Friday, May 29, 2009

American Express Corporate Card



If you carry any type of America Express cards I feel sorry for you. This is a company I used to have a lot of respect for but lately I’m having many doubts. I dumped my Amex Blue card a few months back since they cut back my credit line down to $500. I refuse to do business with any company that lowered my credit line based on where I shop when my credit score is over 700 and never missed any payments or had any negative fees.

My employer forces me to carry an American Express Gold Corporate Card for all my business expenses and reimbursements. Recently Amex decided to add spending limit to the card, so again they cut me back down to $500 dollars. This week I had to book airfare to New York and Hotel expenses. The current balance is over $500 so this whole week the card has been declined 3 times! So thanks to their brainless policies I can’t use my card.

We’ve never had any kind of spending limits at our company so I’m sure this Amex trying to further reduce risks and cut credit lines. Maybe Amex needs to revisit their no pre-set spending limit policies.

HS

Thursday, May 21, 2009

Discover Card Charges

The wife and I have decided to say goodbye to Discover. We are actually going to call customer service and cancel this account. We realized that we cannot behave using Discover so it needs to go. I will miss the rewards and cash back, but we truly do spend more when we use credit cards.

Check out the chart below, in less than 2 years we have charged $15,408.77! I probably have cashed in well over $500 in cashback rewards but it seems a bit irresponsible to charge that much money to a credit card. Keep in mind we paid Citi close to $15,000 in the last couple of years.



We still have a balance with Discover from all our May purchases. I will post that amount after I get the statement. I will also go ahead and cash in all my rewards, probably for gift cards.

I think I've said this before, if your thinking about using credit cards, think again, read this blog. They are not worth it! Stick to cash only and avoid debt.

HS

Get low purchase APR and up to 5% cash back with a Discover credit card.

Tuesday, May 19, 2009

FNBO Direct Rate Update

It happened again, FNBO Direct savings account dropped their rate down to 1.65% APY. We still have most of our savings with them. I did not move the money over to stocks last month on advice from most of my readers. I regret not doing so, If had invested in the stocks I like I would have an extra $1000 now!

Time to leave FNBO Direct, anyone have any suggestions? 1.65% is just not worth the hassle of dealing with this online bank for such low rate. Perhaps mutual funds are a better choice?



HS

Wednesday, May 13, 2009

Wife Expenses

Dear Wife,

I love you and you deserve the best. Your job can be stressful at times and I know every once in a while you need a break. Usually you book a vacation with your girlfriends, and I'm ok with that BUT on this last trip you spent over $1500 on our credit card!!

Not sure how I'm going to explain this one to all my readers...

Love,

Your husband.

Wednesday, May 6, 2009

Out Of Control Spending

If you notice the economy improving, thank us! We been spending a lot of money lately and it needs to stop!! The spouse booked 2 vacations totaling over $2200 this month, all on Discover :( she’s leaving this weekend for her first trip and will also need spending money, probably around $400.

My computer at home died so I had to purchase a new one. I spent around $400 on a new tower. I’m looking to spend another $350 on a new monitor this weekend. My current computer is over five years old so it was about time to buy something new. Believe me, I am being frugal, I would love to get a new iMac but for now I don’t want to spend more than $800, maybe in another 5 years I can get a Mac.

Our mortgage company, Wells Fargo sent us a bill for an escrow shortage so that was another $300 dollars. I took that out of our emergency fund, I will probably also give the wife spending money out of that, so our new balance there will probably drop to $1000.

The goal for May is to pay off all the trips on Discover and stop spending so much money. I think we need a money manager to control our bank accounts and give us a weekly allowance and say NO to all our wants.

HS