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Originally Posted by cbn42
(Post 21583238)
You are vastly overestimating the mathematical capabilities of the average American.
The math and logic abilities of these so called "journalists" is well below average. I hate what the media has become, and it has a consequence to us when these "journalists" stir up the non-participants with these "do you know what people are doing to get those first-class seats and spending cash" articles. It causes great opportunities to be closed just like with the dollar coins. |
Originally Posted by sgideons
(Post 21582873)
I respectfully disagree. You're not taking into account the fact that you're ALSO earning the 5x on all the meals you would eat out anyway. That's why it's useful to think about both sides of the game: saving money on trips/meal/electronics you are going to buy anyway; but also buying trips/meals/electronics you wouldn't be able to afford without MS. Between the two, you end up living a better/more fun/nicer life than you would if you weren't playing the game.
Now, if that's NOT true, if you end up spending more than you save (on interest, or junk you don't need, or whatever), then you should rethink what you're doing. Juggling dozens of cards with different bonus categories isn't for everyone, but fortunately we also have flat 2% CB cards like the FIA. Bottom line, I try to get rewards cards that offer bonus points in catagories I already spend. I do my best not to let the extra bonuses cause me to spend more in a categorythan I would otherwise. If you do the math and can be well disciplined, the bonus category cards can provide a windfall of extra points. |
Originally Posted by Andy2
(Post 21585222)
I think the math and logic abilities of FTers and FWers is well above average.
Just as a research physicist who reads the top scientific journals is not likely to be interested in a layman's article on physics in the daily newspaper, we FTers are not likely to be interested in the mass media's articles on MS. That doesn't mean that it isn't relevant or interesting to the general public.
Originally Posted by Andy2
(Post 21585222)
The math and logic abilities of these so called "journalists" is well below average. I hate what the media has become, and it has a consequence to us when these "journalists" stir up the non-participants with these "do you know what people are doing to get those first-class seats and spending cash" articles. It causes great opportunities to be closed just like with the dollar coins.
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Honest and government don't belong in the same sentence since the only politician ever called honest was shot long ago in Ford's Theater.
Originally Posted by cbn42
(Post 21587258)
...It may suck for us, but that is exactly what the media is supposed to do, encourage the free flow of information. It keeps everyone honest, including the government, businesses and individuals.
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Originally Posted by cbn42
(Post 21587258)
The Yahoo article was clearly intended for the average American, not for FTers.
But yes -- so long as the average, consumer sheep keep flocking, there will be opportunities for FTers to keep flying. |
Yahoo Finance, offering leading financial advice since... never.
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Managing credit cards needs discipline.
I DO carry a balance ....about $35,000 balance on 3 of my CC @ 0 % for 12-18 months ....with about 80% debt to limit ratio on those CC ...paying about 1% in fees and keep shifting the balances depending on the best BT offers. That strategy is saving me thousands of dollars a year in interest that I used to pay on my student loans ....which used to be about $55,000 @ ~9% interest...a bit risky to do but worth it for me... At the same time I'am still churning cards and doing about $30 K in MS month with no problems ...credit scores 750+...so its all relative...and having a high credit lines among all CC helps a lot .. |
Originally Posted by OHijAAzi73
(Post 21605824)
Managing credit cards needs discipline.
I DO carry a balance ....about $35,000 balance on 3 of my CC @ 0 % for 12-18 months ....with about 80% debt to limit ratio on those CC ...paying about 1% in fees and keep shifting the balances depending on the best BT offers. That strategy is saving me thousands of dollars a year in interest that I used to pay on my student loans ....which used to be about $55,000 @ ~9% interest...a bit risky to do but worth it for me... At the same time I'am still churning cards and doing about $30 K in MS month with no problems ...credit scores 750+...so its all relative...and having a high credit lines among all CC helps a lot .. |
Originally Posted by farwest101
(Post 21610629)
Why not just pay off those student loans? $35K, with any decent salary, can be paid off in a year or two. I'd stop all MS/travel until that was done...
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Originally Posted by farwest101
(Post 21610629)
Why not just pay off those student loans? $35K, with any decent salary, can be paid off in a year or two. I'd stop all MS/travel until that was done...
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Originally Posted by cbn42
(Post 21612448)
If the interest rate on the loans (effectively 0% with the balance transfer offers) is less than the interest the money is making in the bank, then it is not logical to pay them off.
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Originally Posted by cbn42
(Post 21612448)
If the interest rate on the loans (effectively 0% with the balance transfer offers) is less than the interest the money is making in the bank, then it is not logical to pay them off.
Use some common sense. Just hunker down for a few years, pay off the debt, and then go enjoy yourself without a monkey on your back. |
Originally Posted by cashback
(Post 21612541)
Unless the OP has enough money to completely pay the loans, it is pretty risky to hold 35K+ on CCs while doing MS. MS activity could result in some sort of AA, which can harm your credit and might end your opportunities to BT. That leaves the OP having to pay the entire balance, or pay CC interest.
Originally Posted by farwest101
(Post 21612682)
? Such "thinking" is the same as the fools who speculated, er, invested in homes about a decade ago. Some even took out 110% LTV loans and "invested" in the stock market - and got cremated on both their housing "investments" and in the stock market - because, logically, with homes rising "forever", and the stock market on a 20 year bull run, what could possibly go wrong?:rolleyes:
Use some common sense. Just hunker down for a few years, pay off the debt, and then go enjoy yourself without a monkey on your back. As long as it is possible to make minimum payments and keep paying down the loan with 0% interest, there is no reason to pay it off more quickly. If the user does not have enough cash on hand, then there is the risk that 0% balance transfer offers will dry up and he will be stuck with a high-interest rate loan that he cannot immediately pay. That risk needs to be assessed carefully. |
Originally Posted by cbn42
(Post 21613450)
I am assuming that the user has enough cash to pay off the loans at any time if necessary (which is not an unreasonable assumption for someone with $35K in loans and a 750 credit score).
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Originally Posted by cashback
(Post 21613838)
Idk how a person's credit score can be used to make the assumption that they have 35K of cash in the bank. I would not call that assumption reasonable.
It doesn't have to be cash in the bank. It can be any liquid assets, like stocks or bonds, that can be sold if necessary without penalty in the unlikely event that no more 0% BT offers are available. |
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