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[Makeshift]

You are a genius! Can you say more about this? Not sure if you mean payoff one card with another each month, or just rotate which card you use each month..

Get 3 Cash back credit cards put no more than 24% of credit line on each card then switch to next card while paying each off in full every month. Be sure to put everything you can on the cards instead of checks unless a fee to pay with card is assessed. Insurance, car, homeowners, gas, groceries, fast food, etc. Depending on how they come due I can get up to half of my hybrid first edition 2.25% five year loan 709.18 payment paid.

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[BradnChristine]

I'm 80 and have been through this type economy before. Bottom line is it's do you need it and if you do you will pay it. It's more how long you owe the money than what the rate is. Work overtime or get a second job or whatever but make higher payments than scheduled. One of my nephews paid off his $171k house in 41 months. It's possible that next year 7% will be cheaper than the rate then.

74 here. I planned to pay off my house in about 2 years (mortgaged in 2021), but when I saw this inflation, I now make only the minimum payments. The way I look at it, they are giving me money at 3.375% and I put it into 9-12 month CDs that are paying 5.75% instead. Same with my Maverick, Navy Federal is STILL at 4.74% for 60 months, so I took out a loan. As long as I can earn more interest (including tax difference) than pay more interest, it makes sense NOT to pay cash.

 

[GeoJoe]

You are a genius! Can you say more about this? Not sure if you mean payoff one card with another each month, or just rotate which card you use each month..

Banks frown on rotating debts from one institution to another continually. They have been known to press charges in such instances.

He's taking about charging as much as you can to get the cash back rewards, but not using too much of your available credit so your credit score won't go down. Thus the reason for multiple cards. It makes you look like you are only using a small percentage of your available credit.

The only draw back from having too much available credit that I know of is when you are going to apply for a mortgage on a house immediately. They think if you have all that access to easy money, you'll get yourself in financial trouble decking out the house with furniture etc.

Citibank card with Costco gives 4% on gas 3% on restaurants and 1% on other purchases.

Mastercard with Sam's Club gives 5% on gas 3% on restaurants and 1% on other purchases

There are more cash back cards you can find on credit karma dot com. I haven't tried but you could probably look them up on that investopedia site another poster keeps mentioning.

 

[MakinDoForNow]

You are a genius! Can you say more about this? Not sure if you mean payoff one card with another each month, or just rotate which card you use each month..

NEVER PAY OFF ONE CARD WITH ANOTHER! Just limit purchases to not exceed 24% of credit line on that card. Theoretically credit bureau will consolidate balance owed and credit line on all cards and base your score on those combined, but you are assuming young programmer thought of doing that. If I am going to run over 24% on any one card I will prepay card balance down so balance due will not exceed the 24% (is ok charge posts before payment does but if possible I will pay three days before charge. I will most months have balances due on most cards with charges based on which card pays back most on that particular purchase. You must have control to NOT put more on a credit card that you cannot pay back on the next statement. You are charging to get cash back instead of paying cash. I prepaid my 2% credit union Cashback card $2500.00 (the limit my maverick dealership allows by card) and then got 2% ($50) cash back when i financed the entire balance at 2.25%! I learned to get cash back in early 50's buying the tubes of peanuts for $0.05 which could have up to $0.25 in it wrapped in wax paper. They had skin still on the peanuts which I didn't like but I Made Them Do!

 

[lajlmt]

Get 3 Cash back credit cards put no more than 24% of credit line on each card then switch to next card while paying each off in full every month. Be sure to put everything you can on the cards instead of checks unless a fee to pay with card is assessed. Insurance, car, homeowners, gas, groceries, fast food, etc. Depending on how they come due I can get up to half of my hybrid first edition 2.25% five year loan 709.18 payment paid.

Apple Card has been VERY profitable, puts cash back in a savings account - 4.15% it’s Goldman Sachs

 

[lajlmt]

Banks frown on rotating debts from one institution to another continually. They have been known to press charges in such instances.

He's taking about charging as much as you can to get the cash back rewards, but not using too much of your available credit so your credit score won't go down. Thus the reason for multiple cards. It makes you look like you are only using a small percentage of your available credit.

The only draw back from having too much available credit that I know of is when you are going to apply for a mortgage on a house immediately. They think if you have all that access to easy money, you'll get yourself in financial trouble decking out the house with furniture etc.

Citibank card with Costco gives 4% on gas 3% on restaurants and 1% on other purchases.

Mastercard with Sam's Club gives 5% on gas 3% on restaurants and 1% on other purchases

There are more cash back cards you can find on credit karma dot com. I haven't tried but you could probably look them up on that investopedia site another poster keeps mentioning.

NO MORE MORTGAGES! Luckily when we move from Hawaii we have equity enough to buy a house for cash.

 

[BradnChristine]

Check out PrimisBank. 5.07% APY on a CHECKING account with free initial checks. (No fees, no minimums.)

 

[lajlmt]

Um, that’s what I said thanks for correcting it, now back to the ORDER BANK!!

 

[Grumpa]

74 here. I planned to pay off my house in about 2 years (mortgaged in 2021), but when I saw this inflation, I now make only the minimum payments. The way I look at it, they are giving me money at 3.375% and I put it into 9-12 month CDs that are paying 5.75% instead. Same with my Maverick, Navy Federal is STILL at 4.74% for 60 months, so I took out a loan. As long as I can earn more interest (including tax difference) than pay more interest, it makes sense NOT to pay cash.

Navy Federal is giving me 5.04%? I hope to use this at the dealer to negotiate a lower rate?

 

[MakinDoForNow]

NO MORE MORTGAGES! Luckily when we move from Hawaii we have equity enough to buy a house for cash.

House free of debt feels really good, been there four times. This one since 2019 when land purchased to build 4,100 sqft house with cash was paid off. Felt so good that I did not refi in 2020 to buy Occidental stock when it fell from $99/sh to $12/sh (was paying dividend at the time that would yield over 22% on the $12 but it dropped to $0.01/qtr after drop) Yet another of those shoulda coulda's (OXY closed today at $61.47 w current dividend at $0.18/qtr). I did sleep better not having about $5k/mo payment!

 

[BradnChristine]

Navy Federal is giving me 5.04%? I hope to use this at the dealer to negotiate a lower rate?

Navy Federal gave me $200 to refinance the last car I bought (before the Maverick). Today's rates:

 

[Grumpa]

Navy Federal gave me $200 to refinance the last car I bought (before the Maverick). Today's rates:

Thanx.. When I called Navy Fed they told me 60 months was 5.04%. I'll have to call them tomorrow to clarify. Thanx

 

[Pacifico]

Thanx.. When I called Navy Fed they told me 60 months was 5.04%. I'll have to call them tomorrow to clarify. Thanx

I refinanced with Navy Fed. I asked for 60 months, they adjusted to 61 months and 5.04%. Maybe if I had asked for 59 months, they would have given me the lower 4.74% rate at 60 months. Got the $200 bonus just fine

 

[MakinDoForNow]

I forgot to mention that someone must have leaked, sold, just let it slip, or someone intercepted an email. Starting within hours of getting my "your maverick has been selected to be built" email I am getting about weekly emails from two banks plus a credit union letting me know that I am pre-qualified for an auto loan, at least one of which has pre-qualified me for 115% of my MSRP.!!! They are trying to "NET" ME on the NET?

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