People's impressions of credit cards

For just about anything you want to get off your chest about credit cards.
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MemberSince99
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Postby MemberSince99 » Wed Jun 05, 2013 4:42 pm

I just want to know how do you keep 20+ straight? I find 8 or 9 gets a bit much. Doesn't stop me from trying to get better cards, but 10 would be realistically as much as I could or would want to handle. I have to give you credit I don't think I could keep them straight as you are.


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Snowman
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Postby Snowman » Wed Jun 05, 2013 5:29 pm

rockyrock wrote:I think we need to start in middle school, by the time I was in high school I was hard headed and knew everything :-) When I turned 18 and got my first cards all my older friends and parents tried to warm me of the dangers of irresponsible credit usage. I didn't listen and by 19 had destroyed my credit. It happened again in my mid-20's. Now in my mid-30's and doing well, I hope never to repeat that cycle--especially now that I have a family to support.


I hear you rockyrock. Thankfully, I was able to find this forum and keep my way out getting in trouble with any cards, and I've had pretty smooth sailing thus far. But a definite congrats on getting things in order and doing well now that you have a family too.
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MB131174
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Postby MB131174 » Wed Jun 05, 2013 6:51 pm

MemberSince99 wrote:I just want to know how do you keep 20+ straight? I find 8 or 9 gets a bit much. Doesn't stop me from trying to get better cards, but 10 would be realistically as much as I could or would want to handle. I have to give you credit I don't think I could keep them straight as you are.


I got tired of playing credit card roulette, so now I carry & use: 1 personal cc, 1 business cc and my debit card. I leave the business debit card in the sock drawer with the other plethora of cards. Wallet slimmer, life easier.
stalk me
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silver6054
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Postby silver6054 » Thu Jun 06, 2013 1:50 am

MemberSince99 wrote:f they do it smart and treat it like a debit card, the companies pay you hundreds if not thousands of dollars every year for buying stuff you would have bought anyway. Why not take the cash back?.


While I agree with what people have posted, we should all remember that it is not quite as simple as that. Many studies show that with a rewards card, you don't buy what "you would have bought anyway", you buy more, probably 15% is an average from those studies. And that is of course why the credit card companies want to give rewards, to increase spending for additional swipe fees (and interest charges if they are lucky!).

Now remember these are statistical averages, so I'm sure some people here are thinking "Not me, I only buy what I would have bought with cash/debit." Then you are an exception, or perhaps mistaken! I certainly have done this "OK, that costs $2, but with my rewards that's only $1:80, which is pretty cheap so I will get 2" or "If I buy those, I will be up to 40K miles I need for the trip".

These aren't bad necessarily, and certainly don't imply that you are getting into a credit debt death spiral, but it is easy to spend more.

MemberSince99
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Postby MemberSince99 » Thu Jun 06, 2013 5:30 am

It is Silver but having been in a credit debt death spiral before I simply treat the cards as debit cards - if I do not have the money sitting in the bank to pay for it, I don't buy it. No exceptions.

And I don't spend a cent more using the card because to me it makes no difference whether I write a check, use my debit card or a credit card (in terms of having to pay it). The rewards are nice but I don't pay that much attention to them. I know I qualified for the 100 dollar statement credit for my BofA card many months ago but I've never even bothered to check the rewards on that so I have no idea what my rewards for it are right now.

Yeah I know I'm a freak. Some people do it completely different, but I've made up my mind I don't care to have my credit trashed again through my own actions. Someone may steal my identity and do it for me and I'll end up paying for whatever they stole as that's how it works in the US where crime does pay if you do it smart, but it won't be by my own actions if it happens again.

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Calipso
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Postby Calipso » Thu Jun 06, 2013 5:47 pm

MemberSince99 wrote:I just want to know how do you keep 20+ straight? I find 8 or 9 gets a bit much. Doesn't stop me from trying to get better cards, but 10 would be realistically as much as I could or would want to handle. I have to give you credit I don't think I could keep them straight as you are.


I carry the same six credit cards in my wallet at all times. The others are backups. I use them randomly to keep them active.
My Limits:
NFCU NavCheck: $15,000/NFCU Platinum: $11,500/NFCU nRewards: $8,000
Chase Freedom: $6,500/Chase Slate: $6,000/CSP: $5,000/Marriott Rewards Primier: $5,000/United MileagePlus Explorer: $5,000/Southwest Primier: $3,000
Citi Hilton HHonors: $9,700/Citi Simplicity: $8,200/Citi Forward: $5,500
AMEX Blue Cash Everyday: $8,000/SPG AMEX: $5,000/AMEX Everyday: $5,000/AMEX Delta Skymiles Platinum: $3,400
Discover IT: $7,700
Barclay's NFL Extra Points (Carolina Panthers): $5,000
DCU Platinum: $3,000
RTN FCU CC: $2,000
CCCU Platinum Rewards Visa: $2,000

Current total limit: $129,500

jupiter
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Postby jupiter » Thu Jun 06, 2013 5:48 pm

Personally, I think credit is great, if you know how to use it. One thing I have noticed is unless you're really keeping track of purchases, it can be easy to wrack up a higher bill than you expected. But if you're able to make payments on time, keep paying the balance in full, and keep an eye on your score, it paves the way for some great rewards cards that pay you for using them (which is what I want to get in a year or so).

That being said, I do know people who think credit isn't something to be bothered with. A good friend of mine makes enough to get a decent card, but he insists on using his debit card for everything. His reasoning is he doesn't need credit yet, and while I disagree, it seems there's no changing his mind yet.

MemberSince99
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Postby MemberSince99 » Thu Jun 06, 2013 6:24 pm

jupiter I hope your friend doesn't learn the hard way but the biggest reason to use a credit card isn't the rewards even though he could be putting hundreds if not thousands more in his pocket each year - it's the protection. If thieves skim that debit card they can drain his account before he knows it then he fights his bank to get his own money back. If they do that to a credit card it's still bad but he's liable for at most 50 bucks and sometimes nothing. With a debit card you have to monitor the use constantly because you have a very limited window to catch fraud and report it to not be liable.

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Snowman
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Postby Snowman » Thu Jun 06, 2013 6:28 pm

Jupiter, your friend reminds me of my own brother. I made him an AU on my forward and discover card, and he says he doesn't want to use them. I tell him when it is time for you to get a full time job (he has a part time job, but he wants to be a Doctor, so it will take him a little while longer to have a pretty good income.) and that credit will help getting you an apartment, a car, or even a house, and maybe a side business. There is no way to change his mind, but it drives me nuts, since he could use it for one purchase a month and then just pay me back a few weeks later, but whatever, it is his choice whether to use the cards or not.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
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Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

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FastSRT8
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Postby FastSRT8 » Thu Jun 06, 2013 9:34 pm

It's the tool of the Devil LOL
Carpe diem quam minimum credula postero!



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