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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People's impressions of credit cards

Postby MemberSince99 » Sun Jun 02, 2013 2:11 pm

Sometimes I read stories on "general" news sites about credit. Invariably, 90% of the posters feelings indicate they feel that the credit card companies are the scum of the earth.

I can relate to this as I was the same way once. I remember back years ago, using my debit card at Target and the cashier saying "You're pre-approved for a Target card would you like to save 10% on your purchase today?" and replying no thanks you couldn't pay me enough to take that thing I'll stick to my debit card. (Hard to believe now).

I've tried posting a few replies telling them they don't have to go out and wrack up huge debt and pay interest - if 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? I mention I don't pay a penny in interest, I just collect the rewards and if you do it smart you can all do that.

I doubt it sinks in for most, but then again if most of them did that the companies would probably cut rewards programs because they couldn't make enough to stay in business, so I guess really maybe it's good for people like us not everyone does this.


KrazyNick
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Postby KrazyNick » Sun Jun 02, 2013 3:24 pm

I know it's crazy right! How people think having a credit card is the worst thing in the world. When I was around 19 I really wanted a credit card to start building up a better credit score. Everyone told me no, you will just get in debt and it will drain the life out of you repaying all of it. Nobody once said, you should get a credit card and start improving your credit score. Now years later, got a brand new car, brand new house, debt free, and I did it all on my own. No help of anyone's. I think people are crazy not to reap the rewards of credit card companies and plus why use your debit card and risk someone making fraudulent charges on that!
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Postby MemberSince99 » Sun Jun 02, 2013 3:43 pm

That's impressive you figured that out on your own Nick. You're not really Krazy!

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Postby Robrus1 » Sun Jun 02, 2013 3:54 pm

I went through the same thing as not so KrazyNick. Everyone told me to stay away from credit cards and that they were nothing but trouble and I'd get in lots of debt and blah blah blah. 2012 credit card rewards (points or dollars) accumulated for those people: zero. Me: much more than zero. Just because they can't trust themselves to use credit responsibly doesn't mean that they should try to convince me that I'm not capable of it either. Ridiculous. My father is that way, he has one credit card for the one trip he takes every 5 years and other than that he uses cash for everything. He's one of those people who's paranoid about the government seeing everything he spends his money on and thinks he needs 297 guns and 50000 rounds of ammo for the end of days type of person, so I don't even try to explain to him that he's missing out, but like you said, maybe it's best not everyone sees it the way we do, otherwise it'd cost the CC companies much more money and they may make the rewards even harder to accumulate.
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MemberSince99
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Postby MemberSince99 » Sun Jun 02, 2013 4:03 pm

I can kind of relate to your dad's feelings about the government.

So he just uses it for the one trip? He could be getting a LOT more money. I mean seriously why not? As long as you have the discipline to treat it like a debit card, you're good. After having seen what you can do, I just can't imagine not doing it this way.

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Postby bisbicos » Sun Jun 02, 2013 4:06 pm

I used to be the same exact way. But now I rack up in tons of money, using my credit cards soley. I hate to carry cash and only use my debit card to deposit money to my checking accounts. I love maximize my credit cafd rewards. My friends think I'm crazy, and don't get it.
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Postby Robrus1 » Sun Jun 02, 2013 4:15 pm

Yep, just the one trip. I can't either, especially with his income. He owns some commercial real estate and doesn't really work, he just collects the rent and pulls in around 200K a year, so he could definitely reap substantial rewards if he'd use cards, but it's no use. What I ought to do is put all of his expenses on my cards and then he could write me a check :)
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Postby MemberSince99 » Sun Jun 02, 2013 4:43 pm

He doesn't really work? Man he's my hero :)

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Postby im_mr_awesome » Sun Jun 02, 2013 4:47 pm

My parents got into some serious credit trouble about a decade ago and they're rebuilding now. I was told all my life credit cards are a bad idea but I always noticed my grandparents used them for everything, had no major debt, and lived in nice houses. I put the two together at 18 and got my first card. 4 years later, I drive a 2013 car (8 years newer than my parents) and have thousands of dollars of emergency funds available to me. Most of my family don't have those luxuries.

Credit is an incredible thing when used correctly, and opens huge numbers of doors.
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Postby Snowman » Sun Jun 02, 2013 4:59 pm

I agree with the above posters. Personally, I would hear stories of people at work who had financial issues because of credit cards, and this scared me off completely from using credit cards. However, I was at my local BOFA branch looking to to open a savings account. At the time, my personal banker mentioned that I should get a credit card and build my score, and ever since, I have built my score and my scores IMO are decent (not great, but ok for someone who has credit for a little over a year.) I, like many of you, hate carrying cash and I'd rather put everything on my cards and get some reward out of it. The only time I carry cash is when I go to my barber (He only takes cash and checks, no cards of any types.) Or any smaller merchants that refuse to take cards for any reason.
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