We too hit on most of those cylinders. I do disagree a bit with the cash only one since I get 1.5% off on Credit card buys of **gasoline for the car and lawnmower etc. I would have used the gas regardless cash or credit hence I save a tiny bit, for free whatever on Amazon, lol, but overall I hardly use cards on much else, maybe 1-200 a month max.
The other part of credit cards is that whatever the credit card credit line is ends up reducing your overall line available to borrow from other sources, say a bank. A credit card with a $10k limit reduces your overall bank available line by 10k since the bank has no choice but to consider it as possibly spent with AMEX or whoever the card issuer is. So those folks carrying 5 credit cards which = a total say of 90k of avail credit or some such when they go to check for line of credit at the banks will have what they would have personally been given by the bank unsecured reduced by that amount.
Due to business I used to carry a lot of cards but since being retired I have not only eliminated all but 2 cards, I have reduced the amount of each card to $2500 for a total of 5k off my line of credit. If I need more a phone call will jack the amount on the cards.
Also you need to pay the total off each month on any card you have since the penalty is between 5-18% per year depending on the card, and we all know how tough it is to gain 18% a year on stocks.
Sheep *Thanks for the article - they should teach those principles and the rule of 72s in High School instead of some of the total crap that is taught. (PS my wife was a teacher so I have first hand knowledge)
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