Credit card for applications

[Tiredofthebickering]

But I thought there are some studies out there that say all else equal, you’ll spend more (something like 10% more) with a card in your hand than you will cash. I think it was attributed to voodoo magic or something like that.

My guess is it's the feeling of spending "someone else's money" compared to spending your own money. There are well researched studies that show we spend money more readily when it's not ours or we didn't have to work for it. Shoot, give a kid $100/month allowance just because or make him/her earn it with chores and I'd bet you see it right away.

Of course, everyone has their style and flair and some are just spenders vs. savers. But the above still likely holds true.

 

[AvidIndoorsman]

But I thought there are some studies out there that say all else equal, you’ll spend more (something like 10% more) with a card in your hand than you will cash. I think it was attributed to voodoo magic or something like that.

People will not necessarily you, but I’m sure the study is correct. I think that you can mitigate that various ways, for instance you could pay off your card completely, every day or after every charge of you wanted. Welcome to modern mobile banking. I think David Ramsey has great themes but is anachronistic, would be interesting for a millennial to do Ramsey 2.0.

Also I’m not sure if babyboomer spending habitats apply to all generations or not, eg do spending studies account for generational differences in spending.

Many millennials, graduated college with student loan debt in a terrible economy, I would guess our habits are more akin to the depression era generation, maybe that’s bs, maybe all groups spend the same... would be interesting to see a study.

 

[antelopedundee]

Was wondering if those that apply in multiple states have a dedicated card, or at least a specific card, that they use to for their applications. I just put in for the Wyoming draw for the first time. 99% odds I'd get a refund on my pronghorn tag fee so I paid the application and stamp portion and left the license fee portion (the majority) on the card, anticipating a refund. Well I was hit with a $25 late payment fee today. My mistake for overlooking that the pronghorn draw wouldn't happen for a while. Is there a specific card that you guys use that has terms that make it the best for use with hunt applications (and no yearly fee)?

I have a Bank of America card that I charge as much as I can to. It pays 1% cashback and 3% or more on select categories. No interest as long as you pay in full before month's end or within the 30 days grace and of course link a bank account to it. Also have a Merrill-Lynch brokerage account so I can sweep the reward points into it. A great way to save for college if you have children or grandchildren. If you end up with a large refund balance you can spend it off or call the CC company and they will credit it back to your linked bank account. The key to a credit card is that you manage it and don't let it manage you.

 

[geetar]

I’ve not always made the smartest decisions with money. I’ve learned some things the hard way and I’ve worked hard to get out of all credit card debt I’ve ever had. As I get more money piled up in savings I plan to use credit cards a lot less. Basically if it’s gonna benefit me financially to use it I will and if it’s gonna hurt me financially I won’t. One thing a friend and fellow hunt talker who hasn’t commented on this thread taught me is he opens a new 0% credit card each year before app seasons and just makes the minimum payment till he knows if he drew and then when the refunds hit he pays it off and closes it and does the same thing next year. Says his credit hasn’t taken a hit from that. With that being said yea I’ve listened to Dave Ramsey and he’s a smart guy but I’m not taking everything he says against credit cards to heart. I’ll use them where they benefit me.

 

[Mattff200]

I'm personally looking to getting a 12 month interest free card for wyoming, and new Mexico. Then cancel the card after I pay off the non refundable stuff and my credits hit the card.

 

[geetar]

I'm personally looking to getting a 12 month interest free card for wyoming, and new Mexico. Then cancel the card after I pay off the non refundable stuff and my credits hit the card.

That’s what my buddy Stan does. @SCliving Outdoors says it works good for him.

 

[NoWiser]

I just got a Chase Freedom Unlimited card. $200 cash back after $500 in purchases. 0% APR for 15 months. No annual fee. My go-to is a Barclaycard Arrival Plus MasterCard but I wanted to have a Visa with decent rewards and no annual fee. The Freedom Unlimited fit the bill for me. The 0% wasn’t important but I’ll probably take advantage of it this application season.

 

[TheGrayRider]

Vendors get about 97 cents on the dollar when they accept your credit card for purchases. The 3 cents on the dollar is the processor’s profit with some of that money being refunded to the cardholder as part of their “rewards “ program.

A benefit of a credit card that is often overlooked is the purchase insurance and potential refund. If you buy a product and are delivered the wrong or a faulty product, then you can dispute the purchase and usually get a refund of the purchase price.

Just pay off your credit card every month and you are playing with house money.

 

[idahohuntr]

I’ve not always made the smartest decisions with money. I’ve learned some things the hard way and I’ve worked hard to get out of all credit card debt I’ve ever had. As I get more money piled up in savings I plan to use credit cards a lot less. Basically if it’s gonna benefit me financially to use it I will and if it’s gonna hurt me financially I won’t. One thing a friend and fellow hunt talker who hasn’t commented on this thread taught me is he opens a new 0% credit card each year before app seasons and just makes the minimum payment till he knows if he drew and then when the refunds hit he pays it off and closes it and does the same thing next year. Says his credit hasn’t taken a hit from that. With that being said yea I’ve listened to Dave Ramsey and he’s a smart guy but I’m not taking everything he says against credit cards to heart. I’ll use them where they benefit me.

Good perspective. Credit and credit cards are tools...its all in how they are used...nothing inherently bad about cc's and frankly for reasons provided I try and pay for everything with them.

 

[LopeHunter]

It’s just more of a way of life/principle thing for me. I don’t borrow money other than a short term fixed mortgage. Makes life pretty simple. Keep in mind the only thing a credit score is good for is borrowing more money. sorry didn’t mean to hi jack the thread.

Well, some car and home insurance companies factor credit score. If score is low then correlates to higher fraud risk. Some employers consider credit score.

 

[LopeHunter]

Anyone else here follow Dave Ramsey? Credit Card is a bad word in my house. Pay real money. no credit. no late fees.

Ramsey is worth listening to if you have debt on credit cards you do not pay off monthly and is more than a month’s take home. Ramsey is horrible for how to invest your money. You do not want to use his advisor network that kick fees back to him. Instead, head over to Bogleheads.org and read up on how you can create a simple to manage strategy for investing that balances your comfort level with risk with return. Fees kill returns and advisor fees are a tax on people that are too busy to learn about investing.

 

[nontyp]

Well, some car and home insurance companies factor credit score. If score is low then correlates to higher fraud risk. Some employers consider credit score.

Yes that is correct regarding low credit score. I do not have a low credit score. I pay my 15 yr mortgage on time and once that is paid off my credit score will not be low, it will be nonexistent.

 

[LopeHunter]

Yes that is correct regarding low credit score. I do not have a low credit score. I pay my 15 yr mortgage on time and once that is paid off my credit score will not be low, it will be nonexistent.

You will no longer have a credit score when no longer have debt? I thought credit scores never went away but could go up or down while you are alive.

 

[nontyp]

You will no longer have a credit score when no longer have debt? I thought credit scores never went away but could go up or down while you are alive.

That’s correct...roughly 6 months after all debts are gone your score becomes indeterminable.

 

[Mattff200]

That’s what my buddy Stan does. @SCliving Outdoors says it works good for him.

But after application season I'm gonna cancel the card.

 

[geetar]

But after application season I'm gonna cancel the card.

Yep that’s his approach too.

 

[Steelhead]

The Ramsey will do as much to try and save Americans from themselves than anyone else that may ever live.
albeit likely to no avail. Out of debt might be a good place for a hunter to be when this 10+ year red hot economy finally takes a turn.

 

[AvidIndoorsman]

That’s correct...roughly 6 months after all debts are gone your score becomes indeterminable.

This isn’t accurate. There are a whole host of things than can go into a credit score.

You can own your home and car outright, have no outstanding debt and still have above an 800.

Lines of credit count, credit cards (even if you don’t use them, and your historical credit counts if its long term loans, some utilities report to credit as do rental agencies... lol you can get a credit score by regularly paying your cable bill with some providers.

What you’re saying maybe true if your 27, never had a mortgage, paid off your car in 3 years and then closed your 1 credit card that you had for 2 years.

If you are a 65 year old that paid off a house, multiple cars, etc it is not.

You can freeze your credit score, if you choose to, but eliminating it is difficult if you have a history of using credit cards, buying vehicles, houses, etc like most people do.

 

[nontyp]

This isn’t accurate. There are a whole host of things than can go into a credit score.

You can own your home and car outright, have no outstanding debt and still have above an 800.

Lines of credit count, credit cards (even if you don’t use them, and your historical credit counts if its long term loans, some utilities report to credit as do rental agencies... lol you can get a credit score by regularly paying your cable bill with some providers.

What you’re saying maybe true if your 27, never had a mortgage, paid off your car in 3 years and then closed your 1 credit card that you had for 2 years.

If you are a 65 year old that paid off a house, multiple cars, etc it is not.

You can freeze your credit score, if you choose to, but eliminating it is difficult if you have a history of using credit cards, buying vehicles, houses, etc like most people do.

Correct...i forgot to point out that all debt type accounts need to be closed. I guess that was assumed. If you don’t use debt then having those accounts wouldn’t make sense.
I don’t think your other points are accurate. I would say utilities and cable companies reporting would be a real rarity. Never heard of that before, but i suppose it’s possible especially if you’re delinquent on payments or something. Heck, they don’t even look at foreclosures and bankruptcies after 7 years. They aren’t looking back at your history from 10 years ago to determine a score. Anecdotally I have checked my reports annually for probably 10 years just to check for fraud. For the past several years the only thing showing up as a determining factor is my mortgage.

 

[nontyp]

Here you go. Straight from Experian.

“Utility bills don't usually appear on your credit reports—unless you fail to pay them.”