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I have a decent number of credit cards, but most of them are cards that I opened and just used to hit the minimum spend, claim my signup bonus, and then go back
by the_watcher 13y ago
I have a decent number of credit cards, but most of them are cards that I opened and just used to hit the minimum spend, claim my signup bonus, and then go back to using my regular credit card that has the best day to day rewards (I also only open cards that waive my annual fee, and cancel any that try to make me pay to keep it open. Keeping them open for free is good for my credit utilization and age). Sometimes, however, a specific card will offer 5x (or something similar) on certain categories for a limited time. If I could give Wallaby detailed information about how I value rewards, it would be nice to just have one card that I carry around.
I pay all my credit cards off monthly, and basically treat them as cash (so I'm not the target consumer of a rewards card, I know).
- abalone 13y agoYou are one of the smart ones. You're currently subsidized by the "dumb" ones. If everyone becomes smart, the maximum possible reward will decrease.
- the_watcher 13y agoThis is true. However, the point of these offers is to rope in people who think of credit cards as "free money." I don't think Wallaby will drastically reduce the number of marks for these companies, since the people using Wallaby are going to skew smarter.
- TrainedMonkey 13y agoMajority* of people I know that use credits cards and pay minimum required amount are not dumb people. If anything they do not have a choice. Living from payday to payday will do that to you. Unexpected event? Time to pull out that credit card. It sounds so easy to just bunker down and break the cycle, but then whammy unexpected event. * I might be biased in terms of people I know.
- genwin 13y agoThe people in my life who live payday to payday overspend, but don't see it that way. They need an iPhone!
- notdrunkatall 13y agoI do precisely the same.