Random $984 charge to my card....WTF?!

[Disclaimer]

Ok, how do I attach this Excel?

[Likwid]

Ok, how do I attach this Excel?

Google docs, or hostfile

[Disclaimer]

All blocked by Websense

I'll post it somewhere when I get home... suffice to say, if you concur with the assumptions:

*I favored the CC+MMA account setup by assuming all costs were disbursed at the beginning of the month from the RCA, thus minimizing the daily balance which the RCA would gain interest on throughout the month

*I assumed the MMA wouldn't pay the CC company until the last possible day - maximizing it's daily balance and returns

*I ran the numbers assuming all purchases were at min rewards (1%) and one where the entire $400 earned the 5% rewards

Unrealistic, but overly conservative assumptions to prove my point.

I'm right.

Edited February 12, 2010 by JRMMiii

[Likwid]

All blocked by Websense

You fail.... do you have access to email? can email it to me and I'll post it.

[Disclaimer]

PM me your e-mail, I don't have yours in my personal account.

(I'd have to facebook it to get it, and I don't get FB @ work)

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E-mail sent, waiting for ACK

[jbot]

do you have some weird account that doesn't let you have a credit card?

it doesn't make any sense.

[Disclaimer]

No??? I have multiple cards... one less today since I closed the citibank... I'll be watching my mail to make sure none of my other cards have annual fees, or they'll get cancelled too.

[Likwid]

Here's the spreadsheet from JRM, only part I edited was the MMA % from 1 to 2

http://spreadsheets.google.com/ccc?key=0AvyVxPtYKOmNdEpKdy1sZmROR0xwaGY3YjM0VU1Yd3c&hl=en

Going through it now to find where JRM has to be wrong

[Disclaimer]

Going through it now to find where JRM has to be wrong

Yeeeeeaaaaa

Good luck with that.... It's a sad day when I prove I'm a bigger Jew than you.

[that dude]

fail

[jbot]

so if you buy stuff with your credit card (not with debit card) and pay off in full every month with your RCA, how can you net more every month if you pay with debit directly out of the RCA?

maybe i'm understanding something wrong. keep in mind, i went to public school.

[Likwid]

so if you buy stuff with your credit card (not with debit card) and pay off in full every month with your RCA, how can you net more every month if you pay with debit directly out of the RCA?

maybe i'm understanding something wrong. keep in mind, i went to public school.

RCA typically requires you to use your DEBIT card a certain # of times per month.

It would seem the BEST combination is to make minimum purchases using your debit card to satisfy the requirements, then use a rewards CC for the rest... but this still neglects all the benefits of using a CC vs Debit... which is, anyone with your debit card number has immediate access to your money, a CC acts as a go-between

[Disclaimer]

Like I said, the CC's are just backup. I might use them once or twice a year for some purchase where my debit won't work - which is why I won't pay an annual fee to keep them.... but most debit are VISA/Matercard based, so if they take debit, they'll take my card.

It functions like a CC... I don't have to enter my PIN, I just swipe it like it's a CC and everything is handled on the backend by VISA/Mastercard. Now, the merchant pays less in transaction fees if it's processed with your PIN like an actual debit transaction... but all those things you, as the consumer, don't need to worry about how it affects the merchant and card issuer - unless you're interested in the politics behind it.

It's transparent to the end-user.

[jbot]

you can make automated micro transactions with you debit to yourself every month using something like paypal or something for free with no hassle if there are requirements. i thought this would be a given.

you're still losing 30 days of interest, and on a higher dollar amount, that is significant. you can have the best of all worlds with a bit of work.

whatevs, i hate jews

[Disclaimer]

RCA typically requires you to use your DEBIT card a certain # of times per month.

It would seem the BEST combination is to make minimum purchases using your debit card to satisfy the requirements, then use a rewards CC for the rest... but this still neglects all the benefits of using a CC vs Debit... which is, anyone with your debit card number has immediate access to your money, a CC acts as a go-between

So, are you finally admitting RCA is the way to go - from a strictly financial gain standpoint (my point to begin with)?

[jbot]

i think he was saying you should use whatever high yield account (mma being an example of one), but use credit cards for all the purchases you would normally make with you debit card, and if there are restrictions (like must have a certain number of transactions, etc) then do whatever you need to do to satisfy it... but the main point was always to pay for your purchase with credit and hold onto your money as long as possible, which you can't do if you use a debit card.

[flyboy1011]

I just want my $984 back lol

[Likwid]

I just want my $984 back lol

roflmao, quite possibly the best threadjack JRM and I have ever committed.

BUT

if you use a CC this would have never happened.

[Disclaimer]

Opportunity costs.

[Likwid]

Opportunity costs.

Sunk cost

[Disclaimer]

It's not sunk... it's IN THE BANK. :fistpump:

[Likwid]

It's not sunk... it's IN THE BANK. :fistpump:

Operating costs

[flyboy1011]

It's all good. I'm getting the money back. It's just a matter of when. Besides, me, swingr, and the rest of the lottery pool crew are gonna win the jackpot here sometime this month...

[jayjie15]

^ That sucks man. Honestly after reading this I proceeded to key.com to check my account balance.