another gmac trick. gmac sells auto and home insurance. i recently moved my insurance over to them and saved 20% outright. then they let me pay for the insurance with a gm credit card and they gave me back 5% on top of that.
I will need to change my thinking if i am going to get the GM card. I like paying cash for everything immediatly. I know this is not respecting interest earning possibilities on cash flow.....but how much could it be? Ok this GM card poses a problem to me....I am missing 5% also now.....Do I like GM cars no.....but for 5k or more off the sales price.....I do. I just think that plastic transfers the mind off the real dollar value of things and transfers them into "just numbers" and encourages frivilous spending. The reverse of this is like "us traders" thinking in numbers instead of dollars......well you know what I mean. I bought a house cash for my parents and I was told by the real estate people i could buy cheap money and why use cash....So what do I know... I am afraid that ARogueTrader is correct about the introduction, growth and future of the pre-paid card and I also agree we will be a cashless society within 2 or 3 generations of people at the rate we are changing. Michael B.
its really all about willpower. if you know you have the willpower not to overspend and to pay the bill every month there is no danger in credit cards. if fact to not have at least one credit is foolish. you never know when an emergency will arise and you cant get the cash. like for a rental car or an emergency car breakdown.
I buy my gas at costco.......no cash there..... would need to buy a gift card inside. I went to home depot and checked my self out instead of using the cashier....it was fascinating....self serve....but I think you could plug cash into that slot..... Michael B.
A debit card with a visa logo accomplishes your concerns. I believe the only Valid reason to have a credit card is for the dispute rights that you get in the event of a dispute. But what do I know? Michael B.
You'd be surprised. It does add up. I've heard the same story over and over but I think it probably applies less if at all to the younger generations. For me it's just the opposite. Once I use the ATM for a withdrawal, the money is out my my "system" and becomes pocket change. I treat it more like the purchasing power it is when it's in the electronic form. If I spend a given $ amount using a card, it registers in my mind a lot more than if it's cash. I think it's just the age thing probably. Or is it just me?
Disagree. Pay/Pal's was a pioneer in on line transactions, which will grow over time. The credit card companies are among the leading beneficiaries of Pay/Pal, because the majority of Pay/Pal transactions are tied to credit cards, with Pay/Pal as an intermediary agent that relieves the charge back concern for vendors of on line purchases at e-bay. In the beginning Pay/Pal was small, look at them now. Given the great relationship with Pay/Pal, the credit card companies need not compete, and charge backs are less with this form of transaction because of all the hassles. A pre-paid card can serve the same purpose of Pay/Pal...it won't be long before Pay/Pal issues these pre-paid cards too.
Mastercard had a similar system way before paypall - you could send money via email. The either abandons it or downplayed it since. Could be b/c there wasn't enough $ to be made there.