Date registered: Nov 2003
Vehicle: 1988 560SEL sold:
Location: Level 42
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RE: Mercedes Visa Card...Is it worth it?
I've put in a little more thought on this subject matter since the last post.
I'm really wary of marketing ploy under the disguise of rewards program where you save more by spending more.
If one uses credit cards for business or any daily necessities, then the rewards are by all means an added benefit and come in handy when one has to buy some nice gift for the in-laws - can be done through accumulated rewards points.
There comes a point where one loses track of one's priorities and let the reward points take control of one's spending pattern; for example, one ends up purchasing whatever is not completely necessary just to be on the next tier of reward category -- would anyone book an unnecessary flight just so that one's frequent flyer miles can get one into the next rewards category? Believe it or not these scenarios can happen as people lose control of their spending driven by obsession with the rewards.
As with anything, I see it as a too much of a good thing - enjoy as they come by but do not spend for the sake of receiving rewards. 430 is pretty much on point here: review what the reward programs are, see which cards offer the most benefit to you in terms of rewards offered and don't forget about APR after the initial honeymoon period. In other words, read the fine print and put some thoughts into it if you are to commit (usually, rewards accumulate over time for those who use credit cards for personal expenses, meaning in order to attain viable rewards one has to hold onto the card for several years.)
Am being Captain Obvious here but sometimes one needs to state the obvious.