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Started By
Message
re: Recommend a Credit Card
Posted on 10/6/12 at 9:49 pm to Lou
Posted on 10/6/12 at 9:49 pm to Lou
quote:
Lou
Yes, you can pay cash if you want. But if you travel as much as the OP says, you will not get the discounts either. Paying cash all the time can cost you, it isn't just about the FICO.
Personally, I pay as much as possible with my credit card. They pay me a minimum 1% cash back, and sometimes more. Do you get that with cash?
1
Posted on 10/7/12 at 9:12 am to foshizzle
Reread my post, I was mainly addressing the FICO score myth. I never said "you should never under any circumstance use a credit card."
It's a fact that people with credit cards are likely to spend more money than they would if they used cash. I would rather spend spend $100 cash and get no cash back, than spend $115 with cc and get $1.50 back. As I said, cash back programs encourage you to spend, not save. CC's foster impulse purchases - that is not my opinion, that is a proven fact. If it wasn't you wouldn't hear a thousand commercials a day from lawyers peddling bankruptcy services, and credit consolidation agencies offering to help you get out of credit card debt.
If you are truly disciplined enough to never use a card frivolously or excessively, then yes, it's a good idea, and you win. And if he is spending thousands every month on business expenses, then yes he can take advantage of rewards programs - as long as he doesn't make one or two unnecessary purchases that would negate every dime of cash back he earned.
It's a fact that people with credit cards are likely to spend more money than they would if they used cash. I would rather spend spend $100 cash and get no cash back, than spend $115 with cc and get $1.50 back. As I said, cash back programs encourage you to spend, not save. CC's foster impulse purchases - that is not my opinion, that is a proven fact. If it wasn't you wouldn't hear a thousand commercials a day from lawyers peddling bankruptcy services, and credit consolidation agencies offering to help you get out of credit card debt.
If you are truly disciplined enough to never use a card frivolously or excessively, then yes, it's a good idea, and you win. And if he is spending thousands every month on business expenses, then yes he can take advantage of rewards programs - as long as he doesn't make one or two unnecessary purchases that would negate every dime of cash back he earned.
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