Investment BS Thread - Stocks/Futures/Mutual Funds/Bonds/Commodities/Options/ETFs/401ks/Etc

I might do that, with the account being rolled over to an account within the brokerage firm I use. That’s definitely a possibility.

 

You're probably the 1% of people that actually pay their card off each month.

 

Most of them are in this thread.

 

I assume the cash I get back is being paid by the people paying interest. I’m ok with that.

 

Just make sure they do a direct rollover or they may try to take 20% taxes out up front. Definitely check with them ahead of time to make sure nothing will be taken out.

 

A direct deposit to a checking account can't be spent anywhere? That's news to me.

 

Even if that cash back goes on to the card you are using, it's still free money to spend any way you want.

 

I can’t speak for other cards, but mine is a deposit of cash into my checking account.

Or credit to your credit card, that can be spent anywhere.

You might need a better card, some may be points or miles, I don’t use those.

 

I guess that's true if what you used it for wasn't already marked up like gas at a gas station. It's really a gimmick to get you to use it and as soon as you leave any of it on the card at the end of the month, you're losing money. If you don't have money saved up to pay it off each month, it's pretty risky. It sounds like most people in this thread have no credit card debt which is good.

 

I used a debit card to pay for everything for 10+ years. I just realized one day that if I use the credit card as a substitute for the debit card, I’d get money back. I’m probably getting $30 a month on average just for using it. It’s not a gimmick at all, I’m not following that logic. It’s a regular Visa, and I get cash deposits back just for using it.

Also $0 annual fee on the 2 cards I use, I doubt I’d get a card with a fee.

 

Same with my discover card.

 

What percentage back do you get?

 

I veries.

I believe 1 on everything, and up to 5 on special occasions.

Sometimes it gives you the extra money for gas and other things.

I have my cash back specified for Amazon. I know I'm gonna be buying from them regardless.

 

at lot of the card with annual fees around 100 usually end up paying for themselves in benefits or built in perks. I thought the same thing till I found an amex travel card the had a 95 dollar fee. The sign up bonus was bonkers, like 60k miles, plus had tons of built in protection like extended warranty for items bought with the card, and a 100 dollar statement credit if I spend 10k in a calendar year.

 

No debt here - house, vehicles all paid for. Life is good , I sleep well at night.

 

Most cash back can be used to pay your CC bill which in essence is free money anywhere that CC is accepted.

 

Chase Sapphire Reserve is a doozy, but worth it in my opinion. Annual fee is 450 (recently rose to 550). You get a lot of perks though. 3% back on travel and dining and your points are worth 50% more (ex. 50,000 points, normally worth 500 dollars, are worth 750 dollars when used to book travel). In addition, access to many airport lounges, 5% back on Lyft through 2021, and free food delivery through Door Dash. Lastly, and it is mainly what makes even the 550 worth it, is that you get a 300 dollar credit to use on travel each year. So really, if you were going to spend 300 on travel anyway, which I feel most people do, you are paying 250 a year for this card and the amount of cash back and perks is worth it if you travel a decent amount. I travel for work and to visit family and make double what I pay for this card in a few months.

@Rudyp.27 - For your credit, keep all of your old credit cards. Length of credit history helps. Even if you don't want to use them, set up netflix to run through them or something and put it on autopay. I have a discover card from when I was in college (first cc) and it pays for netflix and that is all. Then it is set to autopay. This way it doesn't get autocancelled by the company, and I keep my credit history long.

As others mentioned, a soft pull on your credit to get a credit line increase will help as well. If you have a card through a bank like Chase or BoA, they will likely do a soft pull as you already bank with them and they will know if the income you provide is reasonable. I take a credit increase anytime chase offers in order to keep my utilization low.

Pay off your loans each month. Don't use too much on CC. This is a tough one in that you have high interest CC debt and want to pay it off, but you cannot let that prevent you from missing a payment on a car loan or mortgage. Paying the minimum on the card and paying each of your loans on time will help your credit score more than paying off your CC's but missing the mortgage or car loan for a few months.

Other than that, patience. It sucks rebuilding, but it happens. You are better off than most in that you are trying.

 

Do these cash back credit cards have fees? My card is a GM card because I thought I was going to buy a new GM car or truck some day, but I don't see that happening since new vehicles cost way too much and they don't make a Silverado reg cab short bed anymore.

 

I have 2, both regular Visa cards (not affiliated with anything), paid cash back every month, no annual fees. As someone said above, some of the fee cards might even be better if you use them enough. You just gotta run the numbers to see if the fee is covered and enough extra is made compared to one of the many no fee cards.