Do we really need credit cards?
Elder User
Joined: Feb 2005
Posts: 894
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Lots of good points, guys. There is one type of person that hasn't been represented here, though and that's the business traveler (i.e., me). I spend 300-330 days peryear on the road doing construction work. I drive a rental car full-time, live out of hotels, eat out a lot, rent equipment, buy supplies etc-and do it all with a credit card. I will not use my debit card for any of these expenses beause of "charge blocking" and the potential for identity theft; and the fact that my brokerage and other major accounts are tied to my checking account that the debit card is linked to. I have to expense all the stuff and once re-imbursed, pay off the cards. So that is a special animal in itself. Our personal habits however, are to pay cash, or occasionally use a card to order online, on vacation or what not, then pay it off when we get home. We have at any given time, $0 in personal credit card debt at the end of the billing cycle. It always gets paid off. Credit cards are wonderful tools for responsible folks to simplify some of their purchasing; but they are equally wonderful at ruining irresponsible people financially.
Elder User
Joined: Nov 2005
Posts: 597
Likes: 0
From: San Antonio, TX
I pretty much have one of each type of card.
I have a Mastercard which is actually a bank card. A Visa, an AmEx and a Discover.
I had to get the Discover to buy stuff at Sams (like Costco).
I never carry over a balance though and never intend to. If I don't have the money for something, I ain't gonna buy it.
It's just so easy to swipe a card. And it won't get out of hand if you keep track of what you buy and how much you have. I don't think credit cards are bad, I just think more people need to learn how to budget.
I have a Mastercard which is actually a bank card. A Visa, an AmEx and a Discover.
I had to get the Discover to buy stuff at Sams (like Costco).
I never carry over a balance though and never intend to. If I don't have the money for something, I ain't gonna buy it.
It's just so easy to swipe a card. And it won't get out of hand if you keep track of what you buy and how much you have. I don't think credit cards are bad, I just think more people need to learn how to budget.
Hotshot
Joined: Apr 2004
Posts: 13,589
Likes: 2
From: NW burbs of chicago
There's something about forking over green stuff everywhere you go that makes you think twice about how badly you really want or need something.
Hotshot
Joined: Apr 2004
Posts: 13,589
Likes: 2
From: NW burbs of chicago
Creditcards are can be usefull, I know a guy building a house on an american express (no intrest for a year or something like that)
He'll sell it when its built.
what bank will give you a loan like that?
He'll sell it when its built.
what bank will give you a loan like that?
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