Golden Rules for Making Money (1880)

Post by [deleted] » Mon, Mar 25, 2019, 7:47 PM UTC

the_jpg wrote: post #129

billfruit wrote: post #109

One modern trick to earn a tiny bit of extra money: Use credit cards for buying/paying anything at all, never use debit cards or cash: Credit cards usually pay a small reward point for spends which can often be redeemed as a cash discount later, and also since the expenses go to the credit card, the cash in the savings account stay untouched till the day you make the credit card bill payment, which will keep earning…

I'm against this practice because of two things: First, you are selling a little bit of your privacy, the bank you know all your purchase patterns and even though this seems not to be abused it creates a precedent that I do not like. Secondly, every time that you buy things with your credit card the bank change the business a small fee, so in a way you are making the 'rich' more richer and the 'poor' more poorer. I b…

Post by billfruit » Mon, Mar 25, 2019, 7:58 PM UTC

the_jpg wrote: post #129

billfruit wrote: post #109

One modern trick to earn a tiny bit of extra money: Use credit cards for buying/paying anything at all, never use debit cards or cash: Credit cards usually pay a small reward point for spends which can often be redeemed as a cash discount later, and also since the expenses go to the credit card, the cash in the savings account stay untouched till the day you make the credit card bill payment, which will keep earning…

I'm against this practice because of two things: First, you are selling a little bit of your privacy, the bank you know all your purchase patterns and even though this seems not to be abused it creates a precedent that I do not like. Secondly, every time that you buy things with your credit card the bank change the business a small fee, so in a way you are making the 'rich' more richer and the 'poor' more poorer. I b…

Post by rland » Mon, Mar 25, 2019, 8:01 PM UTC

ElatedOwl wrote: post #131

the_jpg wrote: post #129

Earlier quoted context omitted.

I'm against this practice because of two things: First, you are selling a little bit of your privacy, the bank you know all your purchase patterns and even though this seems not to be abused it creates a precedent that I do not like. Secondly, every time that you buy things with your credit card the bank change the business a small fee, so in a way you are making the 'rich' more richer and the 'poor' more poorer. I b…

Cash comes with a fee; armored trucks, safes, money-handling mistakes, etc.

Post by kovrik » Mon, Mar 25, 2019, 8:05 PM UTC

billfruit wrote: post #133

kovrik wrote: post #128

Earlier quoted context omitted.

What about fees? Not sure about US, but I think in NZ all credit cards with cashback have fees. And I remember there was a research or something concluding that you had to spend at least ~$3000 (don't remember exactly) per month using cashback credit card to break even. Also, credit cards are not accepted everywhere. And often there is a minimum transaction amount as well.

I think in India, there is no extra charges if you pay via credit card at most merchants, i.e you pay the same amount as what you would pay with cash.

Post by [deleted] » Mon, Mar 25, 2019, 8:08 PM UTC

kovrik wrote: post #128

billfruit wrote: post #109

One modern trick to earn a tiny bit of extra money: Use credit cards for buying/paying anything at all, never use debit cards or cash: Credit cards usually pay a small reward point for spends which can often be redeemed as a cash discount later, and also since the expenses go to the credit card, the cash in the savings account stay untouched till the day you make the credit card bill payment, which will keep earning…

What about fees? Not sure about US, but I think in NZ all credit cards with cashback have fees. And I remember there was a research or something concluding that you had to spend at least ~$3000 (don't remember exactly) per month using cashback credit card to break even. Also, credit cards are not accepted everywhere. And often there is a minimum transaction amount as well.