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Posted on 1/13/26 at 2:12 pm to theballguy
I borrow about 80k a year on CCs. It fluctuates.
Posted on 1/13/26 at 2:14 pm to baldona
quote:
If you can pay it off monthly, why even have one?
I have credit cards for 2 reasons: First, in the event that someone steals your cards info it is easier to sort out vs a debit card and you’re not out any liquid money while the dispute process is ongoing. I know this from personal experience.
Secondly, I get probably $2000 in straight cash back a year. Every 4-5 years my wife and take a really nice vacation that is almost entirely paid for by cash back on shite I was buying anyway.
I say this as someone who has never paid a dime in interest to a credit card company though and pay the balances off every 2 weeks.
This post was edited on 1/13/26 at 2:16 pm
Posted on 1/13/26 at 2:16 pm to theballguy
quote:
it was up to me, no one would have one. They're just not needed.
I say this as a concession so that some people can handle cash flow issues.
Still, shouldn't everyone have enough cash on hand to handle temporary overages?
If you are getting any kind of reward points, it's like getting a 1-2% discount on everything you buy.
Credit cards are also typically more secure than debit cards & have superior options for getting your money back.
If I have cash to cover my debts just sitting there, I'm not investing it elsewhere. It's not being put to work. If a private company thinks I'm trustworthy enough to offer me, say, $10k credit, well now I can put that cash to work knowing im covered in the event of an emergency. Now I have extra time to get back on my feet and I'm making extra money. Good things happen when you pay your bills on time.
This post was edited on 1/13/26 at 2:17 pm
Posted on 1/13/26 at 2:16 pm to baldona
quote:
If you can pay it off monthly, why even have one?
Using a good CC responsibly often means free money/perks/rewards. The real question is "if you can pay it off monthly and are rewarded for every purchase, why would you NOT have one?"
Posted on 1/13/26 at 2:17 pm to theballguy
We use a Hilton card to pay all our online bills, groceries, gas, etc. and then pay it off each month to get the points.
Haven't had to pay for a hotel room in over 10 years.
Haven't had to pay for a hotel room in over 10 years.
Posted on 1/13/26 at 2:18 pm to theballguy
quote:
Then if it's risky, use a CC but just pay it off every month. This is not hard to do.
I was literally listing the benefits of using a CC and paying it off every month.
Posted on 1/13/26 at 2:18 pm to theballguy
Ok. 
Posted on 1/13/26 at 2:19 pm to theballguy
quote:
If you're in debt, your number one priority is getting out of debt.
This is the truth...
I don't think of mortgages really as "debt." They're maintaining an asset and a very justified living expense. Some financial people even advise "never pay off your house!" for various reasons... like the interest deduction you're getting, the fact that a mortgage gives you access to a H.E.L.O.C. anytime, mortgages being low-interest forms of debt (even if you bought in a high-interest period, you can refi when they lower)... not that you should use your house as an ATM all the time, but the ability to refi lets you sell your house to yourself and pocket a profit.
Posted on 1/13/26 at 2:21 pm to Deuces
quote:
Completely different situation for a house.
You build equity in it and don’t pay with a credit card.
True.
Cars... nope, depreciation monsters.
Posted on 1/13/26 at 2:25 pm to theballguy
If everyone paid it off monthly, then there would be no credit cards…
Posted on 1/13/26 at 2:28 pm to SpecialK_88
quote:
If everyone paid it off monthly, then there would be no credit cards…
Good.
Posted on 1/13/26 at 2:29 pm to TBoy
quote:
quote:
If you can't pay off your credit card monthly, you shouldn't have one.
True story. We had a credit card that we always paid off before the next cycle every time we used it. The company cancelled the card. My only guess was that they weren’t making money off of us by carrying a balance.
I had this happen when I was younger... I had used the Barkley's Apple credit card to buy a maxed-out MacBook for some work stuff... 0% interest if you paid it off in 18 months... I paid it off in 16 months... at 19 months with no new charges they cancelled the card, and it actually started the CC avalanche with a couple of others that also had no balance for some reason, so then my available credit amount plummets and some others lowered my credit limit, further screwing all of that up. I just maxxed out the one I had left, paid them off instantly, then they raised the limits up past where they'd been and the offers flooded the mail box and all was instantly good again.
It is a game... you have to let them make something or they get pissy.
Posted on 1/13/26 at 2:30 pm to i am dan
quote:
We use a Hilton card to pay all our online bills, groceries, gas, etc. and then pay it off each month to get the points.
Haven't had to pay for a hotel room in over 10 years.
This is the way to do it. I probably get close to around $300 cash back every month but I always pay them 100%.
This post was edited on 1/13/26 at 2:32 pm
Posted on 1/13/26 at 2:30 pm to Lee B
I am paid close to $2500 every year from my credit card company in cash back and have never paid them a dime in interest. If you are capable of paying off your balance every month and you are not using one, you are a fool.
Posted on 1/13/26 at 2:30 pm to Lee B
quote:
True.
Cars... nope, depreciation monsters.
I get it that some people just want have a new car every so often but I would never do that. I always pay cash for any car I buy.
Posted on 1/13/26 at 2:31 pm to theballguy
quote:
If it was up to me, no one would have one. They're just not needed.
I say this as a concession so that some people can handle cash flow issues.
Still, shouldn't everyone have enough cash on hand to handle temporary overages?
This sounds like the argument of a person who wants to replace liberty and the free market with bible verses.
Posted on 1/13/26 at 2:32 pm to Deuces
quote:
You’re a Dave Ramsey guy I know now lol
Does Dave Ramsey have a monopoly on pretty sound advice?
Posted on 1/13/26 at 2:32 pm to baldona
quote:
If you can pay it off monthly, why even have one?
Because using a card linked to your bank account is a bad idea.
Back 15 years ago or so we used our bank supplied card everywhere... one day our account was down $600 from some truck stop in TN, someone somewhere had spoofed our card.
It all worked out- but it could have been much worse. Now we use credit and pay at the end of the cycle. No worries about our bank accounts getting hacked (that way).
Posted on 1/13/26 at 2:33 pm to theballguy
Have 5 credit cards and have haven't carried a balance on any of them in 20 years. Once you stare in the face of insurmountable credit card debt, you never want to be in that position again. They have their use, points, security from fraud, etc., but not paying them off monthly is just wasting money and asking for trouble.
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