They don't. They shuffle the balance around between the different cards.
Myself personally I have 2 that I semi-regularly charge to and then pay off just to keep them active and keep my credit score solid.
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"If you have 29 credit cards you're probably a millenial."
- Thread starter Traumnovelle
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They don't. They shuffle the balance around between the different cards.
Myself personally I have 2 that I semi-regularly charge to and then pay off just to keep them active and keep my credit score solid.
Creepy
Member
I have a car and three houses.
How did you pay for them?
WhiteRabbitEXE
Member
Barkley's Justice
Member
Who's to blame for this? Sponge Bob? Power Rangers?
SciencePilot
Member
Gee I don't know. I have one credit card. I use it to buy things, and I pay it off at the end of the month. I don't recall getting rewards or points or anything. Am I really missing out though? I don't feel like I'm missing out.
GraveRobberX
Platinum Trophy: Learned to Shit While Upright Again.
There not
Did you even read the OP?
This is like "This is why we can't have nice things" mantra that's slowly coming head way
At the moment credit companies are happy to do so, cause they have the data to see how much default
There are son who are eager, smart and gain the system to their advantage
That's is all that's there to it
Some make it almost a job, jumping balances and netting rewards, miles, bonuses, etc.
In the long run it's a win-win-win
Build credit, earn stuff, then use the stuff for things!
Remember those viral videos and show of how Coupon crazy some people were?
Go in on sale days with notebooks filled to the brim with Rain checks, manufacturer discounts, double/triple bonus
Then buy like 100 boxes of Aspirin because the store literally was paying you take it by using coupon shenanigans
So every Aspirin box netted you $0.50, in total $50 created out of couponing without you spending a cent, now you have $50 store credit and 100 boxes of Aspirin!
Take that and swap it for credit cards
Now when it effects the bottom lines and creates too much of a burden, you'll see a push back from companies
Funny that the customer will be left holding the bag, cause if they even cancel one card your credit getting hit, Godspeed on the ones carrying 10+ with annual fee
If you're doing that, you're not getting free rewards.
The whole point is to pay less and get more.
Barkley's Justice
Member
This is a great point. Don't hate the playa, hate the game.
The OP makes it sounds like many of these people are simply spreading their fees around in an endless game of pass on the debt. One of the people they talked about they specifically said had NO income at all. That sounds like spending money you don't have to me.
Regulus Tera
Romanes Eunt Domus
I only have a community credit union card which just a few months ago got bumped from 1k to 4k. This thread makes me think maybe I've been using it too conservatively.
GraveRobberX
Platinum Trophy: Learned to Shit While Upright Again.
Depends on how you do your purchases
Do you purchase Gas, be good to have one those cards that give back % on Gas fill ups
Those little things as up over time
amazon, if your a Prime member and have their reward cards 5%, 3% if not prime member
They give you a credit bonus at the start, when I did it, it was $75 to use if I spent $150 in amazon within 3 months of opening card
Then the % kicks in for purchases
Might look like nothing, but in the long run, shit adds up
So for every $100 you spend get back $3-$5
Now think about how much you've must have spent at amazon and bonus shop with points you must've missed out
How about your job makes you travel, mile cards can sometimes payout whole family vacations
Hell Up In the Air, the George Clooney movie (yes it was movie magic at what he gets for hitting 10million miles) shows that there are ice benefits
Look at the reality:
http://content.time.com/time/arts/article/0,8599,1949790,00.html
So yeah, it's a good thing to have rewards and bonuses being earned just for paying your bills!
You should think about getting at least one to establish some Credit on. It helps immensely once you get older and want to actually set down some roots somewhere whether it's a house or buying a car.
Just don't charge anything you don't have a plan to pay back. They're great for emergencies.
GraveRobberX
Platinum Trophy: Learned to Shit While Upright Again.
That person who has no income is taking his friends network to get by
He got his friends to buy furniture through his card, then he gives them a % discount to them and pockets the rest
Due to it being s double bonus or something like that
Iffy situation there, but if there getting by, there getting by
No way to live by my and most people standards, but they're making due somehow that's working out for them
He was spending other people's money. He used a 5% rewards card and gave people a 3% discount, netting 2%.
None of the examples in the OP make it sound like they are spreading fees around in an endless game of pass on the debt. They are signing up for cards for their rewards bonuses and structuring their spending based on the bonuses.
The guy is at Yale medical school, he'll be fine.
GraveRobberX
Platinum Trophy: Learned to Shit While Upright Again.
I buy and pay off immediately
Just like a debit card, only time wise it's not instant, couple of days tops
You can't go wrong
Don't make purchases out of your mean
Don't carry a balance, credit companies love that
That % of interest is there gotcha
They can't be mad at you for paying full upfront early or by the due date
In return you get your credit getting built, some offer bonuses such as cash back or reward points, and in case of emergency back up
PreyingShark
Member
This thread prompted me to see if I could check my credit score.
Good news: apparently it's not that bad, thanks student loans.
Bad news: I just found out that back in 2011 my dad opened up a Macy's credit card in my name. He worked there at the time. This means that he might've done this to boost his numbers towards a quota. Oh, and he's actually used it... and missed a few payments on it.
I... I... I can't. Fuck this shit I need to move out ASAP.
EDIT: Oh I found the bill on the table. Apparently it's in his name? I have no idea why it showed up then. Still gonna tell him to pay it off ASAP because come on.
EDIT2: Went and got a look at my actual FICO score instead of VantageScore. It doesn't have it on there and oh hey it's like 50 points higher.
Good news: apparently it's not that bad, thanks student loans.
Bad news: I just found out that back in 2011 my dad opened up a Macy's credit card in my name. He worked there at the time. This means that he might've done this to boost his numbers towards a quota. Oh, and he's actually used it... and missed a few payments on it.
I... I... I can't. Fuck this shit I need to move out ASAP.
EDIT: Oh I found the bill on the table. Apparently it's in his name? I have no idea why it showed up then. Still gonna tell him to pay it off ASAP because come on.
EDIT2: Went and got a look at my actual FICO score instead of VantageScore. It doesn't have it on there and oh hey it's like 50 points higher.
In a culture where people define themselves with the things they purchase and religiously compare their possessions with others they are probably slaves to their desires.
Have you ever noticed that a lot of American households are a garbage dump in the inside, with packed and strewn with boxes full of things they once bought and then toss it?
Hyperconsumption is a disease of the mind.
GhostWriter24
Member
Fucking clickbait trash.
My parents are the worst with money I've ever known, so in my young adult life I went without credit cards and even had the idea that I would avoid using them forever.
Was a big mistake. Thankfully, by my mid twenties I realized the true potential and have been building my credit gradually ever since.
They are a great resource. If you aren't in on it, you really are missing out on tons of what basically amounts to FREE MONEY (and sometimes quite a bit of it) if you use them right.
Was a big mistake. Thankfully, by my mid twenties I realized the true potential and have been building my credit gradually ever since.
They are a great resource. If you aren't in on it, you really are missing out on tons of what basically amounts to FREE MONEY (and sometimes quite a bit of it) if you use them right.
Have only used a secured card with a paltry $300 limit for the past 18 months. Used it buy some small items off Amazon or Ebay and paid it off in full each month or left a little balance so that my credit utilization was reported as being <5%. I got approved for the Chase Freedom Unlimited card just last week that has a $1500 limit. That will be my main card going forward due to the 1.5% cash back. I would cancel that $300 secured card since it has an annual fee, but that would really mess up the age of my credit history.
Managing credit cards isn't really that hard as longer as you make sure to pay it off each month.
Managing credit cards isn't really that hard as longer as you make sure to pay it off each month.
youngplaya21
Member
I have 8 and I'd say 4 of them aren't even needed. If you ask a large group of the most dedicated churners which cards they'd prefer, I'm sure the same 4-6 cards will be on their list (a variant of the staple Chase cards, Citi double, Discover It and the AMEX one with 6% on groceries)... can only imagine the amount of trash cards they had to open on their way to 29...
This thread or one like it pops up time and time again. I think I hit the limit on shenanigan-free card efficiency when it comes to rewards and wound up with the following:
Amex for groceries and gas
Capital One for foreign and general use
US bank for phone bill and electronic stores
Amazon card for Amazon
Delta card for airline tickets
I get a pretty healthy return on these suckers and always pay them off in full.
Amex for groceries and gas
Capital One for foreign and general use
US bank for phone bill and electronic stores
Amazon card for Amazon
Delta card for airline tickets
I get a pretty healthy return on these suckers and always pay them off in full.
CaviarMeths
Member
I just have one credit card plus a line of credit with my bank. Credit card to consolidate all of my bill payments into one place and for online shopping. Line of credit in case of emergency or big expenses like moving, between jobs, or school.
Had two credit cards when I was 18, learned by 19 that I was not the kind of person who should have multiple credit cards. I'm a terrible impulse spender.
Had two credit cards when I was 18, learned by 19 that I was not the kind of person who should have multiple credit cards. I'm a terrible impulse spender.
Kain-Nosgoth
Member
what's the point of having more than one or two?
I have 2. One of them I never use as I only got it for Airmile points and then they completely cut how many you earn along with the value of the points so I stopped bothering and reverted back to my main one. I only keep the other one around as a just incase. I've never felt the need to apply for others.
I would like to change my main one to one that has some kind of reward system, but I doubt I'd get the high credit limit it has right away from another card provider since it's usually zero balanced so there's no high balance to transfer.
I would like to change my main one to one that has some kind of reward system, but I doubt I'd get the high credit limit it has right away from another card provider since it's usually zero balanced so there's no high balance to transfer.
Conciliator
Banned
32, own a house and car, never had one.
TwoDurans
"Never said I wasn't a hypocrite."
The whole "buying pre-paid cards for rewards then using them to pay off balances" will eventually catch up with people. Banks aren't dumb, and this loophole will close and bit a lot of people in the ass.
I remember when Google Wallet first started people were transfering money from their credit cards to get rewards, then using GW to pay off their cards. I also remember when Google started tacking on a 3% fee to credit card transfers and a lot of people ended up with balances they couldn't pay off.
I remember when Google Wallet first started people were transfering money from their credit cards to get rewards, then using GW to pay off their cards. I also remember when Google started tacking on a 3% fee to credit card transfers and a lot of people ended up with balances they couldn't pay off.
youngplaya21
Member
I'd like to hear how they'll be able to differentiate how much of my grocery bill was gift card related...
I think we've seen the credit card company's solution with limits on how much you can get per quarter (like Chase Freedom and their $1500/quarter limit)
Subpar Scrub
Banned
I only have a debit card and I'm a millennial. Australia isn't quite as insane about this credit shit as America it seems.
I have 1. My father has like 7. Most people my age that I know of has 1-3 at most.
Pretty skeptical about this.
I have a unicorn.
Pretty skeptical about this.
So you either come from an upper class family with money, or you're a drug lord.
I have a unicorn.
It's sounds more like 21st Century coupon cutting.
I am 30 and don't have a credit card. I don't plan on getting one as I would never be used and have to pay a fee every month for it to sit in my wallet.
It also helps than none of my card providers offer any of these benefits to that level.
My bank does offer some minor deals like 1% off your next purchase within 30 days but the savings are eaten up with government fees and bank fees.
I am 30 and don't have a credit card. I don't plan on getting one as I would never be used and have to pay a fee every month for it to sit in my wallet.
It also helps than none of my card providers offer any of these benefits to that level.
My bank does offer some minor deals like 1% off your next purchase within 30 days but the savings are eaten up with government fees and bank fees.
CambriaRising
Member
I have one. Its hard to imagine someone my age even being capable of getting more than 5.
witchedwiz
Member
I have two credit card, each tied to completely different income source..
And i felt strange...
But.. 29 cards?
What's even the point?
And i felt strange...
But.. 29 cards?
What's even the point?
I thought this thread was gonna be the millennial
version of "you might be a redneck if" so I am disappointed.
OT: My wife and I have 3 credit cards. We use them to pay for everything and then pay them off in full 95% of the time. The old navy visa rewards pretty much clothe our two children completely. We try to never carry a balance but it has happened a couple times.
version of "you might be a redneck if" so I am disappointed.
OT: My wife and I have 3 credit cards. We use them to pay for everything and then pay them off in full 95% of the time. The old navy visa rewards pretty much clothe our two children completely. We try to never carry a balance but it has happened a couple times.
He could just not be American
Aarglefarg
Member
I use a reloadable pre-paid Visa card (not credit) for online purchases, and only cash for in-person purchases.
A Fish Aficionado
I am going to make it through this year if it kills me
Uh, these sorts of people and those practices are as old as the advent of credit cards.
Word-for-word, I bet you can find similar articles for over 30 years. Like, yeah right was gen X was any better.
Word-for-word, I bet you can find similar articles for over 30 years. Like, yeah right was gen X was any better.
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