Whats the point in credit cards

[FeathersMcGraw]

Originally posted by: bsmithy

i don't want to give anyone money

but I'd rather get interest than pay it

Um, so buy things with a credit card, leave your money in your savings account accumulating interest, then pay them a few weeks later before the grace period expires. As it is, you're paying for everything at the time of purchase, and you're losing out on that incremental interest.

 

If you have to ask, you don't have enough experience yet.

 

[bsmithy]

Originally posted by: DaWhim

Originally posted by: bsmithy

Originally posted by: DaWhim


there are is no law to protect debit card users in term of fraud! NO
the law clearly states that for credit card users, our liability is UP TO $50. good luck when all your money got drained by someone else.

I use my cc whenever I can. there is a 1% cashback on every single dollar i spent.

what?

what is not clear? when your debitcard# got stolen, someone drain all your money in the checking account, your bank is not responsible to give back all your money.

yes they are, there is no law but it is one of the perks of my account
bank has full liability for any fraud

 

[Ns1]

Originally posted by: FeathersMcGraw

Originally posted by: bsmithy

i don't want to give anyone money

but I'd rather get interest than pay it

Um, so buy things with a credit card, leave your money in your savings account accumulating interest, then pay them a few weeks later before the grace period expires. As it is, you're paying for everything at the time of purchase, and you're losing out on that incremental interest.

winnAr

 

[Voip]

I'm wary of having to use a credit card. I'm afraid I would spend boatloads, then spend my income as well. I'm sure I'd figure out a way to stop myself from spending, but I just have a feeling that I would end up being in debt fast.

 

[rudder]

Originally posted by: FeathersMcGraw

Originally posted by: bsmithy

Originally posted by: Queasy
The point of credit cards? To make money for the credit card companies.

exactly, i don't want to give them money

Chances are they manage your debit card, too.

Yep, I have a visa check card and the CC gets the fees as with regular CC sales. I guess thats why retailers want people to use them as debit cards. But m credit union is so backwards that I cannot run mine through as a debit card as it will always come back as denied.

bsmithy

Good for you not buying into the hype that you need to have a credit card. You can buy a house without a FICO score and credit history. The lender will have to do a manual rating instead of simply pulling a FICO score. And it will not affect your interest rate. I have used credit cards in the past and now I never touch them, although I do keep one extra around for hotel and rental car reservations.

There is nothing wrong with getting a credit card to build up a credit history but I can see where for some people it may be too tempting to stay within reasonable limits and then they build up lots of debt. Plus CC companies are so unscrupulous, I hate to do business with any of them. I hear horror stories of people getting low interest cards, getting a big balance and suddenly finding themselves with a 19% interest rate.

 

[kami333]

Originally posted by: bsmithy

Originally posted by: DaWhim

Originally posted by: bsmithy

Originally posted by: DaWhim


there are is no law to protect debit card users in term of fraud! NO
the law clearly states that for credit card users, our liability is UP TO $50. good luck when all your money got drained by someone else.

I use my cc whenever I can. there is a 1% cashback on every single dollar i spent.

what?

what is not clear? when your debitcard# got stolen, someone drain all your money in the checking account, your bank is not responsible to give back all your money.

yes they are, there is no law but it is one of the perks of my account
bank has full liability for any fraud

Maybe the bank but ultimately by Visa. I got $1400 used on my debit card last year so I looked it up and Visa actually says on their website that they cover debit card fraud.

 

[edmicman]

Originally posted by: SampSon
If you have to ask, you don't have enough experience yet.

how many experience points do i need before i can get a credit card?



heh, actually, it seems like a whole lot of people are hung up on the whole "having credit" and "looking good on paper in the eyes of the credit industry"....psssh.....seems like just as much of a racket as anything else that sheep mindlessly follow.

 

[Zombie]

no point till somebody gets hold of your ATM/Debit Card #

 

[edmicman]

stupid double post

 

[DougK62]

It's financially irresponsible to not have a CC these days.

They're easy to get, easy to use, and provide so many benefits.

 

[bsmithy]

Originally posted by: DougK62
It's financially irresponsible to not have a CC these days.

They're easy to get, easy to use, and provide so many benefits.

of which none have been detailed here

 

Originally posted by: edmicman

Originally posted by: SampSon
If you have to ask, you don't have enough experience yet.

how many experience points do i need before i can get a credit card?



heh, actually, it seems like a whole lot of people are hung up on the whole "having credit" and "looking good on paper in the eyes of the credit industry"....psssh.....seems like just as much of a racket as anything else that sheep mindlessly follow.

You need umm 900 million points.

Yes, it is a racket. Though, you tell that to your loan officer when you want to buy a house. Or any other large ticket item.

 

[V00DOO]

Funny, I was having a discussion with my friend on why people use Debit Card over Credit Card. I don't see the point of using Debit Card if you have a credit card.

1. Credit card gives you up to 60 days grace period.
2. 1% cash back on all purchases.
3. Extended warranty.
4. Pay Credit Bill once a month online.
5. Make large purchases with Credit Card.

I don't even have a Debit Card. Since I never use it, I reguested my bank to replace my Debit Visa with just a regular ATM card.

 

[Saulbadguy]

I don't understand why people use cash/check/debit cards. Get rewards for whatever you purchase, have the option to pay when you feel like paying. Its stupid to pay cash for anything. Credit Card companies are giving you money to spend. Just don't pay them any interest (i.e..don't be a fvcking moron and let your balance carry over).

 

[Saulbadguy]

Originally posted by: Voip
I'm wary of having to use a credit card. I'm afraid I would spend boatloads, then spend my income as well. I'm sure I'd figure out a way to stop myself from spending, but I just have a feeling that I would end up being in debt fast.

That just means you are stupid, have no will power and no self control.

 

[arod]

the only thing I have is a credit card.... no need for anything else.

 

[rh71]

Buy now - pay LATER. Like more than 30 days later, with no interest. I take advantage of this.

 

[Saulbadguy]

Originally posted by: rh71
Buy now - pay LATER. Like more than 30 days later, with no interest. I take advantage of this.

I think some people still bury their cash in a tin box in their backyard. yuk yuk.

 

[DougK62]

Originally posted by: bsmithy

Originally posted by: DougK62
It's financially irresponsible to not have a CC these days.

They're easy to get, easy to use, and provide so many benefits.

of which none have been detailed here

Are you dense or something? This whole thread has been full of people giving great examples of why credit cards are superior to debit cards.

For me, the greatest reasons are:
1. Better fraud protection
2. Reward programs
3. Build credit history
4. Buy now pay later - keep your money a little longer so it can make you more money.

This is a seriously dumb topic. I take it you're a young person - you'll learn. There are ZERO good reasons for having a debit card over a credit card. Well, maybe there is ONE good reason - if you're financially irresponsible with no self control and know you'll spend beyond your capability to repay.

 

[bsmithy]

Originally posted by: DougK62

Originally posted by: bsmithy

Originally posted by: DougK62
It's financially irresponsible to not have a CC these days.

They're easy to get, easy to use, and provide so many benefits.

of which none have been detailed here

Are you dense or something? This whole thread has been full of people giving great examples of why credit cards are superior to debit cards.

For me, the greatest reasons are:
1. Better fraud protection
2. Reward programs
3. Build credit history
4. Buy now pay later - keep your money a little longer so it can make you more money.

This is a seriously dumb topic. I take it you're a young person - you'll learn. There are ZERO good reasons for having a debit card over a credit card. Well, maybe there is ONE good reason - if you're financially irresponsible with no self control and know you'll spend beyond your capability to repay.

1. No
2. Neglegent in the UK, biggest I've seen is 1% (with high apr)
3. I have good credit history already.
4. you are arguing for credit but you say a major good point is earning interest?

good old "my way or the wrong way" attitude

 

[rh71]

Originally posted by: Saulbadguy

Originally posted by: rh71
Buy now - pay LATER. Like more than 30 days later, with no interest. I take advantage of this.

I think some people still bury their cash in a tin box in their backyard. yuk yuk.

The other purpose is convenience over cash. I hardly ever have to go to the atm... much less grab the cash and find a tin can to bury it with.

 

[Saulbadguy]

Originally posted by: bsmithy

Originally posted by: DougK62

Originally posted by: bsmithy

Originally posted by: DougK62
It's financially irresponsible to not have a CC these days.

They're easy to get, easy to use, and provide so many benefits.

of which none have been detailed here

Are you dense or something? This whole thread has been full of people giving great examples of why credit cards are superior to debit cards.

For me, the greatest reasons are:
1. Better fraud protection
2. Reward programs
3. Build credit history
4. Buy now pay later - keep your money a little longer so it can make you more money.

This is a seriously dumb topic. I take it you're a young person - you'll learn. There are ZERO good reasons for having a debit card over a credit card. Well, maybe there is ONE good reason - if you're financially irresponsible with no self control and know you'll spend beyond your capability to repay.

1. No
2. Neglegent in the UK, biggest I've seen is 1% (with high apr)
3. I have good credit history already.
4. you are arguing for credit but you say a major good point is earning interest?

good old "my way or the wrong way" attitude

1 percent is quite a bit when you spend lots of money. Also some credit card companies will DOUBLE that reward.

So, if you want to buy a car valued at 10k, would you rather just spend the 10k in cash, or get paid 100 bucks to do so? I think the choice is obvious.

 

[z0mb13]

REBATE BABY!!!

5% on gas and 1% on anything else.


I LOVE my chase freedom card..

 

[Jzero]

Actually you DO get better fraud protection if for nothing more than the fact that the aren't touching your REAL money. If somebody steals my fiancee's Visa Check Card and drains her checking account, she will be fvcked until it gets straightened out. Maybe she'll get her money back in the end, but what is she supposed to do in the meantime?

OTOH, if someone steals my credit card and runs it all the way up to the limit, I've still got my checking account to put a roof over my head and food on the table.