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A little credit card trick I do

submitted by TheOriginal1Icemonkey to DebtFree 10 monthsJul 7, 2023 01:54:09 ago (+5/-2)     (DebtFree)

Besides paying off the balance every month, and we do, on three huge cards. One is personal and two are business, all three give us cash points that my wife literally makes them mail us a check for. Yes, you can do that.
Besides that, we don’t have overdraft protection on our cards. This means that when we’ve reached our limit in any given month, we can’t charge anymore, better use a different card. This means that there are no fees for going over the limit, which are huge and designed to keep you enslaved to the debtor and broke.
Again, we pay them off at the end of the month. The banks literally pay us to use their cards. I think we wracked up like $8,000 in cash back last year. Again, we didn’t pay any interest, they paid us.


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[ - ] prototype 1 point 8 monthsSep 10, 2023 19:45:48 ago (+1/-0)

we don’t have overdraft protection on our cards. This means that when we’ve reached our limit in any given month, we can’t charge anymore

Better be careful. A common scam is they "activate it for trusted customers" after a certain period, and count on you not noticing the additional charges when you pay it off.

[ - ] TheOriginal1Icemonkey [op] 0 points 8 monthsSep 10, 2023 20:11:26 ago (+0/-0)

Fair enough, but my accounts are large enough that when challenged on any fees, they reverse them. They like to keep customers happy.

[ - ] JustALover 5 points 10 monthsJul 7, 2023 03:15:54 ago (+5/-0)

The banks didn't pay you shit. Instead, each and every store that accepted your cards as payment paid the bank.

So it's the stores that are funding the "cash back" programs.

The banks are - if you excuse the pun - making bank by having people use their oligopoly cards.

[ - ] BulletStopper 2 points 10 monthsJul 7, 2023 05:44:02 ago (+2/-0)

This is also why we only tip our waiters/waitresses directly, and in cash. My wife had to work as a waitress for a while to help us make ends meet. If you put the tip on a debit or credit card, they'll deduct the card fee from the tip, so the waitress ends up paying it and customer never sees it.

[ - ] prototype 0 points 8 monthsSep 10, 2023 19:46:37 ago (+0/-0)

they'll deduct the card fee from the tip, so the waitress ends up paying it and customer never sees it.

that should be defacto, felony illegal.

[ - ] MaryXmas 0 points 10 monthsJul 7, 2023 19:10:31 ago (+0/-0)

My local firearms establishment hates credit cards and fees. They give you a big discount if you pay cash. I think they added a big "insurance" charge last year which is really just extortion.

[ - ] TheOriginal1Icemonkey [op] 0 points 10 monthsJul 7, 2023 19:26:32 ago (+0/-0)

Yeah, I know, I own a retail business.

[ - ] 2Drunk 0 points 10 monthsJul 8, 2023 00:05:27 ago (+0/-0)

You can charge a 2.5% credit card passthrough free. I wouldn't be surprised if you can addon to that.

[ - ] bossman131 3 points 10 monthsJul 7, 2023 08:30:59 ago (+3/-0)

Car manufacturers promote a similar deception. Manufacturer buys the interest rate down from the banking jews and adds it to the msrp. Then advertises 0% financing for 36 months "or" a $2500 rebate.

[ - ] yesiknow 3 points 10 monthsJul 7, 2023 08:21:40 ago (+3/-0)

You still lose. Everyone pays at least 2% more for everything they buy regardless of using a card or not because merchants have to give a percentage to the kikes on every single card purchase.

[ - ] TheOriginal1Icemonkey [op] 0 points 10 monthsJul 7, 2023 19:25:22 ago (+0/-0)

Oh, I know. My company pays about 120k a year in CC fees. I ask customers for checks every chance I get, but most of them want their miles and shit, so it’s worked into the pricing. It’s just the way it goes.

[ - ] LiberalsAreMental 3 points 10 monthsJul 7, 2023 06:58:27 ago (+3/-0)

I always screwed up and pay a bunch of fees when I tried that.

Then the one time I got it right, the bank changed the rules and charged me a bunch of fees anyway.

[ - ] MaryXmas 1 point 10 monthsJul 7, 2023 19:08:03 ago (+1/-0)

A while back, I had 2k in credit card and then I lost my job. That debt was real hard to pay off. Some people can handle that responsibly but the risk for the points game is too high for my comfort level. I am a generally very risky investor/speculator but playing with debt is scary to me.

[ - ] TheOriginal1Icemonkey [op] 1 point 10 monthsJul 7, 2023 19:19:07 ago (+1/-0)

I had that problem many years ago. Got way behind and had to make deals with collections to get everything paid off so I could buy my first house. That’s when I said”never again”.
Don’t do it if you can’t. Good for you!

[ - ] Nosferatjew 0 points 10 monthsJul 8, 2023 02:16:34 ago (+0/-0)

3% credit card fee that most businesses already include in the price of their goods/services, or make a point of charging you for if it's not included

1% cash back you get by using a credit card

Hmmmmm.....