* Yearly credit card expenditures *** OLD THREAD REVISITED ***
JohnnyCache
Posts: 1,761 ✭✭✭✭✭
With all the talk about the economy, consumer debt and money velocity I was curious about what peoples average yearly charges to their credit card are (must be personal not business)
Do you even really know?
Prior to the CC companies providing yearly summaries I just paid the current invoice and didn't much think about the spending in its entirety.
I know If I had been asked that question just 5 years or so ago I would have assumed a much lower yearly figure for me personally.
If you were to look around my house nothing speaks to consumer excess.
I don't have all kinds of new fancy devices with the latest bells and whistles.
I still watch television on a traditional television - no need for a flat screen as my TV is still going along just fine.
That said, I feel as if I still spend quite a lot on CC's, despite frequently using cash and sometimes a debit card for purchases.
Note: I have not paid so much as .01 cent in interest in more time than I can remember, perhaps stretching back to when I first got married and had to buy a house full of things. I always pay in full each month. Using the same CC for 10+ years.
What about the average american consumer, what do you think they do yearly?
Do you even really know?
Prior to the CC companies providing yearly summaries I just paid the current invoice and didn't much think about the spending in its entirety.
I know If I had been asked that question just 5 years or so ago I would have assumed a much lower yearly figure for me personally.
If you were to look around my house nothing speaks to consumer excess.
I don't have all kinds of new fancy devices with the latest bells and whistles.
I still watch television on a traditional television - no need for a flat screen as my TV is still going along just fine.
That said, I feel as if I still spend quite a lot on CC's, despite frequently using cash and sometimes a debit card for purchases.
Note: I have not paid so much as .01 cent in interest in more time than I can remember, perhaps stretching back to when I first got married and had to buy a house full of things. I always pay in full each month. Using the same CC for 10+ years.
What about the average american consumer, what do you think they do yearly?
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Comments
<< <i>I still watch television on a traditional television - no need for a flat screen as my TV is still going along just fine. >>
Please tell me that it is a black and white!
I have a 3.9% revolving line of credit with B of A in case of an emergency or opportunity.
In a zero percent savings interest enviornoment CC's have never been more dangerous in the hands of the weak.
Mark
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
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<< <i>I still watch television on a traditional television - no need for a flat screen as my TV is still going along just fine. >>
Please tell me that it is a black and white! >>
No, I'm not that bad...
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I now pay pretty much everything - and we spend a lot to "survive" in the NY area - with 2 of my CCs, the new american way!
Though, every statement is always paid in full before the due date.
<< <i>In a zero percent savings interest enviornoment CC's have never been more dangerous in the hands of the weak.
Mark >>
Truer words could not be spoken Mark.
Now combine that with the fact that nearly every CC has moved to variable interest rates and the Feds may start rate increases in 2015, which most sheeple I believe haven't started to think about in terms of how that may effect them personally. A three dollar savings at the gas pump won't make up for the increase in interest charges, should they go up.
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Charles IV Album
Charles IV Portrait Set
Spanish Colonial Pillar Set
Credit is a great thing if you know how to use it.
<< <i>Less than $15,000 annually 1 (votes) 8.33 (%) >>
Right around $15k annually. I do get 1% cashback (5% of certain items) for a ~$200 kickback/year. Balance is paid in full every month so never an interest charge.
<< <i>about $5K/month or $60K/yr on rewards cash back cards. I get between $50-$100 back every month applied directly to the CC. I charge everything. Phone. Water. Garbage. Food. Gas. Everything. Pay it off every month. I have an ARM mortgage at 2.75% and I pay off an extra $2K/month. Will be paid off in 2 years. HELOC at 2.49%. My FICO is 839.
Credit is a great thing if you know how to use it. >>
My Bank of America rewards card gives me an extra $75 if I let the points accumulate to 300
Menomonee Falls Wisconsin USA
http://www.pcgs.com/SetRegistr...dset.aspx?s=68269&ac=1">Musky 1861 Mint Set
I might change my CC for a different one. I get miles but I'm thinking cash back is better.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>We have no debt including our home >>
+1
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<< <i>We have no debt including our home >>
+1 >>
ofcourse we won't see anyone posting that they are drowning in debt and survive off their CC, that's the unfortunate reality for a lot of good people out there.
<< <i>I pay off my CC every month and mostly use cash however I am considering using my CC on every purchase including my coffee every morning with my Capital One card and take full advantage of the 1.5% cash back on every purchase, it's free money and I honestly can't figure out why I haven't already >>
Herein lies the issue, pay 1000% markup for 1.5% back...
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<< <i>I pay off my CC every month and mostly use cash however I am considering using my CC on every purchase including my coffee every morning with my Capital One card and take full advantage of the 1.5% cash back on every purchase, it's free money and I honestly can't figure out why I haven't already >>
Herein lies the issue, pay 1000% markup for 1.5% back... >>
no clue what your talking about, what markup?
at Walmart & grocery stores I actually use debit card.
everything else cash
some on line purchases I use cc for safety, although I rarely order that much on line
I got jammed once earlier this past year. One of the cards I use, is linked to my checking account so I can just transfer the funds over to pay the card. I think it was nov, I plumb damn forgot to do it , I think the day fell on a sunday or something, low and behold a late charge and intrest charge. I told the bank what happen and they actually took it off. that was nice of them being totally my fault.
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<< <i>I pay off my CC every month and mostly use cash however I am considering using my CC on every purchase including my coffee every morning with my Capital One card and take full advantage of the 1.5% cash back on every purchase, it's free money and I honestly can't figure out why I haven't already >>
Herein lies the issue, pay 1000% markup for 1.5% back... >>
no clue what your talking about, what markup? >>
On the coffee that you are buying; assuming that you aren't brewing it at home.
Member ANA, SPMC, SCNA, FUN, CONECA
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<< <i>I pay off my CC every month and mostly use cash however I am considering using my CC on every purchase including my coffee every morning with my Capital One card and take full advantage of the 1.5% cash back on every purchase, it's free money and I honestly can't figure out why I haven't already >>
Herein lies the issue, pay 1000% markup for 1.5% back... >>
no clue what your talking about, what markup? >>
On the coffee that you are buying; assuming that you aren't brewing it at home. >>
I'm just not understanding you at all, my coffee is $2.79 cash or CC, gas is the only markup I get when I use my card. I'm not brewing my coffee either way though, and for the record I'm not being argumentative I'm just not following what you mean.
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<< <i>I pay off my CC every month and mostly use cash however I am considering using my CC on every purchase including my coffee every morning with my Capital One card and take full advantage of the 1.5% cash back on every purchase, it's free money and I honestly can't figure out why I haven't already >>
Herein lies the issue, pay 1000% markup for 1.5% back... >>
no clue what your talking about, what markup? >>
On the coffee that you are buying; assuming that you aren't brewing it at home. >>
I'm just not understanding you at all, my coffee is $2.79 cash or CC, gas is the only markup I get when I use my card. I'm not brewing my coffee either way though, and for the record I'm not being argumentative I'm just not following what you mean. >>
He's saying that you are prone to use a CC to make purchases for convenience sake~you get 1.5% cash back, but you are paying a much higher premium for that coffee you just bought vs making your own.
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
If I'm getting a Coke and have one in the fridge,im not driving out to use my cc to get the 3 cents cash back.
Always always use a cc if you pay in full and can control yourself. Besides the cash back your getting free "protection" and the cc company will sually be on your side in case of disputes. Which def has value.
Then we just use the cash back money for airline tickets. I ran the numbers years ago and the cash is better than the airline miles..for us. Factoring in convenience, blackout dates, escalating mileage criteria, expiration of certain miles and our amount and frequency of travel. To each his own.
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<< <i>I pay off my CC every month and mostly use cash however I am considering using my CC on every purchase including my coffee every morning with my Capital One card and take full advantage of the 1.5% cash back on every purchase, it's free money and I honestly can't figure out why I haven't already >>
Herein lies the issue, pay 1000% markup for 1.5% back... >>
no clue what your talking about, what markup? >>
On the coffee that you are buying; assuming that you aren't brewing it at home. >>
I'm just not understanding you at all, my coffee is $2.79 cash or CC, gas is the only markup I get when I use my card. I'm not brewing my coffee either way though, and for the record I'm not being argumentative I'm just not following what you mean. >>
He's saying that you are prone to use a CC to make purchases for convenience sake~you get 1.5% cash back, but you are paying a much higher premium for that coffee you just bought vs making your own. >>
He made a personal choice to buy coffee away from home regardless of price. It will cost him the same no matter how he pays, so if they accept a CC, then why not use it and get the cash back? Generally, if a merchant will accept a CC, I will use it, tho I consider something under $5 to be a nuisance transaction. If the merchant is someone who treats me well., I'll use a check to save them the 3%.
Here's a warning parable for coin collectors...
<< <i>I expect that most folks hanging around a PM forum are mindful of where their money goes. It looks like most of us use credits cards to their advantage (earn cash/airline mileage, pay off monthly), or not at all. >>
Yep, just because I have/use a CC doesn't mean that I'll spend like a drunken sailor.
We use it for all our expenses because our card gives us back 2% on all purchases and it goes right onto our son's 529 college fund.
Have accumulated over $20,000 in the 529 over the years.
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<< <i>I pay off my CC every month and mostly use cash however I am considering using my CC on every purchase including my coffee every morning with my Capital One card and take full advantage of the 1.5% cash back on every purchase, it's free money and I honestly can't figure out why I haven't already >>
Herein lies the issue, pay 1000% markup for 1.5% back... >>
no clue what your talking about, what markup? >>
On the coffee that you are buying; assuming that you aren't brewing it at home. >>
I'm just not understanding you at all, my coffee is $2.79 cash or CC, gas is the only markup I get when I use my card. I'm not brewing my coffee either way though, and for the record I'm not being argumentative I'm just not following what you mean. >>
He's saying that you are prone to use a CC to make purchases for convenience sake~you get 1.5% cash back, but you are paying a much higher premium for that coffee you just bought vs making your own. >>
He made a personal choice to buy coffee away from home regardless of price. It will cost him the same no matter how he pays, so if they accept a CC, then why not use it and get the cash back? Generally, if a merchant will accept a CC, I will use it, tho I consider something under $5 to be a nuisance transaction. If the merchant is someone who treats me well., I'll use a check to save them the 3%. >>
I was merely extrapolating what rawteam meant, not making a judgement on why he should or should not use a CC for a purchase. Personally, I wouldn't use plastic for anything under $10, unless I had no cash on me at the time.
Collecting 1970s Topps baseball wax, rack and cello packs, as well as PCGS graded Half Cents, Large Cents, Two Cent pieces and Three Cent Silver pieces.
<< <i>Everything goes on the CC.
We use it for all our expenses because our card gives us back 2% on all purchases and it goes right onto our son's 529 college fund.
Have accumulated over $20,000 in the 529 over the years. >>
You've had a card that gives you 2% cashback for ten years? Which card is that??
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<< <i>Everything goes on the CC.
We use it for all our expenses because our card gives us back 2% on all purchases and it goes right onto our son's 529 college fund.
Have accumulated over $20,000 in the 529 over the years. >>
You've had a card that gives you 2% cashback for ten years? Which card is that?? >>
You have to wonder how those card companies can afford to keep a customer like that. For a time, B of A was giving me 5% bonus back on a lot of things. I'd rack up $300 in reward points in no time and get an extra $75 back on top of that. I wondered how long they could afford that and they finally quit doing that.
<< <i>I use a CC for everything unless I am required to use cash. I get 1.5% cash back on everything I spend, so why wouldn't I? Plus, there are so many credit cards that will give you $100 cashback after spending something like $500 in the first three months... That's free money to me, and I'm not concerned with my credit (currently it is over 800) so I will do that without flinching. >>
When I got my Chase Visa card they were giving back $300 if you charged $500 worth in 3 months. Easiest $$$ I ever made.
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<< <i>Everything goes on the CC.
We use it for all our expenses because our card gives us back 2% on all purchases and it goes right onto our son's 529 college fund.
Have accumulated over $20,000 in the 529 over the years. >>
You've had a card that gives you 2% cashback for ten years? Which card is that?? >>
Fidelity 529 College Rewards Card
With Chase promotions, like that free $300, it's reported and thus taxable. Just got my form saying that free $200 bucks for opening a checking acct wasn't free and added to my interest this year, a total of $202.46 was reported. I'm getting .01% interest..free money!!
<< <i>Onlygoldismoney, that's awesome. Can you give more details how youre netting 6% per year on your purchases? I'd be on that in a minute.Thanks.
With Chase promotions, like that free $300, it's reported and thus taxable. Just got my form saying that free $200 bucks for opening a checking acct wasn't free and added to my interest this year, a total of $202.46 was reported. I'm getting .01% interest..free money!! >>
He said he charges OVER $50,000 per year...so definetely getting less than 6%.
His % return depends on how much he is spending.
We only know it is greater than $50,000.
So I think we know it is around 50...between 50-60.
And the per year makes me think it wasn't just a one year bonus thing. Either way he's doing great.
<< <i>Onlygoldismoney, that's awesome. Can you give more details how youre netting 6% per year on your purchases? I'd be on that in a minute.Thanks.
With Chase promotions, like that free $300, it's reported and thus taxable. Just got my form saying that free $200 bucks for opening a checking acct wasn't free and added to my interest this year, a total of $202.46 was reported. I'm getting .01% interest..free money!! >>
They don't offer the $300 any more. I believe they send you a 1099 only if the amount is $600 or more so I assume they report to the IRS only if the reward amount is $600 or more.
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<< <i>We have no debt including our home >>
+1 >>
ofcourse we won't see anyone posting that they are drowning in debt and survive off their CC, that's the unfortunate reality for a lot of good people out there. >>
Very true and sad words, Perk. My wife has a tech that works in her pharmacy that went out and got a new (used) Mustang for $24,000 after the local Kia dealer wouldn't give her a $10K loan. The girl just filed bankruptcy in January, but gets to keep her car and continues to go out to bars every Friday night and waste money. She also just turned 23.
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<< <i>We have no debt including our home >>
+1 >>
ofcourse we won't see anyone posting that they are drowning in debt and survive off their CC, that's the unfortunate reality for a lot of good people out there. >>
Very true and sad words, Perk. My wife has a tech that works in her pharmacy that went out and got a new (used) Mustang for $24,000 after the local Kia dealer wouldn't give her a $10K loan. The girl just filed bankruptcy in January, but gets to keep her car and continues to go out to bars every Friday night and waste money. She also just turned 23. >>
She may be a nice person, but she appears to be a poor money manager. Nothing wrong with kicking up one's heels on a Friday night as long it doesn't get out of hand or, heaven forbid, one gets careless and ends up as a momma to be; the last thing that someone in her position needs.