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re: How many of who are over the age of 25 don’t use credit cards?
Posted on 6/21/24 at 7:10 pm to Darth_Vader
Posted on 6/21/24 at 7:10 pm to Darth_Vader
quote:
That’s why I love my CapOne. Anytime something is charged to it, I get a pop-up alert on my phone within seconds showing who ran the charge and for how much.
That’s not specific to capital one, all cards have that option.
1
Posted on 6/21/24 at 7:15 pm to LSUfan4444
quote:
If you’re not taking advantage of credit card bonus offers you’re just turning down free money.
And everyone should prioritize what's important to their family and charge everything toward that particular reward. We have the United Explorer and every two years we have enough points to pay for a trip overseas because we charge every single thing we can onto that card (basically everything except mortgage)
Posted on 6/21/24 at 7:17 pm to Gusoline
quote:
You think paying interest on shite you buy is a flex?
Don't buy things you can't afford. That's not what this conversation is about
Posted on 6/21/24 at 7:20 pm to yellowfin
quote:
That’s not specific to capital one, all cards have that option.
I’m sure they do. I just happen to like CapOne because I’ve been with them so long.
Posted on 6/21/24 at 7:21 pm to rocksteady
quote:
Dawgfanman
Thanks. Threads like this changed my way of thinking and I'm benefiting from it. Good stuff.
This post was edited on 6/21/24 at 7:22 pm
Posted on 6/21/24 at 7:23 pm to Dawgfanman
quote:
That doesn’t make it less secure, it just means it’s less convenient if something happens. Which might be a reason to choose credit over debit.
When you charge to a debit card, the money comes out of your account immediately and the bank really has very little incentive to get it back. When you charge to credit, then it's immediately coming out of Visa/Amex and they will absolutely want to get it back
Posted on 6/21/24 at 7:44 pm to Bama Bird
For the dummies:
Debit Card= cash comes out of your checking account immediately, just like an ATM withdrawal. That's what a Debit Card is, it's an ATM card that withdraws from your account immediately. You can dispute it later once you find out about it, and hopefully the bank agrees with you.
Credit Card= the charge goes onto a monthly bill sent to you later for payment, which you can dispute. No actually cash money leaves your account until you agree to pay it and it goes through a dispute process, if you find fraudulent charges.
Debit Card= cash comes out of your checking account immediately, just like an ATM withdrawal. That's what a Debit Card is, it's an ATM card that withdraws from your account immediately. You can dispute it later once you find out about it, and hopefully the bank agrees with you.
Credit Card= the charge goes onto a monthly bill sent to you later for payment, which you can dispute. No actually cash money leaves your account until you agree to pay it and it goes through a dispute process, if you find fraudulent charges.
Posted on 6/21/24 at 7:49 pm to LSUfan4444
quote:
If you use a debit card, that’s much less secure than credit cards.
Not if you use your phone's NFC reader. Apple pay, Google pay, etc. Most places accept it now.
Posted on 6/21/24 at 7:50 pm to AUstar
quote:
Not if you use your phone's NFC reader. Apple pay, Google pay, etc. Most places accept it now.
The boomers in this thread ain't got time for all that.
Posted on 6/21/24 at 7:55 pm to deeprig9
quote:
The boomers in this thread ain't got time for all that.
I write checks for every purchase
Posted on 6/21/24 at 7:57 pm to notiger1997
I have one but don't use it very often. I mostly use it when booking hotel rooms, renting a car, etc.
Posted on 6/21/24 at 8:00 pm to notiger1997
Only use my AMEX on items where they match manufacturer warranty.
Posted on 6/21/24 at 8:03 pm to Dawgfanman
quote:
I write checks for every purchase
Are you on judicially ordered probation for financial crimes that limit you to 1970's financial transactions? You're the guy holding up the line at the grocery store so the manager can come over and validate all your shite.
Posted on 6/21/24 at 8:49 pm to fallguy_1978
quote:
Something like 65-70% of active credit card accounts carry a balance month-to-month, so a majority of Americans are paying 20% interest on their purchases.
And that’s just month-to-month. I believe about 80-90% % of credit cards have had a balance carried from one month to another since inception.
Yet, almost everyone you talk to says they don’t pay credit card interest. I’m not saying you should never use a credit card, but most people are either being untruthful about their usage or haven’t been using their card long enough.
Posted on 6/21/24 at 8:53 pm to Dadren
For sure credit card use(and all credit for that matter) is a major problem. I’m guessing people aren’t going to pop into this thread and be honest.
Posted on 6/21/24 at 8:57 pm to Dadren
quote:
Yet, almost everyone you talk to says they don’t pay credit card interest.
Yeah, I'd bet 80% of Americans pay credit card interest fairly regularly. We are the country of 80k SUVs financed for 7 years so we can "travel comfortably" with our family of 4
In our consumerism, debt driven economy, they give people the urge or ability to spend more money than they have, which is why credit card debt is over a trillion dollars right now.
Posted on 6/21/24 at 9:00 pm to Dadren
quote:
And that’s just month-to-month. I believe about 80-90% % of credit cards have had a balance carried from one month to another since inception.
Yet, almost everyone you talk to says they don’t pay credit card interest. I’m not saying you should never use a credit card, but most people are either being untruthful about their usage or haven’t been using their card long enough.
That goes both ways though. If I make a $5000 purchase on a credit card, pay off $4000 of it before 30 days, carry the remainder of $1000 a couple weeks before paying it off with the next paycheck, sure I'm paying interest on $1000 but not "20% on every purchase". In the case of a 20% APR, 1.66% interest is being paid on $1000 for carrying it a month. Or about $16. Not 20% on $5000, which would be $1000.
That's fake news and bad math.
Edit to Add- I get 1% cash back on all purchases on my CC so I get $50 cash. Minus the $16 in interest I paid for carrying a $1000 balance forward, I'm still $34 ahead.
This post was edited on 6/21/24 at 9:06 pm
Posted on 6/21/24 at 9:04 pm to Dadren
If given the option to get a percentage back on every single thing you’re going to spend money on anyway, like surviving, why would you not do it? You buy food, boom. Gas, boom. Bills, boom. Are you constantly over drafting your bank account? If not, then you should have zero issues not carrying a cc balance.
I feel like some of you feel that you’re sticking it to the man by not getting pulled in to his dirty little cc world. But, in reality you’re sticking it to yourself. Sticking it right in your own butt. It blows my mind people try to take any stance on this other than it’s a no brainer unless you’re a complete retard. I do always forget how many people are complete retards though, especially if those numbers are accurate.
I feel like some of you feel that you’re sticking it to the man by not getting pulled in to his dirty little cc world. But, in reality you’re sticking it to yourself. Sticking it right in your own butt. It blows my mind people try to take any stance on this other than it’s a no brainer unless you’re a complete retard. I do always forget how many people are complete retards though, especially if those numbers are accurate.
Posted on 6/21/24 at 9:05 pm to notiger1997
Yeah I’ll take money for spending money id have to spend anyway. I can’t recall the last time I’ve used my debit card for anything. I don’t carry a balance or trash my credit with them like I tried to do in college.
Posted on 6/21/24 at 9:08 pm to notiger1997
Everywhere in Lafayette charges 4% to use a card. Defeats the purpose of your 2% cash back bonus. It’s total bullshite. The damn marine shop charged me 4% the other day. What am I supposed to do, bring $500 cash with me?
This post was edited on 6/21/24 at 9:10 pm
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