Do the math! Gas Credit Card Companies are Seemingly Stupid, and think you are, too.
- Thread starter 69hurstolds
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Heeeey... stealing my GIF for the Game Graphics Settings Confirmation message?
Are you sure you want all settings on Ultra at 3840 x 2160? Y/N
-Gonz
I did the math and a Travel Rewards card will make you money IF you don't carry a balance. Generally a rewards card that requires good-excellent credit will be the best card to get, the ones with an annual fee will offer even greater rewards but you have to use the card enough to make the annual fee worth it ($100/yr fee, charge >$5000/yr). The "Cash Back" cards in my experience did NOT offer the same value; e.g. you might get a $50 cash "reward" vs. $200 towards travel expenses for the same money charged (It's been over a decade since I had one of those cash back cards though). Now of course you have to travel; if you don't like to travel then it's not the right card for you. The credit card companies love it because even if they're not making much if any $ off of you in interest, they are making money off of the merchants. That $600 flight, plus a week in a hotel and meals makes them some money off the fees they charge the merchant.
I've had a free flights, hotel stays and rental cars over the years which I'd never have had if I used a Debit card and/or Cash. If my employer would let me charge travel expenses to my own card I'd have gotten a lot more in rewards! If you travel(ed) for work and have the option to use your own card DO IT! My card give you 2 miles for ever $1 spent, so you can imagine how many miles you can rack up if you a frequent traveler or do international travel (especially if you fly Business class).
Are there still 3rd party processors that compete with each other than can shave a percent off of that? A decade ago my sister and her ex had a side hustle where they'd sell 3rd party processing to small businesses, that was supposed to save them 1-1.5% off of whatever they were currently paying to process credit card transactions. They made a bunch of extra cash doing that but you had have a slick sales skills to get business to make the change.
It seems like Firearms dealers and some gas stations are the only businesses that get away with punishing you for using a card. Most small gun dealers charge 3% mark up if you use a card, which is significant on a $1000 Rifle (Sheels and Cabela's don't and take away a lot of sales from the little guys).
I really do feel bad for Restaurant owners during this COVID era. Most don't realize how tough it is to be profitable normally and add in all the B.S. over the last 9 months; it's really tough. We only have 1 restaurant in town that is still cash only; a Chinese place and because it's the only 1 that is decent so nobody seems to mind and they keep an ATM in the lobby to make it easy to get cash. If I know a place does tip pooling or the owner steals the tips because they pay minimum wage vs "tipped minimum wage" I will leave a $0 tip on the card but give the server +20% of the tab as a cash tip.
I've had a free flights, hotel stays and rental cars over the years which I'd never have had if I used a Debit card and/or Cash. If my employer would let me charge travel expenses to my own card I'd have gotten a lot more in rewards! If you travel(ed) for work and have the option to use your own card DO IT! My card give you 2 miles for ever $1 spent, so you can imagine how many miles you can rack up if you a frequent traveler or do international travel (especially if you fly Business class).
Are there still 3rd party processors that compete with each other than can shave a percent off of that? A decade ago my sister and her ex had a side hustle where they'd sell 3rd party processing to small businesses, that was supposed to save them 1-1.5% off of whatever they were currently paying to process credit card transactions. They made a bunch of extra cash doing that but you had have a slick sales skills to get business to make the change.
It seems like Firearms dealers and some gas stations are the only businesses that get away with punishing you for using a card. Most small gun dealers charge 3% mark up if you use a card, which is significant on a $1000 Rifle (Sheels and Cabela's don't and take away a lot of sales from the little guys).
I really do feel bad for Restaurant owners during this COVID era. Most don't realize how tough it is to be profitable normally and add in all the B.S. over the last 9 months; it's really tough. We only have 1 restaurant in town that is still cash only; a Chinese place and because it's the only 1 that is decent so nobody seems to mind and they keep an ATM in the lobby to make it easy to get cash. If I know a place does tip pooling or the owner steals the tips because they pay minimum wage vs "tipped minimum wage" I will leave a $0 tip on the card but give the server +20% of the tab as a cash tip.
I always try to leave a cash tip with the server personally even when using a card to ensure THEY get the $$. That way if they keep it, great. They earned it. But if they want to pool it, that's on them. I leave a good tip for good service. Usually 22-25% on average for decent service. If they really suck, I leave them a sucky tip like $1 or something. For effect. It's a non-verbal message. A minor issue now and again I overlook, but sucky service? You know it when you get it. They can get mad all they want, but I'm not going to be held hostage for tipping well for bad service. We went to a local restaurant a few weeks ago and the service was horrid. I had to flag down the server 3 times just to get my tea refilled. And when they brought out the food...it wasn't what we ordered. Oh, I screwed that up. Well, ok, so they had to re-do the order. What's worse, we were not offered any comps for any of it. At the end of it, I paid with my card, left $0 tip on it, and reached into my pocket and I only had 37 cents in my pocket. There's your tip. Maybe some pocket lint to go with it as well. Don't spend it all in one place.
As far as rewards cards- recall ALL free sh*t is good. But all good sh*t isn't free.
As far as rewards cards- recall ALL free sh*t is good. But all good sh*t isn't free.
Hell, I put $5000/month through my highest reward card. Pay the balance every month.
Oh, yes. Before Smith's caught on, I'd save my points up until I had a $1.00 off per gallon then, I would fill up the Pferd's empty tank and save $35.
Haha, it's only because everything and I mean everything gets paid through that card. Grocery, gas, beer, car insurance, Amazon, restaurants, internet, Netflix, any and all bills that can be paid with the card. The checking account autopays my mortgage, car payments, electric bill and that credit card payment. I don't think I've gotten cash out even once this year.
