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re: Thinking About Getting My First Credit Card. Need Advice.
Posted on 8/3/17 at 5:45 pm to Esquire
Posted on 8/3/17 at 5:45 pm to Esquire
"Don't listen to this guy. Anybody with an ounce of self-control can and should use credit"....
Hmm, probably works as a collector for a credit card company.
Hmm, probably works as a collector for a credit card company.
This post was edited on 8/4/17 at 9:52 pm
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Posted on 8/4/17 at 12:57 pm to TigerFanInSouthland
Stay away from credit cards. I suggest you read Dave Ramsey's Total Money Makeover.
Posted on 8/4/17 at 1:05 pm to Oluja Ispred
Just because you have no self control doesn't mean credit cards are bad. If that's case, then the one thing you should learn is self control and not that "credit cards are bad."
If you think you are such a financial genius by not getting credit cards, then, pray, what is the sense in leaving 2-5% cash on the table? Aggregate and compound that over your lifetime to look even more foolish.
BS arguments.
If you think you are such a financial genius by not getting credit cards, then, pray, what is the sense in leaving 2-5% cash on the table? Aggregate and compound that over your lifetime to look even more foolish.
BS arguments.
This post was edited on 8/4/17 at 1:08 pm
Posted on 8/4/17 at 1:09 pm to AmeriKop45
quote:
If you think you are such a financial genius by not getting credit cards, then, pray, what is the sense in leaving 2-5% cash on the table? Aggregate and compound that over your lifetime to look even more foolish.
By paying with plastic, you're more likely to overspend. That 2-5% is peanuts to the amount that you'll overspend by simply using plastic. Cash is king!
Posted on 8/4/17 at 1:13 pm to Oluja Ispred
quote:
By paying with plastic, you're more likely to overspend.
Another BS argument where you project your own shortcomings onto an external cause.
Does "plastic" cast a spell on you that makes you forget how much you can/should be spending?
This post was edited on 8/4/17 at 1:15 pm
Posted on 8/4/17 at 1:23 pm to AmeriKop45
Maybe you won't overspend, but the majority of people will. Given that the OP is probably young, he is probably not mature enough to handle a credit card yet. There is a study that proves my point (from MIT).
Always Leave Home Without It: A Further Investigation of the Credit-Card Effect on Willingness to Pay
Always Leave Home Without It: A Further Investigation of the Credit-Card Effect on Willingness to Pay
Posted on 8/4/17 at 1:28 pm to Oluja Ispred
quote:
but the majority of people will.
How does that make the credit card bad? That just makes the holder less responsible. Credit cards dont go around swiping themselves.
quote:
Given that the OP is probably young, he is probably not mature enough to handle a credit card yet.
You are not in a position to decide this. I have been having a CC since I was 18. And I consider myself thrifty/financially responsible. Can't just start assuming things about people you don't know. I don't mean to be rude, but I'm in disagreement with your progression of thinking here.
quote:
here is a study that proves my point (from MIT).
I have read this and plenty of other studies which you may quote to "prove your point." But then again, these studies explain a consequence caused by YOU as a CC holder. Not the CC itself.
I would correct your assertion from - "Dont get a credit card" to "Don't get a credit card, if you lack self control." That is all.
This post was edited on 8/4/17 at 1:30 pm
Posted on 8/4/17 at 4:03 pm to Oluja Ispred
quote:
Cash is king!
I pay off my cards every month, my credit is great, and I've enjoyed somewhere between $5k and $10k in travel that I didn't spend a dime on.
So, enjoy your little wads of cash. I'll keep traveling around the world for free
Posted on 8/4/17 at 5:10 pm to Joshjrn
Yep. Dumbest advice ever. Why on earth would someone want to establish a responsible credit file so they might be able to do something like buy a house some day?
Posted on 8/4/17 at 9:47 pm to VABuckeye
Posted on 8/4/17 at 9:55 pm to mailman85
What year is that video from? Like the 80s? What where the reward structures back then?
I can find old material from 20-30 years ago all over the place. Doesn't mean it's still correct.
I can find old material from 20-30 years ago all over the place. Doesn't mean it's still correct.
Posted on 8/4/17 at 10:07 pm to President
quote:
Discover is the best first credit card. Doubles cash back at the end of the year
they call it discover because every time you try to use it, you discover that the place doesn't accept it
Posted on 8/5/17 at 2:26 am to Esquire
Not to mention that I feel everyone who doesn't use credit card is a bit foolish.
Either: they can't control themselves from making poor financial choices
Or: They miss out on some of the value of the dollars they are spending.
Example: I put EVERYTHING on my Discover card, from grocery bills to car insurance and utilities.
Not only do they have awesome fraud protection, sending me a text when a waitress swipes my card while I'm at the table when I dine out of state, but doing this covers the expense of multiple flights a year, or paying for Christmas gifts on Amazon. All basically for free because I'm buying stuff I would have gotten anyway.
And while I like their customer service the best, Discover isn't unique in providing that kind of cash back.
What do you get by limiting yourself paying with a debit card? The knowledge that if you get hit with fraud, the fraudulent purchases lock up portions of your checking account balance while the bank investigates?
Either: they can't control themselves from making poor financial choices
Or: They miss out on some of the value of the dollars they are spending.
Example: I put EVERYTHING on my Discover card, from grocery bills to car insurance and utilities.
Not only do they have awesome fraud protection, sending me a text when a waitress swipes my card while I'm at the table when I dine out of state, but doing this covers the expense of multiple flights a year, or paying for Christmas gifts on Amazon. All basically for free because I'm buying stuff I would have gotten anyway.
And while I like their customer service the best, Discover isn't unique in providing that kind of cash back.
What do you get by limiting yourself paying with a debit card? The knowledge that if you get hit with fraud, the fraudulent purchases lock up portions of your checking account balance while the bank investigates?
This post was edited on 8/5/17 at 1:37 pm
Posted on 8/5/17 at 2:28 am to el Gaucho
quote:
hey call it discover because every time you try to use it, you discover that the place doesn't accept it
It isn't the 90s anymore.
While it's not as universally accepted as Visa/MasterCard, as long as we are talking stateside there isn't much practical difference.
The only time I haven't been able to use it for a transaction was for a government fee.
Posted on 8/5/17 at 10:52 am to mailman85
quote:
mailman85
You idiot.
Did you even listen to what he said? "If you start revolving debt on credit cards," "If you start borrowing money at 18-20% on credit cards.."
Yes, if you do any of those things - then you shouldn't have a credit card. Because clearly you aren't the sharpest tool in the shed to begin with.
Everyone here who says "credit cards" are bad, love all the pandering from people they consider successful. What they don't realize is that they are essentially patronizing you and calling you too foolish to manage your finances responsibly. Just like you don't let a 2 year old play with a match. "Might burn themslves."
Apart from the obvious benefit of the rewards, that is just the tip of the iceberg and minutiae when it comes to the benefits of credit cards. Like another poster mentioned - the fraud protection. In today's world where data/identity is SO rampant, you are screwed if your debit card info is stolen. Good luck getting your money back once it disappears directly from your bank account into offshore oblivion. With CC's, you just don't pay. You literally have 0 fraud liability. Where is the financial genius in putting your liquid assets at risk like that?
Further, there are other expenses that you can save on. Extended warranty, Travel insurance, Buyer's protection (price/loss and theft). So yeah, the benefits don't stop at just the rewards.
But then again, if you still don't see the benefit. I agree, you are too stupid to own a CC anyway.
This post was edited on 8/5/17 at 10:54 am
Posted on 8/5/17 at 11:24 am to el Gaucho
quote:
they call it discover because every time you try to use it, you discover that the place doesn't accept it
I got a Discover card when I was a senior at LSU, since then I've used it in half dozen countries.
Posted on 8/5/17 at 1:41 pm to Oluja Ispred
quote:
Stay away from credit cards. I suggest you read Dave Ramsey's Total Money Makeover.
Not a very good argument IMO. Dave Ramsey panders to financially irresponsible people. Usually people who are over their heads in debt and have bad spending habits. These are the last people that need credit cards. While he gives sound advice for a large portion of the population, it isn't necessarily the best advice for everyone.
His credit card advice is a good example.
This post was edited on 8/5/17 at 1:44 pm
Posted on 8/5/17 at 6:22 pm to TigerFanInSouthland
Know thyself. Are you a solid, responsible sort who understands delayed gratification, is capable of sticking to a budget, and doesn't feel the need to bolster self worth through spending? Are you sober, or do you routinely get loaded and spend money while your better judgement is suspended?
Credit cards are a wonderful tool if you have self control. This year alone, I've enjoyed plane tickets, car rental, free parking, hotel stays, etc for simply using my CC on things I needed (health insurance deductible, for example). My 12 day trip to France in October will be almost completely paid for in CC points, from airfare to lodging in Paris, etc. There is absolutely no reason to avoid CCs unless you have impulse control problems.
Credit cards are a wonderful tool if you have self control. This year alone, I've enjoyed plane tickets, car rental, free parking, hotel stays, etc for simply using my CC on things I needed (health insurance deductible, for example). My 12 day trip to France in October will be almost completely paid for in CC points, from airfare to lodging in Paris, etc. There is absolutely no reason to avoid CCs unless you have impulse control problems.
Posted on 8/5/17 at 8:11 pm to AmeriKop45
AmeriKop45
Ha.... Now I've heard it all, we have someone who thinks he is financially smarter than Warren Buffett on this board.
Ha.... Now I've heard it all, we have someone who thinks he is financially smarter than Warren Buffett on this board.
This post was edited on 8/5/17 at 8:16 pm
Posted on 8/6/17 at 8:39 am to mailman85
quote:
Ha.... Now I've heard it all, we have someone who thinks he is financially smarter than Warren Buffett on this board.
That's one of the weakest retorts I've ever seen, and that's saying something, considering how much time I spend on the Poli Board
Buffett spends three minutes talking about saving money instead of borrowing it at 18% by having revolving credit on a card. If you interpret that as "in 2017 no one should have a credit card" you're a special kind of dense.
This post was edited on 8/6/17 at 2:44 pm
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