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I have a standard green AmEx. I think we pay $49 a year for it?

We use it to pay for EVERYTHING! Well, at least everywhere where they take AmEx, which is almost everywhere. This includes our electric bill, our gym membership, phone bill, and cable bill.

Our average monthly AmEx bill is around $3,500.

We currently have points in excess of 100,000. We've used points to take a trip, buy a navigation system, and gift cards for Christmas shopping.

And we've had similar experiences to Carboy's.

If you spend more than $500 a year on your AmEx that has a membership fee of $50 then I'd say it's worth it.

The trick to using a credit card is to treat it like an ATM card. Don't use a credit card for something you can't afford. Pay off the bills IN FULL each month. Once you've used the card for a purchase, deduct the amount from your checkbook or use a spreadsheet to keep track, which is what we do.

If you don't pay them off in full every month it won't be long before you'll have them maxed out and making minimum payments, which is exactly what the credit card companies want.

Credit cards are dangerous in the hands of those who don't know how to use them. And I speak from personal experience. Had to bail myself out of deep debt but did it and am now very cautious about how they're used. If I can't pay for it with cash it doesn't go on a credit card.