Would You Do This? (credit card ques)

We have Discover and they along with some others pay you back after certain amount of purchases. We regularly get checks for $20. We have had this account for several years and we pay it off each month. You could re-invest your money (available to take it back out easily) and earn on that and be earning money on the credit card purchases. We think it's a great deal.

And if they dont deposit your check on time????

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don't know where bin Laden is. I have no idea and really don't care. It's not that important. It's not our priority."
- George W. Bush

My wife bought her BMW with an American Express Card and saved the interest she would have lost by taking the money out of the bank.

Paid the card in full when the thirty days was up.

American express made their money from the car dealer.

Credit is all about management, We have good bank credit and money in the bank in case one of us get's sick and couldn't pay a credit card payment and that way we get the money from the bank and make sure the payment is made to the card company.

We also buy all of our high end items, (freezer, ETC) using company credit card and get the one year no charge financing so we can continue to get the interest on our bank money.

Now I have to add that we are very fortunate to be able to live this way and I, in no way, am not aware that financial troubles are just one step away in most cases. We have lived hand to mouth many times to be able to live the way we do today. It wasn't easy.

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"When you have a freedom, Thank a Soldier"
"When you lose a freedom, Thank a Lawyer"
"When you read this, Thank a Teacher"

We have done this on several things. ex:

Furniture. We had the money but they offered the 0%/6mos. we took it. Worked well. we had the money to buy cash but just kept it in the bank. Worked well.

Tractor.

Savings was getting 3% and Tractor financing was 1.5%/12mos. Keep money in saving pay the intrest and "make a %".We took the low financing ( no other charges) but savings intrest then took a dive and went below the tractor intrest for a net loss. Not a big loss but a loss still. Not so great but it helped keep money in the bank so if something happeded we still could bay cash and not put it in a card. Farm got a tax deduction.

The game is for BIG money and if you play it right it IS free money, but the companies have statistics on their side. The odds are for them to get your money. people do forget/screw up or life happens. It is just like playing the slots. You could win but in the long run the gambling est. will get your money.

Know EXACTLY what you are up against. Always shift the odds to your favor. somethimes even this is not enough. Murphy form Murphy's Law WILL come find you. Bet on him because he is the sure bet.

Would I do free interest again? Yes, but I will always have the money in a savings acct. to pay it off if need be. I would not bet on "making" the money to pay it off. Only do this if you have the cash on hand. If not wait and save some more. My motto is K.I.S.S you know the rest.

I've done it before with 90 days or 6 months free financing offers. Make sure it is paid off WELL before the expiration date. Some guy was on the news a couple years ago whining about how he was only 3 days late on paying on his 6 months free offer and got hit with 7 months of interest. We never wait until close to the due date to pay off the loans and make sure they are paid a month or more in advance. My favorite ones are the ones where you can pay in person (i.e. Sam's Club or Sears) so there is zero chance of them "losing" your payment. We did have a 6 month free loan where they tried that. Told dh the payment must have got lost in the mail. Dh said payment was made in person. Asked him to bring in the receipt. He did and the collection agency (yes, it went to collections before we were notified a payment was missing) dropped the matter. Found out later one of the financing company's clerks was stealing payments. Keep all your receipts for payments and demand a final statement with the final amount due as $0. Sears gets a but upset when you demand $0 balance statements but they always eventually send one. True the company is betting you will not be able to pay off in time, most people don't. Also, be sure to check if they are offering a "cash advance" or if what you are doing is actually a charge. By them being willing to deposit the money in your account I'ld bet it is a cash advance, subject to different terms and fees.