Friday, October 24, 2008

Credit Cards, Credit Cards - 1

I used to only have one credit card, the one I got from my university credit union while I attended grad school.  There was no rewards whatsoever, but since I only had a part-time job and wanted to start building credit history, I felt pretty good about my very first credit card.  Then, my college sent me a MBNA alumni credit card that offer rewards.  I applied and got $500 credit line, and I felt "hey, I am making some good use of credit card, this thing is earning me money!"  For a few years I used that card as my primary card, getting 0.5 % cash back for all my purchases and was happily satisfied.  I paid my card back in full every month, and my credit line kept going up.


Until one day, maybe 2 or 3 years ago, I came upon some websites, and realized that there are SO many other cards out there, earns 1%, 3% or 5% cash back for a lot of things.  And then, there is the 0% balance transfer game that is pretty much dead now.  I thought, why should I stick with my old card?  There is actually no reason to.  So I started applying for some better cards and use them.  At one point I actually applied for a card just for the $250 bonus!  I have accumulated some CITI ThankYou points, and some Driver's Edge miles but so far have not redeemed anything yet.  I also have Chase Freedom Cash Reward card that gives me 3% back on the top 3 categories for the month out of the 15 that Chase has defined.  Even though I didn't get the opening bonus like some others have, I am hitting the $200 cash reward mark which means I can get $250 back.  I don't know if I am happier now because I get more out of my cards, but I know one thing for sure...

I like to make money off the credit companies and will commit to do so!

No, it's not revenge, as you can see I haven't been deeply in credit card debt ever.  I always have been very responsible with my card (and my dad's supplementary card while I was in college).  It's just I know how evil they are, and even I am on top of my payments, every now and then I still would have problems with them and I have to say a lot of the CSRs are horrible.  So, I will make money off them, as much as I can...just my little way of challenging the credit card companies.

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