How quickly do you pay off credit cards?

[Small White Car]

I use by bank-linked card as a credit card, so it works like debit even though it's credit. So there's no need to pay it off.

This is a bad idea since most credit cards are protected against fraud but many checking accounts are not. (At least not to the same extent.)

Up above, the other poster who keeps a small credit limit to protect against fraud is being a bit overprotective. If someone in Russia buys 100 TVs with his credit card, he'll probably be able to get that fixed, no matter what his credit limit is.

But in your case, you'd have a MUCH harder time fixing that if someone steals your debit card. Get a credit card and keep good track of what you're spending and just pay it off each month. It's a lot safer.

EDIT: I see Babaganoosh has beat me to it with some links. All good advice.

 

[Spot's Meow]

Here are some links - here and here - which explain why it's a bad idea to use debit cards on the Internet. The risk of fraud is just too great.

As I said, with a credit card, no money has actually been paid by you (until you pay the bill). If a fake charge shows up, you can easily dispute it, and you are not out any money. But if Internet thieves get ahold of your debit card number, they can CLEAN YOU THE FUCK OUT. They can get your actual MONEY. Leaving you fucking BROKE.

Well, my account rarely has more than $250 in it so I'm not too worried about them "cleaning me out." I have more in my savings, which isn't connected to the debit card.

Also, I haven't found it difficult to dispute a claim on my debit card. I check my account often online. One time I found a couple of charges pending for iTunes, which I've never used, so I called the bank and got a new card and PIN. I told them I didn't make those charges and they went away. It was actually a lot simpler than I thought it would be.

Also, I dislike credit cards and don't plan on ever getting one.

 

[Agent Richard07]

^ Credit cards are pretty much like debit cards as long as you don't spend what you don't have.

 

[John Picard]

^ Credit cards are pretty much like debit cards as long as you don't spend what you don't have.

That's why people use credit cards. They're spending money they don't have. If they didn't use credit cards they would be using cash or else a debit card.

 

[Agent Richard07]

^ Like I said earlier, I got mine because there were certain things I couldn't do without them, and I use them whenever I can because I get points that I can redeem for other things. I'd never actually buy anything "on credit" and rack up debt or pay interest.

 

[Small White Car]

That's why people use credit cards. They're spending money they don't have.

That's an odd presumption to make.

How in the world could you possibly know what people have in their bank accounts?

 

[Sledder]

^ Credit cards are pretty much like debit cards as long as you don't spend what you don't have.

That's why people use credit cards. They're spending money they don't have. If they didn't use credit cards they would be using cash or else a debit card.

While that may be the case for some people it's not for others. I use my credit card for any purchase over $10 and I'm never spending money that I don't have.

Hence my ability to pay it off in full each month.

I'm using the card because it's convenient, gives me rewards for the purchases I make, and allows me to keep my money in a savings account earning interest for the period of time between the purchase and the payment.

 

[RoJoHen]

Different people certainly have different financial situations. I am a bartender, so most of my income is in the form of cash tips. I always have a ton of cash on hand, which is the main reason I only use credit cards when buying big ticket items.

 

[An Officer]

^ Are you saying your tips add up to more than your actual wages? Cool. I gotta' get me a job with tips...

 

[RoJoHen]

^ Are you saying your tips add up to more than your actual wages? Cool. I gotta' get me a job with tips...

Tips are my primary source of income. Paychecks are hardly worth mentioning; servers/bartenders don't have to be paid minimum wage.

 

[An Officer]

Does that mean if you're having a bad day and you're not smiling, there will be a corresponding dip in takings?

 

[Scout101]

That's why people use credit cards. They're spending money they don't have. If they didn't use credit cards they would be using cash or else a debit card.

Judging by almost EVERY post in this thread, that's pretty easily proven false, don't you think? Just scan the posts, how many people said they were carrying balances, vs those that paid them every month? Almost all of them, which must mean they DID have the money to pay, huh? For example, I just charged $20 worth of stuff at WalMart a few minutes ago. I had a $20 in my wallet, and I dare say more than a couple twenties in the bank. I used a credit card anyway, because I get cash back points on it, and my money sits in the bank for a month, collecting me interest. At the end of the month, I'll pay the bill in full, and be ahead in the game. Despite all of your ranting and twisting of statements, can't get around that one...

You've got some sort of credit card logic blind spot that I don't understand...

 

[eastman23]

That's why people use credit cards. They're spending money they don't have. If they didn't use credit cards they would be using cash or else a debit card.

I used a credit card anyway, because I get cash back points on it, and my money sits in the bank for a month, collecting me interest. At the end of the month, I'll pay the bill in full, and be ahead in the game. Despite all of your ranting and twisting of statements, can't get around that one...

You've got some sort of credit card logic blind spot that I don't understand...

Bingo. That is exactly how I look at it. I pay my credit card off in full every month and have since the day I got it.

 

[NCC1701]

^ Yep, as I said earlier, I always pay mine off, in full, every time I use it. The reason I have a credit card in the first place is for online transactions, no overseas sites and only some New Zealand websites accept my Eftpos card, unfortunately.

 

[RoJoHen]

Does that mean if you're having a bad day and you're not smiling, there will be a corresponding dip in takings?

Interestingly, I have noticed that my tips are better when I'm hungover and feeling like crap. It's when I actually feel good and put in extra effort that my tips suffer.

 

[Deckerd]

^ Credit cards are pretty much like debit cards as long as you don't spend what you don't have.

That's why people use credit cards. They're spending money they don't have. If they didn't use credit cards they would be using cash or else a debit card.

As has already been pointed out, this is the exact opposite of what all but about two people have said. They all have the money, they just don't spend it till the balance is due.

I use a debit card to buy stuff online because I don't think the risks are that great. My bank knows my buying patterns from long association so if anyone cloned my details they would know about it pdq. They hold my debit transactions and make sure they're kosher before they're passed.