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* Yearly credit card expenditures *** OLD THREAD REVISITED ***

JohnnyCacheJohnnyCache Posts: 1,673 ✭✭✭✭✭
edited March 11, 2024 2:25PM in Precious Metals
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?

«1

Comments

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    MGLICKERMGLICKER Posts: 7,995 ✭✭✭


    << <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!
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    JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭
    A lot. But I pay it all off monthly.

    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
    Walker Proof Digital Album
    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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    BAJJERFANBAJJERFAN Posts: 30,992 ✭✭✭✭✭
    I think somewhere around $40K, give or take. I screwed up once and paid $14 in interest.
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    JohnnyCacheJohnnyCache Posts: 1,673 ✭✭✭✭✭


    << <i>

    << <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...

    image
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    nibannynibanny Posts: 2,761
    I used primarily cash (the old italian way) until last year when I found that CC companies give CASHBACKS! image
    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! image
    Though, every statement is always paid in full before the due date.
    The member formerly known as Ciccio / Posts: 1453 / Joined: Apr 2009
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    JohnnyCacheJohnnyCache Posts: 1,673 ✭✭✭✭✭


    << <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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    dbcoindbcoin Posts: 2,200 ✭✭
    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.
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    VanHalenVanHalen Posts: 3,813 ✭✭✭✭✭


    << <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.

    image
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    BAJJERFANBAJJERFAN Posts: 30,992 ✭✭✭✭✭


    << <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
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    Timbuk3Timbuk3 Posts: 11,658 ✭✭✭✭✭
    CC debit balance = $.00
    Timbuk3
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    perkdogperkdog Posts: 29,522 ✭✭✭✭✭
    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
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    Musky1011Musky1011 Posts: 3,899 ✭✭✭✭
    We have no debt including our home
    Pilgrim Clock and Gift Shop.. Expert clock repair since 1844

    Menomonee Falls Wisconsin USA

    http://www.pcgs.com/SetRegistr...dset.aspx?s=68269&ac=1">Musky 1861 Mint Set
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    MsMorrisineMsMorrisine Posts: 32,219 ✭✭✭✭✭
    Secret


    I might change my CC for a different one. I get miles but I'm thinking cash back is better.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
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    derrybderryb Posts: 36,212 ✭✭✭✭✭
    using a CC to get the cash back is a good strategy as long as one can control the spending. It's often too easy to use the card when you wouldn't normally make the purchase using cash. Frugality is important when carrying the card. I find that putting my card where the dollars go in my wallet helps me think twice before pulling it out. 1-2% is only good if you are paying zero interest each month.

    Give Me Liberty or Give Me Debt

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    BAJJERFANBAJJERFAN Posts: 30,992 ✭✭✭✭✭


    << <i>We have no debt including our home >>



    +1
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    perkdogperkdog Posts: 29,522 ✭✭✭✭✭


    << <i>

    << <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.
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    rawteam1rawteam1 Posts: 2,472 ✭✭✭


    << <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...
    keceph `anah
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    perkdogperkdog Posts: 29,522 ✭✭✭✭✭


    << <i>

    << <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?
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    StorkStork Posts: 5,205 ✭✭✭✭✭
    I use my cc for just about everything, but haven't carried a balance in well over a decade. It's a Upromise branded card, and instead of cash back or miles I get anywhere from 1-8% (depending on the shop) deposited into a 529 plan. I have at least 10k from using Upromise just by everyday shopping, including coins image.

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    jdimmickjdimmick Posts: 9,602 ✭✭✭✭✭
    I use cc where its convienent 99% of the time for gas, saves time not having to go inside.

    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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    BAJJERFANBAJJERFAN Posts: 30,992 ✭✭✭✭✭


    << <i>

    << <i>

    << <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.
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    rawteam1rawteam1 Posts: 2,472 ✭✭✭
    Bingo...
    keceph `anah
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    2ndCharter2ndCharter Posts: 1,642 ✭✭✭✭✭
    I put anything and everything on the card and then pay off the balance every month - love to rack up those many thousands of air miles. Over the past 20 years, I've accumulated well over half a million air miles.

    Member ANA, SPMC, SCNA, FUN, CONECA

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    perkdogperkdog Posts: 29,522 ✭✭✭✭✭


    << <i>

    << <i>

    << <i>

    << <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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    grote15grote15 Posts: 29,532 ✭✭✭✭✭


    << <i>

    << <i>

    << <i>

    << <i>

    << <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.
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    seebelowseebelow Posts: 1,643 ✭✭✭
    But I think he's buying the coffee either way. So a markup, no matter how steep, doesn't matter....you're spending the money either way.
    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.
    Interested in higher grade vintage cards. Aren't we all. image
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    perkdogperkdog Posts: 29,522 ✭✭✭✭✭
    Yes Im buying the coffee either way, what I am saying is Im thinking of using my card on the things I buy reguraly and getting the 1.5% cash back for free. I will buy what I want regardless if I have cash or CC on me, meaning that my spending will not change one bit so why not get the 1.5% cash back. Sorry for being a dumbell and not getting what the point was, too many Doubles at work so Im a bit slow image
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    OnlyGoldIsMoneyOnlyGoldIsMoney Posts: 3,299 ✭✭✭✭✭
    Over $50,000 a year. Bonus offers and cash back net me about $3,000 per year from the CC companies. Last year I paid no interest.
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    BAJJERFANBAJJERFAN Posts: 30,992 ✭✭✭✭✭


    << <i>

    << <i>

    << <i>

    << <i>

    << <i>

    << <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%.
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    dpooledpoole Posts: 5,940 ✭✭✭✭✭
    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.
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    My wife and I haven't used a credit card in almost three years. If we can't pay cash (or use debit) for something we don't buy it, period!
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    johnny9434johnny9434 Posts: 27,515 ✭✭✭✭✭
    it varies year to year.
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    BAJJERFANBAJJERFAN Posts: 30,992 ✭✭✭✭✭


    << <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.
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    mariner67mariner67 Posts: 2,746 ✭✭✭
    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.
    Successful trades/buys/sells with gdavis70, adriana, wondercoin, Weiss, nibanny, IrishMike, commoncents05, pf70collector, kyleknap, barefootjuan, coindeuce, WhiteTornado, Nefprollc, ajw, JamesM, PCcoins, slinc, coindudeonebay,beernuts, and many more
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    grote15grote15 Posts: 29,532 ✭✭✭✭✭


    << <i>

    << <i>

    << <i>

    << <i>

    << <i>

    << <i>

    << <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.
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    morbidstevemorbidsteve Posts: 571 ✭✭✭
    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.
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    morbidstevemorbidsteve Posts: 571 ✭✭✭


    << <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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    BAJJERFANBAJJERFAN Posts: 30,992 ✭✭✭✭✭


    << <i>

    << <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.
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    BAJJERFANBAJJERFAN Posts: 30,992 ✭✭✭✭✭


    << <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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    mariner67mariner67 Posts: 2,746 ✭✭✭


    << <i>

    << <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
    Successful trades/buys/sells with gdavis70, adriana, wondercoin, Weiss, nibanny, IrishMike, commoncents05, pf70collector, kyleknap, barefootjuan, coindeuce, WhiteTornado, Nefprollc, ajw, JamesM, PCcoins, slinc, coindudeonebay,beernuts, and many more
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    seebelowseebelow Posts: 1,643 ✭✭✭
    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!!
    Interested in higher grade vintage cards. Aren't we all. image
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    mariner67mariner67 Posts: 2,746 ✭✭✭


    << <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.
    Successful trades/buys/sells with gdavis70, adriana, wondercoin, Weiss, nibanny, IrishMike, commoncents05, pf70collector, kyleknap, barefootjuan, coindeuce, WhiteTornado, Nefprollc, ajw, JamesM, PCcoins, slinc, coindudeonebay,beernuts, and many more
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    seebelowseebelow Posts: 1,643 ✭✭✭
    Fair enough but if it were, say, $62k then he would have probably said over $60k he made 300.
    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.
    Interested in higher grade vintage cards. Aren't we all. image
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    dantheman984dantheman984 Posts: 861 ✭✭✭
    My wife and I charge around 50,000 per year. Never pay interest, always pay it off monthly. We like to cruise in the Winter and all our points go to Royal Caribbean. We get free cruises, on board credit etc. Works out very well for us.
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    gsa1fangsa1fan Posts: 5,566 ✭✭✭
    Never owned one, always pay my way up front or do withoutimage
    Avid collector of GSA's.
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    BAJJERFANBAJJERFAN Posts: 30,992 ✭✭✭✭✭


    << <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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    CNoteCNote Posts: 2,070


    << <i>

    << <i>

    << <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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    BAJJERFANBAJJERFAN Posts: 30,992 ✭✭✭✭✭


    << <i>

    << <i>

    << <i>

    << <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.
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    rickoricko Posts: 98,724 ✭✭✭✭✭
    We pay off CC's monthly, but have a couple that give points/miles......adds up after a while.. Cheers, RickO
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    TwoSides2aCoinTwoSides2aCoin Posts: 43,849 ✭✭✭✭✭
    What I spend at the mint, on the business, at PCGS and other venues is in the six figure range every year. About half on C/C. That's not 3 figures. LOL
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