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What prevents people from using cashback rewards as an income?

I'm not sure how my friend deals with the credit rating. He is almost retired, and drives older Hondas and maintains them himself for him and his wife. He probably has his house paid off, and is likely not a user of credit outside this scheme. He uses them to earn points or bonuses.

Most people are concerned about credit ratings when applying for a car loan, major appliance, or mortgage. He's not in any of those markets nor likely to be. He has no lack of credit offered him, but he manages the cards to not come out behind in the interest or fees versus the points or cash.
 
My question about credit card "rewards" is why do credit card companies claim to be rewarding you for going into debt with them? Is anyone stupid enough to fall for that line?

Well, I can think of one person who might.
 
MrRochesterNY said:
My question about credit card "rewards" is why do credit card companies claim to be rewarding you for going into debt with them? Is anyone stupid enough to fall for that line?

Well, I can think of one person who might.
Click to expand...

I'm assuming the aforementioned person is me.

It is only debt if you let it linger instead of paying it all off right away.

What I have been doing is use my credit card that gives 1.5% cashback reward for all my business expenses that I get reimbursed within a week. In other words, there is no debt, no interest charges, and I get a little cash on the side.

Don't get me wrong. It is not much. I get about $130 or so each month, which is nothing in the grand scheme of things. But it's enough to treat ourselves to a nice dinner every once in a while.
 
zombiekiller said:
Don't get me wrong. It is not much. I get about $130 or so each month, which is nothing in the grand scheme of things. But it's enough to treat ourselves to a nice dinner every once in a while.
Click to expand...

That’s well over $8,000 in new charges each month.

Banks prefer that your card be high volume. Turnover. Every purchase generates fees for the bank, including fees to data processors. Using your card and paying the new balance every month will make you a favorite customer. :cool:
 
opinterph said:
That’s well over $8,000 in new charges each month.

Banks prefer that your card be high volume. Turnover. Every purchase generates fees for the bank, including fees to data processors. Using your card and paying the new balance every month will make you a favorite customer. :cool:
Click to expand...

I'm team leader, so I've been paying for everyone's living arrangement, equipment, etc. At the end of every week, I just take a picture of all the receipts and email them to the secretary. I also put all the office supplies onto my card.

What fees are you referring to and from who to who?
 
I have several rewards cards and have to pay close attention to the accounts. The interest rates are generally higher, but since I pay them off, I don't care. If I don't have to pay with VISA, I earn 2-5%. With VISA, it's usually 1% except for the quarterly categories that earn 5%. I stick notes on the cards to remember which to use. (For example, while groceries usually earn 3%, this quarter it's 5% on another card). I earn 5% on fuel all the time.


As for credit score, the number of cards doesn't have to be a problem. I have an outstanding credit score and monitor it regularly. The thing that will drop it quickly is using too high a percentage of the credit limit, even if on only one of several cards. I have a handful of cards with high limits, but I also had a new card with a very low limit that I stupidly used for a large purchase -- it caused my auto insurance rates to go up. They explained that they had pulled my credit score, something they regularly do, and it had lost some points because of using more than whatever percentage of the limit (something like 30%, or maybe it was 50%... don't remember, but I immediately raised the limit).
 
zombiekiller said:
What fees are you referring to and from who to who?
Click to expand...

Merchant fees. Paid by the seller that accepted your card for payment. (The process is invisible to the consumer.)
 
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