Credit Card Rewards

[Texas_Signmaker]

I signed up for Chase Ink card and got a $500 bonus in the first month.

I did this with the Capital One spark card last year...they offered $500. Got one for myself and one for my wife so we banked $1000.

I'm using that $500 to pay for airfare for extra trip this summer. Just wanted to let you guys know you should take the 5 minutes and get a card because the bonuses are getting good now.

Oh and forget AMEX.. I signed up and never got the bonus it said it promised.

 

[ddarlak]

been doing this for years, i average about $2000 a year in bonuses. i have about 20 credit cards

open, use til i get rewards ,move on to next one. doesn't affect your credit score, (825)

 

[ikarasu]

Most cards have a once a year limit to their rewards. But yes... it's good to cycle cards in and out to get rewards. So long as you have decent credit, and a long history... It wont affect your score.

It will lower it a bit - So if you plan on buying a house, or taking out a loan... as always, dont open any new credit before hand. They average the age of all your accounts... So your 10 year credit history drops to 5 years if you have 2 cards and open a second, etc.

I've got tons of free ipads, cash, even a TV. Now I don't do it unless I get at least $500 back.

Just be sure to be credit smart - To get the bonus cash back, of course you have to use the card. But if it gives 10% Cash back for 6 months... And you dont pay it off before your interest hits... There goes your 10%. And remember, interest hits after 3 weeks... not 1 month. So pay off everything you spend before 21 days!

 

[Texas_Signmaker]

Are there any other cards besides Chase Ink and Capital One Spark doing the $500 bonus?

 

[White Haus]

I got an Amex Gold card a few years back and have carefully been using it. Doesn't have a limit so it could potentially be dangerous but I just use it to get points then pay it down.

We also just got a TD Business Travel Visa last summer and I've already got quite a bit of points on it just from paying our suppliers. Nice to make money back on materials you need to buy anyways!

 

[WildWestDesigns]

I'm on the other end of the spectrum here. To me, it's just not worth it to have multiple CCs out there for rewards (even if it was nothing but cash reward (and that's about the only reward that would interest me)).

Now, some of my jaded view on this could be from that fact that in my experience (and this is only my experience) those that I've known to indulge in this, don't really even need one CC. They should only do debit cards.

 

[Texas_Signmaker]

I'm on the other end of the spectrum here. To me, it's just not worth it to have multiple CCs out there for rewards (even if it was nothing but cash reward (and that's about the only reward that would interest me)).

Now, some of my jaded view on this could be from that fact that in my experience (and this is only my experience) those that I've known to indulge in this, don't really even need one CC. They should only do debit cards.

Using a debit card for a business can be dangerous. Credit cards provide much better protection, extensions of warranty, rental car insurance. I don't "need" the credit either but at 2% cashback I pay everything I can (except for mortgage and gas bill) with the credit card and average about $70-$100 in cash-back per month. I pay the balance on the card once a week. On my phone, I deduct from my checking account balance anytime I spend on the CC so I always know where I'm at.

Having a direct link to your business checking is not a good idea in the era of easy credit card and identity theft fraud.

Business are held at a higher standard when it comes to protecting their checking account. For example, if someone steals your checks and starts writing on them, the bank can interview you and ask how you secure your checks? Are they locked in a drawer or do they sit out on your desk. If you tell them they just sit out on your desk the bank has the legal right to hold YOU accountable for the loss. Same with a debit card. Be careful!

 

[White Haus]

Business are held at a higher standard when it comes to protecting their checking account. For example, if someone steals your checks and starts writing on them, the bank can interview you and ask how you secure your checks? Are they locked in a drawer or do they sit out on your desk. If you tell them they just sit out on your desk the bank has the legal right to hold YOU accountable for the loss. Same with a debit card. Be careful!

I'm getting off-topic here - but this happened to us last summer and was painful to deal with. There was no interviews or interrogation from the bank but some meth heads sure had a field trip with the 100 or so cheques they stole from our office. Who knew they could be so sophisticated and actually print fake company cheques? The worst part is, they actually had (mostly major banks) some tellers that were dumb enough to cash them, and got almost $5k out of us. TD Canada Trust refunded us all of it and we shut down that account to stop the bleeding but we still get calls every now and then verifying our "employee" that was cashing his "paycheck". The first dozen phone calls I got like that, my reaction was to tell them to hold them so I can come "talk" to my "employee" but after several unsuccessful hunts I moved on. Dealt with a detective for months and wasted tons of time recovering the confiscated cheques and although they have all these different scumbags on camera committing cheque fraud I've yet to hear of any arrests.

Moral of the story - get a safe that is bolted down or some kind of stash box for your cheques. Cash is one thing but stolen cheques will continue to haunt you for months/years.

<end rant>

 

[WildWestDesigns]

Using a debit card for a business can be dangerous.

I never said that it was related to business account.

Myself, I don't have any cards or even physical checks attached to my business accounts. Everything is done electronically (which have to worry about another set of criminals, but that's another story).

 

[Johnny Best]

I have bank credit cards, American Express which I use the most, AARP credit card, checks for #5 bank accounts and almost all my bills are paid through online where they take my money from a checking account. I change the pass codes about every 4 months on bank accounts that are online. And every year get a new American Express card with new numbers just to be on the safe side, if there is one.

 

[rjssigns]

Only one card here. Costco Business. Average rebate is over $400 per year. Can't get anything else since we were caught up in the Equifax security breach and froze everything.
Wanted to get the Spark card so I talked to them directly and explained the situation. Clowns on the other end said I have to un-freeze all accounts for at least 30 days. Told them no way. Why should I have to when all you do is crow about how it only takes ten minutes to get approved. Crickets...

I'm old enough to remember getting credit cards before stupid entities like Equifax existed. So simple. Got a job? Yup. Got an account? Yup. You're good to go.

 

[Johnny Best]

Costco use to work with American Express credit cards but they changed that a couple of years ago.

 

[rjssigns]

Costco use to work with American Express credit cards but they changed that a couple of years ago.

Yup, it's now Visa. I remember a couple years ago when I got my rebate. Woman standing behind me said Holy C#@P! How did you do that. I turned around and told her; "Books and tuition".

 

[Texas_Signmaker]

Only one card here. Costco Business. Average rebate is over $400 per year. Can't get anything else since we were caught up in the Equifax security breach and froze everything.
Wanted to get the Spark card so I talked to them directly and explained the situation. Clowns on the other end said I have to un-freeze all accounts for at least 30 days. Told them no way. Why should I have to when all you do is crow about how it only takes ten minutes to get approved. Crickets...

I'm old enough to remember getting credit cards before stupid entities like Equifax existed. So simple. Got a job? Yup. Got an account? Yup. You're good to go.

You have to unfreeze the accounts that's the point of the freeze. I have all 3 of mine frozen. I only un freeze them for one day, it should only take about 20 seconds online to unfreeze them. And it doesn't cost anything anymore.

The whole point of them being frozen is that no one can open up any kind of credit or credit card.

 

[Christian @ 2CT Media]

We have had a chase ink card for 8 years. We have amassed 3.5 million points in its lifetime and we literally pay for everything with it. I even negotiate with my vendors to buy equipment on it so we get the extra 1 year of warranty ( have used it on our latexes 3 times now).

I seriously don't know why most people don't use cards to get a rebate... You are paying for it anyway might as well get 1-5% off.

 

[WildWestDesigns]

I seriously don't know why most people don't use cards to get a rebate... You are paying for it anyway might as well get 1-5% off.

The only purchases that I use on the CC are very very small. Again, I don't use them for business at all. None are linked to my accounts.

My main thing against them is getting new/more cards solely for the "free" stuff/rebates.

Considering here in this state it's ok for people to pass along CC usage charges (although that's not in every state), it all comes out in the wash anyway. My motivation for using them has just gone down.

 

[Christian @ 2CT Media]

The only purchases that I use on the CC are very very small. Again, I don't use them for business at all. None are linked to my accounts.

My main thing against them is getting new/more cards solely for the "free" stuff/rebates.

Considering here in this state it's ok for people to pass along CC usage charges (although that's not in every state), it all comes out in the wash anyway. My motivation for using them has just gone down.

We have kept the same card for 8 years. We just got new card that has better employee controls so we are switching over to that one.

We pay our card monthly and have never carried a balance... We treat it like cash. I agree with the fees now far outweighing the benefits, but those fees are few for us currently.

 

[TimToad]

I'm getting off-topic here - but this happened to us last summer and was painful to deal with. There was no interviews or interrogation from the bank but some meth heads sure had a field trip with the 100 or so cheques they stole from our office. Who knew they could be so sophisticated and actually print fake company cheques? The worst part is, they actually had (mostly major banks) some tellers that were dumb enough to cash them, and got almost $5k out of us. TD Canada Trust refunded us all of it and we shut down that account to stop the bleeding but we still get calls every now and then verifying our "employee" that was cashing his "paycheck". The first dozen phone calls I got like that, my reaction was to tell them to hold them so I can come "talk" to my "employee" but after several unsuccessful hunts I moved on. Dealt with a detective for months and wasted tons of time recovering the confiscated cheques and although they have all these different scumbags on camera committing cheque fraud I've yet to hear of any arrests.

Moral of the story - get a safe that is bolted down or some kind of stash box for your cheques. Cash is one thing but stolen cheques will continue to haunt you for months/years.

<end rant>

Didn't you or your office manager notice the suspicious checks being cashed against your account?

We check our balances and look for suspicious activity on a daily basis. As checks are cashed, we can look at an image of the check.

It wouldn't take but one or two attempts for us to realize something was wrong and alert the bank and police.

 

[TimToad]

Only one card here. Costco Business. Average rebate is over $400 per year. Can't get anything else since we were caught up in the Equifax security breach and froze everything.
Wanted to get the Spark card so I talked to them directly and explained the situation. Clowns on the other end said I have to un-freeze all accounts for at least 30 days. Told them no way. Why should I have to when all you do is crow about how it only takes ten minutes to get approved. Crickets...

I'm old enough to remember getting credit cards before stupid entities like Equifax existed. So simple. Got a job? Yup. Got an account? Yup. You're good to go.

"Stupid" credit reporting bureaus?

Without them, you'd have even more fraud, more defaults on loans, more bankruptcies, etc.

Proving one's credit worthiness is a critical safeguard to our entire economy.

Did you watch 60 Minutes on Sunday? One segment was about the biggest single hacker ever identified. Over a million computers and bank accounts hacked over a 10 year period. I'm sure that without the FBI Cyber crime division and the help of the credit bureaus, he'd still be doing it.

 

[rjssigns]

"Stupid" credit reporting bureaus?

Without them, you'd have even more fraud, more defaults on loans, more bankruptcies, etc.

Proving one's credit worthiness is a critical safeguard to our entire economy.

Did you watch 60 Minutes on Sunday? One segment was about the biggest single hacker ever identified. Over a million computers and bank accounts hacked over a 10 year period. I'm sure that without the FBI Cyber crime division and the help of the credit bureaus, he'd still be doing it.

And these same bureaus you defend completely F#$@^ED me, my wife and business. When everything you own, built, and have invested is one click away from disappearing you will see things far differently.
No way for you to spin that to make me think they're useful.