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Originally Posted by Run Silent
Yup - I agree. For what it's worth - I don't borrow money. Period. All my cars, houses, and all other expenditures or assets have been paid for in cash.
I will take advantage of some credit card offers though, but I will use them and dump them. Case in point:
Taking the family to Disney next spring. Capital One had a program were you got 50,000 points (worth 0.01 each) if you spent $3K in the first 90 days. So I opened the card, paid for the hotel and park tickets with it, then used the points I earned (total of about 56,800) from those purchases to credit the balance as a (purchase eraser) for a total of $568. Paid the remaining balance the following week and cancelled the card. Took me a week and about 30 minutes of my time and managed to bilk them out of over five hundred bucks.
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Wish I could say I paid cash for everything and never paid a dime in interest. But took money which I could have paid cash for the house and cars and put in the market and made far more money in the market each year than the interest I every paid. This is finance 101.
I have not paid CC interest in over 25 yrs and I use a CC all the time, with the point they are paying me to spend money for things I would have top buy anyway. The CC company loan me money for 30 days and pay me to load it to me, what could be better. Especially when we use it for work travel expenses. Keep in mind most place do not give cash discounts when you buy something and they already factor the CC fees into purchase price.