As a small business, I currently don't make a ton of money. But today, after not logging into my banking for awhile due to router problems (there was like a 0.5% chance someone might be hacking me.) lo and behold, they upped my credit card limit to $10,000!!! This is not my business credit card either, but my personal one! My sister, who is a full time teacher, doesn't have this much of a credit limit on her card, and she's been working for a few years! It's kinda scary having this much limit on one card. I dunno how those card companies figure it out, but when it comes to Visa, the skit by CK Lewis doesn't apply. It seems like when you NEED money, they will give you more credit than you can handle. But when you have a steady job, they give you LESS credit? How is this possible? I even accidentally missed two payments because I had set my internet banking to make the minimum payments for the maximum amount of weeks you could set it for, and that expired without me knowing. The other payment I misses was about 10 years ago when I was a day late because of a long weekend I didn't account for while mailing it, but the lady who I called in customer service told me that yes, I will get a negative score for that. Everything right now says the bank really shouldn't be lending me any more money now, yet I now can borrow even more! What gives?
Red >> Gold And I'd check the interest rate on that card very carefully. IIRC, the rules for credit cards just recently changed.
Yeah check your interest rate. That being said on my personal credit card I have a $35,000 limit. I asked the bank about it and they said it came from a history of spending a lot of fucking money through the years and always making my payments.
They want you to spend more and not make your payments so they can charge you interest and penalties...
Apropos of nothing, a buddy of mine uses a straight old-fashioned AMEX for every purchase he makes. He uses it to pay all of his bills, mortgage, insurance, etc. Then, when the AMEX balance is due, he uses his debit card to pay it off. That way, at the end of the year, he has twelve neat statements to give to his accountant. While most of my "gang" from high school are comfortable or well off, he's the only one of us that's a genuine millionaire. So, I guess he knows what he's doing.
No, we are catching up to you. Our dollar is almost on par now. And with Obama in office, barring a successful assassination, I think our money will eventually rise above yours!
I put most everything on my credit card and I get free gas money. It don't cost a cent if you pay off the balance at the end of the month like a responsible person. It doesn't matter what the interest rate is then.
Yeah, that is why I love my credit card. Don't have to worry about cash, and I know I can pay the bills. End of the month I match receipts to the statement, write in the amount, login the TD site, and pay the bill.
I think at this point our credit limit is high enough to buy a car. Mary's an awesome bookkeeper, and very responsible with the payments.
Truth is that credit cards are the greatest thing since sliced cheese if you can make the payments. Very easy to keep track of, and the hilarious thing is they actually look after you. Your credit card makes a transaction in Vancouver one day, and in Toronto 2 hours later, chances are they'll cancel it and get you to call in. I've had that happen to me before. Explained everything to them and they were very helpful in resolving it.
Credit Cards? Dave Ramsey disagrees! Seriously, I hate 'em. I'd rather use debit and not run the risk of interest, especially with the student loans sharking up my money. If you can afford what you buy with the credit card, more power to you
You know, if you kill the hooker when you're done and stuff her body in a trash can out back of the Ramada by the airport, you won't actually spend any money (except for a hotel room) and depending on how much cash she had on her at the time you killed her, might even end up ahead at the end of the night. And it's not like she'll be missed since hookers aren't people anyways. Or so I've heard...
Crazy shit going on. I went to a Calgary Flames game earlier this year. Usually, they will have a credit card company there, offering free shit, like a hat, a car flag, or a blanket if you apply for a credit card. Though business is improving, I thought I'd apply anyways, because there is no way in hell they would let me have yet another credit card. Fast forward a few weeks later, and BAM, what comes in the mail? A new Mastercard. I mean, this one only has a $500 limit on it, but still, I thought there was no chance I'd get one, and here it is.
Doesn't matter if the limit on my card is $5000 or 500,000. I never carry a balance month to month- It gets paid in full every time I get a bill. That's how you avoid losing your ass on interest.
My dad buys and sells used heavy equipment. He travels around N. America, and buys them for cheap, sends them up to Canada, then repairs/paints them, and sells them for a huge profit. He buys them with his credit card, which gives you points for air miles. In a year, he can accumulate enough to go on vacation anywhere in the world and still have enough points left over to take another trip somewhere in North America. A business credit card, especially one where you have air miles attached to it, is a good way to earn yourself a free flight once in awhile. I also heard about this sort of scam that is perfectly legal in America. The US government is trying to encourage people to start using dollar coins. You supposedly can buy them from the US mint and get them delivered to your door for free. So what some people had been doing is buying hundreds of thousands of these coins, then taking them to the bank and depositing them when they arrived. And they would use their credit cards to pay first, meaning they rack up the air miles. The US stopped this a bit, and now you can only buy something like $1000 a month, but there is a way to potentially get free flights.
Yep, not a scam. The system is set up to do just this. The CC companies even advertise their partnership. You bet your ass I do this with my business.
