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"If you have 29 credit cards you're probably a millenial."
- Thread starter Traumnovelle
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CarpeDeezNutz
Member
Metalingus5150
Member
From the excerpts, it seems like they're just taking advantage of a system that takes advantage of people.
GraveRobberX
Platinum Trophy: Learned to Shit While Upright Again.
So most people are just stacking to get the bonus to cover expenses on said card but artificially
Like say you have 5 cards, to hit certain cash back or rewards points you need to bulk up the card enough
So you are literally trading in your cash into a digital medium but with getting a free bonus behind it
Buy $200 worth of pre-paid cards on all 5 cards from mall/store
So you spent $1000 in total
Bills come in
Now use those same $1000 worth of pre-paid cards to pay off those bills
You don't lose out anything and earn bonus
Cycle again
Bonus keeps getting triggered and by the end of the year you have a nice chunk of bonus to use
Hell I've had amazon rewards card for roughly for 3+ years and have $150 to use up
This is me not doing what these millennial dare, just regular shopping
I'm guessing those over 10+ cards have a huge friends network that they abuse to get those bonuses to trigger
Like I'll get the tab or pay the bill with my card, just pay me back or give me the money etc.
Others are just gaming the system which is legal and just hitting the right bonuses and keep moving onto the next one
Like say you have 5 cards, to hit certain cash back or rewards points you need to bulk up the card enough
So you are literally trading in your cash into a digital medium but with getting a free bonus behind it
Buy $200 worth of pre-paid cards on all 5 cards from mall/store
So you spent $1000 in total
Bills come in
Now use those same $1000 worth of pre-paid cards to pay off those bills
You don't lose out anything and earn bonus
Cycle again
Bonus keeps getting triggered and by the end of the year you have a nice chunk of bonus to use
Hell I've had amazon rewards card for roughly for 3+ years and have $150 to use up
This is me not doing what these millennial dare, just regular shopping
I'm guessing those over 10+ cards have a huge friends network that they abuse to get those bonuses to trigger
Like I'll get the tab or pay the bill with my card, just pay me back or give me the money etc.
Others are just gaming the system which is legal and just hitting the right bonuses and keep moving onto the next one
WeAreStarStuff
Member
I have one credit card with a 20k limit. I'm 33; am I a millennial?
CarpeDeezNutz
Member
Carnby
Member
It's not the limit that is a problem (the higher the better). It's the percentage of useage of your available credit that has a bigger impact.
Wait, wait. Hold on a second. Is this actually legal? This would quite literally mean that you could recycle cash-back for profits.
On top of that, don't pre-paid cards have activation fees?
That's why I'm wondering if this is even legal, or if it can actually beat the activation fees.
Also, how can a person use a pre-paid card to pay off a credit card? There's no equivalent of a 'point of sale' when paying off the balance...
You should read boards like FlyerTalk. People can get creative.
A few years ago, the US Mint was inadvertently subsidizing credit card churning when it was trying to dump Sacajawea dollar coins.
You could buy a few thousand of the coins for face value, pay with your CC, and have them shipped to your house for free. Repeat as often as you like.
Multiple ways to do so.
No one should EVER lose money by using credit cards if you use them responsibly.
The Technomancer
card-carrying scientician
Higher limit is better, what you want to keep low is the fraction of that in use. I've got a couple with 10k limits but I never let them cross 1k and even that's only in a "broken laptop" level emergency
Credit card companies take a cut of all sales. By pushing sales to credit cards you are decreasing the amount the retailer is taking, so effectively the price needs to go up.
Congrats on pushing up the sticker price to earn rewards. All you are doing is taxing yourself/others to get it back on rewards.
lastplayed
Member
Huh? NZ has credit rating. Or do you mean something else?
That ship has long since sailed.
Something that is going to sell for $100 is going to sell for $100 regardless of how I pay for it, because CC use is so ingrained in society.
As an individual, I can either pay $100 in cash, or pay $100 on my credit card and then get an instant $2 rebate. I would be stupid to not take the cashback.
dc3k
Member
I'm gonna buy a Prius just for all the points I'll get
nekkid
It doesn't matter who we are, what matters is our plan.
This sound fine, as long as you have the discipline not to rack up the debt, and just use them for their rewards.
Credit card companies hate me for this - I rinse them for their rewards, but in about 15 years of having them I have NEVER paid any interest. I always pay off the full amount each month.
Credit card companies hate me for this - I rinse them for their rewards, but in about 15 years of having them I have NEVER paid any interest. I always pay off the full amount each month.
SchrodingerC
Member
Nice try WSJ, I only have 2. Half of the time I don't even use cards, apple pay is sufficient enough for my purchasing needs.
GraveRobberX
Platinum Trophy: Learned to Shit While Upright Again.
If you ever want to buy a house you should look into it
My score is above 700+ and I'm an undocumented immigrant
Credit cards do help
Just pay on time
Don't make crazy purchases (duh!)
Always buy 50% of cash you know you have to cover as credit and build it up
Mortgage, car and house loans will be looking for this
Shit I have money in checking account that I can just buy instantly as debit, but why not as credit, see it being posted, get due date, and pay it off maybe a day after posting and net a bonus on top of that
Both my credit cards were gotten through amazon
There was a bonus of $75 for amazon rewards card credit, if you bought I think $150 worth and paid it off on time within a 3 month time limit
Then 3% shop with points, 5% if your a prime member
Then the Discover It card had a $70 cash back bonus if you used their card at amazon and paid bill on time
I already buy stuff from amazon monthly for family and me
So it's worth it
Build credit, get early bonus and then reward/bonus on every purchase
I mean $145 gotten to open 2 cards and have $150 on 1 Card is not that bad
I have a few but I only use two (one for personal, one for business). I pay them both off every month so I never pay interest and just get the cash back bonuses and build credit. I don't see why I'd need more -- not like I'm anywhere close to hitting my credit limits each month. Trying to juggle so many just seems like a way to waste money by making mistakes and having to pay more interest/fees.
edit: I guess it can make sense to game the system but it's hard to imagine that has a better return than just getting actual side gigs.
edit: I guess it can make sense to game the system but it's hard to imagine that has a better return than just getting actual side gigs.
I have like 9, my wife has 4. I honestly lost count and half of them sit in drawer unused. We just booked a trip to Spain for free from sign up bonuses. We have another $500 in sign up bonus on the way. Free money, it's honestly dumb to not do it for sign up bonuses. Just be responsible and treat it like a debit card.
Not to mention all the phenomenal perks they have. I saved $350 on a TV I bought this year when the price was dropped within 90 days and I used my discover cards Price Protection. Another time I got stuck overnight in Chicago due to plane delays and my Chase Sapphire card covered my hotel and incidental costs.
Not to mention all the phenomenal perks they have. I saved $350 on a TV I bought this year when the price was dropped within 90 days and I used my discover cards Price Protection. Another time I got stuck overnight in Chicago due to plane delays and my Chase Sapphire card covered my hotel and incidental costs.
For sure. I am thinking of getting one just top build credit. I plan on just using it to gas up, which I do like twice a month, so I can rely on it being an easy way to just build credit.
I was told all my life that credit cards are bad and only cause debt. It wasn't until last year after doing research on my own did I realize they are tool to be leveraged. I have 3 currently all very small limits since I am now just building my credit. I look forward to getting better rewards once I age my accounts some more.
Ask the retailer if they will lower the price if you pay in cash since you will save them credit card transaction costs (some actually will give you a discount). If they insist on charging you the price with the credit card cost built in, you are just taxing yourself if you pay in cash instead of using a rewards card.
psynergylover
Member
I only have one, old school millennial!!!!
Celcius
°Temp. member
Same here, I've never owned a credit card and never plan to.
MiddeSummer
Banned
Uhg. I have ONE credit card and THREE store cards. The credit card has a limit of $300 and capital one won't give me a line increase because of car loan inquires in October. Now I'm afraid to apply for more/better credit cards, which would just generate more credit inquires ><. Capital One sucks so much ass.
I've not met any other Millennials that had so many cards or were as card-crazy as the folks in that article, though.
To folks that don't use credit... Don't you need credit/credit rating to even rent apartments? Let alone buy homes or cars. What am I missing?
I've not met any other Millennials that had so many cards or were as card-crazy as the folks in that article, though.
To folks that don't use credit... Don't you need credit/credit rating to even rent apartments? Let alone buy homes or cars. What am I missing?
WhiteRabbitEXE
Member
I have 2, lol. One is a "student" account capped at $1,000 that I haven't used in years. And then I have an Amazon Visa that I basically use as a debit card for the points.
How About No
Member
I thought millennials were famously hesitant to sign up for credits cards
Well with this and the "moms should stay home" business I feel fucking betrayed by my generation. We were supposed to make a difference for the better, goddammit
Well with this and the "moms should stay home" business I feel fucking betrayed by my generation. We were supposed to make a difference for the better, goddammit
PeakPointMatrix
Member
I have three. Amex Blue Cash for groceries. Sapphire Reserve for dinner and traveling. And a Chase Freedom for everything else. Millennial here.
Hambulance
Member
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You're going to have a hard time taking out loans and buying a car or a house unless you're planning on paying straight up cash for everything.
Sr Kitsune
Member
I only have one, well technically two, but one of them is an additional from my sister that I never use. And I'm millenial.
I only use my credit card to build my credit record (I'm not american). 6 months and the bank already approved around 535 USD monthly for my credit line. Not bad since I still don't have a real job, lol.
I only use my credit card to build my credit record (I'm not american). 6 months and the bank already approved around 535 USD monthly for my credit line. Not bad since I still don't have a real job, lol.
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