Comments on: Money Mailbox Friday – My Global Rewards Points Network http://moneyning.com/money-mailbox/my-global-rewards-points-network/ A personal finance blog where we share insights on carefully saving money, investing, frugal living, coupons, promo codes because the little things matter in achieving financial freedom! Wed, 17 Mar 2010 22:23:17 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: magnesium http://moneyning.com/money-mailbox/my-global-rewards-points-network/comment-page-1/#comment-7207 magnesium Wed, 18 Jun 2008 11:40:12 +0000 http://moneyning.com/?p=927#comment-7207 I use the one credit card as I look forward to get my points and save money I use the one credit card as I look forward to get my points and save money

]]> By: luz http://moneyning.com/money-mailbox/my-global-rewards-points-network/comment-page-1/#comment-7164 luz Sun, 15 Jun 2008 02:02:50 +0000 http://moneyning.com/?p=927#comment-7164 Lucky me:) I got lots of credit card but i only use one because im thinking of getting the reward:) Lucky me:) I got lots of credit card but i only use one because im thinking of getting the reward:)

]]> By: MoneyNing http://moneyning.com/money-mailbox/my-global-rewards-points-network/comment-page-1/#comment-7162 MoneyNing Sat, 14 Jun 2008 23:50:08 +0000 http://moneyning.com/?p=927#comment-7162 Top CD Rates: That's also a great idea by immediately making the payment instead of waiting for the bill to come. You mentioned that you didn't have the discipline to use credit cards, so is immediately paying how you do it currently to get the best of both worlds? Top CD Rates: That’s also a great idea by immediately making the payment instead of waiting for the bill to come.

You mentioned that you didn’t have the discipline to use credit cards, so is immediately paying how you do it currently to get the best of both worlds?

]]> By: Top CD Rates http://moneyning.com/money-mailbox/my-global-rewards-points-network/comment-page-1/#comment-7161 Top CD Rates Sat, 14 Jun 2008 21:17:48 +0000 http://moneyning.com/?p=927#comment-7161 Leslie, We also rarely use our credit cards for the same reason. We learned that we didn't have the discipline. As David suggested, if you are going to try it, ease into it. I would suggest that after you use the credit card go home immediately and make a payment for what you spent. Leslie,

We also rarely use our credit cards for the same reason. We learned that we didn’t have the discipline. As David suggested, if you are going to try it, ease into it.

I would suggest that after you use the credit card go home immediately and make a payment for what you spent.

]]> By: MoneyNing http://moneyning.com/money-mailbox/my-global-rewards-points-network/comment-page-1/#comment-7150 MoneyNing Fri, 13 Jun 2008 15:52:19 +0000 http://moneyning.com/?p=927#comment-7150 Leslie: Your situation is very common so no worries and I congratulate you to have the discipline to only use debit cards. What you have to consider is this. By using credit cards, you are giving up about 1% of all purchases + interest incurred for as long as 1 month because you don't have to pay for credit card bills until potentially one month later. So to keep the math simple, it might be 1.5% that you are giving up by using debit cards only (this number is very rough as many factors would make this number different). On the other hand, you've found a way to keep yourself debt free. I use credit cards, but I know I have the discipline to pay it off every single month. You need to see whether you can stop the temptations to spend more than you have and ultimately get yourself back into debt which is the MOST important part of all this. You don't want to let a potential 1.5% gain make you lose 20% in credit card interests later. If you want to try it though, may I suggest that you start with one day of the week where you use your credit card instead of debit cards? I would try one weekday of the week (maybe Monday) and start slowly easing in. If in a couple months, you aren't spending more than you did, maybe add another day. However, you are ultimately responsible for your debt (or lack of) so remember that discipline is key!! If you end up deciding that debit cards only is the way to go. That is GOOD. Don't ever let your friends tell you otherwise because you will be the one smiling about your decision in retirement. Good luck! Leslie: Your situation is very common so no worries and I congratulate you to have the discipline to only use debit cards. What you have to consider is this.

By using credit cards, you are giving up about 1% of all purchases + interest incurred for as long as 1 month because you don’t have to pay for credit card bills until potentially one month later.

So to keep the math simple, it might be 1.5% that you are giving up by using debit cards only (this number is very rough as many factors would make this number different).

On the other hand, you’ve found a way to keep yourself debt free. I use credit cards, but I know I have the discipline to pay it off every single month. You need to see whether you can stop the temptations to spend more than you have and ultimately get yourself back into debt which is the MOST important part of all this. You don’t want to let a potential 1.5% gain make you lose 20% in credit card interests later.

If you want to try it though, may I suggest that you start with one day of the week where you use your credit card instead of debit cards? I would try one weekday of the week (maybe Monday) and start slowly easing in. If in a couple months, you aren’t spending more than you did, maybe add another day. However, you are ultimately responsible for your debt (or lack of) so remember that discipline is key!!

If you end up deciding that debit cards only is the way to go. That is GOOD. Don’t ever let your friends tell you otherwise because you will be the one smiling about your decision in retirement.

Good luck!

]]> By: Leslie http://moneyning.com/money-mailbox/my-global-rewards-points-network/comment-page-1/#comment-7149 Leslie Fri, 13 Jun 2008 15:40:59 +0000 http://moneyning.com/?p=927#comment-7149 I'm curious as to your opinion on this: We pay for almost everything on our debit card and use the credit card only for extreme emergencies, purchases for more than the debit card will allow, or purchases when we have any doubt that there might be some issue with the purchase (such as from an unknown Internet store). I've had a couple of folks respond to me as if I'm the stupidest person on the planet for not paying for all of these things with some kind of rewards card, but we are totally free of credit card debt (after being told 9 years ago that I had no choice but to declare bankruptcy because of my level of CC debt, but I didn't and paid it off instead) and I plan to keep it that way. What's your opinion? Are the points worth the risk of letting debt accumulate? I’m curious as to your opinion on this: We pay for almost everything on our debit card and use the credit card only for extreme emergencies, purchases for more than the debit card will allow, or purchases when we have any doubt that there might be some issue with the purchase (such as from an unknown Internet store).

I’ve had a couple of folks respond to me as if I’m the stupidest person on the planet for not paying for all of these things with some kind of rewards card, but we are totally free of credit card debt (after being told 9 years ago that I had no choice but to declare bankruptcy because of my level of CC debt, but I didn’t and paid it off instead) and I plan to keep it that way.

What’s your opinion? Are the points worth the risk of letting debt accumulate?

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