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May 27, 2016 | 04:54 AM

#21

Dsm Limited

Club Member

Joined: Sep 2014

Posts: 7,618

Likes: 10,437

From: Des moines IA

Quote:

Originally Posted by LoneWoolf

Under 30% of consumers pay off their cc every month. Over 40% maintain unpaid balances monthly.

Which group do you think the MoCo executives hope you fall into?

Which group do you think post about how they are beating the system?

At the posted 23 or 24% interest on a balance, I'd say the MoCo execs would like the balance carriers. Although, I'd say US Bank would prefer it even more so, as they are the card issuer.

As far as which group posts about beating the system, I don't know that I'm beating the system. I'm just trying use the rewards to my best advantage.

Where are the almost other 30% of consumers in this statistic? I assume that means they typically pay off monthly, but sometimes catch themselves carrying a balance, when need be. Maybe a water heater, furnace or roof repair catches them off guard? I've been there before, even then, I would bust butt to pay off quickly. Maybe not an ideal position, but I made it through unscathed

Last edited by Dsm Limited; May 27, 2016 at 05:01 AM.

May 27, 2016 | 04:59 AM

#22

HKMark23

Seasoned HDF Member

Joined: Sep 2013

Posts: 6,175

Likes: 1,966

From: Great State of Canada

Quote:

Originally Posted by LoneWoolf

,,,,,,Which group do you think post about how they are beating the system?

The disciplined ?

May 27, 2016 | 06:59 AM

#23

Antonio Balls

Stellar HDF Member

Joined: May 2013

Posts: 3,145

Likes: 2,955

From: New York

Quote:

Originally Posted by Dsm Limited

I assume that means they typically pay off monthly, but sometimes catch themselves carrying a balance, when need be. Maybe a water heater, furnace or roof repair catches them off guard? I've been there before, even then, I would bust butt to pay off quickly. Maybe not an ideal position, but I made it through unscathed

More and more contractors are offering financing to help pay for their work. I see ads all the time for 12 or 18 months interest free. I would take that deal rather than use my credit card.

May 27, 2016 | 07:05 AM

#24

LoneWoolf

Thread Starter

Stellar HDF Member

Joined: Nov 2015

Posts: 2,726

Likes: 716

From: Pennsyleffinvania

Quote:

Originally Posted by Dsm Limited

Where are the almost other 30% of consumers in this statistic?

Actually, they are the "dormant" accounts. Card issued but not used.

May 27, 2016 | 07:42 AM

#25

HKMark23

Seasoned HDF Member

Joined: Sep 2013

Posts: 6,175

Likes: 1,966

From: Great State of Canada

Quote:

Originally Posted by Antonio *****

More and more contractors are offering financing to help pay for their work. I see ads all the time for 12 or 18 months interest free. I would take that deal rather than use my credit card.

These are called interest rate "buy-downs" and they aren't free bro. Buy-downs, kickers, loss leaders, call em what you want, they take it off "here" and put it on "there". There are monetized "tax shelter" exceptions used at times in the financial industry but these are not applicable to short time financing's by contractors, or appliance, car dealers etc..

I expect you are right though. A buy-down is probably a lot less costly than using a CC.

May 27, 2016 | 08:43 AM

#26

warprints

Road Warrior

Joined: Dec 2011

Posts: 1,785

Likes: 189

From: Louisiana

I use the HD Card for all my gas purchases, and occasional other purchases - and pay the balance off every month. I used to use the card for work - several thousand $ charged each month. Chrome cash galore.

May 27, 2016 | 08:54 AM

#27

Freak Show

Seasoned HDF Member

Joined: Aug 2015

Posts: 10,374

Likes: 518

From: Southern Arizona

the next purchase on mine will be a rear tire. i usually pay cash for the big stuff

May 27, 2016 | 09:07 AM

#28

StoneyFatBoy

Road Master

Joined: Jun 2015

Posts: 849

Likes: 130

From: Inside of a house

Quote:

Originally Posted by GTK

Nobody is forcing you to get a Harley Visa card that pays points on purchases. If you can't pay off balance monthly you don't need that particular card in your wallet.

Exactly this statement