Join Early Retirement Today
View Poll Results: Do you typically pay off credit card debt at the end of the month?
Yes - I typically pay off credit card(s) balances at the end of the month. 214 91.06%
No - I often have a balance on my credit card(s) balances and pay interest. 13 5.53%
N/A - I do not use credit cards for transactions or credit. 8 3.40%
Voters: 235. You may not vote on this poll

Reply
 
Thread Tools Search this Thread Display Modes
Old 12-28-2008, 09:55 PM   #61
Thinks s/he gets paid by the post
73ss454's Avatar
 
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,378
Quote:
Originally Posted by bssc View Post
Actually, it was a friend and I think that I paid too little. It was Blue Book wholesale. Then he charged me $300 to drive it from Seattle to Phoenix which included the cost of a ticket up there, gas down and a hotel room somewhere in between.
Since dealers are not "not for porfit establishments" you either paid too much or the guy was profit loss harvesting.

If a dealer averages $1000 profit on a vehicle and let's say the cost was 30K and the credit car company charged the dealer 3%. Now let's say that your friend at the dealer made only $500 on you. Do you think he sold you the car to loose $400? The math doesn't work.
__________________

__________________
73ss454 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 12-28-2008, 10:44 PM   #62
Thinks s/he gets paid by the post
Goonie's Avatar
 
Join Date: Oct 2006
Location: North-Central Illinois
Posts: 3,198
Quote:
Originally Posted by Moemg View Post
Me too, I always love those commercials when they decide to fly away at the spur of the moment and whip out their visa.
I had to do that back in the 90's. A friend and I flew out to L.A., and were planning on driving back to IL in a rental truck with a bunch of his tools and stuff. Plans changed while we were there, and I needed a plane ticket to get home. Whipped out the MC, and got a flight home the next day.
__________________

__________________
Goonie is offline   Reply With Quote
Old 12-28-2008, 10:54 PM   #63
Thinks s/he gets paid by the post
SecondCor521's Avatar
 
Join Date: Jun 2006
Location: Boise
Posts: 2,401
I can't vote in this poll.

I am currently carrying balances on 10 cards, but I am also not paying interest on any of them. They are all 0% teaser offers that I plan to pay off when the balances come due (generally in March through May of next year).

2Cor521
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
SecondCor521 is online now   Reply With Quote
Old 12-29-2008, 08:54 AM   #64
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 16,501
I haven't paid a dime in cc interest since August of 1983. Wife #1 left then.

Wife #2 is an accountant. Her: "When it comes to interest payments, it is better to receive than to give."
__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 12-29-2008, 09:06 AM   #65
Moderator
bssc's Avatar
 
Join Date: Dec 2005
Posts: 9,923
Quote:
Originally Posted by SecondCor521 View Post
I can't vote in this poll.

I am currently carrying balances on 10 cards, but I am also not paying interest on any of them. They are all 0% teaser offers that I plan to pay off when the balances come due (generally in March through May of next year).

2Cor521
FW AOR! Just paid off mine but have not gotten any new offers.
__________________
Angels danced on the day that you were born.
bssc is offline   Reply With Quote
Old 12-29-2008, 09:07 AM   #66
Moderator
bssc's Avatar
 
Join Date: Dec 2005
Posts: 9,923
Quote:
Originally Posted by 73ss454 View Post
Since dealers are not "not for porfit establishments" you either paid too much or the guy was profit loss harvesting.

If a dealer averages $1000 profit on a vehicle and let's say the cost was 30K and the credit car company charged the dealer 3%. Now let's say that your friend at the dealer made only $500 on you. Do you think he sold you the car to loose $400? The math doesn't work.
I think that he lost money since he is a friend. This is why you never do business with friends. I cannot figure out how he made any money off the deal.
__________________
Angels danced on the day that you were born.
bssc is offline   Reply With Quote
Old 12-29-2008, 09:47 AM   #67
Recycles dryer sheets
SteveL's Avatar
 
Join Date: Aug 2005
Posts: 380
For those who use a debit MC or Visa to rent cars...if you have a fender bender, unless you have purchased the collision damage waiver (CDW) you will find the $3000 or larger debit to cover the damage, and loss of use a bit much to take. This will occur, even if your debit card has the two week car rental benefit, and even if you have your own car insurance.

At least with the credit card, you have a couple of weeks to contact your insurance company, the credit card car rental insurance, to convince the car rental agency to drop the $3000 charge. Sure, you will get that $3000 debit back someday, but think of the potential checks bouncing.....
__________________
SteveL is offline   Reply With Quote
Old 12-29-2008, 04:47 PM   #68
Thinks s/he gets paid by the post
martyb's Avatar
 
Join Date: Nov 2006
Location: Bossier City
Posts: 2,182
We usta use CC's, but since we paid them off, we don't anymore. It's just easier to stay out of trouble if we don't have them in our wallet or purse. If I can't get it with my debit card I don't need it.
__________________
“Change is the law of life. And those who look only to the past or present are certain to miss the future.”
-John F. Kennedy

“Hard work never killed anybody, but why take a chance?” - Edgar Bergen
martyb is offline   Reply With Quote
Old 12-29-2008, 05:36 PM   #69
Full time employment: Posting here.
Frugality_of_Apathy's Avatar
 
Join Date: Jul 2008
Posts: 622
Quote:
Originally Posted by martyb View Post
We usta use CC's, but since we paid them off, we don't anymore. It's just easier to stay out of trouble if we don't have them in our wallet or purse. If I can't get it with my debit card I don't need it.
I just have my credit card account set up to automatically pay off the entire balance when it is due. No way to get into trouble.
__________________
Frugality_of_Apathy is offline   Reply With Quote
Old 12-29-2008, 07:30 PM   #70
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RonBoyd's Avatar
 
Join Date: Dec 2007
Location: Denver, Colorado
Posts: 5,280
Quote:
Originally Posted by Frugality_of_Apathy View Post
I just have my credit card account set up to automatically pay off the entire balance when it is due. No way to get into trouble.
I like the sound of this. Is this something you set with the CC company? If so, which company? or is it some arrangement you have with your bank? or 3rd party?
__________________
"It's tough to make predictions, especially when it involves the future." ~Attributed to many
"In theory, there is no difference between theory and practice. But, in practice, there is." ~(perhaps by) Yogi Berra
"Those who have knowledge, don't predict. Those who predict, don't have knowledge."~ Lau tzu
RonBoyd is offline   Reply With Quote
Old 12-29-2008, 08:02 PM   #71
Full time employment: Posting here.
Frugality_of_Apathy's Avatar
 
Join Date: Jul 2008
Posts: 622
Quote:
Originally Posted by RonBoyd View Post
I like the sound of this. Is this something you set with the CC company? If so, which company? or is it some arrangement you have with your bank? or 3rd party?
It's available on most credit card web sites. I have it setup with Wamu(now chase) and Bank of America( who would apparently jack my interest rate up to 29% with any provocation).
__________________
Frugality_of_Apathy is offline   Reply With Quote
Old 12-29-2008, 10:23 PM   #72
Thinks s/he gets paid by the post
kyounge1956's Avatar
 
Join Date: Sep 2008
Posts: 2,171
I paid off my balance in the late 80's or early 90's and haven't had a credit card since then, except that I opened a Sears charge account to replace my washer and dryer a couple of years ago because there was a discount on the laundry machines with a new account. I immediately paid the full amount and closed the account. I probably wouldn't even do that again, because I found out later on that they didn't close the account when I told them to.

I now have a Visa debit card from one bank and a Master Card debit card from another, but early on in my credit-card-free life, there were no logo debit cards, only ATM cards. Back then, it was a bit of a hassle to be without a credit card, but I think nowadays a debit card can be used anywhere the same-logo credit card is accepted.
__________________
kyounge1956 is offline   Reply With Quote
Old 12-30-2008, 12:53 AM   #73
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 19,391
Same as the majority in this forum, I do not "typically" but "always" pay off the CC every month. We use the Costco Amex card as often as we can, which gives back several hundred dollars a year.

The last time we carried any balance was probably nearly three decades ago, right after we got married.
__________________
NW-Bound is online now   Reply With Quote
Old 12-30-2008, 03:12 AM   #74
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
clifp's Avatar
 
Join Date: Oct 2006
Posts: 7,450
I do ask for a cash discount for large purchase, every great once in a while I'll get a few percent. Of course for services and a such, I often get 10%+ off if the payment is made in large bills. I am not sure but I imagine it is conceivable that these transactions are not reported with 100% accuracy to various tax departments.

Speaking of not reporting things. Make sure that no potential advertisers see the results of this survey, it will horrified them. For instance, I am guessing the guys that buy your annuity for cash, (a site advertiser) don't get a lot of business from us dead beat credit card user.
__________________
clifp is offline   Reply With Quote
Old 12-30-2008, 08:21 PM   #75
Thinks s/he gets paid by the post
SecondCor521's Avatar
 
Join Date: Jun 2006
Location: Boise
Posts: 2,401
Quote:
Originally Posted by bssc View Post
FW AOR! Just paid off mine but have not gotten any new offers.
Indeed :-). I did accept an offer recently from CapitalOne, which was sort of surprising to me. My mailbox lately is filled with adverse action letters :-(.

2Cor521
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
SecondCor521 is online now   Reply With Quote
Old 01-08-2009, 11:47 PM   #76
Recycles dryer sheets
Olbidness's Avatar
 
Join Date: Jan 2009
Location: W. Galveston Bay
Posts: 195
I have'nt used a credit card for 1 year, only a debit card. I have seen no problems yet. I rented a car, bought plane tickets, bought things on line, ect. without a hitch.
The upside is I have no CC bill to pay. The downside is I don't get reward points, but I have never seen anyone get rich off of reward points. MC and Visa give the same protection to debit cards as CC.

I really don't have a high opinon of the CC industry, and I don't want to play their game.
__________________
Olbidness is offline   Reply With Quote
Old 01-09-2009, 12:01 AM   #77
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 18,261
Quote:
Originally Posted by Olbidness View Post

I really don't have a high opinion of the CC industry,
me either!
Quote:
and I don't want to play their game.
I like playing the game. I charge every purchase I can, I get to wait about a month to pay for those things, and then... they give me money!

What's not to like about that game?

-ERD50
__________________
ERD50 is offline   Reply With Quote
Old 01-09-2009, 11:53 AM   #78
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,826
Quote:
Originally Posted by Olbidness View Post
I have'nt used a credit card for 1 year, only a debit card. I have seen no problems yet. I rented a car, bought plane tickets, bought things on line, ect. without a hitch.
The upside is I have no CC bill to pay. The downside is I don't get reward points, but I have never seen anyone get rich off of reward points. MC and Visa give the same protection to debit cards as CC.

I really don't have a high opinon of the CC industry, and I don't want to play their game.
I couldn't agree more! Apparently there aren't many others here that agree with us, though. I love not having to start one of the many threads on this board about how my CC company has raised rates, changed due dates, or whatever (since I don't even have a CC any more, other than my work CC which I do not use except as required for work). Not have a CC simplifies my life, and that is worth something, too.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Old 01-09-2009, 12:20 PM   #79
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 18,261
Quote:
Originally Posted by Want2retire View Post
I love not having to start one of the many threads on this board about how my CC company has raised rates, changed due dates, or whatever... Not have a CC simplifies my life, and that is worth something, too.
In the many years that I've used two cards each and every month (not everyone accepts my main AMEX card, so I carry a Visa/MC which gives amazon points that I always end up using), I've never had any sort of problem like this. I charge every penny I can, for the delay in payment and the x% rebate.

Most of that will never apply if you pay it off each month (they could charge 100% interest for all I care).

-ERD50
__________________
ERD50 is offline   Reply With Quote
Old 01-09-2009, 01:25 PM   #80
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,826
Quote:
Originally Posted by ERD50 View Post
In the many years that I've used two cards each and every month (not everyone accepts my main AMEX card, so I carry a Visa/MC which gives amazon points that I always end up using), I've never had any sort of problem like this. I charge every penny I can, for the delay in payment and the x% rebate.

Most of that will never apply if you pay it off each month (they could charge 100% interest for all I care).

-ERD50
What a coincidence! I've never had these problems, either, and I don't have to be concerned about such things. Credit card hassles are just static in the background of life as far as I'm concerned. Frank always pays his off each month, too, but the aggravation he has gone through is enough to deter me from going that route. In fact, just listing the hassles in this thread is way too much aggravation for me, even though he hasn't paid a cent in interest yet!

After this thread began, I thought briefly of taking your route and opening a PenFed CC account as was recommended in the spin-off thread. I went there, and the first thing I saw was something about having to have an account. No way am I going to open up a bank account and put perfectly good money in it, for that. Too much complication for me.
__________________

__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Reply

Tags
credit, debt


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Your unsecured (credit card) debt dies when you die (usually) JustCurious FIRE and Money 77 11-22-2010 10:05 PM
Pre Paid Credit Card/ Gas Card or Credit Card nphx Other topics 4 04-29-2008 02:04 PM
Best Bonus for Credit Card Expenitures -Frequent Flyer cards or Cash-back card? ScaredtoQuit FIRE and Money 19 04-21-2007 04:29 PM
Secured debt (HELOC) vs Unsecured debt (credit card) Sue J FIRE and Money 6 03-07-2007 11:02 PM
Credit card debt WRBT FIRE and Money 2 09-04-2005 02:54 PM

 

 
All times are GMT -6. The time now is 08:39 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.