Welcome to General Chat - GAW Community Area
This General Chat area started off as a place for people to talk about things that are off topic, however it has quickly evolved into a community and has become an integral part of the GAW experience for many of us.
Based on its evolving needs and plenty of user feedback, we are trying to bring some order and institute some rules. Please make sure you read these rules and participate in the spirit of this community.
Rules for General Chat
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Be respectful to each other. This is of utmost importance, and comments may be removed if deemed not respectful.
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Avoid long drawn out arguments. This should be a place to relax, not to waste your time needlessly.
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Personal anecdotes, puzzles, cute pics/clips - everything welcome
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Please do not spam at the top level. If you have a lot to post each day, try and post them all together in one top level comment
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Try keep things light. If you are bringing in deep stuff, try not to go overboard.
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Things that are clearly on-topic for this board should be posted as a separate post and not here (except if you are new and still getting the feel of this place)
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If you find people violating these rules, deport them rather than start a argument here.
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Feel free to give feedback as these rules are expected to keep evoloving
In short, imagine this thread to be a local community hall where we all gather and chat daily. Please be respectful to others in the same way
Banks are NEVER your friend, but that doesn't mean that you can't use them, just don't let them use you. One of my favorite things to say to bankers on the rare occasion that I have to talk to one, in a nice way, after giving them an example is "I use Banks, they don't use me" as I'm leaving.
Welcome Bonuses: Banks offer Welcome Bonuses for both CC and Checking. Nothing better than free money. Typically a CC offers 100-300 bonus when you spend 1,000 or so in 3 months, just buy things you would buy anyways, sometimes a bill can count as buying so you can check that out. Checking account bonuses require 1 or 2 direct deposits within 3 months of a certain amount. Payroll DD usually work pretty fast and so its easy to meet. Social Security takes time for the government to switch. Banks know that so if it requires 2 deposits you have to time it perfectly or no bonus.
Cash back, from 1-5% 1% is barely worthwhile, but 5% on a specific category, yes please. I use my Amex at an upscale grocer for 3%, my wife I have use a category card set for 5% off groceries and another set to 5% for online.
Often you can stack cashback with merchant discounts and clubs. For example I purchase 2 pair of Levi pants and a Jacket that was 175 bucks retail. Paid 100, but was also part of a welcome offer buy from CC and that card also gave me a few % Cashback. This was Levi Pre-Woke...
Examples I tell bankers... My last 2 cars financed through Honda 1 was at 0% the other at .9%, my last HELOC was at 2.74% briefly went to 4.25% then fell back. Was in 2007 to 2017 borrowing period. Loaned out 10K once at 18%, loaned out 30K (Financed a Condo for relative) at 14.57%. I used this 40K HELOC over and over again during the 10 years...
Never had a co-signer, during Carter I saved up to buy a motorcycle. Instead of paying cash or financing the bike, I bought a CD yielding 11.5% and borrowed against it at 13.75%. 2.25% net cost during Carter as my first loan, Yes Please!
I currently have a CC thats 0% interest until Jan 2024 and 2 cards with 0% Until end of 2004. If a complete financial meltdown occurs and I happen to have balances, what a shame eh?
Point of this post: Banks are the enemy, but if you learn how to duck behind trees and take potshots, you can win the battle or even the war, Ask George W. about that.
John Rich is on the board of new bank that is all about personal freedom. For anyone unhappy with their current bank it might be worth looking into.
https://oldglorybank.com/
I use banks to profit from so I won't open an account there, but I am glad some new banks are opening...
Truist is offering 400 bucks for opening a bank account with 50 bucks then having 2 direct deposits of at least 1000. That's going to be my newest account. By the way most banks have a short window of having no account to be eligible to cycle through the process and get the welcome bonus on offer in a future time.
For CC too! I had several credit cards cancel my accounts from lack of use. I was living abroad 3 years. Upon returning home they welcomed me back with new cards and bonuses. I cycle through my cards by using them for purchases a few times a year and having my wife do the same. Will stop doing that soon so some cards will cancel and I can re-apply again when eligible.