89
What are some financial life-hacks everyone should know?
(lemmy.world)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 23 Aug 2024
89 points (96.8% liked)
Ask Lemmy
27043 readers
317 users here now
A Fediverse community for open-ended, thought provoking questions
Please don't post about US Politics. If you need to do this, try !politicaldiscussion@lemmy.world
Rules: (interactive)
1) Be nice and; have fun
Doxxing, trolling, sealioning, racism, and toxicity are not welcomed in AskLemmy. Remember what your mother said: if you can't say something nice, don't say anything at all. In addition, the site-wide Lemmy.world terms of service also apply here. Please familiarize yourself with them
2) All posts must end with a '?'
This is sort of like Jeopardy. Please phrase all post titles in the form of a proper question ending with ?
3) No spam
Please do not flood the community with nonsense. Actual suspected spammers will be banned on site. No astroturfing.
4) NSFW is okay, within reason
Just remember to tag posts with either a content warning or a [NSFW] tag. Overtly sexual posts are not allowed, please direct them to either !asklemmyafterdark@lemmy.world or !asklemmynsfw@lemmynsfw.com.
NSFW comments should be restricted to posts tagged [NSFW].
5) This is not a support community.
It is not a place for 'how do I?', type questions.
If you have any questions regarding the site itself or would like to report a community, please direct them to Lemmy.world Support or email info@lemmy.world. For other questions check our partnered communities list, or use the search function.
Reminder: The terms of service apply here too.
Partnered Communities:
Logo design credit goes to: tubbadu
founded 1 year ago
MODERATORS
We have a credit card that gives 6% cash back on groceries, 3% on gas and some discounts on streaming services. It blows my mind that every few months I can cash out a $200 or so credit towards my balance. I needed to buy those things anyway and have autopay set to the full balance each month so it really is free money. So if you can get one, absolutely a credit card that gives cash back. The one I mentioned is Amex Blue Cash Preferred but there other options out there that give other bonuses, like 2% back on everything or 6% back on something up to a certain cap.
Credit cards are an excellent tool IF you are responsible with credit.
And almost nobody is, or the credit card companies would be broke instead of trillionaires.
Cc companies make most of their money from the fees they charge merchants.
And they make a shit ton more money on interest charged for balances carried.
That's literally the opposite of what I said. You can't make "more" than "most of". Christ this site is dumb
Definition:
More - B. In addition to
Yeah, it's the site that's dumb...
Blows our minds that yanks think they're getting money back from a credit card company, rather than realising they're handing the company extra money every time they use their card, and the company gives them a bit of it back after they've finished with it
Groceries cost the same with or without a credit card. The store is paying the card every transaction, not the user. Annual fee cards need more scrutiny and are often not worth it unless you're playing the travel points game (and what a game it is). No card in existence is worth it unless you pay it off in full every month.
They even have non-cashback/points perks that are worthwhile, like rental car/travel/phone insurance. My family has saved hundreds with free phone insurance from a card. My screen stopped working, and I got a new one for $30 from an authorized repair joint, which otherwise would have cost like $300.
So, yes, cards do give you free money so long as you don't hold a balance.
Yeah I'm Australian, I have a free credit card I live off all my money goes into my offset loan against my house and at the end of a 45 day cycle I pay off the credit card and have never had to pay a dollar towards it.
Over the years though I have gotten free flights and cash back etc.
Not always true? Hell, I have a credit card for 8 years and have-gotten big £ back. I pay £2 for it a month, but if I have two direct debits bank refunds it.
It literally is free money as long as you pay it off each month.
It boggles my mind how people fail to see it. If you're bad in money? It ain't for you. Interest can mount up but it doesn't take that much self control to not blow 5k when you're only taking 3k home.