POLL: How many credit cards do you have?

[RoJoHen]

One.

I think that if you treat such a card as a proxy for cash you already have (similar to a debit card but paid once, in full, on a monthly basis), and you keep careful track of your spending versus your savings, then there is no problem; you know very well the money is on hand and you can handle it. But using it to spend yourself into unsustainable debt...I want no part of that.

That's why I like my store cards more than a traditional credit cards. I use them to make major purchases, like my TV, which I know I can pay off over time. I don't necessarily have $1000 to drop on a new TV today, but if I put it on my Best Buy card with 18-months interest free, I know that I can definitely handle making those monthly payments.

Oddly enough, thus far I have made all of my biggest purchases in cash. That's what I'm planning to do again this year, whenever I buy a new laptop. That'll change whenever I buy a house or a new car, but I've tended to use the credit card more for smaller stuff.

I actually found it to be good practice for when I bought my first car.

 

[propita]

One through a bank; one Amex; one Amex/Costco (new); Macy's (used rarely); and a gas card. All are paid off in full every month. One has a yearly fee, which is dropped with sufficient use--something like $1000, pretty easy to get within a year.

 

[Bears Discover Fire]

One.

I think that if you treat such a card as a proxy for cash you already have (similar to a debit card but paid once, in full, on a monthly basis), and you keep careful track of your spending versus your savings, then there is no problem; you know very well the money is on hand and you can handle it. But using it to spend yourself into unsustainable debt...I want no part of that. My credit card is wholly subservient to the cash that I take in.

This x10,000!

Had a card since I was 18 and my credit score is about as high as I can get, because this is how I've always treated my credit cards - a debit card with a delayed deduction from my account. If using the card means I can't pay the balance in full that month, then the card doesn't get used.

Credit is a great asset if one has discipline and doesn't apply magical thinking to their finances.

 

[Nerys Ghemor]

I actually found it to be good practice for when I bought my first car.

New or used? I could see that more easily for used.

 

[Deranged Nasat]

None.

 

[RoJoHen]

I actually found it to be good practice for when I bought my first car.

New or used? I could see that more easily for used.

Used. I can't see the practicality in ever buying a new car. Way too expensive.

 

[Subcommander R.]

Credit is the devil.

 

[RoJoHen]

Credit is the devil.

Why?

 

[Lookingglassman]

NONE!!! I paid them off and use cash for everything else. I did take out a small line of credit from my local bank in order to keep my credit score moving up, but other than that I refuse to use any more credit in the future.

 

[Mr. Laser Beam]

I have one of each (Visa, MC, Amex). But I only use one at a time. And the only reason I have more than one is for emergencies - i.e. if one card goes missing or stolen, I'll have a ready made backup.

 

[Subcommander R.]

Credit is the devil.

Why?

1. Its a game designed to ensure you always lose money.
2. Its irresponsible, it has you spending money you don't have.
3. Its frivolous most of the time.
4. It causes financial trouble on a national scale.
5. Its predatory, deliberately targeting those least likely to ever pay it off.

 

[Mr. Laser Beam]

Credit is the devil.

Why?

1. Its a game designed to ensure you always lose money.
2. Its irresponsible, it has you spending money you don't have.
3. Its frivolous most of the time.
4. It causes financial trouble on a national scale.
5. Its predatory, deliberately targeting those least likely to ever pay it off.

If you pay the balance in full every month like you fucking SHOULD, then none of those things will ever be a problem.

 

[Subcommander R.]

Why?

1. Its a game designed to ensure you always lose money.
2. Its irresponsible, it has you spending money you don't have.
3. Its frivolous most of the time.
4. It causes financial trouble on a national scale.
5. Its predatory, deliberately targeting those least likely to ever pay it off.

If you pay the balance in full every month like you fucking SHOULD, then none of those things will ever be a problem.

Actually 1 is still true, 2 is still true, 3 is usually true. And #5 aims to keep everyone behind.

 

[Mr. Laser Beam]

In many cases, it's irresponsible to use a debit card (such as when making online purchases), because of the risk that hackers could get ahold of your card number. If they do that with a debit card, they can immediately drain your checking account down to the bone. With a credit card, you can dispute the charge, then you don't have to pay anything while they investigate it. If hackers get ahold of your debit card, your money is immediately gone.

 

[Kestra]

1. Its a game designed to ensure you always lose money.
2. Its irresponsible, it has you spending money you don't have.
3. Its frivolous most of the time.
4. It causes financial trouble on a national scale.
5. Its predatory, deliberately targeting those least likely to ever pay it off.

If you pay the balance in full every month like you fucking SHOULD, then none of those things will ever be a problem.

Actually 1 is still true, 2 is still true, 3 is usually true. And #5 aims to keep everyone behind.

I don't really think it's irresponsible to spend an amount on your credit card that does not exceed the amount of money you can part with in your bank account.

 

[Subcommander R.]

In many cases, it's irresponsible to use a debit card (such as when making online purchases), because of the risk that hackers could get ahold of your card number. If they do that with a debit card, they can immediately drain your checking account down to the bone. With a credit card, you can dispute the charge, then you don't have to pay anything while they investigate it. If hackers get ahold of your debit card, your money is immediately gone.

Thats why most places allow the use of paypal, or even money orders. And that has more to do with your bank than the type of card.

I don't really think it's irresponsible to spend an amount on your credit card that does not exceed the amount of money you can part with in your bank account.

Since you have to pay extra that way it just doesn't make any sense.

 

[Mr. Laser Beam]

In many cases, it's irresponsible to use a debit card (such as when making online purchases), because of the risk that hackers could get ahold of your card number. If they do that with a debit card, they can immediately drain your checking account down to the bone. With a credit card, you can dispute the charge, then you don't have to pay anything while they investigate it. If hackers get ahold of your debit card, your money is immediately gone.

Thats why most places allow the use of paypal, or even money orders. And that has more to do with your bank than the type of card.

Paypal's even worse. They can freeze your account whenever they feel like it, and then you still can't get at the money. And since they are not, technically, a bank, you don't have the protections that real banks do. Linky

 

[Kestra]

Since you have to pay extra that way it just doesn't make any sense.

Why do you have to pay extra?

 

[Subcommander R.]

Paypal's even worse. They can freeze your account whenever they feel like it, and then you still can't get at the money. And since they are not, technically, a bank, you don't have the protections that real banks do. Linky

I've never had a problem there. Neither has anyone else I've ever known. Its a useful service.

And there's always western union or a postal money order.

Why do you have to pay extra?

The whole point of credit cards is that you pay more later. Interest and fees stack up and thats how the companies make money. They aren't a charity.

 

[Mr. Laser Beam]

Since you have to pay extra that way it just doesn't make any sense.

Why do you have to pay extra?

You don't.