Matt, we live in strange times. I grew up hearing about Mortgage
burning parties of my parents friends, had one myself about 10
years ago. When have you heard of anyone doing that? My
sister-n-law and her husband refinance their house ever 2 years and
probably owe more now than when they started. I'm like you, my
house,cars and all I have is paid for and I love it! What is weird
is that we now make more money on our credit cards than we do on
our savings accounts by using Citi and Discover cards we get 1-5%
cash back on all our purchases. We charge everything but always pay
the balance in full at the end of the month. Our savings accounts
are only paying 1.5% ! just one more scary part of
today's financial system. A banker recently told me he didn't want
my money, he can borrow it cheaper from Washington than he can pay
me for it!!!!
Sure wish I had a printing press, I'd show them cheap money.
wow thanks for the examples and yes we live in strange times for
sure
it's one reason why the markets hold up, because where else do
you put your money into besides gold, you can't get an return on
your money in banks, savers are punished, so it flows into riskier
assets looking for a return.
Yes we do the same thing with our credit cards too, however I
also have some banks in my area that pay 4.6% up to 25K, they call
it an extreme checking account, you have to make 12 transactions
per month and one one bill electronically per month, so my wife and
I both have 2 of these accounts a piece, we put things on there
like gas, little items at Wallgreens, stuff we would normally buy
anyway so in the end you make about $95 on each $25K each month,
yeah not a lot, but pays for most of the little things we buy
anyway, here's a link to one of the banks:, see The Club
Checking
Thanks Matt, and yes we have one of those $25K checking accounts
too, my bank calls it TBC The best checking. you have to have their
debt card and use it 10 times per month. you have to have one
direct deposit and one withdrawal and it's paying about
4.5% it started at 5% about two years ago. Also, if you use
Discover, go to their website and the click on "shop discover" and
if you can find the merchant in their data base you can get extra
savings on things like $45 will get you a $50 Carraba's card. Like
I said, we are making more on our credit cards than on our
savings!
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Matt, we live in strange
An August Surprise from Obama?
Posted by ditch on 5th of Aug 2010 at 02:12 pm
Matt, we live in strange times. I grew up hearing about Mortgage burning parties of my parents friends, had one myself about 10 years ago. When have you heard of anyone doing that? My sister-n-law and her husband refinance their house ever 2 years and probably owe more now than when they started. I'm like you, my house,cars and all I have is paid for and I love it! What is weird is that we now make more money on our credit cards than we do on our savings accounts by using Citi and Discover cards we get 1-5% cash back on all our purchases. We charge everything but always pay the balance in full at the end of the month. Our savings accounts are only paying 1.5% ! just one more scary part of today's financial system. A banker recently told me he didn't want my money, he can borrow it cheaper from Washington than he can pay me for it!!!!
Sure wish I had a printing press, I'd show them cheap money.
wow thanks for the examples
Posted by matt on 5th of Aug 2010 at 02:32 pm
wow thanks for the examples and yes we live in strange times for sure
it's one reason why the markets hold up, because where else do you put your money into besides gold, you can't get an return on your money in banks, savers are punished, so it flows into riskier assets looking for a return.
Yes we do the same thing with our credit cards too, however I also have some banks in my area that pay 4.6% up to 25K, they call it an extreme checking account, you have to make 12 transactions per month and one one bill electronically per month, so my wife and I both have 2 of these accounts a piece, we put things on there like gas, little items at Wallgreens, stuff we would normally buy anyway so in the end you make about $95 on each $25K each month, yeah not a lot, but pays for most of the little things we buy anyway, here's a link to one of the banks:, see The Club Checking
http://www.4thebank.com/rates.asp
in the past they used to pay 5.5%
Thanks Matt, and yes we
Posted by ditch on 5th of Aug 2010 at 03:48 pm
Thanks Matt, and yes we have one of those $25K checking accounts too, my bank calls it TBC The best checking. you have to have their debt card and use it 10 times per month. you have to have one direct deposit and one withdrawal and it's paying about 4.5% it started at 5% about two years ago. Also, if you use Discover, go to their website and the click on "shop discover" and if you can find the merchant in their data base you can get extra savings on things like $45 will get you a $50 Carraba's card. Like I said, we are making more on our credit cards than on our savings!