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Started By
Message
Do I need a credit card?
Posted on 8/15/19 at 7:00 am
Posted on 8/15/19 at 7:00 am
I'm about to turn 30 and I've never owned a credit card.
I own my own business and have opportunities where I could use a credit card for cash back. Just terrified I might miss a payment and get stuck with a high interest payment.
What are the benefits of having a credit card?
I own my own business and have opportunities where I could use a credit card for cash back. Just terrified I might miss a payment and get stuck with a high interest payment.
What are the benefits of having a credit card?
4
Posted on 8/15/19 at 7:09 am to Sasquatch_Rooster
I don't think you rent a car or a hotel room (at least the hotels I've been to) without a credit card.
Posted on 8/15/19 at 7:25 am to Sasquatch_Rooster
Do you need one? No.
The benefits:
- Cash back (free money if you are disciplined enough to use a CC like cash)
- Purchase protection (many CCs provide insurance or protection in the event of a transaction gone bad)
- One monthly transaction on the checking account instead of many
The benefits:
- Cash back (free money if you are disciplined enough to use a CC like cash)
- Purchase protection (many CCs provide insurance or protection in the event of a transaction gone bad)
- One monthly transaction on the checking account instead of many
Posted on 8/15/19 at 7:38 am to Sasquatch_Rooster
quote:
Just terrified I might miss a payment
You really have to be a lazy dumbass to do that these days when you can set up auto-payment online.
Posted on 8/15/19 at 8:19 am to Sasquatch_Rooster
quote:
I'm about to turn 30
quote:
I own my own business
quote:
I've never owned a credit card.
I find this very interesting. I imagine you either come from a very wealthy family or you are a drug dealer. Not sure how you do business, at such a young age in 2019, without ever having a credit card.
To answer your question, the benefits are that you are able to use it almost anywhere, you have fraud protection, you can get cash back or travel points or other things. Some get you discounts for airlines, rental cars, etc.
I only use my card and pay it off each month so I get points. As someone said, you can also select to auto pay.
Posted on 8/15/19 at 8:25 am to Suntiger
He has probably only used debit cards.
Posted on 8/15/19 at 8:33 am to Suntiger
quote:
I find this very interesting. I imagine you either come from a very wealthy family or you are a drug dealer. Not sure how you do business, at such a young age in 2019, without ever having a credit card.
Not from a wealthy family and not a drug dealer.
I had a stroke of luck when I got out of the military. Had to have a certain type of Machinary for my line of work. Paid for it on my own operation and custom hired it out and made some good money and it snowballed from there.
I've never had a credit card and have always been told that they were a terrible idea. Never needed one I guess.
When short on cash my bank always have given me a line if credit to operate on.
Posted on 8/15/19 at 8:33 am to notsince98
Which is really dumb because a comprised debit card is access to the money in the account. Yes, there's protection but it's really not a smart way to run a business.
Posted on 8/15/19 at 8:35 am to Sasquatch_Rooster
quote:
have always been told that they were a terrible idea.
Bad advice from people who are bad with money.
Posted on 8/15/19 at 10:10 am to Displaced
quote:
Bad advice from people who are bad with money.
exactly.
OP, you must never travel extensively, and certainly never outside the country. A credit card, provided you pay off your balance in full, is a fantastic financial tool that can actually provide you with peace of mind. I don't worry about getting stranded, needing medical care, or running out of cash with a credit card in my pocket when out and about in the world. Most routine emergencies can be smoothed over with money.
A credit card is just a tool for using your money. Are you disciplined in how you use your money? Then you will be disciplined in how you use your credit card. Why would you "fear" missing a payment if you don't miss payments on any of your other accounts?
As someone upthread said, set it to AutoPay out of a savings account with a fat balance if you need to do so for peace of mind.
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