Wow this tv lasted a whole year

[DaFace]

Originally Posted by R8ers

good job but blank out the ending in numbers....

You are one.... lets see who else is telling the truth here

I'm not going to spend an hour going back month-by-month, but here's my most recent one my primary card.



And before you ask, yes, I'll be paying the full $4923 when it's due. Right now, it's still earning me interest for another week.

[Saul Good]

Originally Posted by DaFace

I'm not going to spend an hour going back month-by-month, but here's my most recent one my primary card.



And before you ask, yes, I'll be paying the full $4923 when it's due. Right now, it's still earning me interest for another week.

Maybe I'm reading this wrong, but it looks like you had a $2364 balance from last month.

Do you cash out stocks every month to pay your credit card bill, or do you pay out of your checking account? Assuming that you pay out of your checking account, I don't see where you are making any money on the float.

[rageeumr]

Originally Posted by Saul Good

Maybe I'm reading this wrong, but it looks like you had a $2364 balance from last month.

Do you cash out stocks every month to pay your credit card bill, or do you pay out of your checking account? Assuming that you pay out of your checking account, I don't see where you are making any money on the float.

Not my account, but I'll answer anyway.

The $2,364 is the ending balance from last month. That is the amount that must be paid in the grace period (which I think is now legally mandated at 21 days IF the card offers a grace period) to avoid finance charges. You can see he made that payment plus some additional (likely paid off the "current balance" at some point during the month) so he avoided any finance charges.

[CrazyPhuD]

Originally Posted by Saul Good

Maybe I'm reading this wrong, but it looks like you had a $2364 balance from last month.

Do you cash out stocks every month to pay your credit card bill, or do you pay out of your checking account? Assuming that you pay out of your checking account, I don't see where you are making any money on the float.

Don't keep significant cash in a checking account. Keep it in a savings and transfer when needed. While not as good as it used to there are still plenty that pay 1-1.5%. You always need some degree of liquidity anyway.

[Saul Good]

Originally Posted by CrazyPhuD

Don't keep significant cash in a checking account. Keep it in a savings and transfer when needed. While not as good as it used to there are still plenty that pay 1-1.5%. You always need some degree of liquidity anyway.

So if someone charges $20,000 per year with an average float of 15 days while earning 1.25% interest, they make $125 per year. It seems like more trouble than it's worth, but that's just me.

[DaFace]

Originally Posted by Saul Good

Maybe I'm reading this wrong, but it looks like you had a $2364 balance from last month.

Do you cash out stocks every month to pay your credit card bill, or do you pay out of your checking account? Assuming that you pay out of your checking account, I don't see where you are making any money on the float.

The $2,364 was the statement balance. Unless you aren't using the card, that'll never be zero.

As for the nuts and bolts, it doesn't really make a HUGE difference, but I pay out of a 1.5 APY savings account on the due date from the credit card company (and not before). Doing it that way is probably worth maybe $20-$30 in interest over the course of the year. Not a huge deal, but since it's easy to do, why not?

[Saul Good]

Originally Posted by DaFace

The $2,364 was the statement balance. Unless you aren't using the card, that'll never be zero.

As for the nuts and bolts, it doesn't really make a HUGE difference, but I pay out of a 1.5 APY savings account on the due date from the credit card company (and not before). Doing it that way is probably worth maybe $20-$30 in interest over the course of the year. Not a huge deal, but since it's easy to do, why not?

Makes sense. I'm not saying that you shouldn't do it. I just want to be clear that the rest of the world who isn't taking advantage of the float isn't missing out on an embarrassment of riches or anything.

[Mr. Plow]

How many CC do you have mikey? Just curious.

[mikeyis4dcats.]

Originally Posted by Mr. Plow

How many CC do you have mikey? Just curious.

including the one I signed up for last night, 8 I believe. I use one primary card for purchases, one for specific purchases that get me a great benefit, and several aren't used at all that are either old primary cards or ones I signed up for bonus offers like I outlined above.

I've also had another 6 or 7 that I have closed over the years.

[Mr. Plow]

Originally Posted by mikeyis4dcats.

including the one I signed up for last night, 8 I believe. I use one primary card for purchases, one for specific purchases that get me a great benefit, and several aren't used at all that are either old primary cards or ones I signed up for bonus offers like I outlined above.

I've also had another 6 or 7 that I have closed over the years.

Gotcha. Seems like a lot to me, but having that credit there in an emergency situation would be nice.

[mikeyis4dcats.]

Originally Posted by Mr. Plow

Gotcha. Seems like a lot to me, but having that credit there in an emergency situation would be nice.

Your credit score is partially based on available credit, but you also take a hit for closing accounts.

My credit score today is around 800-820.

I totally get the credit card debt trap...in fact I fell into it hard myself years ago and have paid off over 30k in credit card debt.

But that doesn't make credit cards evil....any more than a gun is evil. Both are a tool.....how you use it is on you.

[Mr. Plow]

Originally Posted by mikeyis4dcats.

Your credit score is partially based on available credit, but you also take a hit for closing accounts.

My credit score today is around 800-820.

I totally get the credit card debt trap...in fact I fell into it hard myself years ago and have paid off over 30k in credit card debt.

But that doesn't make credit cards evil....any more than a gun is evil. Both are a tool.....how you use it is on you.

Wife & I have a few cards between us. I've been bad about them for awhile and just recently decided it was time to put a stop to it - I've got her card paid down almost to $0 and then going to start on mine. Going to start using them monthly for a few things and then pay them off each month. But it'll be nice to have something to fall back on when the inevitable emergency happens and we need $4000 right now.

[Saul Good]

Originally Posted by mikeyis4dcats.

Your credit score is partially based on available credit, but you also take a hit for closing accounts.

My credit score today is around 800-820.

I totally get the credit card debt trap...in fact I fell into it hard myself years ago and have paid off over 30k in credit card debt.

But that doesn't make credit cards evil....any more than a gun is evil. Both are a tool.....how you use it is on you.

I agree with this to an extent, but a credit card would be like a gun if 3 out of 5 gun owners shoot someone every year.

**************************
# Approximately 74.9 percent of the U.S. families surveyed in 2004 had credit cards, and 58 percent of those families carried a balance. In 2001, 76.2 percent of families had credit cards, and 55 percent of those families carried a balance. (Source: Federal Reserve Bulletin, February 2006)

# About a quarter have no credit cards, and an additional 30 percent or so pay off their balances every month. (Source: Federal Reserve Board survey of consumer finances, 2004)

Average credit card debt per household with credit card debt: $14,750

Average APR on credit card with a balance on it: 13.67 percent, as of November 2010 (Source: Federal Reserve's G.19 report on consumer credit, November 2010)

Read more: http://www.creditcards.com/credit-ca...#ixzz1GbNcy6K4
Compare credit cards here - CreditCards.com


Read more: http://www.creditcards.com/credit-ca...#ixzz1GbN3nFF9

**************************


So only 30% of the population has credit cards without a balance, and the average debt is pushing $15,000. Given the average rate charged, the average household pays over $2,000 in interest per year or about 5% of their gross income.

[R8RFAN]

Originally Posted by Mr. Plow

Gotcha. Seems like a lot to me, but having that credit there in an emergency situation would be nice.

Good to have that credit if you need it but better to have the cash if you need it and then you don't have to pay it back to a bank.

[Lzen]

Originally Posted by mikeyis4dcats.

including the one I signed up for last night, 8 I believe. I use one primary card for purchases, one for specific purchases that get me a great benefit, and several aren't used at all that are either old primary cards or ones I signed up for bonus offers like I outlined above.

I've also had another 6 or 7 that I have closed over the years.

Damn, you're buying the beer next time we go to Skinny's.