Capital One took money out of my bank account without authorization...

[Delhommey]

Costco always has the cheapest gas around here...throw in the AMEX cash back...sweet deal and well worth the extra drive to get there for me.

I was quite pleased when they went to 3% back on gas, but here there are times local stations are the same, so their prices aren't that big of a draw. It's not that big of a deal though as I have to really try hard to spend $100 a month on gas anyways.

Now restaurants and bars on the other hand...

[Ja Rhule]

Only a good suggestion if you don't have the dedication and intelligence to pay it off every month.

Given the cash back options...frequent flyer point options...etc on credit cards, you are better off putting everything you can on your card and then paying it off at the end of every month.

This only gets in trouble if you can't budget and ensure that you don't charge items AND spend the money needed to pay it off.

This is just like people who think it is a good idea to be getting a tax refund. Dumbest thing you can do with yoru taxes. you just gave the gov't your money interest free.

Best way to do it is to have as little as possible witheld (right up to the point of payign a penalty for under witholding)....put the extra money in an account each month....then use the money to pay your tax bill at the end of the year. You get the time value benefit of the money.

I think its because people live paycheck to paycheck and they afraid to not have the money to pay the g'ment.

[Brokenbad]

Only a good suggestion if you don't have the dedication and intelligence to pay it off every month.

Given the cash back options...frequent flyer point options...etc on credit cards, you are better off putting everything you can on your card and then paying it off at the end of every month.

This only gets in trouble if you can't budget and ensure that you don't charge items AND spend the money needed to pay it off.

This is just like people who think it is a good idea to be getting a tax refund. Dumbest thing you can do with yoru taxes. you just gave the gov't your money interest free.

Best way to do it is to have as little as possible witheld (right up to the point of payign a penalty for under witholding)....put the extra money in an account each month....then use the money to pay your tax bill at the end of the year. You get the time value benefit of the money.

Hatter,

I often think of you as a grumpy old meanie, but you are VERY VERY wise.

I have much respect for you.

[Ja Rhule]

Lol, Hatter ain't old. He's a party animal.

[thatlookseasy]

Not only are there monetary perks, using a credit card (and paying it off) is also good for your credit score.

Of course, the reason credit card companies can offer such good deals is that 90% of the people using them are idiots and get behind on their payments and end up paying out the ass for interest

[MadHatter]

Hatter,

I often think of you as a grumpy old meanie, but you are VERY VERY wise.

I have much respect for you.

Appreciate the comments.

I am not a grumpy meanie (but I am getting old)....I just don't hesitate to give my opinion (and I have some strong opinions about certain thing) and argue with those who continuously show their lack of knowledge or understanding of finance and economics.

[MadHatter]

Of course, the reason credit card companies can offer such good deals is that 90% of the people using them are idiots and get behind on their payments and end up paying out the ass for interest

That is EXACTLY why they do it.

People think the credit card companies should be chastized and ashamed of themselves for this. But, I believe in personal accountability and not making laws to protect stupid people from themselves.

[Panthro]

If it didn't look bad to cancel credit cards I would be free of capital one.

I had a couple while I built my credit back up from the pits of hell 8 years ago.

[Delhommey]

Hatter, you're very sheltered.

[Panthro]

Arsen I would also look into joining one of the credit bureaus. These guys f up all the time...I just had one hit me with a 30 Day late report and because I monitored it I saw that it was one that I had closed and paid the balance on. I disputed it and the world was restored.

[Cary Kollins]

For those saying Capital One credit card is so bad, why is that? I've had mine for a couple of years with no problems, but this is the first credit card I've ever had. I have read that the rewards are pretty good compared to other cards.

Just last week I found fraudulent activity on my account and they were great in handling it.

[Ja Rhule]

I am a member of one. I track this poo on weekly basis. I got bunch of alerts set, my credit is locked from viewing and fraud alert is on 24/7 plus I got $1,000,000 insurance policy in case of fraud.

[Delhommey]

If it didn't look bad to cancel credit cards I would be free of capital one.

I had a couple while I built my credit back up from the pits of hell 8 years ago.

It's also nice to have lines to emergency lines of credit should you need them.

Of course that's not all that great if you cut up the actual cards.

[Panthro]

I was thinking of putting them in my safe along with other important docs and some cash.