Credit card advice

Ok.So, The $320,000 I have in a cd/savings account will just "disappear"? That's over 25 years of hard work saved up.. So I should withdraw that money and put it in a safe getting 6% interest then?

your Crazy- FDIC insured


by the way- I use an American Express Gold Business card- Unlimited Spending -Points are Great

 

I have recurring payments set up for numerous bills through my bank. By recurring payment,
I DO NOT MEAN AUTHORIZE ANYONE TO GET THE AMOUNT THEY DETERMINE FROM MY CHECKING ACCOUNT. I setup a recurring amount to be paid to various billers, like credit cards, utilities, etc and that amount is above my average monthly charge from that biller. Or, in the case of a credit card, the recurring amount is well above the minimum, but less than my average monthly balance.

I do this so that IF I FORGET to go online and tell my bank to pay Mayberry Electric Company $105.73 on July 23 an electronic payment of $110 will be sent to MEC on every month on the 15th. When the biller sends me an email indicating my charges for the month & due date, I edit my next recurring payment to them for the correct amount and date. It's a bad idea, IMO, to let a biller deduct the amount they determine from your account. If they mess up and deduct $9345.89 by mistake you now have to battle to correct the amount, get your money back and probably get refunds on over-draft charges from your bank. If a biller forces you to autopay, autopay via credit card if possible. Then snafus come out of the credit card company money until resolved and you likely can buy time by only paying the minimum payment or dispute the charge until it's resolved.

 

Don't look at the rewards programs - go for the lowest rate.
Reward points aren't free - they're back-loaded onto the card.
Get the lowest rate your credit score allows you.
Credit unions (as mentioned earlier) will offer some of the best rates.

 

Good for you. Id pull it out, vut that is me. Didnt the Federal gooberment also guarntee social security? If the banks crash, more than likely the market has crashed or our economy. So that $230k is gone forever. Govt wont back it up. Cant afford to. Trillions in debt. Where Im from, about 8 years ago we had storms know out power for five days. I had no cash couldnt get gas etc. Had to borrow from family. Ill take my chances not gaining interest.

 

If the economy crashes, your paper money won't be worth a thing either.

That's why I have all of my retirement in physical cans of Campbell's soup.

 

What do you mean they're back loaded onto the card?

I don't give a rip about the rate because I pay it every month. They're all stupid high anyway.

 

If the economy crashes the unprepared will rob and kill the prepared .
I could burn the $320,000 to heat the soup.

 

Don't know if locking cash away in a safe is the best idea. We had that big fire rip through here a couple months ago. Some poor woman had over $100k cash locked up in a "fireproof" safe. Lost absolutely everything including her life savings. Unlikely scenario I know but still.

 

By backloaded - I mean that the cost of the reward program is made up by the rate. The exception is AMEX who makes their money on the fees from card "membership" and also the vig the merchant has to pay. AMEX takes the highest cut from merchants of any card - hence why some merchants don't accept AMEX. If you want the lowest rate - don't get a card with "points" or "rewards".

I understand that you aren't concerned about the rate because you plan on not carrying a balance. In my opinion though, having the lowest rate is a good thing when you encounter a situation where you might need to float a balance for a short while.

My credit union VISA is 9.9%.

 

#apocalypsepartyattucker's