you notice, both of those cards are tied to a SPECIFIC chain or entity. AND the rewards have a "shelf life", where after a certain time period, they begin being "erased" from your account off the backside.

The mose FLEXIBLE plan out there is the AMEX "Membership Rewards" program. It NEVER expires your accumulated points. It lets you drag the points into a TON of other programs (like the Marriott program, and most all airline programs) and use them there OR you can use them for lots of different rewards out of the AMEX program itself. The base gold card is a $75/yr card, and the Membership Rewards program I believe is another $50/yr, but you can link your wife's card for another $15 and any and all business cards for $15 each.

I use my rewards pretty regularly, but have still managed to accumulate over 500,000 points in the program that I need to start using up.

It turns into a game after a while...
At one time I had the FORD points card and the GM points cards and had maxed them out on points $3500 in one, and $5000 in the other, but you had to buy a new car to use them. I ended up never using them before they expired. I seem to have no trouble racking up the points, but you need to be sure the program offers reward exchanges you will actually use. This is why I like the Amex program. If the zillion choices they offer don't suit you, you can drag a chunk of points into a program that DOES offer stuff you need.

Since some places don't accept Amex, I also have a VISA and MCARD rewards card (one is tied into shopping coupons, the other is an air miles card). I also have a discover card but that is just for Sams Club and I don't have it tied to a rewards program other than their pitiful cash back program.

i almost forgot: there are credit cards tied to gas programs. If you have any marinas that are "branded" as a gas station, then you can both earn and redeem points there. I don't have one cause our marinas aren't associated with any gas companies.
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