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Always use cash from now on, not credit cards


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2021 Sep 4, 4:36pm   68,660 views  450 comments

by Patrick   ➕follow (59)   ignore (2)  

Drove to a restaurant today with my wife and was first of all creeped out to find that they knew my name from my phone number, which I had to give to get on the wait list. They said they use a centralized database of many restaurants for that.

They have a window where you can order a beer while you are waiting. So I ordered a beer and they refused to take cash.

OK, I wanted the beer, so I paid with a credit card. Then the total had an extra $1.50 on it. I asked about that and was told that I added a tip. I specifically did not add a tip because I was pissed that they don't take cash.

I got the manager and made him remove the tip.

We are rapidly approaching the CCP utopia of complete tracking of all citizens at all times.

Lesson: call ahead and make sure a restaurant will take cash. If they will not, don't go there.

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442   Patrick   2025 Jul 3, 3:14pm  

https://karenkingston.substack.com/p/is-elon-musk-turning-x-into-chinas


Cash is Gone. WeChat is King in China.

According to Business Insider, “WeChat is quite simply a ubiquitous part of daily life in the country.” The news outlet reports, “You won't leave WeChat even if you want to, because you can't buy anything in modern China without it. Chinese retailers have gone cashless and mostly accept payments via WeChat's digital wallet service, WeChat Pay. …In China's walled garden of apps for cashless convenience, WeChat is king.”

With a government-controlled app for all of services in China, it’s easy for the CCP to punish citizens who speak out against the government by locking them out of their banks and their lives. Do Americans want this same digital platform in the U.S.?
443   WookieMan   2025 Jul 4, 12:48pm  

HeadSet says

Even if you got 5% back on all credit card purchases, to get $10k back you would have to spend $200k per year using credit cards. At 4% cash back you would need to spend a quarter million. Also, if any of those credit card purchases are for business expenses, those rebates are not tax free.

100% tax free. W-2 employee. And yes, we spend at least that much annually. Maybe $300k. Plus bonus points for certain restaurants and businesses. Shop online and get bonus points where the money is reimbursed. Shit like ink for a printer at 10X points. She hosts events that we put $20k in one night on the CC.

Personal expenses are maybe $50k on the card. The company reimburses us and they write it off. We're not on the hook for anything. Been doing this for 20 years. For what I think are trust issues, the owner of the company doesn't give out company cards. We have $100k at least in limits and rack up the points. It can suck at times, but I calculate that gross from the points is probably $12-16k and there's no tax.

We currently could take about 6 trips for 5 people round trip for $342 which anyone would have to pay anyway. Depending where you fly that's roughly $8-9k as an estimate. This year it will be another $5-6k when December ends.

You gotta do points you want. Southwest is our go to. We still have hotel points and get 3-8 nights free. I have 12 paid off credit cards with different rewards. If I was paying debit or a shitty card with crap rewards what's the point? Takes a good amount of research and what you want. For us we have no interest in overseas so Southwest is perfect. Though they did partner up with Iceland Air for European flights.
444   Patrick   2025 Jul 4, 1:16pm  

WookieMan says

100% tax free. W-2 employee.


@WookieMan How does that work? You make corporate charges as a W-2 employee, but are allowed to keep the money back on those charges?
445   Misc   2025 Jul 4, 11:24pm  

Patrick says

WookieMan says


100% tax free. W-2 employee.


WookieMan How does that work? You make corporate charges as a W-2 employee, but are allowed to keep the money back on those charges?


The company reimburses them for the expense, but he gets to keep free points from the credit cards as it is his personal credit card. It's all legit.
446   Onvacation   2025 Jul 5, 8:09am  

Patrick says

This is why we should have pure silver by weight as currency. The pound.

That would be constitutional!

I have been reading the federalist papers and our founding fathers were very much against paper money. The Constitution literally forbids making "anything but gold and silver coin legal tender for payment of debts"
447   HeadSet   2025 Jul 5, 1:09pm  

Misc says

The company reimburses them for the expense, but he gets to keep free points from the credit cards as it is his personal credit card. It's all legit.

If you use a credit card for reimbursable business expenses, that "cash back" is counted as taxable income for those reimbursed expenses. For unreimbursed or for personal purchases, that cash back is considered a discount on the purchase price and not taxable. Either way, you will get a 1099-MISC if the cash back is over $600.

No biggie. If I worked for someone who let me spend $330k per year on my personal credit cards and then reimbursed me, I would be glad to pay the taxes on my cash back. Not sure I would qualify for a single card with such a high limit, so I presume I would have multiple cards.
449   WookieMan   2025 Jul 7, 12:12pm  

HeadSet says

If you use a credit card for reimbursable business expenses, that "cash back" is counted as taxable income for those reimbursed expenses.

It's not cash back. I note you put that in quotes. It's not trackable. You use a personal card and you get paid back. There's no tracking to the IRS. I don't take cash back. Those are the worst cards. Never been audited in 20 years or have ever received a tax form ever. What I do is 100% legal and tax free.

The IRS allows it because what do you do? You spend money. When I travel, who do I pay? Employees. They buy houses and pay income taxes. They 100% don't tax points. If I gave you $100k and then you paid me back, that's not a taxable event unless there was interest. You could do that with a basic promissory note.
450   HeadSet   2025 Jul 7, 5:41pm  

WookieMan says

I note you put that in quotes

Yes, I should have hyphenated instead. I am referring to actual cash back, where the CC company rebates actual money to your credit card. I do not know what you are referring to if not cash. Points? Like what I get when I stay in a hotel, where after a certain number of stays I get enough points for a free room?

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