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Capital One took money out of my bank account without authorization...


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#11 KSpan

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Posted 05 March 2013 - 06:45 AM

Lesson 1: don't use credit cards.

#12 MadHatter

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Posted 05 March 2013 - 08:05 AM

Lesson 1: don't use credit cards.


Only a good suggestion if you don't have the dedication and intelligence to pay it off every month.

Given the cash back options...frequent flyer point options...etc on credit cards, you are better off putting everything you can on your card and then paying it off at the end of every month.

This only gets in trouble if you can't budget and ensure that you don't charge items AND spend the money needed to pay it off.

This is just like people who think it is a good idea to be getting a tax refund. Dumbest thing you can do with yoru taxes. you just gave the gov't your money interest free.

Best way to do it is to have as little as possible witheld (right up to the point of payign a penalty for under witholding)....put the extra money in an account each month....then use the money to pay your tax bill at the end of the year. You get the time value benefit of the money.

#13 ARSEN

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Posted 05 March 2013 - 08:15 AM

I made close to $1k in rewards in 2012 just for using credit cards.

#14 MadHatter

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Posted 05 March 2013 - 08:18 AM

I made close to $1k in rewards in 2012 just for using credit cards.


Smart man.

You just have to have the discipline to make sure you pay it off every month. If you don't, you can be in REAL financial trouble REAL quck.

#15 Delhommey

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Posted 05 March 2013 - 08:19 AM

Costco always has the cheapest gas around here...throw in the AMEX cash back...sweet deal and well worth the extra drive to get there for me.

I was quite pleased when they went to 3% back on gas, but here there are times local stations are the same, so their prices aren't that big of a draw. It's not that big of a deal though as I have to really try hard to spend $100 a month on gas anyways.

Now restaurants and bars on the other hand...

#16 ARSEN

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Posted 05 March 2013 - 08:25 AM

Only a good suggestion if you don't have the dedication and intelligence to pay it off every month.

Given the cash back options...frequent flyer point options...etc on credit cards, you are better off putting everything you can on your card and then paying it off at the end of every month.

This only gets in trouble if you can't budget and ensure that you don't charge items AND spend the money needed to pay it off.

This is just like people who think it is a good idea to be getting a tax refund. Dumbest thing you can do with yoru taxes. you just gave the gov't your money interest free.

Best way to do it is to have as little as possible witheld (right up to the point of payign a penalty for under witholding)....put the extra money in an account each month....then use the money to pay your tax bill at the end of the year. You get the time value benefit of the money.


I think its because people live paycheck to paycheck and they afraid to not have the money to pay the g'ment.

#17 Brokenbad

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Posted 05 March 2013 - 08:27 AM

Only a good suggestion if you don't have the dedication and intelligence to pay it off every month.

Given the cash back options...frequent flyer point options...etc on credit cards, you are better off putting everything you can on your card and then paying it off at the end of every month.

This only gets in trouble if you can't budget and ensure that you don't charge items AND spend the money needed to pay it off.

This is just like people who think it is a good idea to be getting a tax refund. Dumbest thing you can do with yoru taxes. you just gave the gov't your money interest free.

Best way to do it is to have as little as possible witheld (right up to the point of payign a penalty for under witholding)....put the extra money in an account each month....then use the money to pay your tax bill at the end of the year. You get the time value benefit of the money.


Hatter,

I often think of you as a grumpy old meanie, but you are VERY VERY wise.

I have much respect for you.

#18 ARSEN

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Posted 05 March 2013 - 08:39 AM

Lol, Hatter ain't old. He's a party animal.

#19 thatlookseasy

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Posted 05 March 2013 - 08:42 AM

Not only are there monetary perks, using a credit card (and paying it off) is also good for your credit score.

Of course, the reason credit card companies can offer such good deals is that 90% of the people using them are idiots and get behind on their payments and end up paying out the ass for interest

#20 MadHatter

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Posted 05 March 2013 - 08:44 AM

Hatter,

I often think of you as a grumpy old meanie, but you are VERY VERY wise.

I have much respect for you.


Appreciate the comments.

I am not a grumpy meanie (but I am getting old)....I just don't hesitate to give my opinion (and I have some strong opinions about certain thing) and argue with those who continuously show their lack of knowledge or understanding of finance and economics.


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