Upgrading your debit/credit cards

[Jacob1983]

Any of you ever done this? If so, is it worth it? Do the rewards make up for the annual fee you usually have to pay to have a rewards credit card? The reason why I bring this up is because I'm tempted to do it. I bank at evil Chase and there are two debit cards that give you like 1 to 3 percent cash back after you spend so much money per month but there is a 25 dollar annual fee. There is also a credit card from Chase that gives you a percentage of cash back per month but has no annual fee which is sweet in my opinion. Any of you have any cards where you get rewards or money when you spend so much money?

[bigzak25]

I'd choose the credit card with no annual fee and use it for your gas and groceries, but remember to pay if off each month.

You'll build up your credit history and get a % back and you won't feel like you have to spend to justify the $25 bucks.

If you don't think you have the discipline to do this, and might just run up the credit card, then that would obviously change things though. Debt for frivolous things should be avoided.

Good luck!

[CubanMustGo]

Any of you ever done this? If so, is it worth it? Do the rewards make up for the annual fee you usually have to pay to have a rewards credit card? The reason why I bring this up is because I'm tempted to do it. I bank at evil Chase and there are two debit cards that give you like 1 to 3 percent cash back after you spend so much money per month but there is a 25 dollar annual fee. There is also a credit card from Chase that gives you a percentage of cash back per month but has no annual fee which is sweet in my opinion. Any of you have any cards where you get rewards or money when you spend so much money?

Do a budget, see how much you would spend on the updated card and what your returns would be if you did so. That should tell you whether the debit card upgrade is a good idea.

Re the credit card, it's great if you pay the bill off in full each month. If you don't you end up paying for your rewards (and then some) in interest charges. As zak says if you don't have the discipline or ability to pay the thing in full each month, don't go for the card.

[boutons_deux]

credit cards are a scam, all of them, and issuers will without doubt be cranking up fees and hidden gotchas.

"Credit card fees and rewards programs exacerbate income inequality by acting as a transfer of wealth from poor to rich, according to a Federal Reserve Bank of Boston study released Monday.

The researchers argue that reducing card rewards and merchant fees "would likely increase consumer welfare."

Merchants usually don't charge different prices for card users to recover the costs of fees and rewards, but instead, mark up the prices for all consumers.

After accounting for rewards paid by banks, households who earn more than $150,000 annually receive a subsidy of $756 on average every year, while the households earning $20,000 or less pay $23."

http://news.yahoo.com/s/nm/20100726/lf_nm_life/us_usa_fed_wealthtransfer

other bank scam news.

"In 2009, banks reaped over $38 billion in overdraft fees from their own customers, while posting a total combined profit of just $12.5 billion. Without overdrafts, many banks would have scored massive losses last year, and possibly gone under. Instead, they booked epic bonuses."

http://newworldorderreport.com/News/tabid/266/ID/4605/Once-banks-realized-that-overdraft-fees-could-be-a-cash-cow-they-developed-fee-harvesting-software-which-reorganizes-the-order-of-your-checking-transactions-to-maximize-the-number-of-overdraft-fees.aspx

[bigzak25]

boutons is right, the best thing is to not have any credit cards, but I like to have one for the 'just in case' as I don't have a savings built up...and it's good to build up a good credit history for when you want to buy a car or a house.

[CosmicCowboy]

If you are going to do it and can get locked into a low fee now then do it. Banks hate it if you pay your card off in full and on time. After the new banking law passed they will be instituting "usage" fees on new card programs if you pay your card off promptly.

[Goran Dragic]

Do the rewards make up for the annual fee you usually have to pay to have a rewards credit card?
Yeah for sure. I have a chase rewards card that's $25 fee every year and I cashed in all my points in the last year for a $200 deposit to my account.

[Drachen]

Go join Firstmark CU. My debit cards pay me $0.10 for every time I use the debit card as a debit card (not an ATM card) regardless of the amount charged.

As for credit card rewards, I have an Orchard Bank card that charges $39 a year for the fee, but pays me 2% on all purchases. I use it to pay my day care which costs either 444 or 555 a month (depending on how many weeks are in the month). I have money pulled from my check pre-tax and dropped into a dependant care account which I then claim after I have paid with my credit card, then I turn around and pay the card off. If I make no other purchases with the card, I get $111 in rewards a year (5550 * .02). Basically, you have to move some large stuff that you pay out of your bank account and into your credit card. Then use that money from your bank account right over to your credit card. Also, if you are going to make a large purchase, and you have the money to do so, pay with that card, then move the money over.

As has been stated discipline is the key.

[CubanMustGo]

Randolph-Brooks also offers the 10 cent back per use debit card. I pay for all sorts of little shit on mine, last year got back like $75 just from that.

A credit union will generally give you a much better shake than Chase - lower fees and loan rates, higher interest, better service.

[Jacob1983]

What about the cards that have frequent flyers miles? Are those worth it or should you just go for the cash back rewards?

[CubanMustGo]

What about the cards that have frequent flyers miles? Are those worth it or should you just go for the cash back rewards?

There are two kinds of FF mileage cards: those affiliated with particular airlines, and things like Capital One where you can get a ticket (on an airline they choose) after spending X dollars. The total outlay to get a ticket is similar on both.

A frequent-flyer mile is valued at between 1 and 2 cents; it's also getting harder to actually claim awards on most of the majors (SW is an exception, all of their seats can be claimed). You also generally have to pay a yearly fee after the first year.

Many cards will give you a 10-25K mile bonus when you sign up and charge so much in a period of time. A restricted coach ticket in the US goes for 20-30K miles, so sometimes this can get you a free ticket pretty rapidly, but the key is that some airlines make it really hard to find a restricted seat. Sure, they have unrestricted seats - which can cost twice the miles.

Keep it simple and stick to the cash back cards. If you save up the money you can wait for a fare sale and have cash left over.

[DMX7]

Randolph-Brooks also offers the 10 cent back per use debit card. I pay for all sorts of little shit on mine, last year got back like $75 just from that.

A credit union will generally give you a much better shake than Chase - lower fees and loan rates, higher interest, better service.

You used your card 750 times?

[bigzak25]

I too recommend FirstMark as I've been with them for years and they've never done me wrong. 10 cents back per credit charge on your debit is great.

[Jacob1983]

I checked FirstMark out on the internet. It sounds pretty good but do you have to live in the San Antonio to be able to use the bank? I lived in the DFW area so I don't know if that excludes me from using it.

[bigzak25]

wow, good point buddy...i'm not really sure. doesn't hurt to call and ask...nothing to lose.

[Drachen]

Everyone who lives, works, worships, or attends school in, and businesses located in Bexar County, Texas.
Everyone who is an employee or student of the public school districts , colleges or universities in the following 13 counties: Atascosa, Bandera, Bexar, Comal, Dimmit, Frio, Guadalupe, Kendall, La Salle, McMullen, Medina, Wilson, and Zavala.
All relatives of those listed above.

You want to come down and go to church some random sunday?? LOL

It looks to me like you wouldn't be able to join, but if you live in DFW, I am sure that you would absolutely be able to find a local credit union that is better than chase.

[boutons_deux]

New Credit-Card Tricks

Just months after historic legislation banned certain billing practices, card issuers have dreamed up new ones designed to trip up consumers.

http://online.wsj.com/article/SB10001424052748704895004575395823497473064.html?m od=WSJ_hpp_MIDDLENexttoWhatsNewsForth#printMode

[CubanMustGo]

You used your card 750 times?

Not hard to do when you're using it instead of cash. Most of the debits are in the $2-$5 range. Up to $63.30 so far this year.

[CubanMustGo]

It looks to me like you wouldn't be able to join, but if you live in DFW, I am sure that you would absolutely be able to find a local credit union that is better than chase.

The OP might try Texans CU (https://www.texanscu.org/) or Credit Union of Texas (http://www.cuoftexas.org/), both of which have a number of locations in the Metroplex.

[wut]

If you are going to do it and can get locked into a low fee now then do it. Banks hate it if you pay your card off in full and on time. After the new banking law passed they will be instituting "usage" fees on new card programs if you pay your card off promptly.
yeh isn't that something.... "usage" fees. My rewards card basically made up a new rule the other day, that I had to spend so much money within the next 3-4 weeks to remain a rewards card member or pay a rewards fee. You quickly start realizing that there isn't anything "rewarding" about them; just another way to keep you on their tit.

[John Terry]

Any of you ever done this? If so, is it worth it? Do the rewards make up for the annual fee you usually have to pay to have a rewards credit card? The reason why I bring this up is because I'm tempted to do it. I bank at evil Chase and there are two debit cards that give you like 1 to 3 percent cash back after you spend so much money per month but there is a 25 dollar annual fee. There is also a credit card from Chase that gives you a percentage of cash back per month but has no annual fee which is sweet in my opinion. Any of you have any cards where you get rewards or money when you spend so much money?

I think many credit card companies just automatically remit the debts if they know these debts can't be checked anyway. Just kill yourself then no one has any means of charging a dead faggot.