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Unofficial CREDIT CARD Information Thread - Page 4

post #46 of 63
12/27/12 at 7:49pm

Why does everyone want to have a CC? I really don't get it. If you don't want to carry around that much cash, why not just use a debit card? Given that credit card companies and such are highly profitable(at least during normal times) one can assume that using them would cost you more than it would if you didn't. 

 

I mean, honestly, how many of you actually get enough perks to actually make up for the initial costs?

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post #47 of 63
12/28/12 at 1:41am
Credit companies are profitable because the vast majority of people are terrible with money and worse with credit. If you are responsible, the benefits can definitely outweigh the costs.
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post #48 of 63
12/28/12 at 4:11am
Quote:
Originally Posted by Maximator View Post

Why does everyone want to have a CC? I really don't get it. If you don't want to carry around that much cash, why not just use a debit card? Given that credit card companies and such are highly profitable(at least during normal times) one can assume that using them would cost you more than it would if you didn't. 

I mean, honestly, how many of you actually get enough perks to actually make up for the initial costs?

it costs nothing to have a credit card what are you talking about
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post #49 of 63
12/28/12 at 5:04am
Quote:
Originally Posted by WhateverYouLike View Post

it costs nothing to have a credit card what are you talking about

I think he means interest payments.

One reason you'd use a cc instead of debit is so you don't expose your bank account to certain purchases.
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post #50 of 63
12/28/12 at 9:26am
Quote:
Originally Posted by Maximator View Post

Why does everyone want to have a CC? I really don't get it. If you don't want to carry around that much cash, why not just use a debit card? Given that credit card companies and such are highly profitable(at least during normal times) one can assume that using them would cost you more than it would if you didn't. 

I mean, honestly, how many of you actually get enough perks to actually make up for the initial costs?

CC > Debit for one key reason: You aren't held liable for fraudulent CC purchases. Whereas someone with your debit card can wipe your account and you may *never* get that money back.
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post #51 of 63
12/28/12 at 9:30am
To this day, people who cannot handle credit cards baffle me to the 57th degree. Unless you've had to charge some large, emergency expenses or you're really scrimping by and need to feed your kids, or are in some temporary hardship situation, there should never, ever be a reason why you get into CC debt due to material purchases.

If you do, you're a fucking idiot, period.

Also, the biggest benefit to using a CC for everything is that you're not lying when you tell a bum you don't have any cash, cause you're not carrying any!
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post #52 of 63
12/28/12 at 10:52am
Quote:
Originally Posted by GreenFrog View Post
If you do, you're a fucking idiot, period.

.

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post #53 of 63
12/28/12 at 11:42am
I have a BofA Cash rewards visa and an AMEX Blue Sky to accumulate airline miles. Both paid off monthly since the rates arent great.
Edited by csoukoulis - 12/28/12 at 1:29pm
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post #54 of 63
12/28/12 at 1:22pm
Quote:
Originally Posted by Maximator View Post

Why does everyone want to have a CC? I really don't get it. If you don't want to carry around that much cash, why not just use a debit card? Given that credit card companies and such are highly profitable(at least during normal times) one can assume that using them would cost you more than it would if you didn't. 

I mean, honestly, how many of you actually get enough perks to actually make up for the initial costs?

without taking any other benefits into account, the return protection, extended warranty and accidental damage protection that my amex offers more than covers the annual fee.
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post #55 of 63
12/28/12 at 1:29pm
Quote:
Originally Posted by JohnGalt View Post

without taking any other benefits into account, the return protection, extended warranty and accidental damage protection that my amex offers more than covers the annual fee.

this.
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post #56 of 63
1/2/13 at 1:06am
Quote:
Originally Posted by Maximator View Post

Why does everyone want to have a CC? I really don't get it. If you don't want to carry around that much cash, why not just use a debit card? Given that credit card companies and such are highly profitable(at least during normal times) one can assume that using them would cost you more than it would if you didn't. 

 

I mean, honestly, how many of you actually get enough perks to actually make up for the initial costs?

 

Reward points first and foremost they vary depending on card, and I carry several.

 

Chase varies every quarter, but for example first quarter 2013, 5% cashback on gas and starbucks.

1% cashback all other purchases

 

But if you figure 1% cashback to make things simple, and let's say 20k in purchases/bills annually, you'd get $200/year if you calculate say 5% interest over a lifetime say 50 years that equals ~47k

 

on top of that you can build up your credit score, so when you do need to buy a house or a car you can save substantial money getting a lower rate. 

 

Also, purchases this month are due next month, so my money gets to sit and collect interest until my bill's due. Interest rates are low now, but they'll go up eventually and if you calculate that over 50 years it adds up as well. 

 

+ benefits what JohnGalt mentioned

 

+ liablilty benefit metioned by deadly7

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post #57 of 63
1/2/13 at 5:23am
Make your payments .. and you'll never pay interest.

I have a card with a $80/year annual fee, but probably save $500/year in rental car insurance. Plus I get 3% cashback, on usually around $20k in purchases (I use my CC for everything).

So .. I pay $80/year for my CC .. and get say $1100 back. Pretty simple choice IMO.
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post #58 of 63
1/2/13 at 12:08pm
Thread Starter 
Who the heck pays interest??
Wife got a targeted AMEX offer, 50,000 bonus points, first year fee waived. satisfied.gif
Quote:
Originally Posted by dragon8 View Post

HSBC is probably best for working/traveling alot overseas.
I'm not too familiar with HSBC. What do they offer?

Bank of America DEBIT is quite good for getting cash from ATMs.
Quote:
Originally Posted by Bank of America 
ATM fees do not apply at some ATMs located outside the United States. You will not pay a fee when you use ATMs of our Global ATM Alliance partner banks in the following countries:
Barclays (England, Scotland, Wales, Northern Ireland and the Channel Islands)
BNL D'Italia (Italy)
BNP Paribas (France)
Deutsche Bank (Germany)
Scotiabank (Canada and the Caribbean. Caribbean countries include: Anguilla, Antigua & Barbuda, Bahamas, Barbados, British Virgin Islands, Cayman Islands, Dominica, Dominican Republic, Grenada, Jamaica, Netherlands Antilles (St Maarten), St Kitts-Nevis, St. Lucia, St. Vincent & The Grenadines, Trinidad & Tobago, Turks & Caicos Islands, US Virgin Islands)
Westpac (Australia and New Zealand)
Also Satander (Mexico) and CCB (China)

And of course Capital One CREDIT doesn't charge the 3% foreign transaction fee (2.7% for AMEX).
Quote:
Originally Posted by csoukoulis View Post

I have a BofA Cash rewards visa and an AMEX Blue Sky to accumulate airline miles. Both paid off monthly since the rates arent great.
The 1-2-3 is OK. 1% everyday, 2% grocery, 3% gas.
My local Walmart codes as a grocery so that's helpful sometimes.

The Chase Rewards has been nerfed. Used to be 5% on gas/grocery/drugstore all year long, buying gift cards at grocery stores ftw.
Now stupid categories like movie theaters.
Edited by HomerJ - 1/2/13 at 12:20pm
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post #59 of 63
1/2/13 at 10:35pm
Okay, may sound like a total dumb, noob question, but here goes:

I've lived the past 24 years without a credit card, everyone tells me i should get one, but I have yet to run into a situation where I absolutely needed one, but I can definitely see why I might need one. Everything I have bought is just debit/cash.

My main issue with credit cards is that I don't completely trust most credit card companies and myself, trust issues in general with that sort of stuff and I can see myself screw something up and get charged interest and etc... Along with that I have a philosophical indifference to the very fabric of Credit Cards and what they entail in society, although having that indifference doesn't really help anyone or myself - so I can see why that point of view is completely pointless.

If I were to get a Credit Card what's the best option, and how is it advantageous to me, or can I continue living life paying everything with cash?


Again, I'm ignorant as hell when it comes to this, treat me that way if you have any advice.

Thanks
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post #60 of 63
1/2/13 at 11:37pm
Quote:
Originally Posted by Saturdays View Post

Okay, may sound like a total dumb, noob question, but here goes:
I've lived the past 24 years without a credit card, everyone tells me i should get one, but I have yet to run into a situation where I absolutely needed one, but I can definitely see why I might need one. Everything I have bought is just debit/cash.
My main issue with credit cards is that I don't completely trust most credit card companies and myself, trust issues in general with that sort of stuff and I can see myself screw something up and get charged interest and etc... Along with that I have a philosophical indifference to the very fabric of Credit Cards and what they entail in society, although having that indifference doesn't really help anyone or myself - so I can see why that point of view is completely pointless.
If I were to get a Credit Card what's the best option, and how is it advantageous to me, or can I continue living life paying everything with cash?
Again, I'm ignorant as hell when it comes to this, treat me that way if you have any advice.
Thanks

 

One really important factor credit cards come into play is they are an easy source of unsecured credit for which to build up your credit score. the problem with going cash/debit only is when you go to apply for a mortgage(unless you want to buy a house in cash) or even a car loan they may turn you down for insufficient credit, as they need a minimum number of credit lines to gauge credit worthiness. 

 

Also having an excellent credit score also qualifies you for the better rates, and on a potentially high loan amount over 30 years can account for a lot of savings.

 

Then there's other perks for having credit cards, reward points, buyer protection etc. 

 

Credit cards from your banks are pretty straightforward with any fees, interest etc which they by law must provide. There's pretty strict consumer protection laws. 

just treat your credit cards as they are debit cards, buy only what you can afford and pay it all off each bill. The credit card horror stories are typically people not being responsible which ends up being a snowball effect. Bottom line the bank's aren't your friends, it's business. they want a profit, and you want something out of it as well. They'll make money on processing credit card fees, as well as interest for those who carry a balance. Part of the reason credit cards have like 20%+ interest rates are also because of the high number of people who default and don't pay them.

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