I would really appreciate if you can explain your stand a bit. Thanks
I have one and I am for it.
I don't have one but I am for it
I don't have one and I am against it.
I don't know enough to have one right now.
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Do you use a Credit Card? Are you for it or against it?
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Anonymous
(45 Plus)
+1 y
I believe many people do not understand how to use a credit card.
It is good to have one if you KNOW and UNDERSTAND how to use it.
You need to build credit to be able to have nice big things like a house and a nice car among other things big appliances for home and such.. As you get older you will need these things...
Never get a card that requires you to pay just to have it. Obtain a credit card that charges Zero dollars to have so no yearly fees.
Also never spend money if you don't actually have the money. Remember you are using it solely for the purpose of building credit.
When the monthly bill comes, NEVER pay the Current amount (That's how you build credit) and NEVER pay the minimum payment, that's how you end up paying interest and MORE than what you owe.
ALWAYS Pay LAST STATEMENT BALANCE in full. never less, never more.
you will always have good credit and it just builds up from there. If your card offers points, even better!
it's also good to get those with the really low interest percent, especially those that offer zero interest for first year and a half if you have something big to pay off.
Also never assume that you will have money to pay the card.. for example if I saw something I like that costs 20 dollars or 200, I only buy it if I actually have that amount in cash available... then I purchase with the card instead because paying with my money doesn't help me at all, then I just put the cash away and consider it gone so that I have it to pay off the card when the monthly payment comes in.
some people just assume they will have the money and then go spending a lot and can't afford to pay the full last statement balance.. they pay the minimum due and that is just the stupidest thing to do, you end up paying way more for that 20 dollar item in the end because interest accrues..
and if you pay the full CURRENT amount so that you don't owe anything, then you don't build up credit because you don't owe anything.
most people don't understand how that works but it's so easy if explained correctly, I don't know if I did explain correctly or not but I hope whoever reads this understands it and benefits from it.
using debit cards in my opinion is dumb. It does not help you in any way. If you don't want to become in debt, learn how to use credit cards and never spend what you don't have. Pay the last statement balance in full (not the minimum payment, not the current balance)
To answer the question I do use credit card and I am for it (as long as it has low interest and ZERO annual fees)
I agree with everything you said but the way the system is built you need credit to buy a home or car as examples. But the economy right now is very shaky and I do think there will be another Great Depression. Why do banks charge 20+% interest? They make so much profit off debt they don’t want to lower the national debt by reducing interest rates on credit cards. In university, you may have companies throwing cards at you and people who are young and unaware won’t know properly. If my friend owed me $1,000 and I said you’re late 30 days you now owe me $1,200 that’s a dumb, selfish comment. Even in religions, interest taken for your own gain is considered a sin. I’ve had professors who stated the issues of this as well.
This isn't really the way credit company's work or how they respond to your neat credit theory. Credit card company's favorite card holders are (revolvers) , those who are under 25% penalty and ultimately pay... usually very late. Building credit is done specifically through escalations of purchase and through revolving moneys spent. They also know they must give you the money first before you can pay the peneltys.. The way to be completely above the growing credit procedure is to purchase a ultimate best card by outing a $ 100,000.00 max on it backed with same amount is as high as $ 6,000,000.00 . I realize not everyone can do this. With a card maxed as high as possible , NO more credit issues or credit score issues.
E. I have one and am against them. The only reason I have one is for the credit rating of having a cc account and in case I need a hotel or rental car.
CC companies are like drug dealers. They give their clients a few freebies, get them to start using, then charge fees and interest rates that create a cycle for the user to actually need the card in order to get by because they used their cash to make the minimum payments.
CC companies also charge the merchants huge fees and those get passed onto the consumers in the cost of goods.
I have many credit cards, and I am all for them. My credit score is around 800.
I highly recommend credit cards to those who are responsible with money. In fact, several years ago I called each of my younger siblings to find out if they have credit cards yet and to encourage them to start building credit sooner rather than later.
You can find lots of articles on building and managing credit wisely, but here are some clear and simple top tips from me:
1. Only get credit cards with no annual fee. Don't even sign up for a credit card that waives the first year, then starts charging you. There should be no annual fee, EVER.
-My one exception to this is I have a Costco account that I pay $110/year for, and it has a credit card attached to it. The card itself has no fee, but if I ever stop my Costco membership, the card will also disappear.
-Second exception I would make is if you are spending enough on a credit card that the rewards pay for the annual fee AND give you additional rewards on top of that.
-Example: * Card A, no annual fee, pays 2% in rewards. Spend $20,000 in a year, rewards = $400 * Card B, annual fee $99, pays 4% in travel rewards. Spend $20,000 in a year, rewards = $800 worth of travel for $99 (the annual fee) = $701 net in travel. For most people, cards with annual fees do not give you sufficient benefits to justify their cost.
2. ALWAYS pay the card balance in full each bill, and never spend money you don't have. You should always have enough in your account to pay your bill in full. A credit card should not be used as a borrowing tool. The interest rates are insanely high. I recommend Auto-Pay, which I have enabled on all my accounts.
3. Get as many (good) credit cards as you can, rotate through them so that every account is used at least once every couple months. (You can make this as simple as buying one meal with each card, getting gas, or buying a coffee with a neglected card). Also, call and ask for a credit line increase on each card every 6 months or so.
4. You don't need to use all the credit line you have, it's fine to have a large line of credit and not utilize it all. I generally utilize less than 3% of the total credit extended to me every month. It's about building credit, showing you can be responsible. This comes in handy later if you want a home or vehicle loan, to get you a better APR and terms.
I have an ATM card and two credit cards. My one credit card has like a 2% interest rate so I use it to make on-line purchases and I make sure that I never have a zero balance because I don't want it to get cancelled. I've had it a long time and they don't have offers like that anymore. I never use the other credit card but just have it for backup. My wife has a cash back Costco card that pays her a certain amount for every transaction. I actually use that one for gas and groceries. She pays that one off every month so as not to incur any interest payments.
Credit and ATM cards are really handy. They've been around for a long time, even before electronic strips and chips. Remember when they had embossed information and a clerk would swipe your card in a machine ("knuckle cruncher") to make a carbon copy of the embossed information?
Here's the problem. We are really used to using cards. We didn't even think about it when they started storing electronic information. It all seem so benign. Now there is a push to eliminate cash and go to all digital currency. That will mean total imprisonment/slavery.
So my wife and I are using cash a lot more just to encourage the continued use of cash.
Good Question. I use PayPal credit. If the purchase is over 100 you get 6 months to pay it off w/ no interest. Over 300 is 12 months (3%). Over 500 is 24 months (3%). Of course if you pay the big purchases in 6 months there’s no interest at all but if you need that extra time 3% is well worth it in my eyes. I use it for anything over 100 ONLY. Under 100 is 24% which is completely fuckin insane. This whole thing is a line of credit for online purchases so no card for in store shopping. It works out great for me. It doesn’t build credit though so if that’s your main goal go with something else and pay off your balance at the end of the month.
Ex: I pay for mint mobile with it and do the 35gb a month plan for 12 months. Instead of having to pay for 12 months all at once I use PayPal and get the cheaper price for buying more months at a time ($30 annually vs $45 monthly) but in reality I only have to pay for it monthly.
They are fine, as long as pay them off in full every month. If you run up balances on one or more you are digging yourself a hole that is very hard to get out of. Many have interest rates of 18 to 24% or higher. The minimum payment pretty much covers the interest and hardly any goes on the principal. Not the smartest thing you can do with your money. Look for cards with cash back, gas discounts, travel discounts. Only if you pay off the balance every month, otherwise do not get one.
Credit is a modern form of slavery. It's a trap and you should avoid it as much as you can. There is only a few things you can go in debt for in life. It's owning your own home, it's education and in case you need a car to work. Everything else should be payed with earned money. The car is only valid at the start of your career after that it should become part of your expenses. Work on getting your economy solid so people can't force you to do anything. And be smart towards all debts make sure you buy something cheap, you can always trade up later in life. You first place doesn't need to be your dream home. Same goes for the car. The education should be based on a combination of earn back and interest. Don't go for a work you hate just because of money, or go for something you love with no good way of earning money from. You need to find a good balance point between them.
I use a couple, I don't do debit. As there is no way to get that money back, credit cards I can dispute any transaction and have it refunded. There is also warranties and other extended protections on them, based on your card user agreement.
I only use zero fee ones though and I never carry a balance, it is paid in full weekly, not monthly but weekly. If I don't have cash that week, I don't buy anything.
I earn points too, last year I ran 120k through it and earned a ton of points. My next couple of trips, I will have free hotel rooms. I can't even recall the last time I had to actually rent a room, so many points and free nights as a result.
And no I don't make that much per year, but work has me do stuff, then reimburses me for it. Business travel on occasion or various other things.
The key is treat it the same as cash, no cash don't use it. If you lack self control, don't get one.
I have a few, but only use them to pay bills, which is really the best way to build a good credit score. I never use them for shopping, eating, etc. unless I really, really have to, and I'm not a credit card lover to begin with. I'm very disciplined with my money, so they are not a major necessity for me.
The more credit you use the more debt you have. Sometimes banks or other financial experts will try to talk you into getting more cards but you really only need a few. Too many credit cards can negatively impact your credit score, and especially if you're using all of them for big purchases you're not paying back on time.
I am all for credit cards, provided someone is taught the correct way to use them. For someone with no credit, a secured credit card is the most accessible way for them to build credit. Where people go wrong with credit cards is when they use them for things outside the normal budget. It is good to use a credit card for a bill you would pay anyways then pay that amount off with the money you would have used to pay the bill anyways. It is NOT good to use the card for a vacation to Paris that is out of your affordable range and that you do not already have a vacation fund set aside for.
I don't have one and I am against it but I have a line of credit with KeyBank and as long as I pay it off I can either borrow or pay it off in full also one day I will pay it off in full cause within due time it will give me a better credit score my payment of $20.00 is made to them before the 19th of the month and I can either borrow or continue to pay into it but learn something with a credit you need to make your payments early and also pay more than what's due my suggestion is don't take out any credit cards cause it's lost cause
I’ve had one in the past but am now against it. It’s much better to just pay for things at the time of purchase instead of having to worry about it for years later. And with interest and late fees that can get added, the price would likely end up being more than it was originally.
I had amazing credit, and then lost my job and had a major health crisis all at the same time. It was this insane time of just trying to survive and yet creditors were calling me and harassing me for money even as I literally explained to them the situation. One lady was so especially cruel to the point where I would have reported her if I could. My credit slowly tanked as did my savings, and I ditched my credit cards and just started paying for what I could in cash or card. It's taken a long time to find some stable-ish ground, but that whole experience made me just hate credit because I felt like I was being punished for getting sick at an inconvenient time and I get that they don't have to care, but I have never like the idea of owing anyone.
People always talk about having credit cards. But the story that often follows is a lot of debt. People often having more than one then using one to pay off the other and so on. Yikes!
I have credit building in other ways and mostly pay for what I can afford!
I don't have one and I'm totally against it. I'm not going to get myself into unnecessary debt. I already have student loans. I even have a Sallie Mae loan with an interest rate of 8% so that one is really going to kill me. The interest rates on credit cards are insanely high. I don't want to end up being a debt slave for the rest of my life.
I'm for them. Have had one or more going since I was in my early twenties and never got myself in trouble with spending. I am for them (for people who are responsible) because you can earn hundreds of free dollars on points, which are applied right back on the card as payments. I love that feeling.
I am not a fan of credit cards. If I can pay it full cash sure if I don't have the cash in my hand then I don't buy it simple. My grandmother thought me from an early age if you don't have actual cash in your hands then don't get it because that will create issues in the the future. I know it is good to build credit but my grandmother always though me that is way to lead on to files bankruptcyhonestly it live to live dept free. I don't live beyond my means.
I have many, but you had better know WTF you are doing. DO NOT buy anything unless you already know you have enough cash to pay it off - in full, at the end of the monthly period. (OK, if you need car repairs in the middle of nowhere and other such emergencies, I get that too).
Carrying interest on a credit card will *eat you alive* financially.
Credits are important and very useful if used right… rents due and your check don’t cover car, rent, and electric at once? You can pay the late fees OR use the credit card. Pay the card off every month and pay interest that bifold credit and costs maybe $10/mo or else pay hundreds in late charges.
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Credit cards are great, but you have to understand it's NOT your money you are spending and you have to pay it back on a certain date.
What I tend to do is setup an automatic payment every month a day before the actual payment date. This way you avoid any auto late payment fees by default. But I usually am busy so don't check my statements religiously.
I don't have one, but I really should. They're very useful for building a credit rating and for the extra protection you get when using them to make a large purchase (if you order something online and then the company selling it goes bankrupt or whatever, you won't get your money back unless you paid by credit card). Never use them as a way to borrow money though - always pay off the balance in full every month.
As a point of principle, I don't spend money I don't have, so it doesn't really matter to me. Or it wouldn't, if not for the fact that leaving a perfectly identifiable trail of what you've bought and where you've been is insanely risky. At this point, I don't think it's safe for anyone.
There is safety in using a credit card. You don't have to carry around huge sums of cash that can be stolen. If someone steals your credit card, you're protected against illegal use.
I use a no-annual-fee credit card, and pay the bill in full at the end of each month... never pay interest charges and fees.
the pros of it easy to use dont need to walk around with cash or have cash on hand can use it for pretty much anything you acquire points you can redeem with many of them
the cons if the machines are down atta place you are screwed if you dont pay it off monthly the interests accumulates should keep a running total so you dont over spend monthly
I have 2, there’s literally zero cons to them if you don’t spend more than you can pay off. I’ve had the first since I was 18 and has let me build great credit, and the 2nd I got about a year ago and I’ve got enough points for a round trip to Europe. They’re far more secure than debit and they make money rather than cost money like a debit card (provided you pay them off every month)
You have more rights as a consumer if you pay on credit card, trick is to pay it off immediately in full, they can help boost your credit rating in the future if you apply for car loans/mortgages and good in an emergency, but you need to be very disciplined,,,
They can actually save you money, eg a season ticket for commuting, or new clothes for a new job to enhance your reputation, and pay off with your first pay cheque/wages,,,
Nah I hate the idea of being in debt so I've never had one. Plus I just don't buy enough things to ever need it since I extreme coupon for most things in my life that I need.
I had a Bank of America credit card for 20 years. Paid on time every time they sent me a statement, never late paying! It had a zero balance for about six months because I didn't use it. So, I got a nasty gram (letter) in the mail telling me they cancelled my (only) credit card. I have heard of this happening to other people as well. So maybe you should think about using it once in awhile before they cancel yours too. FYI ☮️
Oh that sucks!!! I'm sorry that went like that and thank you for the advice! Here I guess it works differently, I have money on my KreditCard and pay a annual fee for that so I'm good right now
Sure I have one and I use it all the time. Pretty much anyplace that accepts the card I'll use it. I just use cash for places that don't take cards. It's very convenient and makes it super easy to analyze your spend.
I have two, and a good amount of credit (and benefits). My father said it is good to have the amount at your disposal, should you need it. And you only get that with an impeccable score, paying full each month.
I have one. Theyre fine as long as you have the money to back it up. Too many people who dont have the funds get them and end up fucking up their credit and getting in a ton of debt.
Yes. Because you have a buffer for fraudulent charges- the credit company can deny charges whereas it's much harder to get YOUR money back. Just don't buy into the APR and minimum payments. I pay my credit card bills in full...
I tried to sign up for one but I got a letter saying that I couldn't get one. And all this crap about me having the right to have credit blah blah blah. My dad said he'd look into it. Doubt he's had the time
I do since I’m building credit especially to buy a house and do the whole adult thing. My student loans are the only thing I hate seeing unless my score would be excellent. 🙄
My debit card is both debit and credit card, but I don't use the "credit" option. If I don't have money to buy something, I save up until I can pay it in full at once, or I don't buy it at all.
Visa Electron cannot take credit but it does set me free from the troubles of coins and notes. Electronic receits are also great for the enviroment. Poor trees, killed by humans for useless paper. And thank you trees for providing us oxygen.
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Anonymous
(45 Plus)
+1 y
Credit/debit cards are fine as long as they're used smartly and appropriately. But I suppose the most Godly way (if it were even possible) would be to use various denominations of actual gold and silver coins for all purchases. But now that we're in the Beast System, that will never be possible
I am an international business traveler. I can't function without mine. For general purchases, I use my debit card. I do pay my bill every month and carry NO balance's over!
A, but I hardly ever use one to spend money I don't have. It gives me insurance on purchases, and the chance to reclaim my money if something I order doesn't arrive.
i do use it but it sucks. generally paying with plastic sucks. cause you really easily lose the oversight of how much you're spending and how much you have.
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I have one I use in the stores and one just for online purchases. They have no annual fees an I pay them in full every month. I also have a gas card as well.
I have 2, both fee-free, I don't use 1 full stop because I can't get into the account anymore, no balance on either and I only utilize the other to save me money or make me money
10.6K opinions shared on Society & Politics topic.
Once in a blue moon if I don’t feel like going to the bank pulling out cash but I always pay it off at the end of the month. So I don’t have to deal with those high interest rates
Yes. Not much choice if you want to be a responsible adult with a good credit score. Credit scores are obviously a bank scam so I guess technically I am against it
18.6K opinions shared on Society & Politics topic.
If read about the Great Depression, it wasn’t the stocks or no jobs per se. it was the lack of credit for average Americans. Availability of credit allows us to live our lives.
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