Credit Card Rewards Programs/travel-hacking?

[HoosierLife]

I would caution new agents reading this. Most of the agents that posted here are very high producers and only use the credit cards for the sole purpose of getting the points/rewards. Most (if not all) of them have more than enough cash in their bank to pay the balance monthly. Exercise caution with credit cards new agents. Just my 2 cents.

That's a good point Ryan. I'm a cash guy myself, so even thinking about doing this rubs me the wrong way. I budget every expenditure. Current and future.

Going into debt to pay for leads is not what we are talking about here. Though some have done that and it's worked out well. I would imagine it hasn't for the majority of folks who have tried to enter this business.

What we are discussing is gaming the system. The CC companies aren't offering these "rewards" out of the goodness of their hearts. They know a vast majority of people do not pay off their balances in full monthly. The banks make their millions raking in interest.

In the currently discussed example, they would not be gaining any interest off of us.

 

[Birdman300]

That's a good point Ryan. I'm a cash guy myself, so even thinking about doing this rubs me the wrong way. I budget every expenditure. Current and future.

Going into debt to pay for leads is not what we are talking about here. Though some have done that and it's worked out well. I would imagine it hasn't for the majority of folks who have tried to enter this business.

What we are discussing is gaming the system. The CC companies aren't offering these "rewards" out of the goodness of their hearts. They know a vast majority of people do not pay off their balances in full monthly. The banks make their millions raking in interest.

In the currently discussed example, they would not be gaining any interest off of us.

Exactly! I'm all for taking advantage of any offers from creditors.

 

[John Galt]

That's a good point Ryan. I'm a cash guy myself, so even thinking about doing this rubs me the wrong way. I budget every expenditure. Current and future.

Going into debt to pay for leads is not what we are talking about here. Though some have done that and it's worked out well. I would imagine it hasn't for the majority of folks who have tried to enter this business.

What we are discussing is gaming the system. The CC companies aren't offering these "rewards" out of the goodness of their hearts. They know a vast majority of people do not pay off their balances in full monthly. The banks make their millions raking in interest.

In the currently discussed example, they would not be gaining any interest off of us.

Isnt there something in the bible about "money changers" and "money counters" being wrong? And isnt generally speaking, charging any interest considered wrong?

Im just ready for the financial jubilee where I can tell the bank to kiss my white Irish _ _ _ lol

 

[sirherbie]

Gaming the system. From the late 1990's to about 2007 credit card co's would send Checks for your whole credit line to use. I had around $240k of credit card lines. Back then the card co's charged no fee and 1 yr interest free. I'd tap most of my lines and put them in 1 yr cd's paying 5-5 1/2%. At the end of the cd i'd pay the card company off and do it again. I was making $10k plus a yr risk free. I did that for 5 or so yrs till the credit card co's caught on to many people doing it and started charging 3-4%. Was great while it lasted

 

[WCMason]

I've used my Costco American Express card for years and they have had a great cashback program. Unfortunately Costco and American Express are parting ways and I will either need to go with their new Visa partner or find something else. I'm in the process of shopping that around now so this thread is timely for me.

 

[HoosierLife]

Isnt there something in the bible about "money changers" and "money counters" being wrong? And isnt generally speaking, charging any interest considered wrong? Im just ready for the financial jubilee where I can tell the bank to kiss my white Irish _ _ _ lol

The Bible says "the borrower is servant to the lender" "owe man nothing" etc. Under Jewish Law, which is not applicable today, Jews were not to charge interest to other Jews, but it was ok to charge interest to the Gentiles.

The money changers in the Temple were taking advantage of the people and Jesus, like He owned the place, came in there and layed the smack down.

But in the Parable of the Talents, Jesus told the wicked servant, who hid/buried the money given to him, that he should have at least put it into the bank and earned interest off of it.

So the biblical principle is that debt is bad, but you would always be wise to make interest work for yourself.

 

[Newby]

The Bible says "the borrower is servant to the lender" "owe man nothing" etc. Under Jewish Law, which is not applicable today, Jews were not to charge interest to other Jews, but it was ok to charge interest to the Gentiles. The money changers in the Temple were taking advantage of the people and Jesus, like He owned the place, came in there and layed the smack down. But in the Parable of the Talents, Jesus told the wicked servant, who hid/buried the money given to him, that he should have at least put it into the bank and earned interest off of it. So the biblical principle is that debt is bad, but you would always be wise to make interest work for yourself.

The way I see it, if you charge everything on your credit card and pay it in full every month, you aren't really in debt. It's just good money management and easy record keeping.

If you eat in a restaurant and pay the meal after you eat, were you in debt from the time you accepted the food?

I charge everything. But I never pay interest. I don't feel like I have any debt.

 

[SPUR CITY]

The way I see it, if you charge everything on your credit card and pay it in full every month, you aren't really in debt. It's just good money management and easy record keeping. If you eat in a restaurant and pay the meal after you eat, were you in debt from the time you accepted the food? I charge everything. But I never pay interest. I don't feel like I have any debt.

I agree. The wife and I charge EVERYTHING to the point where we never have $5 in our pocket to even tip the valet. EVERYTHING is charged to our AMERICAN EXPRESS CASH BLUE card.


We get approximately $2,500 OF FREE $ EVERY YEAR for the past 3 or 4 years now (yes, we spend a lot and yes, we take advantage of the system).

 

[Rheagan24]

I agree. The wife and I charge EVERYTHING to the point where we never have $5 in our pocket to even tip the valet. EVERYTHING is charged to our AMERICAN EXPRESS CASH BLUE card. We get approximately $2,500 OF FREE $ EVERY YEAR for the past 3 or 4 years now (yes, we spend a lot and yes, we take advantage of the system).

The Amex Blue Cash preferred is awesome! 6% cash Back on groceries and 3% on gas. The Barclaycard World Elite is an awesome choice also.

 

[jdeasy]

Well, since the OP has qualified for two company reward trips with his 2015 production I think he is asking to take advantage of what's out there vs having to charge leads to get by.