general Credit Cards- do you have/use one?

[cider float 2,535]

Hmmm got 2 and think I should change one to a debit card.

Edited March 7, 2016 by cider float

[Catpone Cerberus 23,430]

No.

I use debit and cash.

And probably never will get one. It's not needed where I live.

[Envy 6,000]

I have a debit card, and I love it. However, I do not have a credit card. The horror stories have been implanted in my mind straight-up from back in cartoons like Rocko's Modern Life (lol, I can't believe I even remember that).

 

I've thought long and hard and even discussed with my parents the idea of getting a credit card and using it toward an English horn so I can get a positive credit score... But, now with the potential of school coming back, I've had to throw that aside for now.

[Guest]

I have a credit card, as does my wife. Credit cards are in fact very dangerous yes and if you are not careful can hurt your credit more than help it. However they are also one of the fastest ways to build credit. Building credit with debit cards and bills is actually relatively slow, and only a few months after having a card, I actually got my score up to where I am considered "good credit" for my age.

 

The trick is to pay it off and never let it get above 75% full. Don't spend money you don't have.

[Drunk Not I Am 1,069]

Yep, debt plastic is useful in the right situation however i'm always careful how often i use mine and it makes you realize just how easy swiping a piece of plastic is compared to spending hard earned money, weigh your decisions before you buy stuff folks.  

[Member Berry 1,217]

I don't want one and I don't need one. I only use my debit card.

Edited March 7, 2016 by Conspiracy.

[PiratePony 8,473]

The single best credit card points loophole I ever heard of was some bank (might have been US Mint even), was offering free shipping of new presidential $1 coins, and you could purchase them with a credit card.  ($1 got you $1 coin...even swap, like at a bank. But with a credit card instead of cash). 

 

People were "buying" thousands and thousands of dollars worth of dollar coins, then depositing them in their bank accounts to instantly pay off the credit cards....and racked up several vacations around the world!

 

I'm small potatoes of credit card rewards compared to those guys. 

Edited March 9, 2016 by PiratePony

[AEDAZ 176]

I don't use credit cards, but I do like my debit card.

 

I like having a direct deposit, and being able to immediately blow all my hard earned money on Steam sales.

I don't use credit cards, but I do like my debit card.

 

I like having a direct deposit, and being able to immediately blow all my hard earned money on Steam sales.

[DeadRightNowBoi 161]

I've been using a debit card for a pretty long while now! I'm pretty sure I'll be getting a credit card soon though!

[Ashen Pathfinder 16,152]

I only got my first credit card very recently; that being an Amazon.com Prime Store Card. You see, I recently got a new vehicle. I was gonna try one dealer first, but they denied me due to credit. That pretty much set me on my current path. Previously I religiously used my debit card, as well as cash for small or miscellaneous things.

 

As it stands I have the store card, and just applied for the Amazon Rewards Visa. Just paying off vehicle loans isn't enough to keep a good credit score.

[Lektra Bolt 2,337]

I don't have one and don't plan to ever. Everything I buy takes cash or cash in the form of prepaid cards like Google Play. For the 5% (Everything else, usually online purchases that obviously can't take cash), there's American Express Serve. Bet you thought I was going to say Mastercard? Nope this little known reloading card has this weird thing in my state (New York) and a couple others where it can't charge a fee ever. So I put exactly how much I want to spend, spend it, and get the thing I want. All the benefits of a credit card without the possibility of overspending and going into debt. I don't trust myself to not overspend, either.

 

This is probably late to mention, but I'm also in a financial situation where I'm not allowed to have credit cards even being in my 30s, but have cash like a normal person has debit. I just have cash laying around that I want to spend electronically and normally wouldn't be able to without Serve. I'll spare the full details for privacy reasons and boring people, but Serve gets me what I want without bugging my mom for her debit card.

 

The only issues (to me) with Serve are:

You cannot load an amount smaller than $20 and really small purchases will still leave a balance, so buying things for under that amount means I leave a balance.

Getting money back leaves it in limbo for a week where it doesn't get added back into my balance. This can be annoying if I need to buy something by a due date and made a mistake on a previous purchase. I either have to wait it out or put more money on my card, then get the limbo money back which leads to a balance again. Support literally can't do anything about it.

Edited March 24, 2016 by bronislav84

[Cirrus. 1,088]

The single best credit card points loophole I ever heard of was some bank (might have been US Mint even), was offering free shipping of new presidential $1 coins, and you could purchase them with a credit card.  ($1 got you $1 coin...even swap, like at a bank. But with a credit card instead of cash). 

 

People were "buying" thousands and thousands of dollars worth of dollar coins, then depositing them in their bank accounts to instantly pay off the credit cards....and racked up several vacations around the world!

 

I'm small potatoes of credit card rewards compared to those guys. 

:lol: That's hilarious!  But that would look kinda shady going to a bank with 1000's of new $1 coins...

 

That seems like too much of a hassle also.

 

I do rewards the easy way. I always look at card offers I get in the mail. Speaking of which...OH LOOK- $200 came in the mail a couple days ago. All I have to do is spend $500 in 3 months BUT pay it off in full each month. I spend more than that for normal expenses in three months, so I'm gonna sign up and use it. Why not make $200 on MONEY I HAVE TO SPEND REGARDLESS?

Edited March 31, 2016 by Cirrus.

[Kiri 7,277]

Nope, I only use a debit card for now.

[PiratePony 8,473]

 

 

That's hilarious!  But that would look kinda shady going to a bank with 1000's of new $1 coins...   That seems like too much of a hassle also.   I do rewards the easy way. I always look at card offers I get in the mail. Speaking of which...OH LOOK- $200 came in the mail a couple days ago. All I have to do is spend $500 in 3 months BUT pay it off in full each month. I spend more than that for normal expenses in three months, so I'm gonna sign up and use it. Why not make $200 on MONEY I HAVE TO SPEND REGARDLESS?

 

Exactly - so that's what I do. I get the rewards when they are convenient and I need them - usually flights or even cash. I qualify for the some great cards based on my credit, so I've rocked the reward game pretty well, and then everything that can take a credit card without fees (even health insurance premiums) I put on the card and rack up the points. "Oh...I have a free hundred extra bucks" without thinking about it.

 

And since I NEVER carry a balance and we never overspend more than we make/have in the bank, I usually just set bills and even credit card payments to automatic payment.

 

To paragraph Claude Reins in Casablanca: they hand me the bill; I tear up the bill. It's very convenient. 

[Guest]

I have VISA and American Express.

 

I think I can "over" draw about 1500 dollars on the VISA, not really sure with the AE. But I will NEVER do that unless it is an emergency of very high proportions. 

Edited March 31, 2016 by Guest

[captainborgue 343]

I find myself startled by how many responses are "I don't have one because I don't need one" or something to that effect. While I am not as skilled a wizard as PiratePony, I have managed to get a mortgage, a car loan, and refinance the mortgage for a much better rate all within a year and with a modest income. Because CREDIT SCORE!

 

Here's the thing- nobody, NOBODY, can go their entire lives without needing credit at some point. Bad things happen, or maybe you want to buy a house or car or motorcycle, maybe you want to refinance your student loans, or take out loans for school and don't want to have your parents as cosigners. Maybe your beloved pet needs emergency medical care and you don't want to face letting them die painfully because you don't have 1200$ in cash just lying around.

 

Life happens, and whether good or ill you may find yourself in a situation where credit is useful. Big purchases, vehicles and houses, are almost impossible to simply "save up" the cash for. I mean, if you have the means to simply point at a house, drop a giant burlap sack with a $ painted on it full of money, and say "gimme", good for you.

 

But most people don't.

 

 

 

 

Here's where I am going with this.

 

Don't need one? Okay. Get one anyway. Once a month, buy something little and pay it off every month. You will build your credit score that way. And years down the road, maybe decades, when you DO need credit, you will have years of solid, steady payments under your belt.

 

Credit scores will make things much easier- or much harder- from your 30's onwards. If you screw up in your teens and 20's, you will stay screwed for a LONG time.

 

Credit score determines a LOT of things. Even some employers will pull your credit. Looking for an apartment? They do too in many places.

 

Plus, if you have solid credit, you have more negotiating capacity. Walk into a car lot with an 880 score and the salesmen will be tripping over each other to find you the exact car you want. A 440 score, and the only places you can go seethe cash & carry used lots that buy cars from impounded and auctions, wash them, and sell them to people like you. What's that, you DON'T WANT a 1998 Toyota Camry with 300,000 miles? Too bad.

 

But MOST IMPORTANT OF ALL, the absolute BEST reason to get a credit card when you are young, is it will help you LEARN TO HANDLE MONEY. This is a critical life skill that NOBODY will teach you. Schools certainly won't. You will need it for the rest of your life, and the earlier you learn how to budget, how to save, how to spend responsibly, how to know the difference between WANT and NEED, how to plan, and how to invest, the better off you will be- and when you are young and have very little access to credit, even if you screw up it won't be for a life altering take. Oh, you maxed your 300$ starter card? That's nothing, you can handle that.

 

Last thing I'll say- even screwing up can teach you. One, how to avoid screwing up. And two, IF you do, DON'T AVOID THE PROBLEM. Never, ever, EVER ignore your creditors EVER. Call them the moment you realize you may not be able to pay. A creditor would MUCH rather make payment arrangements or set up a plan than take the account to a collector. And if it goes to a collector, no matter how scrupulous you are about paying it off, it will stay on your credit history for YEARS. Don't let bills go to collections. Don't ignore your creditors. Learn to handle money responsibly. Build credit even if you don't need it immediately. These are all this credit cards can teach.

[Moony the Cat 3,697]

I dont have a Credit Card, because i have no Idea why i would need one.

 

I would never know for sure how much Money i would have by simply looking at my Card, so i feel much more comfortable by actually seeing my Money.

 

And most of the Stuff i buy, i have to buy them on the Internet anyway, because of Import or Rare Collectors Items.

And for Internet Transactions, i already have Paypal.

[Phanact 333]

I'm a delivery guy, so I have one for my gas that I spend. I then pay it off every month, as to not acrue any debts.

[PiratePony 8,473]

I find myself startled by how many responses are "I don't have one because I don't need one" or something to that effect. While I am not as skilled a wizard as PiratePony, I have managed to get a mortgage, a car loan, and refinance the mortgage for a much better rate all within a year and with a modest income. Because CREDIT SCORE!

 

Here's the thing- nobody, NOBODY, can go their entire lives without needing credit at some point. Bad things happen, or maybe you want to buy a house or car or motorcycle, maybe you want to refinance your student loans, or take out loans for school and don't want to have your parents as cosigners. Maybe your beloved pet needs emergency medical care and you don't want to face letting them die painfully because you don't have 1200$ in cash just lying around.

 

Life happens, and whether good or ill you may find yourself in a situation where credit is useful. Big purchases, vehicles and houses, are almost impossible to simply "save up" the cash for. I mean, if you have the means to simply point at a house, drop a giant burlap sack with a $ painted on it full of money, and say "gimme", good for you.

 

But most people don't.

 

 

 

 

Here's where I am going with this.

 

Don't need one? Okay. Get one anyway. Once a month, buy something little and pay it off every month. You will build your credit score that way. And years down the road, maybe decades, when you DO need credit, you will have years of solid, steady payments under your belt.

 

Credit scores will make things much easier- or much harder- from your 30's onwards. If you screw up in your teens and 20's, you will stay screwed for a LONG time.

 

Credit score determines a LOT of things. Even some employers will pull your credit. Looking for an apartment? They do too in many places.

 

Plus, if you have solid credit, you have more negotiating capacity. Walk into a car lot with an 880 score and the salesmen will be tripping over each other to find you the exact car you want. A 440 score, and the only places you can go seethe cash & carry used lots that buy cars from impounded and auctions, wash them, and sell them to people like you. What's that, you DON'T WANT a 1998 Toyota Camry with 300,000 miles? Too bad.

 

But MOST IMPORTANT OF ALL, the absolute BEST reason to get a credit card when you are young, is it will help you LEARN TO HANDLE MONEY. This is a critical life skill that NOBODY will teach you. Schools certainly won't. You will need it for the rest of your life, and the earlier you learn how to budget, how to save, how to spend responsibly, how to know the difference between WANT and NEED, how to plan, and how to invest, the better off you will be- and when you are young and have very little access to credit, even if you screw up it won't be for a life altering take. Oh, you maxed your 300$ starter card? That's nothing, you can handle that.

 

Last thing I'll say- even screwing up can teach you. One, how to avoid screwing up. And two, IF you do, DON'T AVOID THE PROBLEM. Never, ever, EVER ignore your creditors EVER. Call them the moment you realize you may not be able to pay. A creditor would MUCH rather make payment arrangements or set up a plan than take the account to a collector. And if it goes to a collector, no matter how scrupulous you are about paying it off, it will stay on your credit history for YEARS. Don't let bills go to collections. Don't ignore your creditors. Learn to handle money responsibly. Build credit even if you don't need it immediately. These are all this credit cards can teach.

 

Everypony should read your post. This is a great great great post. And I'm no Wizard - I'm not Sunburst or anything.

But I digress:

 

Another wonderful benefit to having great credit built by years of owning cards....with a higher credit score comes a lower interest rate.

 

My credit score is excellent. I bought a used car last year (my 2012 Fusion that I mentioned in @@Phanact's car thread) - in exchange for purchasing the car for me and letting me drive it for 5 years before I finish paying off, I have to pay interest. However, my interest is so low that over the course of 5 years....I'll only have about $1,200 in TOTAL interest. Yes. That's it...all thanks to the crazy low rate I got due to my credit score. How I built it...credit cards & monthly full balance payments. 

Edited March 31, 2016 by PiratePony

[captainborgue 343]

Everypony should read your post. This is a great great great post. And I'm no Wizard - I'm not Sunburst or anything.

But I digress:

 

Another wonderful benefit to having great credit built by years of owning cards....with a higher credit score comes a lower interest rate.

 

My credit score is excellent. I bought a used car last year (my 2012 Fusion that I mentioned in @@Phanact's car thread) - in exchange for purchasing the car for me and letting me drive it for 5 years before I finish paying off, I have to pay interest. However, my interest is so low that over the course of 5 years....I'll only have about $1,200 in TOTAL interest. Yes. That's it...all thanks to the crazy low rate I got due to my credit score. How I built it...credit cards & monthly full balance payments.

Thanks!

 

One trick I found that works wonders: set up automatic payments for the day after payday in an amount greater than the minimum. You will hardly notice the loss, and if an emergency comes up and you have to spend a little more than you could pay off in a month, it's no big deal.

[Dynamo Pad 10,777]

I got a credit card about a week ago, but I haven't gotten a chance to use it yet. I mostly use my debit card. 

[Jokuc 8,172]

So here's yet another reason why credit cards are THE DEVIL

 

[Flutterbattyyy 330]

I use a debit card, but I also use a credit card as backup. I also use cash quite a bit.

 

So all three.

[CaptainDoubloon 856]

I only use a debt card because I like to spend money that I know I have. However, I've been advised that I should get a credit card with a low limit so I can slowly build up credit in case one day I want to buy a house. However, I still have no desire to get a credit card.

[PiratePony 8,473]

Another bonus to credit cards:

 

Debit card theft/unauthorized charges cannot be disputed without a lot of effort.

 

Credit card theft can almost instantly.