Credit Card Haters

A place to discuss anything... except credit cards!
Battery111
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Postby Battery111 » Fri Jun 20, 2014 4:00 pm

I don't know why, but I have a mental image of member being a hipster in his corner of WI
Citi AAdvantage Executive World Elite MasterCard
AMEX Platinum
AMEX Everyday Preferred
USAA AMEX
Discover IT
Chase Freedom
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astronautcowboy
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Postby astronautcowboy » Fri Jun 20, 2014 5:50 pm

I was worse than a credit card hater -- I was a rewards not care...person. My only card was a Slate for about 7 years. 5 of them I lived in Japan. I used to let my mom buy my tickets home so she could get the points, but occasionally I made $1000+ purchases (mostly tickets) for absolutely no benefit.

So much lost potential. Now I'm a little bit better about it, although I still have very little interest in leaving the Chase brand. They aren't hitting a few key categories though, so I will probably be forced to branch out.

MemberSince 79
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Postby MemberSince 79 » Sat Jun 21, 2014 6:50 pm

People are naturally afraid of things they don't understand. It also happens that they resent and justfy not getting something they cannot have.

I make a ton off of rewards, even before rewards, I made a lot off the float, as much as $1000 in my best year when money market rates were high and when $1000 meant something. Then there was the year I made $900 off free gift card purchases, as well as the couple hundred off of extended warranty coverage. And the last time I paid interest was in the 1970s.

If people want to hate credit cards, that is fine with me.
Gold American Express, since 1979,
back when it meant something.
And a few other cash back cards as well.

supercoolman
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Postby supercoolman » Sun Jun 22, 2014 1:12 pm

one of the funny misconceptions I've heard a lot through words is that that you should only make minimum payments and carry balances to improve credit score. not sure who started the joke.

I had never paid a interest since I got my first CC. the only one time I had paid extra on CC was on the credit card insurance I got hooked on when applying for the first CC. I was told by the rep over the phone during card activation that CC insurance only charges me if I don't pay my balance in full and I won't have to pay a dime if I pay full balance before statement due date. little did I know that CC insurance charges me on the balance on specific dates and ignores the statement. basically, I made a total of about $2000 purchases in two days for some important things and the insurance charge calculated right when the transaction posted, so I was hit by a huge insurance premium within 5 days of those purchases. I called the number on the back of CC to ask why this is happening, they kind of laugh at me saying insurance premium is calculated once a month on the dates they want and base on the difference between CL and available CL

MemberSince99
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Postby MemberSince99 » Sun Jun 22, 2014 3:10 pm

Another way to boost your score is exceed your credit limit - it shows you are a big shot who doesn't care about trivial details like that.


I'm not at all a hipster.

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CarefulBuilder14
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Postby CarefulBuilder14 » Sun Jun 22, 2014 7:37 pm

I was a hater for a long time.

Then I learned that, unfortunately, it would be hard to find a mortgage lender who would look favorably on years of responsible debit use.

I heard the nightmare stories about Providian and that kept me away until a Suze Orman book pointed out the importance of at least a basic clean credit history.
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MemberSince99
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Postby MemberSince99 » Mon Jun 23, 2014 5:58 am

Yep. These haters seem to have the idea ingrained into them that you have to go into debt with a credit card. If that were true, then I could understand what they are saying and I'd probably agree with it. You certainly don't HAVE to and you shouldn't either. I have yet to pay a penny of interest on my cards and have no plans to.


They are just ignorant that they COULD not only be building a credit history but also making money off doing it from the rewards as well as the money they save on insurance, mortgage and car loan interest, etc. It doesn't have to make you a debt slave though odds are you are anyway with a car and mortgage and maybe student loans. But at least those are low interest debt unless your credit is trashed and you are paying credit card rates on an auto loan.

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Vattené
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Postby Vattené » Thu Jul 10, 2014 2:40 pm

[code=php][/code]That is exactly what I used to be like. I was never TOO self-righteous about it, but I would sit in silent judgement like "Really, you can't afford McDonald's so you're going to put it on a credit card?" Of course, I was really ignorant at the time. I didn't even realize you didn't have to pay any interest if you PIF. I had very frugal parents and credit cards always carried a negative connotation with me. My tune has changed a lot since then.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

MemberSince99
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Postby MemberSince99 » Thu Jul 10, 2014 4:29 pm

You know, I really can understand that attitude to some degree. It's fueled by ignorance, BUT, if a person lacks the proper discipline, then I'd say they should stay away from credit cards.


As an example is my mom. She has none and doesn't want them because she knows she lacks the discipline needed for them. But she really doesn't need them - her score is over 800 and she's retired and got a home. Her banker told her that her score would be even higher with credit cards, yeah but when you are set and retired and already over 800, it's pretty much pointless. In fact if you are over 800 it's pointless in terms of score anyway I mean it's not like you get anything for 850 you wouldn't get for 800. She uses a debit card and wasn't aware of the increased risk using them vs a credit card so I clued her in that you had best keep an eye on that - you don't have as long to catch and report theft.


To me that is the #1 reason to use credit cards - the whole theft issue. Though granted I love the perks and rewards.

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Vattené
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Postby Vattené » Thu Jul 10, 2014 6:26 pm

I have a friend that fits into the category perfectly. The lack of discipline part, that is. Daddy has been throwing money at every fleeting want for nearly 30 years, and I would be surprised if he was in the 600s (as far as I know he is still paying off a pair of designer sunglasses from literally over a year ago). He knows he couldn't resist swiping, so largely stays away from even applying altogether. Some people truly have no business using credit cards regularly; the trick is being able to recognize that about yourself and avoid even the opportunity for temptation.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now



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