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stop using card that must revolve? (rewards)


luckydriver
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the time has come where i finally have to carry a balance for a while. 800 at 20% and cap 1 gives 1.5% cash back. i buy 300 or so in gas a month and regularly put that through the card.

 

do i just start using my debit card for the gas?

 

do i keep on charging the gas and just pay it off weekly/monthly (but i'm assuming daily interest eats up those rewards and more!)

 

 

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the time has come where i finally have to carry a balance for a while. 800 at 20% and cap 1 gives 1.5% cash back. i buy 300 or so in gas a month and regularly put that through the card.

 

do i just start using my debit card for the gas?

 

do i keep on charging the gas and just pay it off weekly/monthly (but i'm assuming daily interest eats up those rewards and more!)

 

 

Use another card? Not debit.

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the time has come where i finally have to carry a balance for a while. 800 at 20% and cap 1 gives 1.5% cash back. i buy 300 or so in gas a month and regularly put that through the card.

 

do i just start using my debit card for the gas?

 

do i keep on charging the gas and just pay it off weekly/monthly (but i'm assuming daily interest eats up those rewards and more!)

 

Sounds like the time has come to work OT or get a 2nd job.

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the time has come where i finally have to carry a balance for a while. 800 at 20% and cap 1 gives 1.5% cash back. i buy 300 or so in gas a month and regularly put that through the card.

 

do i just start using my debit card for the gas?

 

do i keep on charging the gas and just pay it off weekly/monthly (but i'm assuming daily interest eats up those rewards and more!)

 

 

Use another card? Not debit.

 

 

 

not an option..other card is cheap interest but no rewards so makes no sense.

 

so debit or the cap 1 card are the only options.

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the time has come where i finally have to carry a balance for a while. 800 at 20% and cap 1 gives 1.5% cash back. i buy 300 or so in gas a month and regularly put that through the card.

 

do i just start using my debit card for the gas?

 

do i keep on charging the gas and just pay it off weekly/monthly (but i'm assuming daily interest eats up those rewards and more!)

 

 

Use another card? Not debit.

 

not an option..other card is cheap interest but no rewards so makes no sense.

 

so debit or the cap 1 card are the only options.

But is the interest greater than 1.5% difference, if so that'll be the cheaper card even though it's not offering rewards because you'll save more in interest than you'd get back.

 

Sent from my Nexus 6P using Tapatalk

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Just to be sure I understand, you want to charge 800 to the cap1 to get the 1.5% but can't pay it off in a month (at 20% interest) ?

 

I have a feeling you'd come out ahead by putting the 800 on the lower interest card and continue using the cap1 for gas

 

Unless my math is wrong, you will pay 13.66 in interest on that charge but only get back $12 by using the cap1. You'd also be losing the $4.5 a month in gas purchases. How much interest is the other card charging?

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clarification

 

i just PIF my cap one from this period but i cannot PIF next month ending oct 16. there's 800 on there now at 20 % and ill start interest even if i dont charge another dime.

 

i normally charge at least 300 a month on the card for gas (plus many other things of course) but since i cannot PIF ill be very leery of putting anything else on the cap 1 now

 

i have not done the math because my brain is spent from other things so i was wondering if there was a general rule about these things. gut says use the debit card for the gas.

 

why the hate for the debit card for gas (other than losing out on rewards i dont have access to?)

 

also of note, some unavoidable charges will be made in october on the card but starting in nov ill be paying well over min. payment to try to get back to zero as quickly as possible.

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I'd continue using the Cap1 for gas and continue to pay for the gas each month.

 

The reasons not to use a debit card are :

First off, the credit protections are a lot better for a credit card than a debit card. Also, you're putting the cash in your banking account at risk as opposed to the CC's money. If your card gets skimmed, the skimmer can clean out your banking account. It could take weeks or months before the bank refunds your money back.

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I have a credit card I *only* use at gas pumps. Literally 2 weeks ago I had a bunch of fraudulent charges show up on my account. My number got skimmed somewhere. With a credit card, I simply called the bank and they cancelled the card and sent me a new one. That's 3 days without use. Had it been a debit card, I could have lost all access to my money and had it tied up for a long period of time while the bank straightened it out. Using a debit card is a much bigger risk than using a credit card. Think of it this way--a credit card is spending the bank's money that you agree to pay back. A debit card is spending your own money that is much harder to get replaced if someone steals your information.

Edited by spacemule
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Doesn't sound like such a lucky driver after all.

 

Capital one has a payment option that allows you to avoid interest while carrying a balance. Use your capital one card and pay with this option.

 

i do not see this under card services. what am i looking for?

 

 

Ive heard of the "intrest saver" payment program which would show you what to pay on your bill if you did a BT and were using the card at the same time.

 

IDK about "avoiding interest while carrying a balance"?

 

I still curious about the 3800+ posts and being in this situation asking very amateur type questions? Thats a LOT of posts!! What did you learn?

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Doesn't sound like such a lucky driver after all.

 

Capital one has a payment option that allows you to avoid interest while carrying a balance. Use your capital one card and pay with this option.

 

i do not see this under card services. what am i looking for?

 

 

Ive heard of the "intrest saver" payment program which would show you what to pay on your bill if you did a BT and were using the card at the same time.

 

IDK about "avoiding interest while carrying a balance"?

 

I still curious about the 3800+ posts and being in this situation asking very amateur type questions? Thats a LOT of posts!! What did you learn?

 

 

 

 

Doesn't sound like such a lucky driver after all.

 

Capital one has a payment option that allows you to avoid interest while carrying a balance. Use your capital one card and pay with this option.

 

i do not see this under card services. what am i looking for?

 

 

Ive heard of the "intrest saver" payment program which would show you what to pay on your bill if you did a BT and were using the card at the same time.

 

IDK about "avoiding interest while carrying a balance"?

 

I still curious about the 3800+ posts and being in this situation asking very amateur type questions? Thats a LOT of posts!! What did you learn?

 

No need to ridicule other members. He's obviously asking because he isn't sure which way to go, which is certainly better than not asking.

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My answer would be to find out about the no interest deal with Cap 1 and continue using the Cap 1 for the gas purchases.

If he can't use the Cap 1 then use another cc or get another cc with rewards for the future gas purchases.

But don't carry any new balances as it appears 2 cards may be near maxed out.

 

And if dead set on using the debit card, don't. Carry cash and pay the cashier.

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And if dead set on using the debit card, don't. Carry cash and pay the cashier.

 

I love this advice! This is a great tip for each and every member.

 

Ive been hit by fraud and even store mistakes using debit cards years ago and its not fun! One store used to charge me the same 30$ each month for the same purchase.... I must have filled out 100 forms over and over at my bank! It was so annoying.

 

Ive also been hit with fraud from buying online with a debit card.... which was a REAL problem.

 

Thanks.

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My answer would be to find out about the no interest deal with Cap 1 and continue using the Cap 1 for the gas purchases.

If he can't use the Cap 1 then use another cc or get another cc with rewards for the future gas purchases.

But don't carry any new balances as it appears 2 cards may be near maxed out.

 

And if dead set on using the debit card, don't. Carry cash and pay the cashier.

 

 

thanks for the assist, in both ways. i belong to another forum where they are much worse and i'm very good at ignoring the trolls that look down on you from above. the woosies here rate about a 1.5 out of 10 compared to what else i've had to do deal with. even if i get in the position where i'm as wealthy as them i will never look down on the less fortunate and make fun of them. ill try to help them instead or at least refrain from smart flowers comments.

 

maybe ill email cap and ask about what programs they have available. my discover has the same interest rate with the 800 balance i mentioned above so i could charge there as well and get the 2% back 1st year to help me out.

 

my thoughts on cap 1 interest were this and i dont know if this is correct which is why i am asking for help here. 1600 balance ( i was mistaken about the balance before) would be charged interest in this manner (1600 x .20 / 12) = 26 interest but i wasnt sure i was correct because i know there are all kinds of ways of computing interest. then if i get 300 in new charges and even if i PIF those new charges, that is 300 x 1.5 = 4.50 rewards and 300 x.20/12 = 5 interest which is a wash. but is all this correct. i have no clue.

 

regarding debit cards i've used them during BK to pay for all my expenses including gas and the station where i get gas is out in the boonies and the pumps are very easy to tell if they've been tampered with. unless they have a key of course.

 

also though i know i dont owe anyone an explanation, i have done well lately financially overall and paid cash (though all my rewards cards of course) for a very very nice cruise which is a lifetime dream ive always wanted while i'm still healthy. so yes some other things ill be paying interest on but hey, you guys can sit here on the forum with your negativity while my butler brings me my favorite drinks and desserts from all over the ship so i can enjoy them in my hot tub in my suite :yu::yahoo::dance::clapping:

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also though i know i dont owe anyone an explanation, i have done well lately financially overall and paid cash (though all my rewards cards of course) for a very very nice cruise which is a lifetime dream ive always wanted while i'm still healthy. so yes some other things ill be paying interest on but hey, you guys can sit here on the forum with your negativity while my butler brings me my favorite drinks and desserts from all over the ship so i can enjoy them in my hot tub in my suite :yu::yahoo::dance::clapping:

This is one of the most ridiculous posts I've read lately.

 

Post BK, you're doing well financially, went on a cruise with a butler, yet you have maxed out cards and are looking for answers on how to carry an additional $800 of revolving debt.

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