Tweet
This is something my dh did twice in the past. First of all, I was thinking about this b/c someone posted a thread on credit card issues.
Secondly, we currently have no credit card debt. I have never had a day in my life where I didn't pay off my balance in full, and neither has dh as far as I know.
Basically I use credit cards to pay routine bills such as car insurance, cable etc. I also charge groceries and stuff just to be part of this "thank you network" where I earn points for free giftcards. I pay off in full each month. I also don't like carrying lots of cash.
A couple times, me an dh got offers from our credit card company offering us X amount of a cash advance with no interest for a year. Basically, they cut us a check for something like 20G and the stipulation was we had to pay a small minimum amount each month but there was no interest charged on any of the money, and the cc company wanted thier full money back by the end of 12 months.
We took the check, put it in the bank in a cd and made interest off it for about 10 months and then paid it off in full before 12 months just to make sure it was paid. (if it was not paid off they would back charge interest)
We made some interest money when rates were like 5% and we did nothing wrong. I know the cc company was hoping we would use the money and take forever paying it back.
I told dh I wouldn't want to deal with that anymore. Besides even if we are not paying interest, it would show debt on a report.
Also before I met dh, he used to open up credit cards just to get the "cool looking card" and then cancel it. He has this huge stash of cc's with everything from Elvis to Detroit Tigers. I told him he is to not open a cc for the CARD ever again b/c as far as I know that is BAD for your credit to open and cancel often. Our credit scores are very high, but I saw it noted something like "more cards than average person with your credit history length "on a report I got for him.
I plan to get my credit report soon as it's been at least a year now. I just have to remember how to get to the FREE sites where they don't charge me.
Secondly, we currently have no credit card debt. I have never had a day in my life where I didn't pay off my balance in full, and neither has dh as far as I know.
Basically I use credit cards to pay routine bills such as car insurance, cable etc. I also charge groceries and stuff just to be part of this "thank you network" where I earn points for free giftcards. I pay off in full each month. I also don't like carrying lots of cash.
A couple times, me an dh got offers from our credit card company offering us X amount of a cash advance with no interest for a year. Basically, they cut us a check for something like 20G and the stipulation was we had to pay a small minimum amount each month but there was no interest charged on any of the money, and the cc company wanted thier full money back by the end of 12 months.
We took the check, put it in the bank in a cd and made interest off it for about 10 months and then paid it off in full before 12 months just to make sure it was paid. (if it was not paid off they would back charge interest)
We made some interest money when rates were like 5% and we did nothing wrong. I know the cc company was hoping we would use the money and take forever paying it back.
I told dh I wouldn't want to deal with that anymore. Besides even if we are not paying interest, it would show debt on a report.
Also before I met dh, he used to open up credit cards just to get the "cool looking card" and then cancel it. He has this huge stash of cc's with everything from Elvis to Detroit Tigers. I told him he is to not open a cc for the CARD ever again b/c as far as I know that is BAD for your credit to open and cancel often. Our credit scores are very high, but I saw it noted something like "more cards than average person with your credit history length "on a report I got for him.
I plan to get my credit report soon as it's been at least a year now. I just have to remember how to get to the FREE sites where they don't charge me.
Comment