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InvisiblePenelope_Tree
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Registered: 07/31/09
Posts: 8,535
Loc: magic sugarcastle
Credit cards- weighing in
    #21503813 - 04/04/15 07:46 PM (9 years, 1 month ago)

I've never had one, been advised by family and Dave Ramsey to never get one, but have been encouraged by friends who have one to earn airline points and my bank to get one in order to build credit.


Is this really necessary? What are the benefits? Obviously I run the risk of spending more than I earn if I put superfluous purchases on it. Just want some more opinions, really.


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full blown human

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InvisibleJvF
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Registered: 02/13/14
Posts: 2,662
Loc: Chicago Flag
Re: Credit cards- weighing in [Re: Penelope_Tree]
    #21503831 - 04/04/15 07:50 PM (9 years, 1 month ago)

If you ever want to buy a house or get a loan, youll need credit.  In fact, even renting an apartment cn be difficult(unless youre renting a piece of shit) with bad, or even worse, no credit.

Yes, using credit cards can be bad, howevrr if you ever plan on buying a house or living well, get one. Unless of course you plan om having enough cash to forego the loan process.

Get one, use it to pay your cell phone bill, or gas for your car, w.e.. Set the cash aside  when you use the card and pay your bills on time.

follow that rule and youll be fine


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OfflinegeokillsA
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Registered: 05/08/01
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Re: Credit cards- weighing in [Re: Penelope_Tree]
    #21503893 - 04/04/15 08:10 PM (9 years, 1 month ago)

Quote:

geokills said:
Only spend as much as you can afford to spend.  Pick a credit card that has a good reward program (Citi DoubleCash is one of the best available in the US presently), put all of your purchases on your card to accrue the rewards, and make sure to pay off your card's balance each and every month so that you don't pay interest on your purchases.

Credit card interest rates are generally high and thus credit card debt is not desirable, but because many credit cards offer rewards and all credit cards have a "grace period" (typically one month) where no interest is due, you can use them to accrue rewards and pay them off during the grace period to avoid paying any interest.  Thus, an effective discount on all of your purchases, when used correctly.




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··∙   long live the shroomery  ∙··
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InvisibleAhab McBathsalts
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Re: Credit cards- weighing in [Re: Penelope_Tree]
    #21504125 - 04/04/15 09:28 PM (9 years, 1 month ago)

I don't think you are able to rent a car or a hotel room without having a credit card. Sometimes you need to fly somewhere and drive to a place and stay in a hotel.


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"Nobody exists on purpose. Nobody belongs anywhere. Everybody's going to die."

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OfflinePDU
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Re: Credit cards- weighing in [Re: JvF]
    #21505435 - 04/05/15 09:21 AM (9 years, 1 month ago)

Quote:

jfischer218 said:
If you ever want to buy a house or get a loan, youll need credit.  In fact, even renting an apartment cn be difficult(unless youre renting a piece of shit) with bad, or even worse, no credit.

Yes, using credit cards can be bad, howevrr if you ever plan on buying a house or living well, get one. Unless of course you plan om having enough cash to forego the loan process.

Get one, use it to pay your cell phone bill, or gas for your car, w.e.. Set the cash aside  when you use the card and pay your bills on time.

follow that rule and youll be fine




It's a ridiculous notion to not have one.


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GO OUTSIDE.

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OfflineGreenRabbit
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Registered: 04/28/13
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Re: Credit cards- weighing in [Re: PDU]
    #21515923 - 04/07/15 05:00 PM (9 years, 1 month ago)

Quote:

PDU said:
Quote:

jfischer218 said:
If you ever want to buy a house or get a loan, youll need credit.  In fact, even renting an apartment cn be difficult(unless youre renting a piece of shit) with bad, or even worse, no credit.

Yes, using credit cards can be bad, howevrr if you ever plan on buying a house or living well, get one. Unless of course you plan om having enough cash to forego the loan process.

Get one, use it to pay your cell phone bill, or gas for your car, w.e.. Set the cash aside  when you use the card and pay your bills on time.

follow that rule and youll be fine




It's a ridiculous notion to not have one.





Yes.. I got one as soon as I was 18. It doesn't matter what bullshit APR they give you. What's important is not spending more money than you make in any given period. Pay bills on time and you never pay interest.

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InvisibleLate2theparty
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Registered: 07/20/13
Posts: 58
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Re: Credit cards- weighing in [Re: Penelope_Tree]
    #21633083 - 05/04/15 01:51 AM (9 years, 16 days ago)

I recently got one, for the express purpose of buying online. So there's a reason to get one

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Invisiblememes
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Re: Credit cards- weighing in [Re: Late2theparty]
    #21633409 - 05/04/15 05:39 AM (9 years, 16 days ago)

I've had one since i was 16.  Convenience factor can't be beat.  i hate carrying around money and/or loose change.

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OfflineGreenRabbit
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Re: Credit cards- weighing in [Re: memes]
    #21633739 - 05/04/15 08:41 AM (9 years, 16 days ago)

Covenience is great, but only a perk.

The reason everyone should have a credit card, regardless of the APR they are given, is that it build credit. You can't buy a car or a house without credit or cash and I doubt anyone buys houses with cash these days.
Regardless of your APR ( I don't care if its 30% get a credit card), you should always be paying off you bill on time. Then you have no debt and never have to pay any interest.

Don't spend more money than you make and you are solid.

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InvisibleDieCommie

Registered: 12/11/03
Posts: 29,258
Re: Credit cards- weighing in [Re: GreenRabbit]
    #21634658 - 05/04/15 12:47 PM (9 years, 16 days ago)

My main credit card's APR is 4.15%.  There is good reason not to pay it off every month.

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OfflineMickalopagus
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Re: Credit cards- weighing in [Re: DieCommie]
    #21646708 - 05/06/15 10:42 PM (9 years, 13 days ago)

that is a fantastic interest rate. my lowest is around 12%; though i never have to worry about it as mine are always paid to 0.


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notapillow said: "you are going about this endeavor all wrong. clear your mind of useless fear and concern. buy the ticket, take the ride, and all that.... "

ChrisWho said: "It's all about the journey, not the destination."

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InvisibleMojo
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Registered: 07/12/07
Posts: 1,677
Re: Credit cards- weighing in [Re: Mickalopagus]
    #21648209 - 05/07/15 08:42 AM (9 years, 13 days ago)

I don't even know what my APR is, I pay the credit cards down multiple times throughout the month.  I like to see the money come out of our checking account gradually, helps me keep track of our spending..  I haven't been charged an interest payment in years, and in the last year alone I have redeemed ~$600 in travel credits to the account.  Those travel expenses are reimbursed by my employer so that is virtually cash in my pocket..

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Offlinelovegivingchi
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Registered: 04/09/15
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Re: Credit cards- weighing in [Re: Penelope_Tree]
    #21659023 - 05/09/15 09:05 PM (9 years, 10 days ago)



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rob from the rich, give to the poor.

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OfflineArctic W. Fox
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Re: Credit cards- weighing in [Re: lovegivingchi] * 1
    #21661882 - 05/10/15 04:27 PM (9 years, 9 days ago)

I wish people would stop using credit. They're just making things bad for everyone.

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Offlinelovegivingchi
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Re: Credit cards- weighing in [Re: Arctic W. Fox] * 2
    #21663360 - 05/10/15 10:59 PM (9 years, 9 days ago)

Quote:

Arctic W. Fox said:
I wish people would stop using credit. They're just making things bad for everyone.



jesus said usury was bad for a reason....


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rob from the rich, give to the poor.

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OfflineSpiraled Out
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Registered: 01/14/15
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Loc: Ohio River Valley Flag
Last seen: 8 years, 11 months
Re: Credit cards- weighing in [Re: GreenRabbit]
    #21729854 - 05/27/15 06:39 PM (8 years, 11 months ago)

Quote:

GreenRabbit said:
Don't spend more money than you make and you are solid.




:thumbup:


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I spent most of my teen years loving my body.  'Course it was tough love, but...

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Offlineeira
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Registered: 07/03/11
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Re: Credit cards- weighing in [Re: Penelope_Tree]
    #21795471 - 06/11/15 11:23 PM (8 years, 11 months ago)

Never was the biggest fan of credit. Finally caved a year ago. Did my research & applied to a card that's great for people just starting off with no credit: Capital One. There's a few options with a waived annual fee, which you can call and extend come next year if you've been a great customer.

Still hate the concept of credit but I have to admit I'm a huge sucker for paying off bills, tracking spending, and keeping an eye on my credit score. With all the money/bank/budget apps around now, it's like playing a fun game--responsibly, of course.


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Invisibledemiu5
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Re: Credit cards- weighing in [Re: Penelope_Tree]
    #21797135 - 06/12/15 11:54 AM (8 years, 11 months ago)

credit cards are valuable, but don't spend what you can't pay back.  the same principle with cash...if you don't have it, you can't spend it.

use it to build credit. 

credit cards are not the only way to establish/build credit, but they are probably the easiest, besides going to a bank or credit union and obtaining loans.


cash back is a good aspect, as well.


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channel your inner Larry David

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