Credit Cards

[Buckmaster7600]

The other night the fellas at work were talking about earning money back on their credit cards.

 

I’ve never had a credit card in my life. In the last 11 years I’ve made a total of 3 loan payments and don’t plan on ever having another loan or paying payments on anything but these guys were talking about some pretty decent money coming back at the end of the year. I don’t even know if I would qualify for any cards with rewards because I have very little credit?

 

What’s your guys opinions? Any of you guys pay for everything with them then just pay off at the end of the month and get the 2-4% cash rewards at the end?

 

 

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[Jeremy K]

My wife an i have been doing for a couple years now . Pay for everything with one credit card all month and then pay the balance off when the bill comes in. It's all money you were gonna spend anyway on utilities ,gas ,groceries etc. Thats the only credit card we have. 

[steve863]

I've gotten a ton of free stuff from Cabelas over the years from using their credit card.  In fact the little I need for hunting these days always ends up free for me from the accumulated points.  What makes you think that everyone who has a credit card is in debt to them?  Many people pay their monthly statements balances off each month and they owe no one anything in interest.   I actually think it's quite silly not have a credit card in today's world.  You surely don't have to use if you don't want, but it's great to have just in case of emergencies if nothing else.

 

 

[dbHunterNY]

any credit card will bury you if you carry a balance. you have to pay it off in full with each statement. also any late fee will cut right into any return. i have but don't keep any credit card with an annual fee. typically like my Cabelas/Bass Pro Black card or Lowe's store card i get back 5% on purchases their. Cabelas card is 1% on everything else from a pack of gum to whatever i'm already buying, plus if they want to move a certain product they give extra % purchase price back. X months of free financing is pointless you're just asking to get into a pickle. if you don't have the money now then don't buy it.  some have deals where you get piles of initial points/credit for opening it but then have a annual fee to get the cost back eventually, plus there's a minimum amount you need to charge to it within a period of time. southwest airlines does that. I open it up, charge the minimum, get the initial points, pay it off, use the points to travel, and then cancel it. wait at least year or two until the have another deal and then do it again. lol they don't deny me so i keep doing it.

[Five Seasons]

You should have a cc even if you only use it once a year to keep it open. having the ability to borrow and not is great for your credit, plus another factor is credit history. You want some older, longer lasting accounts to show credit history. 

My go to that the wife and I use for just about every purchase is the citi double cash. 1% when I buy and 1% when I pay. Do our best to pay it off every month and usually do. And for the months we've not been able to, the 2% more than covers the interest charge.

And if you're going to take advice from strangers on the net, it's important to know who you're talking to. So, I will add that my current score as of last week is 760 (excellent). I have a car loan, lease, mortgage, and 3 cards. 1 of those cards is only open still because it's really old and helps support my credit history average time. They don't want you opening too many new credit lines either, but when you buy a car or lease it's a new line, so keep the old ones open to smooth things out.

[Five Seasons]

33 minutes ago, steve863 said:

but it's great to have just in case of emergencies if nothing else.

 

 

another great point. If shit hit the fan, I think I have over 40k in available balance that I could burn through before I disappear to Mexico 

Edited December 18, 2018 by Belo

[Paula]

My only have  one card and it doesn't leave the house. I use it on line and pay when I use it. 

[dbHunterNY]

going with what Belo said i have a mortage, personal truck loan (not on paper), car lease, a handful of credit cards at any given time.  any school loans are long paid off. most cards are retail store based but one card account is over 10 years old. depends on the credit score source but last i found out was just recently when doing the wife's car lease at 836.

[moog5050]

They are a tool and if used properly, they are fine and do open up credit opportunities for more significant items.  But obviously they are subject to serious abuse and many people get in trouble with them.  I suspect most people would be better off like you buckmaster.

[Hunter007]

As long as you dont need to travel on a plane or rent a car, rent  anything  from a store .

You dont need one .

But if you plane on doing anything I mentioned above you need  at least 2 actually just in case one does not work when you are traveling Visa and Mastercard .

Edited December 18, 2018 by Storm914

[tommyc50]

be very careful the credit card co. are in business to make money [from you!!!!] and be very wary of introductory offers @ first maybe 6 % then it goes to 27% after a year and even worst for cash advance I know a lot of people in a hole maxed out and paying crazy credit cards line of credit[ 10 to 15g] and all maxed out and the credit co just keep raising you limit. You can  get roll over you balance to a lower card  but must pay it off BEFORE it goes though the roof. Nowadays you need credit card to buy anything well debit card too, I was maxed out $3000 on one card and $2700 on another I got a debt consolidation loan and had a 0 balances well the credit card cos. were sending me all kinds of offers and calling me constantly . They want you to keep owning them money [that's how they stay in business]. Its not only the credit card co sirius radio my wife lease had one that was for a month and I called to get her account extended I they gave me and introductory offer well the woman on the phone after I agreed and I paid with my debit card [i'll explain why in a second] and she rattles off some prepared statement im going hello hello and @ the end the $99 offer went to $325 FOR ONE  year!!!! now these companies all want you to use your credit card cause it is reoccurring that means they can hit you  up every year with out you knowing  basically they can charge you what ever they want and it is hell to get out of it I had to cancel one card and get a new one of course the credit card co charged me . 

[Dom]

I had a store credit card once tryed to pay more then the monthly bill not entire bill but they would send back a check for over payed balance.It was good until I found out the purchased item  was gonna cost more than 3 times the amount of the purchased item.Since then only use prepaid cards for such items and travel.

[Buckmaster7600]

As long as you dont need to travel on a plane or rent a car, rent  anything  from a store .
You dont need one .
But if you plane on doing anything I mentioned above you need  at least 2 actually just in case one does not work when you are traveling Visa and Mastercard .

I’ve done all of these things many times without a credit card??


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[WNYBuckHunter]

I have a Soutwest Airlines credit card. I use it for gas and other daily expenses, then pay all but $100 off at the end of each month. I leave some revolving credit on there, helps to boost my credit rating.

Remember, having no revolving credit is not good for your credit rating.

[Dom]

Visa for personal use is garbage unless tied to your account.And the charges for each use is from 2-11 dollars per swipe.Yea I learned my lesson cash and go on about your/my beezwax

[ATbuckhunter]

I have an american express and make small purchases here adn there and buy gas with it. You need to have good credit and having no credit is as bad as having no credit. With the small purchases Ive made, it gave me a credit score of around 830 I think. You're better off doing that than not having one at all

[Robhuntandfish]

just bought a new scope with my rewards points. I let the points build up til i can cash them in for a gift card to bass pro or walmart and buy hunt/fish gear with it.  I put bigger purchases on mine that i am ready for anyway and then pay it right off.  Just bought a new dryer which i was gonna anyway so might as well get some bonus for it, isent the payment to them before i even got my bill.  Also good to have if an emergency.  I also use it for any online purchase so that i dont risk my bank card for theft.   

[tommyc50]

yes you have pay it off @ the end of the month. American express you have to pay off any charges by the end of the month .See what I was saying that after the salesperson [im being p/c] rattles off all the terms that you agree with and say yes the charges are on your card and they tap you .anything you put on your credit  card like my wifes Sirius radio if I didn't say only a onetime payment and put it on my credit card and agreed to the terms well its on my card and like I said its hell you have to call the company then call your credit card to cancel and you have to do it before the year is up or they automatically charge your account .See I know when my term w/ them is cause I only paid once not reoccurring so they have to notify when the introductory offer ends .  sorry for being long winded  

[Buckmaster7600]

I have a Soutwest Airlines credit card. I use it for gas and other daily expenses, then pay all but $100 off at the end of each month. I leave some revolving credit on there, helps to boost my credit rating.
Remember, having no revolving credit is not good for your credit rating.

I will never have revolving credit. I know some people have no problem with it but it’s something I won’t do. I don’t need credit, pay cash for vehicles and toys and if I ever have to buy another house I will have plenty to put down and am sure I’ll have no problem getting a mortgage.


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[tommyc50]

sorry for being an alarmist but I went though hell w/ my son and daughter with these credit cards. All im saying is be knowledgeable and cautious  

[steve863]

1 hour ago, Buckmaster7600 said:

I’ve done all of these things many times without a credit card??


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You've rented a car without a credit card?  How'd you do that??   How did you get an airline ticket?   I don't think airlines will take checks or cash even if you purchase the ticket at the gate for terrorism security reasons. 

Do you have a debit card at least?  

 

 

 

 

 

[tommyc50]

nowadays you can't purchase anything especially online with out a credit card

[Buckmaster7600]

You've rented a car without a credit card?  How'd you do that??   How did you get an airline ticket?   I don't think airlines will take checks or cash even if you purchase the ticket at the gate for terrorism security reasons. 
Do you have a debit card at least?  
 
 
 
 
 

Debit card that is the only time I use it. All online transactions I use PayPal.


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[steve863]

1 minute ago, Buckmaster7600 said:

Debit card that is the only time I use it. All online transactions I use PayPal.


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Does PayPal allow people to pay their balance by debit card?   There is more risk involved paying with a debit card over a credit card.  I can't imagine it allows you to pay by check?

[Hunter007]

14 minutes ago, Buckmaster7600 said:

Debit card that is the only time I use it. All online transactions I use PayPal.


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Never seen a car

rental service take a debit card   if it happened the guy who rented to you if discovered would have gotten fired .

Edited December 18, 2018 by Storm914