Comments on: I love learning about finances….and I love my Credit Card! http://www.punchdebtintheface.com/2008/05/i-love-learning-about-financesand-i.html A fun personal finance blog Sat, 11 Feb 2012 04:21:35 +0000 hourly 1 http://wordpress.org/?v=3.3 By: Emma http://www.punchdebtintheface.com/2008/05/i-love-learning-about-financesand-i.html#comment-551 Emma Wed, 11 Jun 2008 22:37:00 +0000 http://www.punchdebtintheface.com/?p=7#comment-551 I consistently use my credit card for purchases. Mine gives me free groceries (unfortunately not at 1 point per $1 - rewards take a little longer with it), and if I use my card at a store with Presidents Choice products, they offer "bonus points" - bringing my own bags, having a balance over $1000 on the first of the month (required for my rent and metropass payments anyways), and weekend specials where you earn 5X or 10X the points for purchases at a grocery store.<br /><br />In a year, I really only get something like $100 extra for food, but as far as I'm concerned, if I was spending the money anyways, why shouldn't I use my card? When I swipe it, I get free things. I still live by a budget, I still set monthly goals for how to spend my money and try to stay under my $450 for "discretionary spending" - food, entertainment, clothing, gifts, etc.<br /><br />In the end, if you treat your credit card as though it's your cash (and never get anywhere near that huge limit they give you), you can't go wrong. If you behave like my parents and can'tlearn to live within your means, that's where the problem starts. Spend less than you earn and plan for emergencies - as long as you hit those targets, things can continue to work. I don't make a lot of money and I have high expenses (ie: rent), but I manage because I'm realistic. I consistently use my credit card for purchases. Mine gives me free groceries (unfortunately not at 1 point per $1 – rewards take a little longer with it), and if I use my card at a store with Presidents Choice products, they offer “bonus points” – bringing my own bags, having a balance over $1000 on the first of the month (required for my rent and metropass payments anyways), and weekend specials where you earn 5X or 10X the points for purchases at a grocery store.

In a year, I really only get something like $100 extra for food, but as far as I’m concerned, if I was spending the money anyways, why shouldn’t I use my card? When I swipe it, I get free things. I still live by a budget, I still set monthly goals for how to spend my money and try to stay under my $450 for “discretionary spending” – food, entertainment, clothing, gifts, etc.

In the end, if you treat your credit card as though it’s your cash (and never get anywhere near that huge limit they give you), you can’t go wrong. If you behave like my parents and can’tlearn to live within your means, that’s where the problem starts. Spend less than you earn and plan for emergencies – as long as you hit those targets, things can continue to work. I don’t make a lot of money and I have high expenses (ie: rent), but I manage because I’m realistic.

]]> By: Dual Income No Kids http://www.punchdebtintheface.com/2008/05/i-love-learning-about-financesand-i.html#comment-541 Dual Income No Kids Sat, 24 May 2008 10:02:00 +0000 http://www.punchdebtintheface.com/?p=7#comment-541 Hi Guys,<br /><br />Thanks for checking out our blog. I'm glad that we are inspiring other bloggers out there. Keep up the good work, it's well worth it!<br /><br />As for the use of credit cards, I think I'd agree with all of your points here. Basically you've got to be great at discipline, but they can also pay off greatly in rewards if you can do so. We've had many debates about credit card use, with lots of comments from readers, if you want to check these out to get a sense of what folks have to say on the subject.<br /><br />Good luck with all!<br /><br />Miel Hi Guys,

Thanks for checking out our blog. I’m glad that we are inspiring other bloggers out there. Keep up the good work, it’s well worth it!

As for the use of credit cards, I think I’d agree with all of your points here. Basically you’ve got to be great at discipline, but they can also pay off greatly in rewards if you can do so. We’ve had many debates about credit card use, with lots of comments from readers, if you want to check these out to get a sense of what folks have to say on the subject.

Good luck with all!

Miel

]]>