Will that be Cash or Credit?

[harley]

I just realized I've had the same $5 bill in my wallet for over 2 months. I never pay cash for anything. I went through the McDonald's drive through today, bought a diet coke for $1 (plus 6 cents tax). Paid with my Discover Card. Racked up a sweet 1 cash back point.

I'd been dealing with my Mom's bills when she was in the hospital. I arranged to have her mail forwarded to me so I could pay them, but the forwarding process started out slow and I was late on a few payments. I managed to get them to drop the interest and late fees, but even seeing them on the bill was infuriating. It's been so long since I didn't pay off every bill in full every month I had lost touch with how badly these companies are sticking it to the fools suckers ignorant customers. It's outrageous.

[ChainsBeGone]

I charge every expense each month to the credit card, and then pay it off at the end of each month and reap the cash back rewards at the end of the year. I haven't paid any interest on the credit card in 20 years.

I do carry a mortgage, which is our only debt. But, the mortgage is about 25% of monthly income, so well within our means. We have paid cash for all our vehicles.

[NW-Bound]

Quote:

Originally Posted by RonBoyd If you used a Flying J/Pilot card (RV Plus) and had it on autopay, you would get, at least, 5¢ off the pump price.

Is it valid only at Flying J/Pilot truck stops? I fill up there quite a bit, but they are mainly on interstates, not on backroads. And then, my AmEx already gives 3% cash back.

[RetireAge50]

That was what I was thinking. At $3/gal 3% is 9 cents off instead of 5 cents😁


Sent from my iPhone using Early Retirement Forum

[RonBoyd]

Quote:

Originally Posted by NW-Bound Is it valid only at Flying J/Pilot truck stops? I fill up there quite a bit, but they are mainly on interstates, not on backroads. And then, my AmEx already gives 3% cash back.

Yes, it is valid only at Flying J/Pilot stations.

Which AMEX card do you have? Our AMEX card only gives 2% on U.S. gas.

(And, yes, I see now that above $2.50 a gallon I am better off using the AMEX card.)

[explanade]

Quote:

Originally Posted by Ronstar I pay cash or credit card that I pay off every month. But I did slip up by getting a new credit card for my generator for one year same as cash and $100 off. But I was nervous filling out the credit app using "retired" for occupation. Sent from my iPad using Early Retirement Forum

So did you end up using "retired" as your occupation when applying for cards?

I thought I'd be done churning cards for promo points but there are so many easy ones to get, esp. when you have to make some purchases which would easily use up the purchasing requirements.

[aja8888]

Quote:

Originally Posted by explanade So did you end up using "retired" as your occupation when applying for cards? I thought I'd be done churning cards for promo points but there are so many easy ones to get, esp. when you have to make some purchases which would easily use up the purchasing requirements.

I just applied for and received the Amazon card by Chase. I listed my occupation as "annuity recipient" (SS & RMD payouts).

[Corporateburnout]

I heard that "retired" as an occupation will hurt someone's chances at getting credit and may result in current lenders reducing card spending limits regardless of paying your bill each month in full.

I have not applied for new credit since I retired but would be interested to hear the experience of others.

[Hermit]

Quote:

Originally Posted by aja8888 I just applied for and received the Amazon card by Chase. I listed my occupation as "annuity recipient" (SS & RMD payouts).

I just applied for an Amazon card today. Their fluff said I would be approved in 60 seconds. When I got the results, it said they would get back to me within 30 days. I have had a Chase (United) card for at least 20 years. I would think that would be good enough. Maybe there is something to saying I am retired.

I had just gotten off the phone with Capital One. They were replacing my card due to the Home Depot problems and messed that up so I won't get a replacement card for a while. I thought if I had to notify all the places that do automatic charges on the Capital One card, I might as well be using a card with a higher reward.

[sengsational]

I had the same thing happen...supposed 60 second approval for a Bank of America card with zero foreign transaction fee. That minute turned into "never". So I got a Barclay Card instead. Later, I called BofA to warn them I might use my regular credit card while traveling, and they tried to sell me on the card that they wouldn't give me before. They even said there's no reason they could see why I wasn't approved in 60 seconds.

[audreyh1]

Quote:

Originally Posted by Corporateburnout I heard that "retired" as an occupation will hurt someone's chances at getting credit and may result in current lenders reducing card spending limits regardless of paying your bill each month in full. I have not applied for new credit since I retired but would be interested to hear the experience of others.

Never caused me any problems.

[TrvlBug]

Quote:

Originally Posted by Corporateburnout I heard that "retired" as an occupation will hurt someone's chances at getting credit and may result in current lenders reducing card spending limits regardless of paying your bill each month in full. I have not applied for new credit since I retired but would be interested to hear the experience of others.

I applied for a Nordstrom card in the store early January and listed retired. They gave me $10K credit limit.

[meierlde]

Of course one could say ones occupation is investor.

[braumeister]

Quote:

Originally Posted by Corporateburnout I heard that "retired" as an occupation will hurt someone's chances at getting credit and may result in current lenders reducing card spending limits regardless of paying your bill each month in full.

I think you heard wrong. That can't be a general rule.
I applied for a new card a couple of months ago, using "retired" as my occupation. The online application was approved within less than 60 seconds for a line of over $20K.

[audreyh1]

The credit card companies know there are plenty of wealthy retired seniors out there.

[explanade]

Quote:

Originally Posted by braumeister I think you heard wrong. That can't be a general rule. I applied for a new card a couple of months ago, using "retired" as my occupation. The online application was approved within less than 60 seconds for a line of over $20K.

Did you document "income" or your assets?

Or both?

[braumeister]

Quote:

Originally Posted by explanade Did you document "income" or your assets? Or both?

Just income. The amount I remove from my assets each year to spend is "income" in my book, and it has never been questioned. I would guess your credit rating has something to do with it too, and that's easy for them to check.

[W2R]

Quote:

Originally Posted by explanade So did you end up using "retired" as your occupation when applying for cards? I thought I'd be done churning cards for promo points but there are so many easy ones to get, esp. when you have to make some purchases which would easily use up the purchasing requirements.

I only have one credit card, the Amazon Visa card by Chase which I applied for and got last May. I listed "retired" as my occupation and the card was mine in less than a minute. I don't remember what else they asked; maybe last year's AGI or something.

Love this card, BTW! It's the only CC I have had in almost two decades because I didn't want to be in debt to anybody. However, the age of the internet has arrived and magically, I was able to arrange for it to automatically pay itself off in full every month.

When I shop at Amazon, which I often do, I can use the rewards cash right there. Free money, and no fees? What a business model.

[MRG]

Quote:

Originally Posted by braumeister I think you heard wrong. That can't be a general rule. I applied for a new card a couple of months ago, using "retired" as my occupation. The online application was approved within less than 60 seconds for a line of over $20K.

I just upped my credit limit on our Fidelity AMEX. Told the girl I was retired, she seemed taken aback but put it through. It was the weekend so no automatic response. Week later they upped my limit just as I asked.

[RonBoyd]

Quote:

Originally Posted by W2R ...I was able to arrange for it to automatically pay itself off in full every month.

This is true of all cards that I am aware of. Well, let me take that back. We have a Visa (Credit) Card issued by our bank (Bank of the West) which the bank does not have an "automatic" payment system for. We have never used the card after charging enough to cash in on the $200 sign-up bonus and have told them why. (Interestingly, they have no problem with Auto Pay on our HELOC.)

Quote:

Originally Posted by W2R When I shop at Amazon, which I often do, I can use the rewards cash right there.

Most cards (at least, our Citi, Capital One, and AMEX cards) can be set up to automatically credit the account at certain points. Our Capital One card (the one we use the most), for instance, issues credit when the "Reward" reaches $50 (my choice)... about every six weeks.