ASK AMY: Credit Card Accounts Raise Concern

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Dear Amy: I need advice. For the past five years, my husband has been waving credit cards (opening credit card accounts only for the opening bonus and then closing them after receiving the bonus). Open letters in both your name and mine.

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This is legal, as far as I know.

It is very organized and we have never accrued interest or commissions.

I recently started to feel uncomfortable about this and I want him to stop using my name.

When he started doing this, I was young and I thought he knew the best, so I didn’t question him.

I’m worried that he might get mad at me for not suddenly feeling good about this. I worry that you will be upset by my sudden interest in financial matters and the fact that you will lose half of the bonus money you receive from opening these accounts.

Thanks!

– Agitated worries

Dear shake: The credit card “shake” is the practice of opening a new card that offers a bonus (for example: “Earn a $ 200 bonus after spending $ 500 on purchases in the first three months of account opening” ).

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Users open the card, spend the $ 500 in expenses they would have paid, anyway, collect the bonus in the form of cash back or reward points, and then stop using the card (or close it) once it is you have received and spent the voucher.

This is not illegal, although it is frowned upon (by card issuers) and can negatively affect your credit score if you miss a payment or have too many cards.

Given that these bonds are issued by credit card companies that aggressively market their products to get people to use their cards (especially benefiting from people who don’t pay them back quickly, allowing them to raise interest rates), it seems logical that Some savvy consumers will find a way to take all that predatory energy and direct it directly to the business. Your husband is one of those smart consumers.

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The most important thing to know is that you have the right to disagree with a financial decision, especially one that involves your name and credit.

You should not open credit card accounts in your name.

Your fear that your husband may be “upset” or “upset” with you for making a decision that affects both of you is a red flag that you do not have the same voice in your relationship.

Yes, you should be very interested and intimately involved in the finances of your marriage.

You should also check your own credit score to see if this has affected your credit.

Dear Amy: My son met a woman online about 18 months ago.

Their relationship progressed to a point where he visited her for a couple of weeks and now he decided to move out of state to be with her and her children.

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I haven’t met his girlfriend or his kids yet, but at some point we’ll probably have a video call with them.

With the holidays approaching, my wife and I are not sure what to do for gifts as we never met them.

This is unknown territory for us.

– Ed

Dear Ed: You should ask your child for guidance. For the next time, it will be your job to help build a bridge between your parents, your partner, and your children.

Keep your offerings modest, and as an added little nod to your new partner, you can send them a specialty from your home region: a locally made piece of pottery, or honey, syrup, or hot sauce. Let her know that you are looking forward to meeting her and the children.

Dear Amy: I love your spine. I have a comment on “Southern Bride” whose husband wants her to clean out his retirement account to finance his house.

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Withdrawing money from retirement accounts, such as 401 (k), before age 59-1 / 2 will result in a 10% penalty.

And while this is (ideally) a temporary withdrawal, the money cannot be redeposited once you get it back, as there are limits to annual contributions.

I agree with you that the realtor’s plan for the husband to finance the purchase of this house with the proceeds from the sale of his house is far superior, and it also alleviates the bride’s concern that the groom will not repay.

– In the know

Dear in know: Southern Bride did not mention where her retirement savings were invested, but thank you very much for considering the tax implications.