Credit Card Rewards - Card Churning

[wdb]

Interesting topic. I've read about it before but never actually done it. Truth -- I'd rather just use the card I have and be done with it. Keeping track of which card has what amount on it sounds like work. Plus I have a ton of stuff set up for automatic payment via CC and I'd have to be jumping around changing those all the time.

Nope. Too lazy I guess.

[redpoint5]

Too lazy is why we all pay too much for everything. Insurance and internet companies all know this, which is why they reward their "loyal" customers by billing them the highest amounts.

I'm too lazy most of the time, too. It's really not laziness, but more my contempt for such whacky systems, which then irritates me the whole time I'm playing their silly game. Same reason I procrastinate doing my taxes, because the time it takes is only a couple hours, but I'm intensly annoyed the two hours.

[freebeard]

You say lazy, I say simplify and add lightness.

[wdb]

Originally Posted by redpoint5

Same reason I procrastinate doing my taxes, because the time it takes is only a couple hours, but I'm intensly annoyed the two hours.

Oh, how I wish my taxes took two hours. Although honestly (again) this is a thing where I want to be absolutely certain I pay only what I must; if those people want to confront me with a multi-thousand-page tax code, well, game on.

[redpoint5]

Originally Posted by wdb

Oh, how I wish my taxes took two hours. Although honestly (again) this is a thing where I want to be absolutely certain I pay only what I must; if those people want to confront me with a multi-thousand-page tax code, well, game on.

In reality it ends up taking longer.. trying to locate this or that form. Have to log into a website, forgot my password, or it expired since last year.

There's other hoops I have to go through like sending a request to get a special deduction along with a check (they require an admin fee each year to submit an application for this deduction).

Every person that has expanded the tax code should have every hair plucked from their body, one-by-one.

[jakobnev]

For example I can pay all my utilities with a credit card without a surcharge; natural gas, electricity, garbage pick-up, internet, cell phone, etc. Is that possible in Sweden?

It seems with some cards you can.

I don't suppose you could pay off one credit card with another and create an epic rewards earning money loop?

[JSH]

Originally Posted by jakobnev

It seems with some cards you can.

I don't suppose you could pay off one credit card with another and create an epic rewards earning money loop?

No, you cannot pay a credit card bill with another credit card in the USA. You can sometimes do a balance transfer where you do pay off a card with another in one lump sum but those do not earn rewards on the transfer - instead they charge a fee. Usually from about 3 - 5%.

I do know people that use these types of cards that have 0% introduction rates. They take out $10,000 on a 0% card and then when that trial period ends they transfer the balance to another 0% card. It is way cheaper paying the normal 15% -30% credit cards charge but if I wanted a loan I would just take out a loan from my bank.

The 60 month used car loan for my Chevy Bolt was 2.25%

[redpoint5]

If I ever needed serious cash, I'd take out a HELOC. Those interest payments are tax-deductible, because, stupid complex corrupt tax code.

[Xist]

Isn't the transaction fee 3.5%?

I have never seen a card that offers that much of a reward for all categories.

If you pay cash you aren't getting your money's worth!

There is a carwash in-town that offers a ten-cent discount for cash, although that has been a bit of a hassle, even when Accord money is burning a hole in my pocket.

Meanwhile, Walmart often charges more in-person, so you need to have orders shipped to your house to save money--or pay for the subscription service.

Let me enter into a long-term commitment with Walmart!

[shudders]

[Xist]

Originally Posted by JSH

No, you cannot pay a credit card bill with another credit card in the USA. You can sometimes do a balance transfer where you do pay off a card with another in one lump sum but those do not earn rewards on the transfer - instead they charge a fee. Usually from about 3 - 5%.

I do know people that use these types of cards that have 0% introduction rates. They take out $10,000 on a 0% card and then when that trial period ends they transfer the balance to another 0% card. It is way cheaper paying the normal 15% -30% credit cards charge but if I wanted a loan I would just take out a loan from my bank.

The 60 month used car loan for my Chevy Bolt was 2.25%

I swear that I recently heard of a credit card that gave you some kind of a bonus for transferring a balance, but I couldn't find anything just now.

I got a credit card with zero balance transfers when I moved to Page, planning on putting together enough money for something that earned a decent amount of interest.

That was 5 years ago and I have much more money now than I did when I moved and paid off my credit card.

I still don't know what to do with it.

Buy a new car even though nobody has told me to in days?