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10 sec. decision, would you forgo all your current/ future credit card reward points

Home The Lounge 10 sec. decision, would you forgo all your current/ future credit card reward points

  • Avatar AR 
    Participant
    Status: Physician
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    Joined: 03/10/2016

    I guess the one group that should easily say no are those who own a practice and run practice expenses through a rewards card.   It would be very easy to get over $100K of value with that setup.

    #228198 Reply
    Liked by Craigy
    Lordosis Lordosis 
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    Status: Physician
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    Joined: 02/11/2019

    The way I see it there is little room for error with CC rewards. You get suckered into one purchase that you would not normally buy but did because it was a good deal and you lost all your gains. Maybe some people are disciplined enough to only buy what they need but I know that I am not. I do not need any more excuses to spend more.
    If you think you are immune you are probably wrong.

    “Never let your sense of morals prevent you from doing what is right.”

    #228201 Reply
    Liked by docnews
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 8362
    Joined: 01/09/2016

    The way I see it there is little room for error with CC rewards. You get suckered into one purchase that you would not normally buy but did because it was a good deal and you lost all your gains. Maybe some people are disciplined enough to only buy what they need but I know that I am not. I do not need any more excuses to spend more.
    If you think you are immune you are probably wrong.

    Click to expand…

    It’s not just the rewards, I don’t even think it’s mostly the rewards that cause overspending – it is the sheer number of choices and access we have to any item or experience our hearts want, and many that we would have never imagined we wanted, thanks to the miracle of being plugged in no matter where we happen to be (reference FLP’s remote corner of Asia).

    Johanna Fox Turner, CPA, CFP: I am not your financial advisor; any responses are for general purposes only
    http://www.fox-cpas.com/for-doctors-only ~ [email protected]

    #228202 Reply
    Liked by q-school, Lordosis
    Avatar HumbleInvestor 
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    Status: Physician, Small Business Owner
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    If a person is prone to spending because they get some points, more than likely they will be prone to spending just because they have a card. Some one liking that trip to Tahiti and going on another Trip is very likely no matter what they used to get there. Travelling with points is not difficult but requires some flexibility on the travel schedule which is difficult for most working families.

    #228204 Reply
    Avatar RocketBooster 
    Participant
    Status: Pharmacist
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    Joined: 05/06/2018

    Travel hacking with CC points is extremely easy/simple. Mind blown that people are arguing that it’s too difficult or time-consuming.

     

    Completely free vacation/cruise roughly every 2 years just by using CC points…. totally worth the ~1 hour it takes to get signed up for multiple travel cards + memorize the point strategy behind them.

    #228207 Reply
    Liked by StarTrekDoc
    Avatar burritos 
    Participant
    Status: Physician
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    Joined: 04/23/2018

    Travel hacking with CC points is extremely easy/simple. Mind blown that people are arguing that it’s too difficult or time-consuming.

    Completely free vacation/cruise roughly every 2 years just by using CC points…. totally worth the ~1 hour it takes to get signed up for multiple travel cards + memorize the point strategy behind them.

    Click to expand…

    Sorry. I’m just too stupid or lazy or both.

     

    #228208 Reply
    Avatar StarTrekDoc 
    Participant
    Status: Physician
    Posts: 2144
    Joined: 01/15/2017

    The way I see it there is little room for error with CC rewards. You get suckered into one purchase that you would not normally buy but did because it was a good deal and you lost all your gains. Maybe some people are disciplined enough to only buy what they need but I know that I am not. I do not need any more excuses to spend more.
    If you think you are immune you are probably wrong.

    Click to expand…

    Wow.  What do you do during Prime Days and Holidays?   Unplug and hide in a cave?

    #228218 Reply
    Liked by Craigy, Lordosis
    Avatar RocketBooster 
    Participant
    Status: Pharmacist
    Posts: 91
    Joined: 05/06/2018

    Travel hacking with CC points is extremely easy/simple. Mind blown that people are arguing that it’s too difficult or time-consuming.

    Completely free vacation/cruise roughly every 2 years just by using CC points…. totally worth the ~1 hour it takes to get signed up for multiple travel cards + memorize the point strategy behind them.

    Click to expand…

    Sorry. I’m just too stupid or lazy or both.

     

    Click to expand…

    Lazy, yes.

    #228223 Reply
    Lordosis Lordosis 
    Participant
    Status: Physician
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    Joined: 02/11/2019

    @startrekdoc. Same thing I do when the market sucks. Go about my life and ignore the noise.
    Other than this forum I really don’t use any other social media or watch very much television. I do not see very many advertisements.
    For some reason I really do want to sign up for Set for life insurance!

    “Never let your sense of morals prevent you from doing what is right.”

    #228224 Reply
    Liked by StarTrekDoc
    Avatar artemis 
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    Status: Physician
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    Joined: 12/02/2016

    Travel hacking with CC points is extremely easy/simple. Mind blown that people are arguing that it’s too difficult or time-consuming.

     

    Completely free vacation/cruise roughly every 2 years just by using CC points…. totally worth the ~1 hour it takes to get signed up for multiple travel cards + memorize the point strategy behind them.

    Click to expand…

    Earning the points is the easy part.  It’s finding good redemptions that is hard.

    Most people want to travel as either a couple or a family group, and they want to vacation during high season for their particular destination.  The biggest advantage I have when it comes to redeeming my miles is that I’m never looking for more than one ticket.  The next advantage is that I’m usually traveling in either the spring or fall (when school is in session) and am not looking to go to popular places like Hawaii or Orlando or the Caribbean.  But I still have to beat Award Nexus (a special online tool designed for finding frequent flyer tickets) like a rented mule, and sometimes even my best efforts yield no results and I end up purchasing my flights with cash.  I’ve made enough good redemptions that I find the game is still worth playing, but I completely understand why many people find points and miles too hard to use and prefer cash back.

    (In a few weeks, once I have my plans finalized, I’ll be looking for another trans-Pacific Business Class ticket, most likely to Australia in August 2020 and returning from New Zealand in early September 2020.  It’s their winter, low season for travel their, but a good redemption may still be hard to find.  Wish me luck!)

    #228244 Reply
    Lithium Lithium 
    Participant
    Status: Physician
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    Joined: 02/15/2016

    I am too obsessive to figure out how to redeem CC rewards for good value.  Shoot, I can’t even figure out how to redeem Amazon money.  I have over $1500 sitting in my account from CME purchases that I can’t figure out how to use.  Everything is cheaper on Ebay and at Wal-Mart!

    #228248 Reply
    Liked by Craigy
    Avatar StarTrekDoc 
    Participant
    Status: Physician
    Posts: 2144
    Joined: 01/15/2017

    Travel hacking with CC points is extremely easy/simple. Mind blown that people are arguing that it’s too difficult or time-consuming.

     

    Completely free vacation/cruise roughly every 2 years just by using CC points…. totally worth the ~1 hour it takes to get signed up for multiple travel cards + memorize the point strategy behind them.

    Click to expand…

    Earning the points is the easy part.  It’s finding good redemptions that is hard.

    Most people want to travel as either a couple or a family group, and they want to vacation during high season for their particular destination.  The biggest advantage I have when it comes to redeeming my miles is that I’m never looking for more than one ticket.  The next advantage is that I’m usually traveling in either the spring or fall (when school is in session) and am not looking to go to popular places like Hawaii or Orlando or the Caribbean.  But I still have to beat Award Nexus (a special online tool designed for finding frequent flyer tickets) like a rented mule, and sometimes even my best efforts yield no results and I end up purchasing my flights with cash.  I’ve made enough good redemptions that I find the game is still worth playing, but I completely understand why many people find points and miles too hard to use and prefer cash back.

    (In a few weeks, once I have my plans finalized, I’ll be looking for another trans-Pacific Business Class ticket, most likely to Australia in August 2020 and returning from New Zealand in early September 2020.  It’s their winter, low season for travel their, but a good redemption may still be hard to find.  Wish me luck!)

    Click to expand…

    Not really too hard-  Family of four.  Just back from Hawaii in June on points for air and hotel and booked for Dec 22-29 to orlando direct.  So not that hard.  The aspirational first class suites on A380—yeah, harder.

    #228254 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 4610
    Joined: 05/13/2011

    Yes.

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #229041 Reply
    Avatar seattlee 
    Participant
    Status: Attorney
    Posts: 17
    Joined: 03/22/2017

    @startrekdoc You must REALLY enjoy the pure strategy of the credit card game.

    I used to do the credit card hack/churn game, but the time it takes to reap the benefits would put a value on my time at a very low hourly rate.  Not so much on acquiring the points, but in searching for that one perfect window where you can get the Maui suite at the hotel chain you actually have points with at the desired time or the international first-class airfare on a specific airline partner will suck away hours in searching costs.

    Assuming you could simply reap $5k yearly off the $100k seed money, you could book that suite or first-class fare in 20 minutes without the time suck searching for something you can redeem that is actually desirable and in your desired time frame.

     

    Optics and Electronics Patents

    #229063 Reply
    Avatar burritos 
    Participant
    Status: Physician
    Posts: 535
    Joined: 04/23/2018

    @startrekdoc You must REALLY enjoy the pure strategy of the credit card game.

    I used to do the credit card hack/churn game, but the time it takes to reap the benefits would put a value on my time at a very low hourly rate.  Not so much on acquiring the points, but in searching for that one perfect window where you can get the Maui suite at the hotel chain you actually have points with at the desired time or the international first-class airfare on a specific airline partner will suck away hours in searching costs.

    Assuming you could simply reap $5k yearly off the $100k seed money, you could book that suite or first-class fare in 20 minutes without the time suck searching for something you can redeem that is actually desirable and in your desired time frame.

     

    Click to expand…

    If one enjoys harvesting the points, that’s great. If one thinks less of others who don’t harvest the points, that’s not as great.

    #229069 Reply

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