I make over $100k/yr; credit cards are BS

[TheGardener]

Credit cards are good for you if you know how to use them correctly.

The credit card companies are hoping that you don't. They love people who make minimum balance payments, and who are late to pay. Who wouldn't like to make a 20% to 25% interest rate in this low interest rate environment? The late payment fees are always going up. I don't think that a $35 late fee is unknown these days. The credit card companies have a name that they call the +/- 25% of people who pay off their credit card balance every month on time. That name is "deadbeat". We think of that as someone who doesn't pay their bills. Not the credit card companies. They consider "deadbeats" to be people that they make little to no money on.

Ironically our political "leaders" made a huge deal out of the so-called reforms that they put through. They got re-elected, and the credit card companies' lawyers figured out how to get around the regulations.

 

[dead_smiley]

All I can say is, I have no current credit cards, nor do I want them. Trying to pay off old ones because unless you can control the impulse buying (and I can't) credit cards are a mistake. Best to just pay cash. If it is a building your credit issue to buy a car or house, you can get what they call a "secure" line of credit.

You are a wise man.

Sent from my overpriced smartphone

 

[Exterous]

One of the best perks of the Chase Reserve if you travel at all is the Priority Pass. I've been to a couple lounges so far and it's pretty awesome.

Nice to have when they're around but for whatever reason they rarely seem to be at the airports I'm using or are not conveniently located (ie several terminals away). Not having one at DTW doesn't help

What the hell I never knew that the airport lounges had free booze. I always assumed they were just a room with nice couches and shit with a less crowded bar in there and places to charge your phones.

For some that's about as good as they get. Make sure to start your lounge experience in the US first. If you see what international lounges offer first you're much more likely to end up disappointed by the domestic offerings.

The credit card companies are hoping that you don't. They love people who make minimum balance payments, and who are late to pay.

I've always found it interesting\slightly bothersome that there are an array of opportunities out there that exist because people aren't responsible or are facing struggles in life. I've benefited from credit card bonuses, investments and bank account sign up bonuses because institutions are able to profit enough off of others that unfavorable (to them) users like me are tolerable.

 

[kaerflog]

Dang the OP make 1 post never came backand the thread got 8 pages long. Amazing

 

[kaerflog]

I might actually get this card after we get the 50k bonus on my current United card and the 50k on my wife's United card that I open once I get it on mine.

https://creditcards.chase.com/a1/sapphire/reserve

The fee is $450 but the bonus is 100k points, which is A LOT of points when you transfer it to United points. It's basically paying $450 for a first class flight anywhere in the world. All those points will come in handy when we fly to Tahiti or Bora Bora.

LOL I tried every possible way to get this card. Even with a 800+ score I got blocked by the 5/24 rule. Tried going to the bank to see if I got pre-approved. Nope. I took my wife off on all authorized CC to get her under the 5/24 rule with no success. Guess I will have to wait till some of my latest sign-ups disappeared. I just hope by then Chase will still offer the same 100k perks. I want this card bad.

I've been busy the last 24 months. SPG, Amex delta, Hyatt, United Explorer, Barclay's, Marriott, Citi AA, probably forgetting 1 or 2 more.

 

[Ferzerp]

LOL I tried every possible way to get this card. Even with a 800+ score I got blocked by the 5/24 rule. Tried going to the bank to see if I got pre-approved. Nope. I took my wife off on all authorized CC to get her under the 5/24 rule with no success. Guess I will have to wait till some of my latest sign-ups disappeared. I just hope by then Chase will still offer the same 100k perks. I want this card bad.

I've been busy the last 24 months. SPG, Amex delta, Hyatt, United Explorer, Barclay's, Marriott, Citi AA, probably forgetting 1 or 2 more.

I went ahead and took this card since there is no way I won't spend 4k between now and Christmas since all of my expenses other than my mortgage funnel through my credit card. Apparently they are in a hurry to get it to me since they over-nighted the thing. If I get a plastic one, I'm going to complain

 

[AdamK47]

How are some people paying their mortgage with a credit card? I'd like to get points from my mortgage payment.

 

[Ferzerp]

I think they use some weird tactics to turn CC charges in to gift cards and then in to charge type cards that have bill pay options. Seems like a huge hassle for little reward when the fees for the various things get thrown in.

 

[RockinZ28]

I've also used the National car rental Emerald Club Executive status a couple times now that the Reserve gives you complimentary.

Cars are way cheaper through ultimate rewards for whatever reason. National is usually more expensive than most others, but with the EC Executive you book a mid size car and get to choose from premium cars at the lot. So I've had a Dodge Charger and a Buick Regal Turbo for less than the lowest economy car price on priceline.

 

[Ferzerp]

Good. Mine came and was he proper metal and not plastic.

 

[TridenT]

Got a credit card less than 7 months ago. Equifax credit score is 738. Couldn't get a car loan from lightstream for $20k. Idk what score I need. I might need to get a co-signer or something... I make over $100k/yr... and I can't get a car loan that equates to $350/month in payments? I literally have thousands of dollars left over every month after my necessary expenses...

 

[brianmanahan]

and I can't get a car loan that equates to $350/month in payments? I literally have thousands of dollars left over every month after my necessary expenses...

well then, save for a few months and buy the car with cash

 

[TridenT]

well then, save for a few months and buy the car with cash

Problem is that I need a car now. So, either I buy the car I want or I buy a clunker now for $3-4k.

 

[brianmanahan]

Problem is that I need a car now. So, either I buy the car I want or I buy a clunker now for $3-4k.

obviously, buy the clunker

 

[Red Squirrel]

Yeah with that kind of salary I would just buy it cash. Even if it means renting a car temporarily, or buying a clunker that will last for that time.

 

[Chaotic42]

Got a credit card less than 7 months ago. Equifax credit score is 738. Couldn't get a car loan from lightstream for $20k. Idk what score I need. I might need to get a co-signer or something... I make over $100k/yr... and I can't get a car loan that equates to $350/month in payments? I literally have thousands of dollars left over every month after my necessary expenses...

Did you try a local credit union or bank?

 

[Svnla]

Got a credit card less than 7 months ago. Equifax credit score is 738. Couldn't get a car loan from lightstream for $20k. Idk what score I need. I might need to get a co-signer or something... I make over $100k/yr... and I can't get a car loan that equates to $350/month in payments? I literally have thousands of dollars left over every month after my necessary expenses...

Something is not right. If you truly have 738 FICO score and at last $3K as down payment and you can't get a car loan? You will not get the lowest APR or 0% for the best borrowers but you could get a loan if all of the information are true.

From FICO own data:

800 and above = top of the line. Exceptional borrower.
740 to 799 = Very dependable borrower.
670 to 739 = Good borrower.
580 to 669 = Some lenders may give out loans.
Below 580 = Bad. Bad. Bad.

 

[XavierMace]

Because he's leaving out the fact he can't hold a job to save his life as well as the fact that 100k in San Fran is hardly baller status.

 

[Ferzerp]

That and Lightstream is Suntrust's very conservative lending branch. Heh.

 

[RossMAN]

Who or what is lightstream?

I second the credit union suggestion.

 

[brianmanahan]

rossman is that a picture of your actual head?

 

[TridenT]

rossman is that a picture of your actual head?

Don't think so. Rossman must be at least 80. That guy looks younger than 80.

 

[Chaotic42]

rossman is that a picture of your actual head?

Are you saying he has small lobes, because that's what I'm hearing there.

 

[MaxDepth]

Yeah, people don't realize that you put other people on your cards, that too counts as an additional card on your name [5/24 means five credit cards in the last 24 months. So 3 cards with significant other means you are over the limit.]

I just came into say that no credit is worse than bad credit. Over time you can show, in good faith, that you are making payments and establishing a better track record. My identity was stolen in the late 90s and it took a hell of a long time to get all that washed off my records. So I went from "bad" credit to no credit. And when I tried to apply for a card, I would get rejected.

The only place that did accept me was Amazon and because I guess was a Prime member. My credit limit was horribly small too when it started and they had me on 23.5% interest. After three years, I have increased my limit to 5 digits and asked my rate be reduced to now 16.8%. I have paid off the entirety of my statements each month with one exception of being a day late one month when the bank transfer did not go through and I did not check my emails until the next day. That taught me to put in alerts 10 days before it is due and to pay 3 days before it is due.

Maybe next year I will try for the Chase Reserve card. But if I don't I am happy with just one or two cards.

LOL I tried every possible way to get this card. Even with a 800+ score I got blocked by the 5/24 rule. Tried going to the bank to see if I got pre-approved. Nope. I took my wife off on all authorized CC to get her under the 5/24 rule with no success. Guess I will have to wait till some of my latest sign-ups disappeared. I just hope by then Chase will still offer the same 100k perks. I want this card bad.

I've been busy the last 24 months. SPG, Amex delta, Hyatt, United Explorer, Barclay's, Marriott, Citi AA, probably forgetting 1 or 2 more.

 

[TheGardener]

If you are a day late once in a year or longer, trying calling up the customer service dept, and ask them to refund the late charge. Some companies are flexible. Though the interest charges will not be credited back to you.