Just cause I like you guys so much

I know the credit monkey was a tough one for me too to get rid of.
A couple years ago, I paid a $7500 card off in a year. Let me tell you, it's a great feeling to get that done and over with.

Here's a great article on the games credit card companies play with you and me.
In short, whenever you borrow money, the rules are set by the debtor.
(which in reality don't answer to anybody since we're borrowing their money...)

Read and learn

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"...End? No, the journey doesn't end here. Death is just another path...one that we all must take.
The grey rain-curtain of this world rolls back, and all change to silver glass...and then you see it...
...white shores...and beyond...the far green country under a swift sunrise."

Credit Cards are like borrowing money from a loan shark and should really be treated as cash. If you carry a balance the >18% interest rates really do kill you. I usually try to pay off my card every month, and if ever I can't I transfer the funds from my line of credit. At prime interest rate plus 1.75% it's hard to beat (unsecured line of credit).

here is a great review of all the CC out there, well most. and these ones give you some kind of rewards like some sort of points or cash back. at the end you can compare all of them which is nice and see the rate of return for each card.

http://www.redflagdeals.com/deals/m...ticles/credit1/

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quote:

Originally posted by smuncky here is a great review of all the CC out there, well most. and these ones give you some kind of rewards like some sort of points or cash back. at the end you can compare all of them which is nice and see the rate of return for each card. http://www.redflagdeals.com/deals/m...ticles/credit1/

Interesting. I personally use the CIBC Dividend Platinum VISA Card and get up to 2% cash back every year.

• Tier one - 0.5% rebate on your first $3,000 in annual net purchases.
• Tier two - 1% rebate on your next $12,000 in annual net purchases. (Between $3,000 and $15,000)
• Tier three - 1.5% rebate on your next $20,000 in annual net purchases. (Between $15,000 and $35,000)
• Tier four - 2% rebate on your next $15,000 in annual net purchases. (Between $35,000 and $50,000)

For someone like my Dad who apparently puts 50k+/yr on his VISA, he gets back $735 in cash. I don't quite put that much on my card, but wish I could! LOL

The card has a bunch of travel, auto and other benefits as well. But the real biggie for me is the purchase protection that comes with any purchase you make on the card. It basically doubles the manufactures warranty up to a year (ie a 2 year original warranty turns into 3).

as someone who works for a bank, a lot of what's said in that article is quite accurate..

if i were u i'd take the time to read over fine print .. there's a lotta stuff u might discover!

one thing tho .. when ur a bank employee, most of the credit u receive is issued at staff rates, which is normally around prime (for unsecured credit), this normally occurs among all major banks so it doesn't matter which one u work for..

so work for a bank if u hate high rates ! the plusses of benefits !

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Last edited by dEsidEL on Mar-05-2005 at 23:03

quote:

Originally posted by dEsidEL as someone who works for a bank, a lot of what's said in that article is quite accurate.. if i were u i'd take the time to read over fine print .. there's a lotta stuff u might discover! one thing tho .. when ur a bank employee, most of the credit u receive is issued at staff rates, which is normally around prime (for unsecured credit), this normally occurs among all major banks so it doesn't matter which one u work for.. so work for a bank if u hate high rates ! the plusses of benefits !

True dat...

My mom has worked for CIBC for over 20 years now and they always got pretty good rates on their loans...
She's also their top producer for Northern Alberta which helps I'm sure (plus the free all-expense-trip for two to Cancun for doing that).
She deserves it
Go Mom!

___________________
"...End? No, the journey doesn't end here. Death is just another path...one that we all must take.
The grey rain-curtain of this world rolls back, and all change to silver glass...and then you see it...
...white shores...and beyond...the far green country under a swift sunrise."

Well I am proud to say I am completely debt free (except student loan). Yup...paid off all the cards and destroyed them. It wasn't cheap. I even got a nasty letter from one credit company because I wasn't using the card hehehehehe

Here's what I've discovered since then...

I feel free
I pay for everything in cash
I save more money
I live within my limits

Though there's a lot of things I want that require a CC...I find that most of the time...I can do without or find it through another source.

Neways, thats the end to my story...oh ya...and did I forget to mention that I save more money hehehehehe

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"People seem not to see that their opinion of the world is also a confession of their character."- Ralph Waldo Emerson, US essayist & poet (1803 - 1882)

pay your bills in full i can tell you that much if you want your history in good standing.

if you cant just make sure your doing minimum payments by the payment due date, and dont ask for exagarated amt on your credit line, the lower you keep it and within your limits the better for you.

quote:

Originally posted by maxtuh pay your bills in full i can tell you that much if you want your history in good standing. if you cant just make sure your doing minimum payments by the payment due date, and dont ask for exagarated amt on your credit line, the lower you keep it and within your limits the better for you.

Some people really can't handle the responsibility of credit and go nuts with purchases. These people should probably not have credit cards, or at least one with a very low credit limit. Learning some self discipline couldn't hurt either! Remember, credit cards should be treated as cash; if you won't have the money to pay for your purchases within 30 days, don't buy it. And yes, emergency provisions would obviously be an exception.