Where to begin re-building.

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Replied by FrankN on topic Where to begin re-building.

There was a great debt paydown story on Business Insider this week where a young couple paid off $160K in under 3 years! I could not believe it. They basically did nothing fun for 3 years, but now are free from debt.

Does anyone else have any similar success stories?
1 year 6 months ago #1

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Replied by FrankN on topic Where to begin re-building.

JGibbs wrote: I think it's a way for some businesses to make more money because they can advertise at a lower price, then charge a higher fee to those who don't want to mess with the card or who are just traveling through. I also think they're collecting data to see who buys what. I fib on my mine for that reason.

Lexie, I didn't realize that Big Lots had a card too. Do they send you coupons or something to use it?


The store credit cards get the % fee that the credit card companies get so they are taking the risk of you paying them back. They get a fee for that.
1 year 9 months ago #2

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Replied by JGibbs on topic Where to begin re-building.

I think it's a way for some businesses to make more money because they can advertise at a lower price, then charge a higher fee to those who don't want to mess with the card or who are just traveling through. I also think they're collecting data to see who buys what. I fib on my mine for that reason.

Lexie, I didn't realize that Big Lots had a card too. Do they send you coupons or something to use it?
Last edit: 1 year 9 months ago by JGibbs.
1 year 9 months ago #3

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Replied by Lexie on topic Where to begin re-building.

Oh my yes JGIBBS. Every store has a card and some kind of point system it seems. My wallet is packed full of these cards. The ones that don't make any sense to me are the ones that don't offer anything. Big Lots just want you to carry the card and swipe it with every purchase but with no rewards offered. Is this just a customer loyalty kind of thing?
1 year 9 months ago #4

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Replied by JGibbs on topic Where to begin re-building.

Lexie wrote: I understand gas discounts are a good thing but just like JacksonM, I don't use that much gas. Doesn't it get to be a hassle to try and keep up with it all?

I think most financial things are a hassle, but whether they're worth doing depends on the person. Churning and manufactured spending aren't as easy now since credit card companies have caught on and changed their rules.

I hate keeping up with store loyalty cards like Kroger and CVS and their point systems! Walgreens and Rite Aid have a convoluted set of rules too.
1 year 9 months ago #5

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Replied by Lexie on topic Where to begin re-building.

It seems that most credit cards are now giving some kind of rewards back to the user. I like the ones that give a percentage back in cash so you can use that against your bill.
1 year 9 months ago #6

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Replied by FrankN on topic Where to begin re-building.

Wanderer wrote: Jumpin' in and agreeing that it is a hassle to keep up with everything. For myself I have a gas card that gives me $0.05 cents per gallon discount and 5% off goods purchased inside the fueling center. Works great, had it for years! But, too many cards is a hassle. Closed another card and dropped some more credit as I can not use all the cards due to being a very small spender.


I focus on cards that give high % of grocery stores and airlines points.
1 year 10 months ago #7

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Replied by Wanderer on topic Where to begin re-building.

Jumpin' in and agreeing that it is a hassle to keep up with everything. For myself I have a gas card that gives me $0.05 cents per gallon discount and 5% off goods purchased inside the fueling center. Works great, had it for years! But, too many cards is a hassle. Closed another card and dropped some more credit as I can not use all the cards due to being a very small spender.
Last edit: 1 year 10 months ago by Wanderer.
1 year 10 months ago #8

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Replied by Lexie on topic Where to begin re-building.

I understand gas discounts are a good thing but just like JacksonM, I don't use that much gas. Doesn't it get to be a hassle to try and keep up with it all?
1 year 10 months ago #9

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Replied by JGibbs on topic Where to begin re-building.

JacksonM wrote:
I have a discount card to a gas station. I swipe the card at the pump before filling up and it usually gives me a discount of 3-5 cents per gallon. There's also an option to connect credit/debit cards to earn additional rewards though partners. To date I've only saved about $40, but I don't drive much and only get gas about once a month or so.

Yeah, a lot of gas stations offer those loyalty cards for free. On certain days the discounts might even double. I'm all for getting cheaper gas because I use a ton of it.
1 year 10 months ago #10

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Replied by JacksonM on topic Where to begin re-building.

Pinky wrote: Sounds like a great idea but what gas stations have discount cards? Or am I just missing the point altogether? I currently have a friend that is just using a prepaid card that gets reported to the credit bureau regularly. I don't really understand how that works since it is not a credit card. We will see how it works out for her and I'll report on the progress.


I have a discount card to a gas station. I swipe the card at the pump before filling up and it usually gives me a discount of 3-5 cents per gallon. There's also an option to connect credit/debit cards to earn additional rewards though partners. To date I've only saved about $40, but I don't drive much and only get gas about once a month or so.
1 year 10 months ago #11

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Replied by FrankN on topic Where to begin re-building.

the discount and points earned usually never offset the interest accrued on a credit card. Always pay off a credit card in full every month.
1 year 10 months ago #12

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Replied by Joker on topic Where to begin re-building.

Rebuilding ones credit is not an easy thing to do especially if you have had big problems. I agree that the thing to do to start is to get some secured cards that will show on your credit report and that will help get your credit back on the road to recovery.
1 year 11 months ago #13

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Replied by JGibbs on topic Where to begin re-building.

Pinky, I believe they're talking about a credit card. The discount amount that the loyalty card offers is enough to offset the interest accrued on the credit card. At least that's how I read it. I could be wrong though.
2 years 1 month ago #14

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Replied by Pinky on topic Where to begin re-building.

Sounds like a great idea but what gas stations have discount cards? Or am I just missing the point altogether? I currently have a friend that is just using a prepaid card that gets reported to the credit bureau regularly. I don't really understand how that works since it is not a credit card. We will see how it works out for her and I'll report on the progress.
2 years 2 months ago #15

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