marketexec
New Member
Cash: $ 0.56
Posts: 9
Joined: 25 Jan 2005
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I am continuing to perfect the free money from credit card game. Remember that this strategy is only pursuable if you DO NOT charge more than you can afford to pay off every month. I have recently discovered, through www . moneyinfoline . com , rewards cards that rebate 5% of gas purchases- with todays high gas prices and more gas guzzling SUVs on the road today the potential savings are significant. Then I found a rewards card that also gives 5% cash back for drugstore and grocery store purchases. For everything else, I use a rebate card that pays 1% cash back on all purchases. Many of these cards also offer upfront cash incentives like a $50 instant credit after your first purchase. These savings will add up to quite a significant amount over the years. Help your finances today.
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Fri Feb 18, 2005 6:02 pm |
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Andrew
Admin
Cash: $ 460.25
Posts: 1695
Joined: 02 Nov 2003
Location: Texas
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marketexec,
Please stop pushing that website.
You keep touting it as if it was the greatest financial resource ever, but it seems to only have about 8 pages, including that oddball mesothelioma page, which is obviously only there to generate money via the clicks.
If this is your site, which I suspect it is, then just come clean and put it in your signature. When you aren't pushing that site, your posts are decent. So either claim it as your own, or don't post it here anymore.
Thanks.
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Fri Feb 18, 2005 6:22 pm |
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chiron
Contributing Member
Cash: $ 11.54
Posts: 49
Joined: 10 Feb 2005
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Marketexec and fellow surfers -
I could personally care less about this post, except to note that with all credit cards, whether retail or gas or Visa, etc... opening a dozen in a year with the intent to save a couple of bucks on gas, snag 15% off your first purchase at a given department store, or with hopes you can enter to win a free llama in a raffle to be held in July of 2008 -- whatever -- is not generally what I would recommend as a method towards working to obtain true "savings" in life.
For example, if you get a few gas cards a month or two before you buy the car you expect to fill'er up with, your credit score will be dampened by the inquiries, the extension of your exposure (debt capacity), and recently-requested lines of credit. Depending on where your score was when you thought ahead to saving 5% off a gas pump, you could very well plunk your score down enough to either not qualify for a vehicle loan (eek! What will you do with all that gas!) or find yourself paying a risk-based interest rate on said vehicle that, in most cases, would be "saving" you more (in interest costs vs. gas discounts).
A short example from chiron's word problems from hell, book iv...
Call gas $2/gal, assume you use 100 gallons per month, and assume you save 5% off you gas expenditures. You pay $200 at the pump without the discount card, but by virtue of having it, you save $10 that month.
Call your vehicle a $15,000 loan principal and assume your score was (numbers used are for illustrative purposes only) either a) ~700 with no recent credit card acquisitions and etc, or, due to that influence of getting a few gas and retail and rewards cards a few months prior to sitting with your auto dealer, is about a b) ~620 score. Now assume you take a 3-yr loan on that $15k vehicle with an assumption you were offered, say, 6% APR vs. 10% APR as a result of your score differential.
Your car payment, per month, would be approximately $456.33 versus $484.01 assuming the above figures. In short, a difference you could call "savings" of about $27/month. Thus if you do no card-grabbing prior to your auto financing, you not only will save more than you would have with the gas card (but a higher loan rate), you are also in a more powerful position financially due to a higher, "cleaner" credit report score... not to mention, you can pay at the gas hut with whatever method you choose, and without having to hunt down "your" gas card's participating stations.
Please note the above is for purposes of example only, and in short is meant as a point to ponder for all consumers... I would advise that all of us consider such trade-offs and benefit comparisons prior to making any decisions on how to "save" on various things in life. And if you want to save and yet keep some credit cards in the plan, too, skip the unattractive low-max retail and etc cards, and try to locate a reputable issuing bank that will provide you with a maximum balance 3x in excess of your anticipated revolving load (carry-over month to month) and which also allows for 0% APR (6-12 months) on multiple balance transfers initially. Then transfer off from your higher-interest cards to the 0% APR card, stick to under 30% or so balance-vs-maximums to maintain the best credit profile possible, and you're set.
Cheers!
Business Web Site Design | Credit Report Repair
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Sat Feb 19, 2005 9:13 am |
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BlankenshipFP
Money Talk Advisor
Cash: $ 79.56
Posts: 390
Joined: 05 Oct 2004
Location: Illinois
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Chiron -
I have to tell you that I enjoy your posts every time. Great content, great information that most people have no way of getting without experiencing the situations firsthand.
Keep up the good posts!
Jim Blankenship, CFP®, EA
Blankenship Financial Planning, Ltd.
www.BlankenshipFinancial.com
Standard IRS Circular 230 Notice Applies
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Sun Feb 20, 2005 11:31 pm |
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paymentprocessed
Contributing Member
Cash: $ 0.20
Posts: 28
Joined: 27 Feb 2005
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I agree with Blankenship, keep it up!
Quit your day job.
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Sun Feb 27, 2005 5:06 am |
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