"Any society that would give up a little liberty to gain a little security will deserve neither and lose both." ~ Benjamin Franklin

Stupid Tax- to the Max

>> Tuesday, August 26, 2008

A big "plus" for all those credit cards are the "rewards" they offer. Because the more you spend the more you "earn".

Well, that's the logic. Except it isn't really logical.

Case in point:

We have a credit card through our investment company (that's just illogical right from the start). As I was paying bills the other day I noticed that it had 6900 reward points built up. And since rewards addition is $1= 1 point that's $6900.

What did we spend that money on? Good question... I know a healthy chunk of the balance of that card is from Doug's senate campaign. Otherwise... Not a clue. Dining? Hotels? Shopping? Certainly nothing memorable. (And not our vacation- that was paid for with our tax refund.)

So... I have all these points...

I had actually considered getting a $50 Visa gift card (6000 points) and giving it away as a symbol of our stupidity. But then the Rewards Catalog came... And I saw something I had been wanting...

A portable Slow Cooker with Removeable Stoneware Dish. Yes, it's nice. No, I probably wouldn't have gotten it until I asked for it for my birthday if I hadn't had "rewards".

But the simple fact is that the interest (even the low interest) per month on the 6300 points I accumulated to "earn" the darn thing could have bought me two of them. And since there is a balance on that card... Well, I could have restocked my kitchen with new pots & pans a and attachments for my Kitchen Aid mixer AND replaced my oven, sink & island cooktop over the time I've been paying interest.

So much for "rewards"...

PS To enter to win Dave Ramsey's Total Money Make Over and begin to understand how much "Stupid Tax" you pay visit Green3 and sign up for her giveaway!

5 comments:

green3 8:30 PM  

I was the QUEEN of stupid tax! (make sure you take note that I said "was").

:)

pjmomof3boys 10:40 PM  

I'm so stupid with the stupid tax that I don't even bother to turn in our "rewards points." And believe me, I've got plenty of points... (But soon, thanks to Dave, that will be no more!)

Melody 1:41 PM  

Oh....I so dislike the stupid tax. Maybe someday I won't have to pay it anymore.

Kate 10:13 AM  

The rewards ARE a bonus if you pay your card in full every month. You're the fool charging more than you can pay. The rewards aren't the problem.

Jody 2:10 PM  

Kate- I never said it wasn't foolish to charge up my credit card. Please read further and completely understand where my posts are coming from before you come off as judgemental.

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