Nice, same here. When you start to see whitish on these yellow strap, destroy it or use it for lighter pulling or knowing it will break but do it safely you'd be fine. Mine can pull at 5 ton (10,000lbs). I think it is enough. But man! 10 years after my Excursion comes off, they got 31K towing capacity, I think it isbut guess they got better design... yet too expensive to own one.
Towing chains are nice but too damn heavy, and they would last longer.
As for towing receiver rating, whichever is lowest is followed, say if your hitch receiver max rating is 10K lbs, but your vehicle maximum towing rating is say 3,500 lbs then 3,500lbs is the maximum you can pull. Today's most cars can't pull more than half a ton (1,000lbs). Mine is factory equipped and the towing rating is 5 ton.
My receiver is rated for 6k max but with my truck being 4 door and 4x4 the tow rating is 5k (2 door 2wd version is rated for 5,700) but I'll never pull that much with it I'd have to put an auxiliary oil cooler so it wouldn't burn the transmission up. You can pull more than its rated for but its hard on the vehicle. Years ago I pulled a Buick Skylark with a Ford Escort station wagon using a tow rope
) *That's okay, they're about to all lose their licenses anyway... -breathe-* Yes, I do tend to get VERY angry when I almost pee my pants from dying getting knocked off my motorcycle or the front end of my car scraped off... so yes, I'm very quick to shoot the bird... 
and lay on the horn... and yell... a lot... 
loudly... and pull up next to you so you hear... and see the bird...
All I ask is that people signal and show basic politeness on the roadways! Is that too much to ask!? Oh wait, I live in Tampa Bay, home of the 90 year old drivers and the super young show off ones, of course that's too much to ask... Jerks...
