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Open Roads Forum  >  Full-time RVing

 > monthly budget using a credit card

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rr2254545

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Posted: 07/29/12 11:45am Link  |  Print  |  Notify Moderator

remoandiris wrote:

josten367 wrote:

Playing with credit cards and companies most of the time come with bad out comes.


Only if YOU let it. As others have implied, if the balance is paid off each month, it is no different than paying cash. The bonus is rewards, cash back, etc.

Only people with lousy planning need worry about credit cards getting out of hand.


x2 well said, went to Europe last fall for only $80 taxes and 155K miles on Amex


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Johnworth914

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Posted: 07/29/12 12:25pm Link  |  Print  |  Notify Moderator

josten367 wrote:

Playing with credit cards and companies most of the time come with bad out comes. Cash is the way to go if you ask me or Dave Ramsey.
.


Credit cards are neither good nor bad in and of themselves. They are just tools to be used. For 25 years I have used Credit cards to the fullest extent possible.

In the time I have never paid one cent in interest, but I have made several thousand dollars in cash rewards.

I will agree that for those lacking the discipline to stick to their budgets and to pay off the card every month on time, then cash might be a better alternative.


Alaska is next! Still trying to fit the pontoons to the RV so We can get to Hawaii!


pawatt

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Posted: 07/29/12 01:09pm Link  |  Print  |  Notify Moderator

noplace2 wrote:

I have to be a CC company's idea of the worst customer ever.....


Not really, they still charge the merchant from 1% - 3% on every transaction so they still make money even if you pay in full monthly.

TOOBOLD

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Posted: 07/29/12 01:45pm Link  |  Print  |  Notify Moderator

We use CC to pay any all bills possible. If I could pay my mortgage with a CC I would. They have to be paid anyway why not get miles. We flew to Kauai for free in March and already have 65K miles towards are next big vacation. We have the Chase Freedom and happy with it. This months 5% cash back is gas and restaurants. In addition to this we get 10 miles for every purchase and average over 150 purchases a month. Then I get 1% cash back on monthly purchases for having a Chase bank account.

If I buy anything online I the Ultimate Rewards website and get even more bonus miles for stuff I was going to buy anyway. Husband travels for work we book hotels on the Chase website and get more bonus miles and then the company reimburses him for the expenses. It's a win win for us.

orgelmo

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Posted: 07/29/12 02:07pm Link  |  Print  |  Notify Moderator

We have been full-timing for 9 years now, most of our bills are sent to that CC.
We opted for the money back, and use that to eat out with.
We also pay off the balance every month.
But, I did that way when we weren't full-timing, just made more sense, and I have a record of where the money goes every month.


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nalcon

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Posted: 07/29/12 05:25pm Link  |  Print  |  Notify Moderator

My CC bill ends on the 3rd of each month. I make all my big purchases after the 3rd and I have up to 45 days to pay and keep the cash in my pocket. We aren't full timers but have used CC exclusively for all purchases. Discover has a spend analyzer that categorizes your expenses. I can see my monthly expenses over the last five years. That helps me plan for my retirement.

It's crucial to pay it off each month to avoid interest charges.


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Dance Chick

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Posted: 07/29/12 10:14pm Link  |  Print  |  Notify Moderator

I've been paying for just about everything with a credit card for years. I like to get the cash reward. As to CC's being bad....I have a monthly budget FIRST and keep track of my spending per the budget. Of course, I never carry a balance or pay an annual fee. There are studies that say that you spend more with CC's since it's so easy and you're not letting go of the actual cash. Having your money allocated via a budget BEFORE you start spending will keep you on track.


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waltfire

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Posted: 07/30/12 05:43am Link  |  Print  |  Notify Moderator

I think I'm going to go forward with this plan. I think though I will pay the charges as I accrue them. I believe for me I need to see the checkbook going down versus having a few thousand in checking that's not really yours waiting on the bill at the end of the month.

valhalla360

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Posted: 07/30/12 11:14am Link  |  Print  |  Notify Moderator

Remeber, it's not just the interest and fees that they make the money on, it's the extra stuff you buy.

I believe it was McDonalds who found that people spend 37% more when they pay by CC. Suddenly, they had credit card machines.

There is no free lunch and you probably aren't the exception who can take advantage of the system.

Now for the responses you will hear about how strong willed everyone is....


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waltfire

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Posted: 07/30/12 12:16pm Link  |  Print  |  Notify Moderator

I think you are right in many ways and I know I'm not any exception to the rule. Like many others I have found myself in credit card trouble before. I have learned my lesson and will never go there again. But for items you are going to buy anyway like fuel, campgrounds, groceries, it seems to make sense to pick up a little back to spend somewhere else, plus I put very stengent limits on my card like $1000.00 to never be increased unless I call, no automatic increases.

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