No Need To Condom This Credit Card
The title is a nod to National Condom Week.
I like my credit card a lot. I can safely say my credit card company has succeeded in building a solid relationship with my family and I.
First off, I haven’t paid a penny of interest on purchases. I did pay advance check fees (3%) and interest on those check amounts, but only because it was still three times cheaper than going to the bank. Case and point – I needed a grand to add to my heap of cash when I purchased my 300SD. The bank said, “well, we can tack that thousand dollars onto your wife’s existing car loan”, but that would mean paying $100 “new loan fee” and higher interest. Naturally, I told my bank to piss off and I wrote a check from my credit card account.
Secondly, I am a very disciplined fella when it comes to purchasing things. It helps that my wife’s the “spender” of the family, so I have leverage when I need something, like a new DVD-ROM from NewEgg. I buy things using temporary account numbers my credit card can issue whenever I need one, which practically eliminates potential fraud and overspending. The temp numbers expire and they have a pre-set spending limit.
Finally, I accumulate airline miles. I know that cashback bonuses can be nice and more appropriate, but my credit card company has a kick-ass reservation system, no blackouts, no airline or destination restrictions. For that reason, I try to funnel everything I possibly can through the card.
All these things are grand, but paying that bill is a different story, you might say. I’ve established a system of paying the credit card bill online in full biweekly on the same day one of the paychecks gets direct deposited to the bank. This approach has a budgeting function built-in, i.e. we know exactly what bills get paid during the first fort-night, and what purchases must be made during the second. The remainder of the paycheck gets funneled to EmigrantDirect. The second paycheck allows for more flexibility and is added to the credit card payment if unforeseen expenses came up, or remains deposited in the checking, then separated and partially sent to EmigrantDirect.
Needless to say, when the paper bill arrives in the mail, the balance has already been paid.
What’s your credit card story?
…. I wish I had been more responsible for my credit when I was younger – perhaps the whole… “I wish I knew then, what I know now”… I’m getting better tho at my spending and paying things off – but my credit rating right now is in “repair” mode. So hopefully I’ll learn a few things from you and other financially inclined folks on the ‘Net and get a little smarter when it comes to the tips and tricks of better credit scores :)
Comment by Empress — February 23, 2006 @ 10:14 am
Every time I swipe, I picture myself being an indentured servant to Visa. I will never get back into CC debt again.
Comment by Lawrence — February 24, 2006 @ 12:38 am
Hahaha, indentured servant. How big did your debt get?
Comment by How To Be Poor — February 24, 2006 @ 7:13 am
HTBP, we operate the same way. A swipe is a swipe is a swipe – and it’s paid automatically through our bank each month. It doesn’t take on more iota of thought on my part and we get cashback that is equal to about a month’s worth of groceries each year.
Comment by Jesse — February 24, 2006 @ 11:49 am
I love the “indentured servant” imagery! Do you picture yourself having to work the VISA call center (scary!) or assemble pre-approval letters in order to repay your debts? We are having a contest on my blog today to come up with credit card warning labels (after it was reported that Australian lawmakers are considering this move). You should submit this indentured servant line –
http://www.creditbloggers.com/2006/03/cigarettes_alco.html
Comment by Emily — March 1, 2006 @ 10:15 am
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Comment by quik cash — September 12, 2006 @ 9:29 am
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I can relate to your story. Actually, my husband and I we’re also very disciplined about purchasing things especially when using our credit cards cause we don’t wanna end up paying too much bills with a lot of interests. Thanks for sharing.
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