I took out a Lowe’s credit card because of the 5% discount on all purchases and when I did last fall I got 10% for opening it.

i have been remodeling the basement and picked up a bath vanity, sink, faucet etc and used the Lowe’s card. I just got the bill, was paying for it and noticed the terms.....holy shit 26.99% APR and a up to 38.00 late fee.

Bill was for 420.00. If I paid the 25.00 minimum the interest would add 30.00 to the bill making it more that it was originally.

This might be something you guys know but I don’t have any credit card balances. We use one card for miles and points.

This should be illegal holy fuck.

If any of you guys are in deep with cards I suggest you really try hard to pay em off and not use them. 

Just a public service announcement by Mainecat...lol

 

Edited April 2, 20187 yr by Mainecat

I cranked up the credit card when I was younger. Mostly for a trip for me and the girlfriend. Took me 2 years to pay it off and always pay it off every month since. Lesson learned. It was only 5k though. I can’t imagine how long it would take to pay off 15 or 20. 

4 minutes ago, revkevsdi said:

A house is different, at least for the initial purchase. We built a smaller house than fit the property.  Then built on after having kids. We saved for that. Borrowing for a depreciating asset like a car or sled is fucking stupid.  

If you have half a brain you would have an emergency fund, realize that your house will need a roof, windows, etc and save for them. 

Anyone whose basic plan involves using credit card debt isn’t very bright. 

 

If people only bought what they could afford, the economy would collapse.

Bold, sure but so is having your cash not keep up with inflation.

2 minutes ago, DISABLED DAVE said:

Not at all....people cant afford new vehicles...but want them....they can afford the payments....same with anything else....its a dumb statement.

Just because you want a new car doesn’t mean you need it. Obviously with 0 percent financing on vehicles it doesn’t matter.  Unless they knock thousands off the price for cash deals. Sometimes they do, sometimes they don’t. 

Just because you are too stupid to realize how expensive debt can be, don’t cry to me. 

 

4 minutes ago, revkevsdi said:

My card includes travel insurance. If someone gives me a discount for cash, great!  Otherwise it goes on the card and I get points. 

Most of our travel is for bus, so we need a plan that covers everyone.  Also you need to look at limits on cc's or insurance you have as many can be easily exceeded.

4 minutes ago, Edmo said:

I cranked up the credit card when I was younger. Mostly for a trip for me and the girlfriend. Took me 2 years to pay it off and always pay it off every month since. Lesson learned. It was only 5k though. I can’t imagine how long it would take to pay off 15 or 20. 

That’s a hole some people never get out of. 

The banks love it. 

They also love lines of credit.  People in Canada use to try to pay down their mortgage. Then banks convinced people that a line of credit will help them with unexpected expenses.  A car, a few vacations etc suddenly they were going the wrong direction and paying 6% for the privaledge instead of 3 % on their mortgage. 

7 minutes ago, revkevsdi said:

Just because you want a new car doesn’t mean you need it. Obviously with 0 percent financing on vehicles it doesn’t matter.  Unless they knock thousands off the price for cash deals. Sometimes they do, sometimes they don’t. 

Just because you are too stupid to realize how expensive debt can be, don’t cry to me. 

 

When you stop be a condescending idiot we can talk.

3 minutes ago, revkevsdi said:

Just because you want a new car doesn’t mean you need it. Obviously with 0 percent financing on vehicles it doesn’t matter.  Unless they knock thousands off the price for cash deals. Sometimes they do, sometimes they don’t. 

Just because you are too stupid to realize how expensive debt can be, don’t cry to me. 

 

Cash does not work the way it used to.  You may not get a better price on the car, now if you take that 40K and earn 8% on it for 5 years you will have just under 60K.  If you have a loan for 0% and pay the loan with cash flow you will be ahead by 20K net after 5 years.  So it doesn't always work that cash is king anymore, need to know what you can be comfortable with, but anyone can beat 0 percent, just don't get in to deep.

5 minutes ago, ArcticCrusher said:

If people only bought what they could afford, the economy would collapse.

Bold, sure but so is having your cash not keep up with inflation.

I owned shitty cars and shitty sleds until I could pay for them outright. Paid off our mortgage fast before having kids , saved up, built on to the house without debt. It was easy in the 80’s.  

I’ve missed out on the stock market recently. But nothing that happens can take  me or my business down. No debt anywhere, it feels great. 

3 minutes ago, ArcticCrusher said:

Most of our travel is for bus, so we need a plan that covers everyone.  Also you need to look at limits on cc's or insurance you have as many can be easily exceeded.

Credit card limits are not a proeblem. Limits on travel insurance haven’t been an issue. If you mean medical coverage, I have  a million through work. 

5 minutes ago, revkevsdi said:

That’s a hole some people never get out of. 

The banks love it. 

They also love lines of credit.  People in Canada use to try to pay down their mortgage. Then banks convinced people that a line of credit will help them with unexpected expenses.  A car, a few vacations etc suddenly they were going the wrong direction and paying 6% for the privaledge instead of 3 % on their mortgage. 

I still pay mine down . Every month I make the payment and an additional amount equal to the principal payment for that month.

8 minutes ago, revkevsdi said:

That’s a hole some people never get out of. 

The banks love it. 

They also love lines of credit.  People in Canada use to try to pay down their mortgage. Then banks convinced people that a line of credit will help them with unexpected expenses.  A car, a few vacations etc suddenly they were going the wrong direction and paying 6% for the privaledge instead of 3 % on their mortgage. 

Some people weren't born with a silver spoon in their mouth...

Some people dont want to sit at home and do nothing...life is too short and can end in the blink of an eye.

2 minutes ago, DISABLED DAVE said:

When you stop be a condescending idiot we can talk.

I don’t need to talk to you. Condescension is all I have for you Dumbass 

11 minutes ago, ArcticCrusher said:

If people only bought what they could afford, the economy would collapse.

Bold, sure but so is having your cash not keep up with inflation.

Exactly!!! Revs just talking out of his ass.

Just now, revkevsdi said:

I don’t need to talk to you. Condescension is all I have for you Dumbass 

Why are you so mad? Really...you have serious anger issues man.

2 minutes ago, revkevsdi said:

I owned shitty cars and shitty sleds until I could pay for them outright. Paid off our mortgage fast before having kids , saved up, built on to the house without debt. It was easy in the 80’s.  

I’ve missed out on the stock market recently. But nothing that happens can take  me or my business down. No debt anywhere, it feels great. 

Credit card limits are not a proeblem. Limits on travel insurance haven’t been an issue. If you mean medical coverage, I have  a million through work. 

One million is nothing, I have 10.  My cottage neighbor had a terrible bike accident in cali and medical bill was over 2 million.  That was his limit.

1 minute ago, DISABLED DAVE said:

Some people weren't born with a silver spoon in their mouth...

Some people dont want to sit at home and do nothing...live is too short and can end in the blink of an eye.

It’s called living within your means. Working for what you want. I didn’t need things right away. I made do with shittier cars and sleds until I could afford new.  I had as much fun with the old stuff as the new. 

I own new stuff now because I don’t want to waste time with repairs. But sometimes half the challenge was fixing something to get home. 

4 minutes ago, DISABLED DAVE said:

Some people weren't born with a silver spoon in their mouth...

Some people dont want to sit at home and do nothing...life is too short and can end in the blink of an eye.

Like Buffet said, may the last check you ever write bounce.

Just now, revkevsdi said:

It’s called living within your means. Working for what you want. I didn’t need things right away. I made do with shittier cars and sleds until I could afford new.  I had as much fun with the old stuff as the new. 

I own new stuff now because I don’t want to waste time with repairs. But sometimes half the challenge was fixing something to get home. 

Thats you...you dont even ride anymore.

Not everyone wants junk or 2nd hand.

7 minutes ago, ArcticCrusher said:

Cash does not work the way it used to.  You may not get a better price on the car, now if you take that 40K and earn 8% on it for 5 years you will have just under 60K.  If you have a loan for 0% and pay the loan with cash flow you will be ahead by 20K net after 5 years.  So it doesn't always work that cash is king anymore, need to know what you can be comfortable with, but anyone can beat 0 percent, just don't get in to deep.

Exactly.  So if they don’t offer a discount then take the free money. 

34 minutes ago, ArcticCrusher said:

We buy what we can on CC, but some things are just just not worth putting on the CC.  Ie travel insurance, but I get your point.  

 

We use the credit card for just about everything so we can take advantage of the cash back credit from the card.

2 minutes ago, ArcticCrusher said:

Like Buffet said, may the last check you ever write bounce.

When i was younger i bought everything on credit...my time was to valuable to be pissing around with junk. Im sure you know what i mean.

3 minutes ago, 02sled said:

We use the credit card for just about everything so we can take advantage of the cash back credit from the card.

I hit Aeroplan Diamond status every year.  

1 hour ago, snoughnut said:

I find that hard to believe and if it's true, the intelligence level in people is declining.

My dad was a loans officer for 35 years. He said it's scary.

4 minutes ago, DISABLED DAVE said:

When i was younger i bought everything on credit...my time was to valuable to be pissing around with junk. Im sure you know what i mean.

I do, however for us we have never had a cc balance and only had loans with major purchases. ie, house, cottage etc.  Small 0% or near loans are nothing.

12 minutes ago, ArcticCrusher said:

One million is nothing, I have 10.  My cottage neighbor had a terrible bike accident in cali and medical bill was over 2 million.  That was his limit.

X2 ... I traveled to the US for business regularly. Although I had OHIP coverage when I traveled to the US I also had supplemental medical insurance that was provided for corporate travel as well.

GM Business Card, no limit on GM $$$$, I used $7,000.00 in GM rewards on the purchase of a Sierra, I'm guessing my lifetime GM rewards somewhere around 70K 

Generous Motors  

Another great card is the Costco Visa, I picked up $1,200.00 in cash rewards on that one this past year.

I still carry a fair amount of cash but use my credit cards for 95% of my purchases.