Originally Posted By: parshisa
Entire credit score and debth thing in US is a total joke, scam I’d say. Very disheartening to see so many people being involved in it without even realizing how deep down they are. I could care less about the credit score, credit cards and all the junk associated with it. If you cannot buy something with cash - you cannot afford it. Simple and effective. Just my opinion
If you pay off the balance every month, it's the same as paying cash.
I did the same as OP years ago, rolled over a car payment into a 0% credit card, I think I had to do it twice before it was paid off in the 2nd year. Could have paid it off, but the stock market was going like gang busters back then so was doing a bit of investing and paying off the loan at the same time. Now I just pay cash, can't be bothered. Fidelity has a 2% cash back card on every purchase. You end up making money more money using credit than cash. I've gone years without paying any interest on credit cards.
Not really sure what you're referring to when you call it a scam. About 1/3 of the people out there pay off their balance every month, the other 2/3's don't which is where the credit card companies make some of their money. They do make some off the other 1/3 due to the merchant fees that are charged on every purchase. It can't really be called a scam if everyone going into it knows how it works and agrees to it.
Entire credit score and debth thing in US is a total joke, scam I’d say. Very disheartening to see so many people being involved in it without even realizing how deep down they are. I could care less about the credit score, credit cards and all the junk associated with it. If you cannot buy something with cash - you cannot afford it. Simple and effective. Just my opinion
If you pay off the balance every month, it's the same as paying cash.
I did the same as OP years ago, rolled over a car payment into a 0% credit card, I think I had to do it twice before it was paid off in the 2nd year. Could have paid it off, but the stock market was going like gang busters back then so was doing a bit of investing and paying off the loan at the same time. Now I just pay cash, can't be bothered. Fidelity has a 2% cash back card on every purchase. You end up making money more money using credit than cash. I've gone years without paying any interest on credit cards.
Not really sure what you're referring to when you call it a scam. About 1/3 of the people out there pay off their balance every month, the other 2/3's don't which is where the credit card companies make some of their money. They do make some off the other 1/3 due to the merchant fees that are charged on every purchase. It can't really be called a scam if everyone going into it knows how it works and agrees to it.