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Thread: Best Airline Rewards Credit Cards

  1. #201
    I'm pretty anal when it comes to budgeting and keeping track of my accounts. The thought of paying any interest whatsoever to a credit card company is something that I absolutely refuse to do, so I definitely think it might be worth opening. Thanks for the info!

  2. #202
    Quote Originally Posted by WFU Lurker View Post
    Given that there are merchant fees of 1-3% for credit card transactions, it would really kill banks, etc if they allowed customers to make payments with their cards.
    Makes sense now that I think about it. I just started thinking about how I could charge All the Things on it to make All the Money and got a little carried away.

  3. #203
    If you have any self-control, credit cards instead of debit cards is a no-brainer. Bonuses at sign up, cash back or points, and much greater fraud protection. Plus usually other protections including rental insurance, extended warranties and theft or loss reimbursement.

  4. #204
    I'm in this category, and the thought of missing out on free money is grating me right now, and like I said I will never pay interest to a credit card company again.

  5. #205
    Quote Originally Posted by iodeac View Post
    Makes sense now that I think about it. I just started thinking about how I could charge All the Things on it to make All the Money and got a little carried away.
    Yeah, that's the same reason you will have some places impose a minimum on CC purchases (which actually generally isn't allowed) or firmly state they prefer cash (cabbies are the worst about this).

  6. #206
    Quote Originally Posted by WFU Lurker View Post
    Yeah, that's the same reason you will have some places impose a minimum on CC purchases (which actually generally isn't allowed) or firmly state they prefer cash (cabbies are the worst about this).
    I was at a small family-owned restaurant in Boston once where they posted how much revenue they lost to credit card charges in the previous month. The total was north of $10,000 I think.

  7. #207
    Quote Originally Posted by JuiceCrewAllStar View Post
    I was at a small family-owned restaurant in Boston once where they posted how much revenue they lost to credit card charges in the previous month. The total was north of $10,000 I think.
    Except that if they put "We only accept CASH" in the window, they'd probably lose $30,000 a month in potential business. I think I read the average increase in revenue for restaurants that start accepting credit cards is 20%-25%.

    Hiding revenue from the IRS is the real driver for the majority of cash-only businesses.

  8. #208
    Quote Originally Posted by JuiceCrewAllStar View Post
    I was at a small family-owned restaurant in Boston once where they posted how much revenue they lost to credit card charges in the previous month. The total was north of $10,000 I think.
    It's a cost of doing business in the 21st century and is built into the prices people are willing to pay so time to get over it. That said, for cabbies in particular I do tip extra to cover the card cost (and, frankly, the taxes on the transaction too...normally tip ~20%, which I assume is way higher than most people), but if they bitch about me using a card then you better believe that tip is going down. The other week in Miami I actually tipped $20 on a $27 cab ride because apparently most cabbies in that city don't take cards (took 10 minutes for the cab guy to find me one who did).

    Also, that implies the restaurant is doing close to $5M in revenue a year (given a 2.5% merchant fee).
    Last edited by WFU Lurker; 09-17-2014 at 02:17 PM.

  9. #209
    Quote Originally Posted by DCDeac View Post
    Except that if they put "We only accept CASH" in the window, they'd probably lose $30,000 a month in potential business. I think I read the average increase in revenue for restaurants that start accepting credit cards is 20%-25%.

    Hiding revenue from the IRS is the real driver for the majority of cash-only businesses.
    They weren't cash-only, just asked for people to pay in cash if they could. I try to use cash at small businesses when I can.

  10. #210
    Quote Originally Posted by WFU Lurker View Post
    It's a cost of doing business in the 21st century and is built into the prices people are willing to pay so time to get over it. That said, for cabbies in particular I do tip extra to cover the card cost, but if they bitch about me using a card then you better believe that tip is going down.

    Also, that implies they are doing closing to $5M in revenue a year (given a 2.5% merchant fee).
    I thought that the biggest reason cabbies didn't like cards was because they didn't get their tips until weeks later, after the transaction had been processed. Same with waiters, bartenders, etc.

  11. #211
    Quote Originally Posted by JuiceCrewAllStar View Post
    They weren't cash-only, just asked for people to pay in cash if they could. I try to use cash at small businesses when I can.
    Doesn't sound like a small business to me.

  12. #212
    Quote Originally Posted by JuiceCrewAllStar View Post
    I thought that the biggest reason cabbies didn't like cards was because they didn't get their tips until weeks later, after the transaction had been processed. Same with waiters, bartenders, etc.
    No, its because then they have to report all their income to the IRS.

    And getting paid for work done weeks ago? Welcome to every office worker's life.

  13. #213
    Quote Originally Posted by lbE08 View Post
    we can charge our rent to a credit card... for an additional $75/mo.

    lol
    So you pay $75 to accrue like $20 is rewards points?

  14. #214
    Quote Originally Posted by buckets View Post
    So you pay $75 to accrue like $20 is rewards points?
    uh, if we did that, sure - but we don't because it's not a good deal.
    I know how to spell definitely.

  15. #215
    Quote Originally Posted by lbE08 View Post
    uh, if we did that, sure - but we don't because it's not a good deal.
    I would pay my rent on a credit card in a heartbeat for $75, but then again rents in Singapore are ridiculous.

    Assuming you value UR points at around 2 cents per point, your rent needs to be at least $3750 to break even there.

  16. #216
    Quote Originally Posted by iodeac View Post
    I have no idea how that works...Can you not pay your mortage, car, student loan, etc payments using a credit card instead of having it drafted from your checking account?
    1) Definitely get a CC. If you treat it like a debit card (never spending more money than you have; always paying off your monthly balance), it's far superior.

    2) I had several types of student loans and nearly all of them required payment from a checking account. I have one specialized loan that lets me pay with CC, which I gladly do.

  17. #217
    Just got my Citi Double Cash Card and I'm pretty excited to start charging utilities to it along with everything else I use my debit card for. Right now I bank through Wells Fargo and use billpay to pay everything from one place. I don't think Citi has a feature like that, so maybe it's not a standard thing to setup billpay through a credit card? Just curious if that sounds right. I don't mind paying bills on separate websites for each company but I'd rather pay them from one place if possible. thanks.

  18. #218
    Most utilities don't let you pay with credit card.

  19. #219
    comcast does, but thats about it. it annoys me to no end that i have to pay rent, utilities, and student loans with essentially cash. so many miles!

  20. #220
    lbe/HTTD, what are your thoughts on the CSP now that you seem to have had it for a while?

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