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Thread Reading Aficionado
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Just don't understand the deal with a credit card service that you have to pay to have. Titanium card is $200, black is $500, gold is $1000 a year. Yeah I remember the hype about having a black card and how all the famous people have them and it has a million dollar limit of some rumor like that. But in reality why would you pay for a membership. I guess if your running your WHOLE business through a credit card you could benefit from the high rate of perks from usage.

I've got one card with a 6% rate across the board and a zero balance. I just can't justify becoming a member of the hype. What's your opinion on these? BTW I doubt they would give me a mil limit. Hahaha yeah right pshh.



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Doesn't really matter what your interest rate is if you are never paying it. I am happy with mine that pay back in cash. I net about $1000 per year on average.
 

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It's says you get double airline points and 2% cash back but I never fly. Like. never.... Everyone I know lives within 3 to 5 hours away.

Yes I've gambled on renos before doing lipstick and put her on the market asap, but I always used cash and some credit with very low rates to do this. When most of my normal business is ran on cash, I would feel uncomfortable using credit. Credit for me is usually just for tool purchases on line. :D


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Gen. Contractor
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Doesn't really matter what your interest rate is if you are never paying it. I am happy with mine that pay back in cash. I net about $1000 per year on average.
I just started paying everything with a credit card this year on the advise of another contractor buddy. Its kind of a pain to have to run around with the card instead of writing checks but im allready up to 2k in cash back and i just started Jan 1st so id say its gonna be worth it the end of the year. My hope is its enough to pay my taxes :)
 

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Well how does the cash back work? Let's say you spend 5k in a month and pay the whole balance off when the statement comes in. Do you get $100 if it's 2% cash back? Where does the hundie go? Direct deposit to your checking account? Or is it free $100 purchase on that card?


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Well how does the cash back work? Let's say you spend 5k in a month and pay the whole balance off when the statement comes in. Do you get $100 if it's 2% cash back? Where does the hundie go? Direct deposit to your checking account? Or is it free $100 purchase on that card?


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I get mine direct deposited. I usually do it right after Christmas. On mine, I get 3% for gas and home improvement centers and 1% everywhere else.
 

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You mentioned the Black AMEX (Centurion) Card. Last I heard it was like $4,500/year. It has nothing to do with the limit because technically it doesn't really have one. It has everything to do with the concierge services that accompany it.


ETA- Just checked, It's $7,500 to join and $2,500/year to be a member.
 

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What I always understood is that if you're paying a fee for a card you're gaining some sort of benefit from it.

EDIT:

But times have changed, now the purpose of the fee is that the credit card company wants you to get in debit.

That's how they make their money.
 

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Discussion Starter #10
You mentioned the Black AMEX (Centurion) Card. Last I heard it was like $4,500/year. It has nothing to do with the limit because technically it doesn't really have one. It has everything to do with the concierge services that accompany it.


ETA- Just checked, It's $7,500 to join and $2,500/year to be a member.

Ah! It's Amex card. Ok so master card is doing a $500 a year annual membership knock off version. Well there are dozens of cash back cards out there that offer cash back without membership. I'll stick with the free ones.


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GC/carpenter
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With two kids in college out of state we received approx. 30 free plane flights, and a few limo rides to take my daughter to the airport. I have never paid a dime of interest. I think it's 75 a year for membership. That's a boatload of money considering one kid went to Delaware.
 

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Gen. Contractor
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Mines the spark business card from capital one. Its 2% cash back and if you spend $5000 in the first month they give you $500 cash back to start with.
 

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I think keeping an eye on credit card returns, utility costs and insurance costs is a simple way to save money.

I put everything on CC's. I use 2 business cards, one for gas, office supplies and cell phone--5% back. The other for miles, but I need to look into that one, I don't travel as much as I did in the past.
 

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I have blue cash American Express that I use for a lot. It's pretty great actually. Here in my town primary yard source is Lowes so I have their card. I think I got $1750 or so last year from using that alone
 

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We've had a good experience with Capital One also and the cash back is easy to redeem.

In the past I felt AmEx was worth paying extra for, especially the airport clubs membership. I travel so seldom now I don't know if they still have the perks.
 

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Just get yourself a black card and when its maxed out just play it like your accountant must have moved your millions to the wrong account.
You can't really apply for the AMEX Black, it's something they offer to you. Generally if you're not regularly spending more than $250K/year on the card, they won't offer it. I know someone who declined because there was really no perks that would be useful to him that he wasn't already getting with the platinum card.
 

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A buddy of mine puts EVERYTHING on his credit card (mortgages, vehicle payments, all personal expense). He gets back about $16,000 per year, never pays interest.
 

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I actually paid my federal taxes once with my Visa. They no longer let you do it without incurring fees, so not worth doing it now.
 
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