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Strategies & Market Trends : 50% Gains Investing
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To: tom pope who wrote (79951)7/9/2009 2:27:41 AM
From: SpekulatiusRead Replies (1) of 118717
 
I pay with a credit card whatever is possible. Advantages of credit cards versus cash or debit are:

1) Grace period (20 days+)
2) Safety&Security - you can dispute undue charges
3) Rewards/Rebates (1-5%) cash rebate
4) Fringe benefits like warranty extension etc.

I mostly use the following cards:
- Penfed cash rewards (5% gas 1.25% everything else)
- Amex Simplycash (3% on various categories)
- Chase Business (3% on various categories)

The latter two are business cards (but easy to get even without owning a business) - my wife has another Simplycash card as my employee, LOL. Great for budgeting and tracking expenses.

I use ebills and automatic payments from my checking account as a backup. Needless to say, i payoff these cards every month. I have a ton of cards more (locked up in my safe) that I currently don't use back from those days when i played the 0% balance transfer game to earn interest. One day those higher limit cards may come in handy again when credit starts flowing again. LOL.

I also think that nowadays everybody should have a backup checking account in case something bad happens like the primary bank craps out , identity fraud with checking account involved, or a personal calamity because - if indeed bad things happen, it may not be easy to open another checking account quickly. A local credit union is a good place to start looking for a backup checking account or a bigger nationwide one that everybody can join like Alliant or Penfed.

Enough said. I love credit cards because they save me money.
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