Credit Cards

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Hey All,

How many of you guys use credit cards? I've decided it's best to make all my purchases with credit cards as they have free cash back offers that are made possible by people who don't have the sense to pay their bills in full every month (many people only pay the minimum required which is a waste of money because you have to pay interest if you do that).

Cash back offers are great! It's like getting free money! Sometimes you can get up to 5% cash back depending on the credit card you have. Plus, I read that it's a good idea to build your credit so you have a good credit rating. Also, you should have at least 3 credit cards so lenders will see that you are able to effectively balance "debt" (although you should pay in full so you don't have debt due to the interest they tack on).

I have 2 visa cards right now but I'm planning on getting another one soon...

I don't have a good sense for money, never have. Going into school (private elementary) the teachers thought i wasn't all that bright bc i didn't know the names for different coins. Still don't have a concept of money. So i've avoided getting a credit card which makes money transactions even more complicated.

Not old enough to get one. I'm only 15.

I'll wait.

I got my first card at 24 (1994) Discover card while in college. I had at one time at least 6 cards but I decided i did not need them and just kept the oldest one active because they say keep your oldest credit account open to have a higher credit rating. I completely paid off all my student loans many years ago to so that looks good on my credit report. Oh my current bill is $24.95 I do not buy much stuff.

Not having and open visa/mastercard has saved me a lot money from things I did not order because the web store did not take Discover.

Alex: Those are nice benefits provided that you pay off the bill each month. If you revolve any debt on those accounts, the supposed freebies won't be worth the ammount you spend on interest.

Personally, I prefer cash. It doesn't lie - you always know what you have, and if you don't have it you can't spend it. That's the only way I can have any self-discipline.

If you think you have enough discipline to be able to spend only what you can reasonably pay each month, go for it.

Same.

I pay for everything by credit card. I'm not impulsive and it tracks my spending. I carry a small balance, but my rate's only 7.9.

Debit card for me. I don't like debt.

I have a credit card that I use for emergencies or if I am making a large purchase. Usually I just use a debit card. I hardly ever carry cash.

I got a laugh from a cashier at Wal-Mart last weekend when their debit-card machine was acting a little flaky and I had to try it twice to get it to work -- I commented that I could remember a time when we used to pay for stuff with coloured pieces of paper, and we'd get different-coloured pieces of paper back.

(Okay, for those of you in the USA, Canadian money is different colours for different denominations. Like the $5 is purple, the $10 is blue, the old $2 (discontinued) were orange-red, that sort of thing.

ive got one but i use it then pay it off straight away - dont ever buy anything that i dont have the money for ... i'd guilt my ass off if i did that.

I use a credit card.

I make all the purchases that would ordinarily be paid in full with the card (utility bills, gasoline, groceries, etc...) so I can track my spending habits and trends. It's great for sticking to a budget. I enter all the info to an Excel sheet, and I can make graphs to gauge how I'm doing. It's easier to keep track of things, but I pay the bill in full every month.

Be very careful with them however, credit card companies are notorious for their deceptive advertising. The stated rate might seem reasonable, but it may be temporary, and cash advances, late payments, etc. usually carry a MUCH higher rate. Some over 20% which is horrendous.

In Australia, there's no such thing as a good credit rating. You either have a credit rating (bad) or you don't (good). So, a credit card is more likely to do bad things to your credit rating (such as bringing it into existence) than to help.

that can come back and bite you. I always carry cash in case of emergency

Such as...? I live in a city with a metro-area population of 1 million. Merchants all take debit cards, even taxicabs take credit cards. And there are bank machines close by where I live. So I am wondering what kind of emergency would require me to have cash on hand...

no credit cards