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Holy Cow

July 11th, 2013 at 09:04 pm

**Dh saved a phones message for me today. He said, "Tell me what you hear." Not very clear, but sounded like a focus group offering $700.

Holy Cow!?!

They ruled out dh immediately because he just did that big $400-ish study a couple of months back. (Which I thought was the Holy Grail of focus groups, at the time).

Dh asked if I should call back later, but they said it was for 3 whole week days. I should probably call back and find out more details. As is, it was probably the only 3 week days in the entire next 3 months or so that just don't work for me. FIGURES!!

I don't even know if dh or I would have qualified otherwise, either. IT's probably easy to assume not.

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I saw an interesting point of view that I don't think I thought of before. I saw someone in another forum mention that they had made enough in credit card rewards (in one lifetime) to pay for their last car purchase.

!!!!

I suppose I have done the same...

It's a huge sum and I am aware, but I just never thought of it in exactly those terms. Next time someone bothers me about how we can afford having two cars, I should throw that out there. "Paid for by credit cards." Not quite in the way that sounds. Wink

My LIFETIME credit card rewards? Heck if I know. I've had a rewards credit card for almost 20 years?

Rough and dirty estimate:

$1,000 2013
$7,000 2011 & 2012
$5,000 2006-2010
$1,000 All years prior
-------
$14,000 LIFETIME TOTAL
-------

Yup, that more than paid for my current vehicle!!

I just recall credit card rewards ramping up and doing well in the years since I had this blog. Earning $1,000-ish per year. & I have hard figures in this blog for the past two years (which were totally insane). I really don't remember racking up a ton of rewards before that and don't have the records. I am sure I am probably under-estimating though as I remember having 1% cash back. Then again, we didn't charge anything and everything like we do now. Maybe $1,000 is about right, for all the years prior. If there were better rewards to be had, I didn't know and/or I wasn't spending enough to get them. As far as 2013, the year is young.

I have to go wrap my brain around this now. WOW!!

Disclaimer: I have never paid a penalty or a cent of interest to any credit card company. My reward calculations are net of any "annual fees" that I have paid to earn rewards. IF you can't easily beat the credit card companies at their own game, then I wouldn't bother trying. Something like 90% of the population fails. Unfortunately, I understand that sharing my successes might sound like a credit card commercial. If this sounds like a good idea, proceed with extreme caution.

5 Responses to “Holy Cow”

  1. creditcardfree Says:

    That is an interesting perspective. I know that MyMoneyBlog has an article about how a family can effectively double their savings rate with credit card rewards. It assumes $50K in wages, saving 4%, thus $2K in savings. He goes on to explain how a couple can accumulate $2K in rewards in a year. Thus doubling the savings rate.

    I see you are putting disclaimers on your credit card reward posts, too. Smile

  2. ceejay74 Says:

    I'm nearing $10,000 in CC rewards, and I've only been doing it since mid-2011! Here's how mine breaks down:
    2011: $4,422.53
    2012: $4,588.81
    2013: $756.95
    It's actually a BIT more than that, but I can't figure out how to total my 5% automatic discount on Target purchases (without tracking receipts, which would just get annoying). On the receipt it purports to list "REDcard savings this year," but I noticed my most recent receipt has the same total as the last receipt, so I'm not sure how often they update that!

    Unlike you, I have paid a TON of interest on credit cards. I have no idea how much over the 12 years I carried credit card debt, but I'm sure it was a horrible amount if you add it all up. All BEFORE I started taking advantage of rewards, mind you -- I got CC-debt-free before I would even contemplate trying the churn -- but still, it's always at the back of my mind that I'm just trying to break even with the credit card companies! Big Grin

  3. MonkeyMama Says:

    @ceejay - I only recently noticed the "Redcard Savings this year" but did not examine closer for accuracy. So that is a bummer to hear!

    I actually just add up all our Target payments, February through January (for January through December purchases), and multiply by 5%. Obviously this is not very scientific for a variety of reasons, but gets me to a good ballpark in about 10 seconds. I suppose I should probably divide by 0.95 first, since what we actually paid was after 5% discount. But anyway, since I have it all in Quicken, it's easy to pull data.

    I think you have extra motivation to stick it to the credit card companies. Big Grin Which is kind of interesting because most people I know who have been in deep credit card debt either can't handle it OR are just very fearful to ever touch a credit card. I think it's awesome that you turn the tables and get as much money back as you can. Woohoo!

  4. dmontngrey Says:

    We EASILY covered the last car purchase with credit card rewards. Then again, DH's car only cost $2500. Wink Unfortunately, I don't track these rewards like I should. Between the two of us, we netted over $1200 with our Amex gold cards earlier this year. It's not difficult to rack these rewards up when you have good credit. Big Grin

  5. MonkeyMama Says:

    I hear you - we haven't spent hardly anything on most of our cars. We could surely buy many very reliable cars with a $14,000 sum, ourselves. With age and means we prefer to buy something newer and less hassle (& hope to keep for 20 years!). But, even so, my spouse's "almost new/should last 20 years" car only cost us $7800. We could almost buy two of those with our rewards total. !!

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