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Kat58

This CEO only owns one credit card and thinks you should too

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Another idiot trumpeting their manner by which all should live...and clearly another idiot that does not realize that a fist-full of credit cards does not mean people are necessarily running amok spending beyond their means.

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36 minutes ago, IndyPoolPlayer said:

Never heard of it, so its not like we're discussing a Fortune 500 CEO here.

I think they still design bed linens for JC Penney.

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On 12/3/2019 at 2:10 PM, centex said:

Another idiot trumpeting their manner by which all should live...and clearly another idiot that does not realize that a fist-full of credit cards does not mean people are necessarily running amok spending beyond their means.

Agreed. Between DW and myself, we have 27 credit cards. We don't carry balances. I for one have enjoyed the $3,000 in cash back we've earned this year between the various cards. CEO must be in bed with Dave Ramsey.

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1 hour ago, policebox said:

I for one have enjoyed the $3,000 in cash back we've earned this year between the various cards.

Impressive. I thought I hit the jackpot last year with my $400 back from Costco.

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1 hour ago, IndyPoolPlayer said:

Impressive. I thought I hit the jackpot last year with my $400 back from Costco.

Thanks!

 

Not sure where it all came from to be honest. No new applications this year, so didn't get any sign-up bonuses or anything. We have 3 Discover Cards between the two of us and one of them had Cashback Match for part of the year, so we maxed out a couple categories with that.

 

Our go-to cards are as follows:

 

Discover for 5% categories

Chase Amazon Prime Visa for 5% at Amazon

Capital One Savor for 4% back on dining

NFCU More Rewards Amex for 3% on groceries

Then we have three cards that give 2% on everything else.

 

I also charge absolutely everything possible to earn cash back. Wife has to take several business trips a year that get reimbursed, including buying dinner for her team, which can be about $2,000 a shot (at 4%-10% cash back) that gets reimbursed.

 

I give credit to this board for helping me achieve this.

 

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25 minutes ago, policebox said:

Thanks!

 

Not sure where it all came from to be honest. No new applications this year, so didn't get any sign-up bonuses or anything. We have 3 Discover Cards between the two of us and one of them had Cashback Match for part of the year, so we maxed out a couple categories with that.

 

Our go-to cards are as follows:

 

Discover for 5% categories

Chase Amazon Prime Visa for 5% at Amazon

Capital One Savor for 4% back on dining

NFCU More Rewards Amex for 3% on groceries

Then we have three cards that give 2% on everything else.

 

I also charge absolutely everything possible to earn cash back. Wife has to take several business trips a year that get reimbursed, including buying dinner for her team, which can be about $2,000 a shot (at 4%-10% cash back) that gets reimbursed.

 

I give credit to this board for helping me achieve this.

 

 

That, my friend, is the smart way.  

 

We do the same.  Wife's biz spend, college tuition for kids, insurance, vacations ... everything.  And then I just love BoA, FNBO, CapOne and the others when they come out and offer $200 bonus (x 3) to meet certain easy spend targets.  Sign-up bonuses are just icing on the cake.

 

But even IPP's $400 "jackpot" is nothing to sneer at.  $400 is $400 you didn't have before.  Better than a poke in the eye with a sharp stick.  

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13 hours ago, policebox said:

Thanks!

 

Not sure where it all came from to be honest. No new applications this year, so didn't get any sign-up bonuses or anything. We have 3 Discover Cards between the two of us and one of them had Cashback Match for part of the year, so we maxed out a couple categories with that.

 

Our go-to cards are as follows:

 

Discover for 5% categories

Chase Amazon Prime Visa for 5% at Amazon

Capital One Savor for 4% back on dining

NFCU More Rewards Amex for 3% on groceries

Then we have three cards that give 2% on everything else.

 

I also charge absolutely everything possible to earn cash back. Wife has to take several business trips a year that get reimbursed, including buying dinner for her team, which can be about $2,000 a shot (at 4%-10% cash back) that gets reimbursed.

 

I give credit to this board for helping me achieve this.

 

This is how to make credit work for you.  Nice work!!  :good: 

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Business must be bad, real bad, if she only has one credit card.  Anyway, if a CEO says something, that doesn't make whatever he/she said as being written in stone.  I'm not a CEO, but I have more common sense.  You can't have all your eggs in one basket.  That one credit card may not work for one of a thousand reasons (I'm not going to name them all).  What will she do, especially if she's in some remote town on the planet?  That one card could get lost.  That can easily happen in a place like a restaurant where somehow it's not returned to you.  What will she do?

Keep several back-ups, just in case.  Listen to Burgerwars, not the CEO.

Edited by Burgerwars

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On 12/3/2019 at 1:42 PM, Kat58 said:

I watched the in-depth attention to this video, and the CEO's good intentions for consumers to be in debt are best reflected. Having a credit and debit card gives you control over your finances.

 

The theme is to advise consumers that if they can't control their spending or can't process two or more credit cards at a time, the best solution is to have only one credit card.

 

Every story has two sides, depending on who you are. If you live in an uncontrollable debt burden, you can file for bankruptcy over and over, but, for example, if you live elsewhere in China, the situation is completely different and you need someone like PotO with the expertise to educate you.

 

Those of us who understand the dangers of aggregating multiple credit cards will tell you that if you are not vigilant about spending and controlling your budget, this can quickly attract you to debt and increase debt, which is why ensuring that you All payments are made in a month. Just my 2 cents.

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