Card Member Benefits?

A few years ago, we co-signed credit cards for our boys. The idea was simple: help them build credit and teach them a little about money. In some ways, mission accomplished.

For example, they quickly learned how interest rates work. That $100 purchase? If they paid it off right away, it cost exactly $100. If they let the balance ride, suddenly that same “thing” cost $118. And did they still like it as much knowing it wasn’t really a $100 purchase? Probably not.

They also learned about airline miles. Our oldest was thrilled to use his miles for a Spring Break flight. But was it really “free”? Not quite. He had to spend a lot to earn those miles, and the annual card fee wasn’t exactly free either. The lesson? Sometimes “benefits” are just expenses in disguise.

Which got us thinking: what exactly does “benefit” mean? Isn’t it supposed to feel like a good thing? Lately, we’re not so sure. Even our favorite stores, restaurants, and service providers are passing along credit card fees. So let’s get this straight—we pay the card’s annual fee, and we pay an extra 3% because the merchants are struggling to absorb the processing cost? Disclaimer - we understand why they are passing the fees and don’t blame them for it, as they are getting crushed from rising rents, product, as well as labor costs. 

Meanwhile, every place we go seems to want a different form of payment for different reasons. Some want only cash. Others refuse cash. (Wait—how can you refuse legal tender guaranteed by the U.S. government?) Some have one price for cash and another for cards. And if you pay by check, guess what? Even the County tax assessor now charges a “check processing fee.”

So now we’re juggling Apple Pay, Venmo, PayPal, Zelle, cash, credit, and checks. In theory, all these payment options should make life easier. In reality? Simple isn’t always easy.

And then, back to why we started all this. We wanted our boys to establish credit early, so when they turned 18, they’d be set. On his birthday, our son marched into the bank we’ve used for 25 years—where he had multiple accounts—proudly armed with a great credit score. He asked for a credit card. The banker said no: not enough income to qualify, even for a $500 limit.

So guess who had to go down to the bank and plead his case? After some persuasion (and maybe a little begging), he finally got approved.

Moral of the story?
When someone says “benefits,” be cautiously optimistic. You might be getting exactly what you paid for—and not a penny more. 

And as for us, we’re looking forward to our upcoming date night to contemplate our next article. But before we go, we'd better make sure we’re prepared. That means we’ll be bringing cash, credit cards, a debit card, various payment apps on our phones, and of course, a good old-fashioned check. And we’d better not forget a pen…those checks don't write themselves. And speaking of writing, it better not be in cursive, no one can read that anymore, HA! 

Until next time, our best to you! 

Matt & Christina

Matt & Christina are Team Skally, top real estate agents in the Seattle Metro with expertise in luxury homes on the Eastside including Bellevue, Newcastle, Issaquah and Renton. Their client testimonials say it all - they deliver exceptional service and record-breaking results. Recognized as top agents on social media by Property Sparks, Diamond Award winners for best client service, Nextdoor’s Neighborhood Faves and regularly featured in online and print publications including Greet - Newcastle & Newport Hills Magazine. In addition to serving clients, Matt and Christina love family time with their two sons and Goldendoodle as well as volunteering in the community.