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re: How many of who are over the age of 25 don’t use credit cards?
Posted on 6/22/24 at 9:25 am to Lsupimp
Posted on 6/22/24 at 9:25 am to Lsupimp
quote:
To them I’m a “ deadbeat “ by paying the full balance in real time. I suppose most here are too.
Yep. I keep mine at zero balance and really only use them for travel. Not too happy with the rewards though. Wish i would have shopped around more.
0
Posted on 6/22/24 at 9:48 am to Pikes Peak Tiger
You spent $100,000 at Costco/on a card?
Posted on 6/22/24 at 10:05 am to LSUfan4444
quote:I was a terrible cc manager as a young guy. Only kept one but stayed at limit and made min payments.
get why people like Dave Ramsey advocate against it for those with horrible spending patterns and zero self control or direction but sign on bonuses, rewards while paying off the balance monthly is an easy concept to grasp with a little practice and it returns at a greater rate in the market.
Got rid of debt and stayed away from it for 30 years.
Only recently started using one for points and travel. It has been a better savings than I thought and booking thru the Chase site for air hotel and cars gives you a bonus to 5% back.
The 20 percent premium on using points and the additional points for booking saved me around 1200 bucks on a trip this summer
Posted on 6/22/24 at 10:09 am to notiger1997
I try not to use them. Sometimes it can't be avoided.
Posted on 6/22/24 at 10:12 am to lsufan1971
quote:how much are they giving you. A very nice vacation would cost more than 3-6%
Probably put 100K per year on it. I get enough points to take a very nice vacation in it every year.
Posted on 6/22/24 at 10:15 am to notiger1997
Three cards - one for restaurants/groceries, one for Sams/fuel, one for everything else. All paid off monthly. Christmas shopping is going to be paid via rewards this year.
Posted on 6/22/24 at 11:14 am to notiger1997
I have an Apple Card that we use for everything. I pay it off every 30 days. Cash back is generally around $50 monthly.
I could use my debit card there is no protection.
I’ve been in massive debt before about 22 years ago. Not going back.
I could use my debit card there is no protection.
I’ve been in massive debt before about 22 years ago. Not going back.
Posted on 6/22/24 at 11:23 am to yellowfin
quote:
Sounds like you use it as an actual loan which is different than what most in this thread use a credit card for
Yeah most likely. I use a debit card for my day to day life. I always only do banking with credit unions.
Posted on 6/22/24 at 11:23 am to notiger1997
I didn't even have a debit card for years, only a credit card. Just pay the balance every month. Protects against fraud and I get tons of free points for money. But I'm also responsible and don't over spend.
Posted on 6/22/24 at 11:28 am to tigerfoot
quote:100k on Amex Platinum a year would be a shite ton of points. You could definitely do a nice vacation using transfer partners
how much are they giving you. A very nice vacation would cost more than 3-6%
It's not just a straight percentage back
Posted on 6/22/24 at 11:29 am to notiger1997
So based on the responses here in the OT everyone pays off their CC balance at the end of each month. I have to wonder why CC debt is at an all time high in the US.
Posted on 6/22/24 at 11:30 am to Lawyered
This.....I have never carried a balance or paid interest. Use it as a tool to manage money and earn benefits.
Posted on 6/22/24 at 12:04 pm to redstick13
quote:
So based on the responses here in the OT everyone pays off their CC balance at the end of each month. I have to wonder why CC debt is at an all time high in the US.
Because for every one person who has read this and responded that they pay theirs off every month, 10 people have read it that carry CC debt, but aren't going to respond.
And I'm also thinking the really poor folks that are doing the worst with this probably aren't droppings posters.
Posted on 6/22/24 at 12:16 pm to Pelican fan99
quote:if you spent every dollar on hotels and flights it would be 500k points or
100k on Amex Platinum a year would be a shite ton of points.
I don’t see how you stretch that to paying for a very nice vacation in its entirety. I’m not discounting the value of it. It is awesome to get the rewards
Posted on 6/22/24 at 12:23 pm to notiger1997
I went 20 years without a credit card. Finally, got an Amex that I pay in full every month. I like racking up the points.
Posted on 6/22/24 at 12:24 pm to notiger1997
quote:
Because for every one person who has read this and responded that they pay theirs off every month, 10 people have read it that carry CC debt, but aren't going to respond.
I ran up a good bit of credit card debt in my late teens and 20s. It took me years to get out from under it. I promised myself I'd never do it again, and never have.
I'd bet that scenario is the most common for the average American, and they don't get any net benefit from rewards at all.
We have zero debt now other than a fairly inexpensive mortgage and one auto loan at this point in life.
Posted on 6/22/24 at 12:42 pm to notiger1997
I am 39 and don't "use" credit cards in a traditional sense i guess. I have 3 that I use to fill up the family cars with gas and that's it. I only do that to keep the cards active because between the 3 I have enough to cover a significant emergency.
I royally fricked up my credit history when I was 19-23 years old because I just didn't care and didn't understand the ramifications it had on my future. When I straightened up and wanted to be an adult, I found out real fast how bad I had messed up. So I worked very hard to clean my credit up enough to get home and vehicle loans because that was the priority. I did that mostly through secured credit cards (basically prepaid). Then, in my first house, I had a major repair that I needed done and didn't have enough cash on hand to cover it. Luckily, I had done enough to my credit report, I was able to go borrow a thousand dollars from a local small bank and that covered it with what had on hand also.
Now, I'm am financially comfortable enough to where I could probably use my cards for everything. But I just choose not to after the shite I went through as a young idiot. I sacrificed a lot to where I could get to that point and be responsible with them, but I would probably shoot myself if I fricked up that bad again at this point in life.
I royally fricked up my credit history when I was 19-23 years old because I just didn't care and didn't understand the ramifications it had on my future. When I straightened up and wanted to be an adult, I found out real fast how bad I had messed up. So I worked very hard to clean my credit up enough to get home and vehicle loans because that was the priority. I did that mostly through secured credit cards (basically prepaid). Then, in my first house, I had a major repair that I needed done and didn't have enough cash on hand to cover it. Luckily, I had done enough to my credit report, I was able to go borrow a thousand dollars from a local small bank and that covered it with what had on hand also.
Now, I'm am financially comfortable enough to where I could probably use my cards for everything. But I just choose not to after the shite I went through as a young idiot. I sacrificed a lot to where I could get to that point and be responsible with them, but I would probably shoot myself if I fricked up that bad again at this point in life.
This post was edited on 6/22/24 at 12:43 pm
Posted on 6/22/24 at 12:51 pm to IAmNERD
quote:
Now, I'm am financially comfortable enough to where I could probably use my cards for everything. But I just choose not to after the shite I went through as a young idiot.
I don't know if mine was as bad as yours, but I think some people are "gun shy" to go down that path again. It's unlikely for me because we make more money than we spend at this point.
I have 3 credit cards with a limit of about 140k combined. I use one about once per year to keep it open because I got it in 1996 outside of the LSU student union, and it's my oldest account.
My wife uses one of the others and I use the AMEX sparingly when it's for something where I get decent rewards, but I pay them off every Friday.
Posted on 6/22/24 at 1:49 pm to fallguy_1978
This is the strange mind set I thought a lot of you may have. As long as you’re not 20 and dumb anymore you truly leaving money on the table every single transaction you make in your life by not taking advantage of points. Every single one. I get everything you do, but for cheaper, multiplied by a life time.
Someone at work asked me what my rate was recently and I said I don’t know. They looked at me like I was crazy. I truly do not know. It could be 500%. Doesn’t matter
Someone at work asked me what my rate was recently and I said I don’t know. They looked at me like I was crazy. I truly do not know. It could be 500%. Doesn’t matter
This post was edited on 6/22/24 at 1:52 pm
Posted on 6/22/24 at 2:01 pm to notiger1997
I carry enough cash to have for tips, and that's about it.
This post was edited on 6/22/24 at 2:01 pm
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