Comments on: Credit card rewards coming to an end?

By: The 208th Carnival of Personal Finance: Lobster Roll Edition | Money Under 30

Mon, 08 Jun 2009 12:32:05 +0000

[...] Christian Financial Help: Are credit card rewards coming to an end? [...]

By: Dree

Dree — Thu, 04 Jun 2009 06:53:56 +0000

I would stop using them without an incentive. Actually I have already stopped but for other reasons.

By: Gholmes

Gholmes — Wed, 03 Jun 2009 15:08:55 +0000

No there is a cost no such thing as “free” float. Merchants are paying for your every swipe.

Is it not evident that today we are paying for our society’s addiction to easy credit? My kids kids will be paying for the bailout.

By: mbhunter

mbhunter — Wed, 03 Jun 2009 04:41:50 +0000

My rewards program is being downgraded a bit: they’re switching to a points-based system, which can be much more easily manipulated.

I’ll continue using a CC as long as it doesn’t cost more than cash. Why turn down free float?

By: passive family income

passive family income — Wed, 03 Jun 2009 02:16:17 +0000

My wife and I have two credit cards that earn rewards. One is for gas purchases only and the other is for everything else. We charge everything that we possibly can while keeping track of every cent that goes on them. Each card is payed off at the end of the month. If the credit card companies stop the rewards programs – we will just stop using them and start using cash again.

By: Johannah

Johannah — Tue, 02 Jun 2009 19:42:03 +0000

Hubby and I (and even Son #1) use our credit cards for the convenience – paying the balance off in full every month (and collecting our rewards) ~ these are all no fee cards and the benefits have been decent (free gasoline, cash back and airline miles and hotel points) using them this way. Several times our vacations were almost totally free because we could fly to a destination, and use our miles for hotel stay, rental car and other pieces of the trip) If they increase the % – we don’t care – we never carry a balance – however we do enjoy our rewards and would hate to see them go, or fees for just having the card. I think in that case we would cut them up and move on.

On this same line, let me also report the credit card companies have increased the merchant fees, so the merchants are taking less for their wares and are paying more for “taking” your card as well — altho they still have the same risks in doing so (from fraud and other issues). So the credit card companies ~~ aren’t looking to trim their excesses and run a leaner ship — they are just going to make the money another way.

P.S. Hubby and I made an agreement 37+ years ago when we married that if we EVER couldn’t pay the balance in full on our cards we would cut them up and never use them again. This hasn’t happened — because we are in control of using them (and therein lies the key).

By: GHolmes

GHolmes — Tue, 02 Jun 2009 19:41:38 +0000

If rewards go there will be another marketing gimmick by the “loan sharks” to hook more users. I am happy current administration is attempting to regulate them.

By: Zach

Zach — Tue, 02 Jun 2009 17:35:23 +0000

I would stop using if a significant fee was implemented (more than single digits a year) but not if rewards were eliminated. However, if rewards were eliminated but no fee, I’d use cash more as thered be no reason to use a credit card for convenience except when it was a significant cost beyond the amount of cash I was willing to carry

By: bob

bob — Tue, 02 Jun 2009 15:51:54 +0000

@Ben
wow, they are getting more clever while they work pretty well, I really hate captchas – but if I notice the trend continuing, I guess we will have to do it…

By: Ben

Ben — Tue, 02 Jun 2009 15:20:54 +0000

It looks like a spam bot copied and pasted my last comment, added a “P.S.”, and used a link to their site! It may be time for a captcha on this site.