The Credit Card Rewards Game

[Colleen]

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I keep a notebook (I have for years) of regular expenses for each month and when I have an additional purchase, like groceries or the dollar store, drug store, etc., I write that in my book and keep the receipt until I see it posted and then I pay it. Works for me...but then again, I'm a "numbers" person and I love doing it. ME TOO


I do the same thing, I looked at my checking account and write 3 or 4 checks a month, one to our church and odd things, a truck load of dirt, grandchildren school things.....but it does take me four or five days to pay bills each month. one by phone on the 15th, write a check to the church on the 1st, if I have lumber yard charges on the 3rd or 4th and any day my grandchildren have a fund raiser. by the by this morning I received 100 dollars in what I call funny money from discover, it was for Lowes, (cash back) 90 for 100, yesterday I spent 112, and change at lowes, two 50 dollar cash back rewards, 11 dollar military discount and 1.20 cash. not saying I am getting rich but I have fun doing such.

I very seldom write a check for anything, but when we had 6 yds. of rock delivered this spring (getting ready for Monsoon season...haha...and it helps keep down the dust) the company would only accept cash or check...no CC. We pay our doctor's co-pay ($10) with a check (thank God that's once a year to see him!) but that's about it for checks.

BTW...are you MI??? I grew up in Bay City

 

[mathjak107]

if you link everything to fidelity investment full view you can get spending info with no bookkeeping at all . since every penny we spend for any reason from any where is linked i can click any time frame and see either total spending or a detail . . i don't need to know where money went . i just need to know total spending .unless i had reason , i don't really care where it was spent . if it was something we wanted then i couldn't care less .

knowing where each doillar went may be helpful if you don't have enough income and need to make cuts , other wise i only need a total

 

[KingsX]

if you link everything to fidelity investment full view you can get spending info with no bookkeeping at all . since every penny we spend for any reason from any where is linked i can click any time frame and see either total spending or a detail . . i don't need to know where money went . i just need to know total spending .unless i had reason , i don't really care where it was spent . if it was something we wanted then i couldn't care less .

knowing where each doillar went may be helpful if you don't have enough income and need to make cuts , other wise i only need a total

As I mentioned in my last post, "the psychology of routinely writing down spending, saving and nest egg information helps control spending and helps continue to motivate saving."

And frankly, I don't trust the internet [or "cloud"] to keep my personal records.

 

[mathjak107]

your records are out there regardless . in fact we just got notice from the local pct here do not mail checks and put them in corner mail boxes until further notice .

mail is being stolen all over out of corner mail boxes , checks bleached and re-made out . nothing is safe today but on line stuff is far easier to resolve when there are issues .
personally i looked at our individual categories and quite frankly they are what they are . there is very little we can say we wouldn't do again .

i never needed to break out a budget my entire life and i i have no reason to at this stage . we want to enjoy as much as we can while we can .

i just need to know my limitis each year .

 

[Colleen]

As I mentioned in my last post, "the psychology of routinely writing down spending, saving and nest egg information helps control spending and helps continue to motivate saving."

And frankly, I don't trust the internet [or "cloud"] to keep my personal records.

I'm still old-school when it comes to some things. I have always written down everything in my notebook and will continue to do so as it works for me. I'm retired, so, hey, I've got the time to do it...which doesn't really take very long I also keep a separate password book, which I call my "Bible". My husband is clueless about the internet and since I have everything set up for payments online, his kids need to know what the passwords are to get into these accounts. I've shown them and they're very tech savvy so they'll be able to take care of things if something should happen to me first.

 

[ronaldj]

yes I am from the thumb about 36 miles from BC.

 

[Colleen]

yes I am from the thumb about 36 miles from BC.

Small world, isn't it

 

[KingsX]

your records are out there regardless .

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Not all together in one place. That one place is not on the internet.

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[KingsX]

I'm still old-school when it comes to some things. I have always written down everything in my notebook and will continue to do so as it works for me. I'm retired, so, hey, I've got the time to do it...which doesn't really take very long I also keep a separate password book, which I call my "Bible". My husband is clueless about the internet and since I have everything set up for payments online, his kids need to know what the passwords are to get into these accounts. I've shown them and they're very tech savvy so they'll be able to take care of things if something should happen to me first.

I enjoy keeping my old-school financial records book up to date. I also make it fun by using motivational stickers that teachers use for their students. It suits my style and my needs.

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[mathjak107]

Been decades and never a problem . I have had more issues with individual accounts and credit cards, never because something was linked

 

[KingsX]

Been decades and never a problem . I have had more issues with individual accounts and credit cards, never because something was linked

I have worked with a computer since the 1970s and bought my first desktop computer for home use in 2000. Loved my computer and loved the internet. But now that I am older, my love-affair with the computer is over. The main reason I am still on line is because it's where I get most of my news and information [while knowing that news/info will be slanted.] This forum is one of the few places I go to interact. My old desktop still works. But I doubt I will buy another when it dies. I might rely only on much less capable mobile phone internet access.

 

[mathjak107]

the bottom line is there is no need for book keeping because you accumulate reward points . any book keeping anyone chooses to do is their own doing and choice . but today you can print and file away any statement you like without duplicating it writing things by hand .

 

[Don M.]

With all the thieves and hackers in today's world, it is almost Mandatory for a person to closely watch their accounts for any "suspicious" transactions. I check our accounts...bank, investments, IRA, credit cards, etc., online, frequently, and it only takes a few minutes. Only one time, a couple of years ago, did I spot an incorrect billing...and a quick phone call to the store, and a call to the CC company quickly resolved that issue. Waiting for a "paper" statement can often result in a "delay" of several days/weeks before the error is spotted.
Just be sure, when you log in to an account, that the "HTTPS" appears in the link, and that you use a fairly complex password, and even change it periodically. Nothing is 100% secure anymore, but following some good common sense procedures is the best insurance against becoming a "victim".

 

[mathjak107]

i don't even have to check . i get an e-mail alert with every charge or account transaction automatically . 2 months ago i was sitting at the computer and got a debit card transaction for 2000 in bitcoins pop up . ran down to the bank within minutes and the stopped the transaction . it is still a mystery how those numbers were obtained as i don't use it .

 

[Colleen]

We don't have reward points with our CC's. We've done all the traveling we want to do in our lifetime (it's such a hassle these days!!) and eating out or shopping is not on our agenda either. We have cash back rewards. I'd rather put that in my account then spend time in an airport or eating at a restaurant (I can't hear conversations because of all the background noise) and spending $$$ on food that's over priced or full of "stuff" (like preservatives!) I can't or don't want to put in my body.

I've been using our Ally Visa CC for the last 2 months to purchase just about everything (except Amazon) and I checked yesterday and we have accumulated $112 in cash back so far. We've had a couple unexpected expenses that added to that, but I'd say, in 2 months time that's not bad. I'm happy with it.:love_heart:

 

[KingsX]

I have worked with a computer since the 1970s and bought my first desktop computer for home use in 2000. Loved my computer and loved the internet. But now that I am older, my love-affair with the computer is over. The main reason I am still on line is because it's where I get most of my news and information [while knowing that news/info will be slanted.] This forum is one of the few places I go to interact. My old desktop still works. But I doubt I will buy another when it dies. I might rely only on much less capable mobile phone internet access.

I just posted this yesterday. Today when I clicked into my Yahoo mail box, the box was there but nothing else... nothing...
no emails, no folders of any kind and after testing it, no emails coming in or out. I've contacted Yahoo [it's a paid account.]
The irony is... this my first and major email account that I first set up when I came on the internet in 2000... so whatever
glitch totally wiped it out... just wiped out a huge summary of my internet life. I take that as a huge personal sign.. HUGE !

 

[OneEyedDiva]

I budget $750 per month for possible living expenses items. Based on that if I get 1.5% for everything then I could make $11.25 or $135. My monthly fixed expenses are $240, I estimate that my monthly grocery bill/sundry items is $400, gas runs about $80 or less. Total monthly expenses = $720 could possibly bring me cash back of $10.80 x 12 = $130 annually - IS IT WORTH THE BOOK KEEPING headache? How much does one spend on clothes, entertainment & travel?

My RV park rent is paid semi annually ($1075 for 6 months), can use a card ($16.12 cash back), add to the $130 = $146. Travel expenses is 4000 miles @ 15 MPG $930 x .02 = $18.60. ($146 + 18.60 = $165). I stand to amass a fortune of $165! My lifestyle is very minimal, I don't fly, stay in hotels, usually prepare my own meals, dining is not an event for me I eat to live - not live to eat. Can't hear so I never go to shows or concerts. My movies & reading are taken care of with my library card, all free.

My health is good, my weight is normal, I get my exercise without a club membership. Wife gets my pension, I live very comfortable on my SS, I have medicare/with supplement, my out of pocket drug charges are less than $300 a year. I drive an old vehicle which is paid for, my tax refund covers all my annual expenses including maintenancee & insurance. A vehicle is to get you from point A to point B, if you want to go in style, go but if you don't need the BS status symbol drive an older dependable auto. I have no mortgage, or auto loan.

Where can I make thousands without increasing my outlay? What am I missing? You need to come up with a better reason than insulting me about my risk aversion. I've played the investment game quite well, thank you! Just don't need the worry in my 'Golden Years'.

And you don't think it's an insult to the financial intelligence of those of us who use our rewards that you insinuated we buy "useless stuff" just to get those rewards? Buying unnecessary items as well as paying interest on any charges negates the benefit of getting cash back rewards. I believe in my initial response to the thread I indicated that I pay for everything with rewards cards that i would normally have to pay for with a check (or debit card), except our carrying charges (homeowner expenses) and that's because they don't have a system for it yet. Also not utilities because they charge a $5 fee. So I pay for my streaming services (formerly had cable), cell phone service, food, personal care items, restaurants, vacation and travel expenses, even charitable giving with my rewards cards. Those are expenses I'd have to pay whether I had a rewards card or not. Of course anyone who says "well I'm only going to use the card for this" and omit everything else it could be used for is not going to see the full benefits! And as my cousin used to say "a-yun is better than nay-un" $25 a year is better than $0 I think.

 

[mathjak107]

this is the normal reaction you get from some who try to justify to themselves the fact that others are getting something they are not. you see it all the time in investing topics as well . their rational for not doing something is usually flawed or because it does not apply to them others are wasting their time doing it . just nonsense . this required book keeping nonsense is about as silly as it gets,. it is called believing your own bull-sh%t

.

 

[OneEyedDiva]

this is the normal reaction you get from some who try to justify to themselves the fact that others are getting something they are not. you see it all the time in investing topics as well . their rational for not doing something is usually flawed or because it does not apply to them others are wasting their time doing it . just nonsense . this required book keeping nonsense is about as silly as it gets,. it is called believing your own bull-sh%t

.

Yeah...I was wondering about that bookkeeping comment! The bank does keep track of all of that by a running tally of points earned and used for the year that can be accessed once the account holder logins to the account. My bank even sends a reminder...hey you have X amount of points available to use.

 

[Roadwarrior]

I've been chastised, criticized & insulted for my thoughts on the credit card game, or 'Chasing Rewards' as some call it. I personally get a pension along with my SS. Also have a 401K that pretty well sustains it's value after taking out my required withdrawal yearly for tax purposes. My spouse, then my offspring will enjoy the fruits of my labor. That being said I DID start playing the game in Mar '17. Made a few bucks but obviously played it all wrong. I wasn't into chasing the rewards simply because I neither fly or travel much other than my annual 'snow-birding' to AZ in the winter months (Nov-Mar) then back home to the PacNW so that I don't miss the ungodly wet months. Being diabetic limits my eating habits, so I eat to live, not live to eat. I limit myself to meals at restaurants that are less than $20 including coffee. I don't drink, smoke, enjoy crowds, never did make friends very well so my entertainment dollar is spent on me, movie buff who would rather watch something on my laptop because of my hearing.

This winter while sitting in the sun I came up with a much better plan that piling up the 'cash back'. I changed my outlook on tips to service personnel. I had always been a 20% but found that meals & services started raising prices, but my income stayed much the same, so now I'm at 15% (still paying more than I was in 2009). I also live in a state that has no sales tax, a big perk especially for someone who needs everyday goods more than paying fees at my country club. I still get a few dollars in 'cash back' but don't chase them. I pay cash for things like my gas ($.10 off per gal). Works out to close to a 3.5% immediate return. I bank the rewards in my savings as I go along, Non-existent sales tax (6.5% previous state), gas refunds, match my redeemed cash back & the 5% I saved on service tips. I avoid fees at all times. Amazes me that everyone expects to get a little extra on services that used to be free, & the service has become non-existent.

I had accumulated 6 cards but found that keeping track of the credit limits, FICO scores & monthly payments were a minor headache that should be avoided. I canceled 4 of my cards, yea I know that it will & did ding my score, so beit. I have two cards that have a high limit so it's easier to keep the balances below that magical 6% & reap a few bucks each month for my time. Reading that the average consumer will spend $2,500+ yearly chasing rewards was at first a little disconcerting but found even with my limit outlay each month it was easy to meet that average. Just have to keep score (records) as I go along, gives me something to do in my rather humdrum boring existence according to some posters.

I hang my head in shame for attacking your sacred cow (rewards chasing), I leave quietly knowing full well that there are others more astute or better liars than I. And, being Asperger I want to get the last word.

 

[mathjak107]

we should do those things and still get the rewards points where we can . those things you listed still have nothing to do with paying bills and getting points . you gotta love how people justify their actions .

 

[Colleen]

I've been chastised, criticized & insulted for my thoughts on the credit card game, or 'Chasing Rewards' as some call it. I personally get a pension along with my SS. Also have a 401K that pretty well sustains it's value after taking out my required withdrawal yearly for tax purposes. My spouse, then my offspring will enjoy the fruits of my labor. That being said I DID start playing the game in Mar '17. Made a few bucks but obviously played it all wrong. I wasn't into chasing the rewards simply because I neither fly or travel much other than my annual 'snow-birding' to AZ in the winter months (Nov-Mar) then back home to the PacNW so that I don't miss the ungodly wet months. Being diabetic limits my eating habits, so I eat to live, not live to eat. I limit myself to meals at restaurants that are less than $20 including coffee. I don't drink, smoke, enjoy crowds, never did make friends very well so my entertainment dollar is spent on me, movie buff who would rather watch something on my laptop because of my hearing.

This winter while sitting in the sun I came up with a much better plan that piling up the 'cash back'. I changed my outlook on tips to service personnel. I had always been a 20% but found that meals & services started raising prices, but my income stayed much the same, so now I'm at 15% (still paying more than I was in 2009). I also live in a state that has no sales tax, a big perk especially for someone who needs everyday goods more than paying fees at my country club. I still get a few dollars in 'cash back' but don't chase them. I pay cash for things like my gas ($.10 off per gal). Works out to close to a 3.5% immediate return. I bank the rewards in my savings as I go along, Non-existent sales tax (6.5% previous state), gas refunds, match my redeemed cash back & the 5% I saved on service tips. I avoid fees at all times. Amazes me that everyone expects to get a little extra on services that used to be free, & the service has become non-existent.

I had accumulated 6 cards but found that keeping track of the credit limits, FICO scores & monthly payments were a minor headache that should be avoided. I canceled 4 of my cards, yea I know that it will & did ding my score, so beit. I have two cards that have a high limit so it's easier to keep the balances below that magical 6% & reap a few bucks each month for my time. Reading that the average consumer will spend $2,500+ yearly chasing rewards was at first a little disconcerting but found even with my limit outlay each month it was easy to meet that average. Just have to keep score (records) as I go along, gives me something to do in my rather humdrum boring existence according to some posters.

I hang my head in shame for attacking your sacred cow (rewards chasing), I leave quietly knowing full well that there are others more astute or better liars than I. And, being Asperger I want to get the last word.

First of all...ignore Mathjak. He's a know-it-all...or thinks he is...and has been a pain in the butt on several posts.

Second of all...don't leave. Just because someone doesn't live like you do (but thinks you should), just skip over their comments. I don't see anything wrong with your way of life and how you look at this CC thinking. It's not for everyone. I'm in the same boat as you as far as a "humbrum boring existence". I can't hear in restaurants because of all the background noise...and besides I don't like the food (I'd rather make my own so I know what's in it) and it's ridiculously priced besides. My step-son picked up 2 burgers and a regular order of fries for him and his dad last weekend and it was over $20!!.

I signed up for cashback CC and I'm testing it out for a while to see if it actually is worth keeping track of.

Don't bail out just because of a negative comment or two. You're a part of this group and we value that.

 

[mathjak107]

i just base my comments on facts , it has nothing to do with being a know it all .

no one is chastising his way of life . the whole gripe is only because he made all kinds of nonsensical statements about how those who use rewards buy useless things or have endless record keeping .

hey , if he does not want to take part great , but to try to portray those who do it as morons buying things they don't need or tracking all the parameters about their usage is just nonsense .

some of the statements that are made by some in these forums when it comes to financial matters are just filled with mis-information , old wives tales and just plain old believing your own bull-sh%t

And of course you didn't buy any useless 'stuff' to get those miles.

 

[fmdog44]

I've been chastised, criticized & insulted for my thoughts on the credit card game, or 'Chasing Rewards' as some call it. I personally get a pension along with my SS. Also have a 401K that pretty well sustains it's value after taking out my required withdrawal yearly for tax purposes. My spouse, then my offspring will enjoy the fruits of my labor. That being said I DID start playing the game in Mar '17. Made a few bucks but obviously played it all wrong. I wasn't into chasing the rewards simply because I neither fly or travel much other than my annual 'snow-birding' to AZ in the winter months (Nov-Mar) then back home to the PacNW so that I don't miss the ungodly wet months. Being diabetic limits my eating habits, so I eat to live, not live to eat. I limit myself to meals at restaurants that are less than $20 including coffee. I don't drink, smoke, enjoy crowds, never did make friends very well so my entertainment dollar is spent on me, movie buff who would rather watch something on my laptop because of my hearing.

This winter while sitting in the sun I came up with a much better plan that piling up the 'cash back'. I changed my outlook on tips to service personnel. I had always been a 20% but found that meals & services started raising prices, but my income stayed much the same, so now I'm at 15% (still paying more than I was in 2009). I also live in a state that has no sales tax, a big perk especially for someone who needs everyday goods more than paying fees at my country club. I still get a few dollars in 'cash back' but don't chase them. I pay cash for things like my gas ($.10 off per gal). Works out to close to a 3.5% immediate return. I bank the rewards in my savings as I go along, Non-existent sales tax (6.5% previous state), gas refunds, match my redeemed cash back & the 5% I saved on service tips. I avoid fees at all times. Amazes me that everyone expects to get a little extra on services that used to be free, & the service has become non-existent.

I had accumulated 6 cards but found that keeping track of the credit limits, FICO scores & monthly payments were a minor headache that should be avoided. I canceled 4 of my cards, yea I know that it will & did ding my score, so beit. I have two cards that have a high limit so it's easier to keep the balances below that magical 6% & reap a few bucks each month for my time. Reading that the average consumer will spend $2,500+ yearly chasing rewards was at first a little disconcerting but found even with my limit outlay each month it was easy to meet that average. Just have to keep score (records) as I go along, gives me something to do in my rather humdrum boring existence according to some posters.

I hang my head in shame for attacking your sacred cow (rewards chasing), I leave quietly knowing full well that there are others more astute or better liars than I. And, being Asperger I want to get the last word.

You are smart and deserve praise. Nice post.

 

[fmdog44]

i just base my comments on facts , it has nothing to do with being a know it all .

no one is chastising his way of life . the whole gripe is only because he made all kinds of nonsensical statements about how those who use rewards buy useless things or have endless record keeping .

hey , if he does not want to take part great , but to try to portray those who do it as morons buying things they don't need or tracking all the parameters about their usage is just nonsense .

some of the statements that are made by some in these forums when it comes to financial matters are just filled with mis-information , old wives tales and just plain old believing your own bull-sh%t

"Nonsensical"? You should pay more attention to some of your preachings because the only one in your audience is you. Your data input is 100% from books and that is fine if you are a student in the classroom otherwise, useless in practical applications.