To anyone that is against the use of credit cards. Post here explaining why.

[enayes]

If you truly feel that credit cards should never be used, post below and prepare to be enlightened.

[sweggeh]

Prostitutes only take cash

[riseagainst]

should not be used only if you cannot manage your money.

[Raymone]

Should be used as long as you don't have too many cards and you make more than the minimum payment each month. Preferably you pay the balance in full and avoid interest.

[RidonKs]

did op expect a rabid hoard of anti credit card fanatics to swarm in and denounce them as fraudulent? :confusedshrug:

"CREDIT CARDS SHOULD NEVER BE USED"

:wtf:

[Raymone]

did op expect a rabid hoard of anti credit card fanatics to swarm in and denounce them as fraudulent? :confusedshrug:

"CREDIT CARDS SHOULD NEVER BE USED"

:wtf:

I think people have given him shit in the past for opening like 10 cards just for the rewards. I think he thinks that means ISH hates credit cards.

[Godzuki]

most people who aren't ahead with cash probably shouldn't be using them. they'll always have a balance and keep having to pay interest, and just dig themselves a deeper hole. that said its the simplest way to get money if you don't have any to pay bills or other expenses.

smart or frugal people who are ahead of the game and have money left over after expenses, and not super rich where hundreds don't mean much, probably should be taking advantage of all of their offers and rewards card discounts/savings.

its basically a game of multi tasking your expenses and micro managing credit card offers, purchases, etc. for someone who is rich its probably not worth the trouble, but for a lot of others its easily a few hundred in your pocket every few months at the least simply for managing how you spend and cycling cards.

[n00bie]

It also hurts the small businesses. They have monthly & annual fees to accept these cards. Every transaction would cost them an average of 2-4% of the transaction amount.. depending on what type of visa / mastercard you are using. These costs adds up for a small mom & pop business.

[bigkingsfan]

It also hurts the small businesses. They have monthly & annual fees to accept these cards. Every transaction would cost them an average of 2-4% of the transaction amount.. depending on what type of visa / mastercard you are using. These costs adds up for a small mom & pop business.

They would lose more business by not accepting CC

[enayes]

did op expect a rabid hoard of anti credit card fanatics to swarm in and denounce them as fraudulent? :confusedshrug:

"CREDIT CARDS SHOULD NEVER BE USED"

:wtf:

I've just been surprised by how many of my friends and co-workers are anti credit cards. One person I know was convinced that you pay interest on your charges no matter what :oldlol:

There's a big misconception with credit cards

[KevinNYC]

Prostitutes only take cash
You need to visit better prostitutes.

[I<3NBA]

they're the tools of the devil

[n00bie]

They would lose more business by not accepting CC

Yes but that's the decision of the consumers, not the retailers.

We can make the decision to pay with either debit or cash, but we want the rewards associated with credit cards. (which the merchant pays for)

The banks never lose money. All the rewards associated with credit cards are paid by the retailers.

[Dresta]

You can save money if you use credit cards smartly, are aware of where your debt is, and keep moving it around.

[the mesiah]

http://www.juanelway.com/wp-content/uploads/2013/08/Randy-Moss.jpg
Cuz straight card homie don't have the same ring to it!

[outbreak]

It's only some people who use them incorrectly who shouldn't have them. I know a guy who takes out a card and treats it like a long term load for money he clearly doesn't have any time soon. He shouldn't be using one. Most people can manage money though and pay theirs off like a normal person. People who hate them probably have poor money management.

[LJJ]

Credit cards are bad because:

1. They provide a largely unnecessary service.

2. They charge extortionate rates to businesses.

3. They prey on people who are bad with money.

What's the benefit of using a credit card over using a debit card tied straight to your checking account? There isn't one. Even if it doesn't affect you directly, a company earning billions while not providing anything of value does decrease your quality of life and that of the people around you.

[Dresta]

Credit cards are bad because:

1. They provide a largely unnecessary service.

2. They charge extortionate rates to business.

3. They prey on people who are bad with money.

What's the benefit of using a credit card over using a debit card tied straight to your checking account? There isn't one. Even if it doesn't affect you directly, a company earning billions while not providing anything of value does decrease your quality of life and that of the people around you.
A lot of credit cards have interest free periods, thus you can take out a loan, move it from card-to-card, and never pay any interest. This is clearly beneficial, it just requires a bit of responsibility and attention.

[LJJ]

A lot of credit cards have interest free periods, thus you can take out a loan, move it from card-to-card, and never pay any interest. This is clearly beneficial, it just requires a bit of responsibility and attention.

For 95% of the consumers a credit card carries a small benefit. I have one because it's nice that I can eat at a nice restaurant in Hong Kong where they won't accept my foreign bank card and not have to worry about how much cash I have on me. That's nice. All the infrastructure and innovations we have to thank them for are also nice. But it's mostly an obsolete product now that leeches money from the economy.

Overall it's bad for the system. Especially when it's used for so many transactions where they aren't necessary. The countries where they are used very casually like the US and Korea, it isn't doing those countries any good. Life would be better if people just used their bank cards more.

[ElPigto]

Credit cards are bad because:

1. They provide a largely unnecessary service.

2. They charge extortionate rates to businesses.

3. They prey on people who are bad with money.

What's the benefit of using a credit card over using a debit card tied straight to your checking account? There isn't one. Even if it doesn't affect you directly, a company earning billions while not providing anything of value does decrease your quality of life and that of the people around you.

Considering that I pay my balances in full every month, why would I not use a credit card? I been using rewards cards since I graduated college and thus far I've earned 2 free flights, 8 free nights at really nice hotels, like $750+ in cash back rewards, etc.

Plus, I love some of the store credit cards that let me buy stuff interest free. A freakin free loan. I just put that shit on autopay for the amount of months I need to pay it off in and I get to keep more cash to spend or invest rather than just paying everything upfront.

I can't say I feel sorry for people that don't manage their finances or don't ever save up for emergencies.

[LJJ]

Considering that I pay my balances in full every month, why would I not use a credit card? I been using rewards cards since I graduated college and thus far I've earned 2 free flights, 8 free nights at really nice hotels, like $750+ in cash back rewards, etc.

Plus, I love some of the store credit cards that let me buy stuff interest free. A freakin free loan. I just put that shit on autopay for the amount of months I need to pay it off in and I get to keep more cash to spend or invest rather than just paying everything upfront.

I can't say I feel sorry for people that don't manage their finances or don't ever save up for emergencies.

That's the point, it's seemingly good for you personally. Especially if everyone does already does it. But a company making billions of dollars just for existing is not a good thing in the grand scheme of things.

Credit card companies make their money from merchants, who make their money from you. If credit card usage were a lot lower in the US, your purchasing power would increase a lot more than the few rewards you have gotten.

I'm not saying don't use it. I'm just saying credit card culture is bad for the economy.

[Jailblazers7]

Credit cards are good for cash flow since you get to defer payment for 30 days and it's obviously a good source of emergency cash. I personally try to keep my credit card spending low and only use it for things >$50. I feel like a prick for forcing a business to incur transaction fees for small purchases.

[Loneshot]

What credit cards are recommended? To any knowledgeable, based in different levels of credit.

[nightprowler10]

Just gotta know how to use them and which ones to get/dump. One of the cards that I've had for 4 years I've paid $4 of interest on it in the last 2 years.

[Godzuki]

That's the point, it's seemingly good for you personally. Especially if everyone does already does it. But a company making billions of dollars just for existing is not a good thing in the grand scheme of things.

Credit card companies make their money from merchants, who make their money from you. If credit card usage were a lot lower in the US, your purchasing power would increase a lot more than the few rewards you have gotten.

I'm not saying don't use it. I'm just saying credit card culture is bad for the economy.


well cash is always king. doesn't have to be reported and can pocket it under the table. catch is not everyone has too much cash lying around.

checks are not even worth taking anymore. get a bounced check, or fraudulent, and you're lucky to recover 50% from a collections agency.

credit cards generally have 1.5-3% fee's but they're at least a lot more guaranteed payment, and people can borrow that money to purchase stuff they normally couldn't afford, which helps stimulate economy.

it is fukked up how banks or rather processors make so much for doing nothing but soliciting businesses to take them. credit card processing companies are some of the biggest telemarkers and shadiest mf'ers in the business world IMO.

[Godzuki]

What credit cards are recommended? To any knowledgeable, based in different levels of credit.


it changes. you have to keep up with their offers. they'll also send you special offers directly. like Chase Freedom has had a spend $500 iin first 3 months get $200 back which is a no brainer. i've had a few other companies sollicit me with similar offers so i could have used that one up, and changed to another to in essence get similar free money deals based on spending.

then theres the cash back bonus or air miles rewards cards. i don't fly/travel so the cash back i use now are discover 5-10% for online purchases(just ended tho), Amex 6% grocery back, 4% gas/dept store back which adds up.

all u really have to do is follow www.slickdeals.com. u check that out enough you'll figure out the game,, along with a lot of other ways to min max your expenditures like Shop Your Way, Kohls deals, etc. etc. i think i've spent 20% of costs of items i purchased online from kmart/sears with their Shop your Way bonuses, still have $25 in credit to blow before next month. all from buying shit like a tool($10) with huge shop your way bonus rewards(+$20) :pimp:

[enayes]

What credit cards are recommended? To any knowledgeable, based in different levels of credit.

If you have decent credit go for the Capital One Quicksilver, Chase Freedom or BankAmericard Cash rewards. They all offer competitive cash back, no annual fee and have a nice sign up bonus.

If you want to earn miles to fly check out the Barclay Arrival or Capital One Venture One , both have no annual fee and offer $200 worth of free travel for spending $1000 in the first 3 months.

[DCL]

credit cards are poor people's problems

[MavsSuperFan]

There is zero argument to not using credit cards from a consumer's perspective
-Convenient (no need to lug around cash or change)
- Builds credit history
-Some cards have rewards
-safer than cash
-helps with budgeting (keeps track of your purchases)

As long as you are responsible you will never need to pay interest.
I use credit cards as much as possible and payoff of the current balance every month.


It also hurts the small businesses. They have monthly & annual fees to accept these cards. Every transaction would cost them an average of 2-4% of the transaction amount.. depending on what type of visa / mastercard you are using. These costs adds up for a small mom & pop business.
This is the only downside, though most businesses end up making the choice to accept credit cards. There are cash only businesses and/or cash and debit only. I have seen some some grocery stores set limits like they will only accept credit cards for purchases $10+

So obviously the upsides of accepting credit cards out weighs the downsides for a vendor

[JohnFreeman]

If you can pay if off, then they are not a bad thing.

[IamRAMBO24]

CCs are responsible for more debt today than in the past, so inherently it's not a good thing. You should only spend money that you earned. Even for a house and car it's just better to save up for those things, put a good down payment, and more than likely you will be able to afford them with very little credit.

[enayes]

CCs are responsible for more debt today than in the past, so inherently it's not a good thing. You should only spend money that you earned. Even for a house and car it's just better to save up for those things, put a good down payment, and more than likely you will be able to afford them with very little credit.

This is exactly what I do. I just use credit cards to do it so I earn reward money/points.

[boozehound]

against the use? No, but I do think people over-use them. There is a reason why the average household has so much accumulated debt. If you are paying anything above, say 4%, on your credit card, you are killing your long-term financial flexibility. IMO credit cards should be paid off monthly and you should only carry over $ in the case of an emergency. Now, if you have 0% cards, its not too big a deal, but you can get deep in a hole without even noticing.

[SCREWstonRockets]

Just make sure you are swiping your CREDIT card everywhere and not your debit. These days, people can steal your cc# info electroniclly. you don't even have to use it or swipe it for it to get stolen. Credit is easier to deal with when that happens, as opposed to your debit card being comprimised which will be a pain to get your funds back.

[ALBballer]

90%+ of people are not fiscally responsible to use credit cards. For the other 10% or so it can be used wisely and beneficially and the benefits are only there due to the 90% of people that use them irresponsible ie Low interest rates, minimum payments, points etc are used to sucker in the average joe.

[BlackVVaves]

There is zero argument to not using credit cards from a consumer's perspective
-Convenient (no need to lug around cash or change)
- Builds credit history
-Some cards have rewards
-safer than cash
-helps with budgeting (keeps track of your purchases)

As long as you are responsible you will never need to pay interest.
I use credit cards as much as possible and payoff of the current balance every month.


This is the only downside, though most businesses end up making the choice to accept credit cards. There are cash only businesses and/or cash and debit only. I have seen some some grocery stores set limits like they will only accept credit cards for purchases $10+

So obviously the upsides of accepting credit cards out weighs the downsides for a vendor

This. I rinsed and repeated this practice right out of college for 3 years, my credit score jumped to 770 with responsible maneuvering. For me, I never accumulated debt from school loans, ect (I'm really anti-loans when it's avoidable, anyone who is familiar with the systematic anarchy that the Federal Reserve operates will tell you the same thing), so the only way to build my credit was utilization of credit cards.

To echo the sentiments of wise consumers in this thread, credit cards become dangerous if your capacity to micro-manage consistently and cleverly is limited. Then they turn from useful tools to financial weaponry. The same way you can build your credit with one, you can completely eviscerate it with half the ease.

It's all about staying informed, and keeping your wits about you.

[sundizz]

As someone who racked up over 30k in credit card debt I can still honestly say that credit cards are excellent and should be utilized by anyone with any level of intelligence.

The debt of our nation comes much less from credit cards and much more from our poor health (the healthcare system + the exorbitant amount for medical costs).

Credit cards are super easy to use and really provide an excellent service/safety net for people going through transitory times. In addition, once you understand them they provide amazing benefits. For example, I've gotten 2 free international roundtrip flights from miles.

Also, if you want to be "rich" you have to understand the concept of leverage.

Hypothetical example:

$10,000 in cash.

You want to buy a car.

Option 1: Pay $10,000 in cash and you have your car

Option 2: Pay $0 in cash, get 0% APR loan for 60 months. That means you get to pay the $10,000 over 5 years with no penalty. That's $166.67 a month.
Let's ignore inflation (because you are already clearly winning on that front if you do this).

You take that $10,000 and invest it in something safe/reasonable and get 5% return on your money each year compounded 1x a year (means it adds to itself).

At the end of the 5 years your $10,000 would be worth $12,763.
*Really you made much more because of inflation. Paying $10,000 over 5 years means you are actually paying much less than $10,000.

Summary: You made over $2,500 dollars (at a minimum basically) if you simply bought your car using credit card/financing instead of paying with cash. I don't know about you, but to me that is smart for the consumer. As you have larger amounts of money this compound + logic just makes the reason to do so more and more evident.

[Stempel, HERB]

:oldlol: ^ Nice example. Person has 10k cash on hand and excellent credit to qualify for 0% terms on a loan. Your starting point is the most fiscally responsible sort of person.

[sundizz]

:oldlol: ^ Nice example. Person has 10k cash on hand and excellent credit to qualify for 0% terms on a loan. Your starting point is the most fiscally responsible sort of person.

I guess you are right :roll: . Most people just don't understand and also aren't fiscally responsible. It's a win win for banks, rich/educated people, and companies. Why democracy sucks....people as a whole are pretty dumb. They don't know what is good for them. Case in point...the obesity epidemic. How dumb do people have to be to just constantly eat just because they can and become this unhealthy as a nation.

[riseagainst]

I guess you are right :roll: . Most people just don't understand and also aren't fiscally responsible. It's a win win for banks, rich/educated people, and companies. Why democracy sucks....people as a whole are pretty dumb. They don't know what is good for them. Case in point...the obesity epidemic. How dumb do people have to be to just constantly eat just because they can and become this unhealthy as a nation.


well said. Most people only live in the moment, with no thoughts about the consequences tomorrow.

[Godzuki]

I guess you are right :roll: . Most people just don't understand and also aren't fiscally responsible. It's a win win for banks, rich/educated people, and companies. Why democracy sucks....people as a whole are pretty dumb. They don't know what is good for them. Case in point...the obesity epidemic. How dumb do people have to be to just constantly eat just because they can and become this unhealthy as a nation.


you can say the same about doing drugs, drinking alcohol, smoking cigarettes, watching TV, movies, playing video games, etc. none of it is exactly good for you. people do them because they're pleasurable, just like eating junk food.

fiscal irresponsibility is sort of tied to income/job altho granted its mostly the irresponsibility of the person. thing is if you're short $200~ to pay your electric bill, are you going to hit up a friend or use a credit card? borrowing money from friends is a last desperate case scenario for any decent person generally, where using a credit card is a no brainer. yes they will probably keep digging themselves into a deep hole they can't get out of, but without credit cards a ton of people would not have other avenues to get money. and a lot of times even when they dig themselves into a hole, many do get out of them when they're forced to through financial service payment plans.

[enayes]

I just got another card.

Bump out of respect for the game.