Thursday, August 12, 2010

A bit of danger....but I think we can handle it

Last week I accidentally used my credit card.  I pulled the wrong blue card out of my wallet.  PURELY an accident.  As soon as I realized I did it, I paid the balance (since I had planned on using my debit card, I knew I had the cash).

The thing I didn't think about until later was the points that got credited to the rewards program.  As I stated yesterday, we are getting the kids a Wii for Christmas with points.

After getting the Wii, I have about 4100 points left.  At 6000 (or 6500, I have to look again), we can get a $50 GC to Lowe's, which will help pay for paint for the hallway, and allow us to get the 2 lights we didn't have enough cash to get.

So, we need about 2000 more points.  Then I read this post about paying for your mortgage with a credit card (ok, I have searched high and low and can't find it sorry dude, no link love for ya!!).  One month, plus one other purchase we have planned (and have the money for) and I would be there!  Then I would get my gift card, cancel the reward program and hop on down the bunny trail.

Except our mortgage company won't accept a credit card payment.  Bummer.  But I am not letting it get the best of me.  I am planning on using my credit card in HIGHLY CALCULATED situations to get the points, and it will take me a little longer, but I will still get there.

I know what you are thinking.....Tsk, tsk, Mysti.  This is a gateway to problems.  What are you thinking, girl????

I am thinking that I know that I have a $600 purchase next week, and that will be 1/4 of the points I need.  I am only going to use the card for purchases that I have the cash in hand to do.  Not, I will have the cash next week.  If I have the money that I could take to the store and hand them in cash, then I will use the card to get the points....go home, and pay the bill.  There won't be a balance.

I just think we are close enough to get the gift card that it would be a waste to not use all the points.  I could get a gift card to a restaurant.....but it wouldn't even be enough for all of us.  So it really isn't an incentive.  Now, getting the lights for my hallway.....THAT is an incentive!



  1. I've been doing a similar thing with my Amex. There is a balance on it, but if I know I want to go grocery shopping, I'll pay $75 to my Amex card, use my Amex card to pay the grocery bill (which is usually $50) and have then earned points and paid an additional $25 to my Amex that I wouldn't have otherwise. It works for me, anyway.

    I think if you have the cash on hand (and keep track of it fully) then there's no problem with your plan. Personally (I love a good rewards program) I would continue to do this for forever. Then again, that's just what works for me.

    Good luck!

  2. I think you can handle it. It sounds like you have your head on straight - only make purchasees you have the cash for. It's too bad you can't use the card to pay the mortgage. :-(

  3. If you think you can handle it, then go for it!

  4. Ditto what jpkittie says. Just be careful.

  5. Hi Mysti
    I stopped over from he & me + 3 and I was so excited to see your blog. We are trying to get out of debt too and I am finally seeing a light at the end of the tunnel. We have a long way to go but I was so amazed at your blog and how you have listed your debt and how you have paid off cc#1 sooooooo cool.

  6. @Rachel - if your method is actually working for you, great! I don't think that would work for me.

    @Red - I was bummed about the mortgage. It would make my plan work in just a few weeks, and the danger element would be slim.

    @jpkittie - am finding that I can't handle it as well as I thought....stay tuned!

    @rhitter - see above

    @lisa - welcome! Not sure how much you read of my blog, but please note that we paid off CC1 using a lending club loan with a lower interest rate. So the debt didn't really go away, just changed name. Didn't want to take credit for something more than what we did. We DID pay off our hospital bill though...and we are very proud of that.

  7. Testing 1,2 3, with use of Safari and clicking preview first instead of post comment.

  8. @Samurai - hi! I see you! I looked into things, and the only thing that came up was for some Firefox users, if they disable third party cookies, the comments MAY not work. But I see you!