Manufactured spending. Spending money on things that can be easily liquidated for cash to get cash back / points on the purchase.Credit Card Schemes?
Credit Card Discussion Thread
- Thread starter Blackout
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Thats not really a scheme though, Thats just leverage. Breh made it sound like he wanted to commit fraud
Isn’t leverage is using credit to purchase assets to make money on. Manufactured spending is a scam where you’re fake spending to milk out card rewards. The spending is on stuff you liquidate to pay right back so you’re effectively not really buying anything.Thats not really a scheme though, Thats just leverage. Breh made it sound like he wanted to commit fraud
Thinking about copping the US Bank rewards card where you get 5% on a sector of your choosing. Does anyone have any experience with the card and whether it's worth it?
It's my 5% back at Best Buy card. Also I use it for 5% back on utilities. I never change the categories from those 2 but works great.
Got declined for a AMEX Blue Cash Preferred card 
but approved for a Chase Freedom Unlimited with a 4,500 limit, 20.74% APR and a 0% APR for the first 15 billing cycles 
but approved for a Chase Freedom Unlimited with a 4,500 limit, 20.74% APR and a 0% APR for the first 15 billing cycles
I’m going to apply for one at a later date. I plan to keep my Freedom and get the signup bonus for the Flex.
Controversy
Superstar
Got declined for a AMEX Blue Cash Preferred card
20.74% is super high. You want to be under 12%.
You can't be under 12% with that card. I ended up applying for it so I can put an Xbox on it and the best rate is around 15% which I got. Interest rates are irrelevant to me because I always pay the due balance and never pay interest. On a cash back card you should never be paying interest.
Controversy
Superstar
Life happens breh, balances carryover. You'd rather get a low interest rate card, just in case.
Life doesn't happen that way. You should have money saved for life's emergencies. If you hit a real emergency a credit card isn't gonna save you. short term it will put the situation off and long term make it far worse.
It's all about living far under your means. People shouldn't buy things on a credit card that can't afford to payed for in cash before the bill is due.
Controversy
Superstar
the avg American has credit card debt
Get a low interest card bc you save in the long run
Having credit card debt is no big deal. Paying interest on credit card debt is a big deal. If you have good credit you can always pull a 0% interest card or even an offer on a card you already have.
Anybody paying interest on a credit card is living outside their means and needs to re-evaluate their finances. Credit card interest is financial rape. Once you fall to the point of having to pay it your balances tend to inflate so bad you'll likely not get out of debt.
I have cards with terrible interest rates. Again doesn't matter cause I haven't paid any interest is almost a decade once I figured out how to use credit.
Controversy
Superstar
You're discussing an ideal scenario that most ppl don't follow...esp folks that are already in debt
High interest credit cards are the devil
Low interest credit cards can save ppl thousands of dollars
And the sad part is, African Americans rarely try to negotiate lower rates...just simply accept those high ass rates & get buried in debt
Not I said the cat, gimme the lowest rate possible