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      08-23-2019, 01:02 PM   #13
Run Silent
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Quote:
Originally Posted by JasonCSU View Post
Why cancel the card though? Why not use credit cards for their perks and benefits and pay the balance in full each month instead? In that sense, it's not exactly "borrowing money" like carrying a balance or taking out a conventional loan.
Because, in general, the standard % back on most cards doesn't really make it worth the hassle.

I don't really have any bills and most places like the utility company or water company charge a 2% convenience fee to use a CC, negating any gains. Wife and I don't really spend much money. When we do make a big purchase, like travel, we will open a card to get the 'introductory' offers and then cancel them.

The only card I actually use is my bank CC, which gives me 3% back on gas. I pay it off every Friday, lol.

That adds up to a little bit, but not much - something like $70 a year.
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