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Started By
Message
5
Posted on 12/21/18 at 6:06 pm to cgrand
quote:
do tell then
what benefit to me is credit if I don’t need to borrow money?
I’m all ears
Significant cash back benefits, for starters.
Added protection over cash/debit too.
Deferall of paying for purchases for half a month to a month can add up over time.
Posted on 12/21/18 at 6:08 pm to nugget
quote:
You have no idea how this works. Color me shocked.
The IRS has access to your bank accounts and if you have cash inflows and outflowa that don't reconcile back to your return you're going to get hit with an assessment with P&I, and the burden of proof is on you so good luck
Posted on 12/21/18 at 6:09 pm to cgrand
quote:
what benefit to me is credit if I don’t need to borrow money?
I’m all ears
First off payjg 95-95% of retail for all purchases, secondly spending someone else's money for free for a month at a time
Posted on 12/21/18 at 6:10 pm to Lacour
quote:
all the morons who don’t understand credit have abandoned the thread when we started using terms they can’t comprehend. This board is full of idiots
You'll have to forgive me if I cand find better places to lend money rather than 20+% interest.
Also, I am sorry you need someone elses permission to buy your everyday items. Maybe one day you will be able to make enough to buy things with cash.
Posted on 12/21/18 at 6:11 pm to NYNolaguy1
quote:
You'll have to forgive me if I cand find better places to lend money rather than 20+% interest.
Also, I am sorry you need someone elses permission to buy your everyday items. Maybe one day you will be able to make enough to buy things with cash.
I thought you were smart?
Posted on 12/21/18 at 6:11 pm to NATidefan
quote:
You don't have to, but it's the easiest way to start when you are young that doesn't cost you any interest if you are responsible.
Not everyone is young with no credit.
Posted on 12/21/18 at 6:12 pm to slackster
realize that we are all individuals and what matters to you may not matter to others.
I find value in never borrowing and there is a benefit to that not measured in dollars.
one way to disciplined spending is paying as you go.
it’s in no way stupid/trashy/ill informed to live that way and I find it funny that the default position of so many armchair financial experts is to borrow as you spend
I find value in never borrowing and there is a benefit to that not measured in dollars.
one way to disciplined spending is paying as you go.
it’s in no way stupid/trashy/ill informed to live that way and I find it funny that the default position of so many armchair financial experts is to borrow as you spend
Posted on 12/21/18 at 6:12 pm to slackster
quote:
Deferall of paying for purchases for half a month to a month can add up over time.
So, debt?
Posted on 12/21/18 at 6:12 pm to slackster
quote:
If you're disciplined, cash/debit is objectively a worse way to purchase items than credit.
Not always.
Posted on 12/21/18 at 6:13 pm to NYNolaguy1
quote:
So, debt?
No, float
Posted on 12/21/18 at 6:14 pm to cgrand
quote:
what benefit to me is credit if I don’t need to borrow money?
I’m all ears
My current card over the last 2 years has racked up about $3,000 in travel points, $600 in statement credits, and includes global entry, lounge access etc when traveling
Posted on 12/21/18 at 6:14 pm to DisplacedBuckeye
quote:
Not always.
Name a single instince where it's impericslly better to pay cash
Posted on 12/21/18 at 6:14 pm to cgrand
It’s not borrowing money if you pay it off. It’s floating a payment plus putting purchase protections and point benefits.
I got into credit cards after an instance of debit card fraud. It took a few days to get my money back for a small amount of fraud. The guy at the bank said to use credit cards because it’s not your money that gets tied up when fraud happens, it’s the banks. Imagine if your small business checking gets wiped out right before payroll. You’re effed. If the same fraud happens on your credit card, all you do is make a phone call.
Once you figure out the benefits of credit cards, you will never go back to debit and you will also realize what you lose out on using cash.
I got into credit cards after an instance of debit card fraud. It took a few days to get my money back for a small amount of fraud. The guy at the bank said to use credit cards because it’s not your money that gets tied up when fraud happens, it’s the banks. Imagine if your small business checking gets wiped out right before payroll. You’re effed. If the same fraud happens on your credit card, all you do is make a phone call.
Once you figure out the benefits of credit cards, you will never go back to debit and you will also realize what you lose out on using cash.
Posted on 12/21/18 at 6:14 pm to Mingo Was His NameO
quote:
I thought you were smart?
Depends on who is paying.
I am a firm believer in high net worth over a high credit limit.
Posted on 12/21/18 at 6:15 pm to cgrand
quote:
one way to disciplined spending is paying as you go.
You could pay weekly or even daily and still get the added perks
Posted on 12/21/18 at 6:15 pm to cgrand
quote:
what benefit to me is credit if I don’t need to borrow money?
No up-front fees when you get a utilities hookup.
If you ever need to get a security clearance, a credit report can be useful.
Finally, if you manage money well borrowing it can be quite useful. I saved about a thousand dollars off a major home renovation by taking advantage of various credit offers. Discover happened to be running a 5% cash back offer on money spent at Home Depot, I was planning a renovation anyway so hell yeah.
Posted on 12/21/18 at 6:16 pm to Mingo Was His NameO
quote:
Name a single instince where it's impericslly better to pay cash
Buying a house.
Financial security is worth way more than time value of money.
Posted on 12/21/18 at 6:16 pm to NYNolaguy1
quote:
Depends on who is paying.
I am a firm believer in high net worth over a high credit limit.
You can use a credit card today, pay 98% retail price, and pay it off tomorrow. You are 1 day begind on net worth and saving 2% on all purchases
Posted on 12/21/18 at 6:17 pm to Parmen
quote:
Runner up for worst poster of 2018.
He's just got the grumpy old man schtick going on
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