I hate the guy that holds up the line with cash or worse yet the gas pumps which are so conveniently set up for cards. I love credit cards. Able to track purchases and pay the bill at the end of the month. Pay the balance in full, no interest. Won't even mention all the perks and gift cards for money you were going to spend anyhow. It's like having $15,000 in your wallet all the time. I hate cash. I keep about $40 in my wallet for drinks, snacks or little stuff. Credit cards for everything else. Hate debit cards, use them at ATM only. Someone steals you debit card info, it's going to get ugly. Because they are tied to your banking account, which I'd they drain without your knowledge, till you catch it, checks bounce in transit, auto payments get denied. Ouch. Credit cards no big deal. You can go online see purchases, not your dispute it. Also you got serious bargining power if you have a issue with the merchant. You own the credit card company, there is a issue, they don't get paid, you get refund. Try that with cash. No problem, been using them for 15 years. Love them.
Can you live without credit cards?
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Originally Posted By: Wolf359
Originally Posted By: hatt
Originally Posted By: xfactor9
By using cash you're actually losing out. You see, Visa & MC charge 1-2% to retailers like Walmart whenever someone swipes a card. This expense is passed onto all consumers, including cash payers. As a CC user, at least you're recovering this expense in the form of cash back rewards.
The only time I intentionally pay cash is at gas stations that offer a large discount for cash.
Also it's hard to travel with cash only. In particular, renting a car and booking a hotel
That's true that retailers charge all customers for people using CC. But using a CC to chase that lost money is like jumping out of the pan and into the fire. People paying with cards spend an avg 10-12% more overall than their cash counterparts.
Right, you're playing around with averages. Those studies are probably flawed because it's hard to do a controlled blind study comparing cash to credit. In each case, the study recipient knows what they're using. For 2/3's of the people, credit cards are bad, the other 1/3 who pay them off, they're good. The other 2/3 are subsidizing the other 1/3. And the cash payers are also subsidizing the credit card users. So on average, they're bad for the average user. But if you skew toward the other end of the bell curve, it's actually a pretty good deal. You just have to be smart enough to take advantage of it. You can lead someone to water, but you can't make them think.
Why don't you look at some studies before passing judgement on them?
Originally Posted By: hatt
Originally Posted By: xfactor9
By using cash you're actually losing out. You see, Visa & MC charge 1-2% to retailers like Walmart whenever someone swipes a card. This expense is passed onto all consumers, including cash payers. As a CC user, at least you're recovering this expense in the form of cash back rewards.
The only time I intentionally pay cash is at gas stations that offer a large discount for cash.
Also it's hard to travel with cash only. In particular, renting a car and booking a hotel
That's true that retailers charge all customers for people using CC. But using a CC to chase that lost money is like jumping out of the pan and into the fire. People paying with cards spend an avg 10-12% more overall than their cash counterparts.
Right, you're playing around with averages. Those studies are probably flawed because it's hard to do a controlled blind study comparing cash to credit. In each case, the study recipient knows what they're using. For 2/3's of the people, credit cards are bad, the other 1/3 who pay them off, they're good. The other 2/3 are subsidizing the other 1/3. And the cash payers are also subsidizing the credit card users. So on average, they're bad for the average user. But if you skew toward the other end of the bell curve, it's actually a pretty good deal. You just have to be smart enough to take advantage of it. You can lead someone to water, but you can't make them think.
Why don't you look at some studies before passing judgement on them?
You are hugely limited in what you can do in the world if you don't use credit cards. International travel--forget about it. Renting a car--a huge pain. Booking a hotel--another pain. Automatic payments for things like auto insurance, YMCA membership, Netflix, whatever--no go. Why make your life harder?
On a day to day basis, sure.
It would be a little inconvenient paying cash for fuel, though.
For online purchases or any sort of travel, a credit card is the only real option.
I'd think it foolish to use a debit card for online purchases, although I suppose one could purchase a prepaid card with only the amount needed for the transaction to eliminate the risk of having one's checking account cleaned out. That would be both more costly and pretty inconvenient.
There was a day before the internet when you mailed a check off to some remote catalog seller and then awaited your goods.
There was also a day when you could call an airline, make a reservation and then pay for your flight with a check or cash when you arrived at the airport.
Those days are long past.
A credit card is a safe and convenient method of payment for online transactions as well as for things like fuel. Any halfway savvy shopper will use cards to maximize what they get back just for using them.
Anyone who fails to pay off their card balances every month probably needs to reform their budgeting.
It would be a little inconvenient paying cash for fuel, though.
For online purchases or any sort of travel, a credit card is the only real option.
I'd think it foolish to use a debit card for online purchases, although I suppose one could purchase a prepaid card with only the amount needed for the transaction to eliminate the risk of having one's checking account cleaned out. That would be both more costly and pretty inconvenient.
There was a day before the internet when you mailed a check off to some remote catalog seller and then awaited your goods.
There was also a day when you could call an airline, make a reservation and then pay for your flight with a check or cash when you arrived at the airport.
Those days are long past.
A credit card is a safe and convenient method of payment for online transactions as well as for things like fuel. Any halfway savvy shopper will use cards to maximize what they get back just for using them.
Anyone who fails to pay off their card balances every month probably needs to reform their budgeting.
I don't know why I would want to live without one.
I use them responsibly. I pay off all my cards at the end of every month.
I use cards that provide rewards. Last time that I bought a new car, I cashed out all the rewards on my cards. Picked up an extra $750.00 for the downstroke on the new car (which was financed at 0.9%.)
I like the chargeback protection in case a purchase goes sideways. This feature has saved me beaucoup headaches several times.
I enjoy pay at the pump when I buy gas. I like not having to visit the ATM all the time.
I have self control and discipline and understand that a credit card is a tool. I never buy anything with a credit card that I would not buy with cash.
There are many things (such as renting a car) that require a credit card. Why would I disqualify myself from acquiring potentially necessary services by not having one?
Frankly, I would rather have a credit card than a debit card. Protections with a credit card are much better. With a credit card that is used without authorization, my cash is safe and the absolutely worst that I am out is $50.00. With a debit card, someone can drain a bank account and then one is at the mercy of the bank as to whether or not they can get their funds back + it can take weeks to get funds back.
Credit cards are the far superior tool IMO. It just comes down to personal responsibility and maturity.
I use them responsibly. I pay off all my cards at the end of every month.
I use cards that provide rewards. Last time that I bought a new car, I cashed out all the rewards on my cards. Picked up an extra $750.00 for the downstroke on the new car (which was financed at 0.9%.)
I like the chargeback protection in case a purchase goes sideways. This feature has saved me beaucoup headaches several times.
I enjoy pay at the pump when I buy gas. I like not having to visit the ATM all the time.
I have self control and discipline and understand that a credit card is a tool. I never buy anything with a credit card that I would not buy with cash.
There are many things (such as renting a car) that require a credit card. Why would I disqualify myself from acquiring potentially necessary services by not having one?
Frankly, I would rather have a credit card than a debit card. Protections with a credit card are much better. With a credit card that is used without authorization, my cash is safe and the absolutely worst that I am out is $50.00. With a debit card, someone can drain a bank account and then one is at the mercy of the bank as to whether or not they can get their funds back + it can take weeks to get funds back.
Credit cards are the far superior tool IMO. It just comes down to personal responsibility and maturity.
I wouldn't worry too much about identity theft and not use credit card because of that. Merchants take the hit and they have to put in safe guard to protect themselves, or look at it as part of the cost of doing business (faster checkout with credit card means lower labor cost, compare to taking cash and checks). In the near future when all cards are chipped, it would be much harder to breach the security.
You can always BUY Visa / MC gift card and use them online, but why would I if I can get 1-3% cash back using credit card, vs paying a fee to use debit card?
You can always BUY Visa / MC gift card and use them online, but why would I if I can get 1-3% cash back using credit card, vs paying a fee to use debit card?
Originally Posted By: Merkava_4
They're getting ready to do away with cash and put a barcode on your wrist. They'll be able to monitor your every transaction and take money out of your account whenever they want to. Protest the government ? They'll take money out or your account or shut you down entirely.
They can already do that by going to your employer if you don't pay your bill.
They're getting ready to do away with cash and put a barcode on your wrist. They'll be able to monitor your every transaction and take money out of your account whenever they want to. Protest the government ? They'll take money out or your account or shut you down entirely.
They can already do that by going to your employer if you don't pay your bill.
Originally Posted By: Merkava_4
Chasing the cash back and points will bite you in the butt eventually. It isn't worth playing their game. They are not going to loose money by letting you use their money. It will always cost you.
I don't have any credit cards and never carry cash. I just use my debit card. The places that you make multiple thousand dollar transactions at still take checks.
If you do not have self control, even drinking soda can kill you.
I personally use credit card as much as I can unless the merchant charge for a fee, and have autopay setup so it never cost me anything but gives me cash back. I don't see how debit card will be any different than credit card if you have self control.
Chasing the cash back and points will bite you in the butt eventually. It isn't worth playing their game. They are not going to loose money by letting you use their money. It will always cost you.
I don't have any credit cards and never carry cash. I just use my debit card. The places that you make multiple thousand dollar transactions at still take checks.
If you do not have self control, even drinking soda can kill you.
I personally use credit card as much as I can unless the merchant charge for a fee, and have autopay setup so it never cost me anything but gives me cash back. I don't see how debit card will be any different than credit card if you have self control.
Originally Posted By: nyumski
haha now i live without credit card. if i need someting that needs credit card ill borrow my relative then pay to him/her my payment. simple
I'm sure they love that.
Merk, I was able to use a CC for my new car downpayment. Instant $30 cashback earned on $1500.
Using checks/cash only, is not just a hassle, but would actually cost me more.
Do you guys keep all your cash in your mattress and earn 0% interest also?
haha now i live without credit card. if i need someting that needs credit card ill borrow my relative then pay to him/her my payment. simple
I'm sure they love that.
Merk, I was able to use a CC for my new car downpayment. Instant $30 cashback earned on $1500.
Using checks/cash only, is not just a hassle, but would actually cost me more.
Do you guys keep all your cash in your mattress and earn 0% interest also?
Quote:
Merk, I was able to use a CC for my new car downpayment. Instant $30 cashback earned on $1500.
Using checks/cash only, is not just a hassle, but would actually cost me more.
I use the Amex Blue Cash card for most purchases and earn 3% back at supermarkets and 2% on gas. Right there I get hundreds of dollars back each year, and those tend not to be impulse buying places
Merk, I was able to use a CC for my new car downpayment. Instant $30 cashback earned on $1500.
Using checks/cash only, is not just a hassle, but would actually cost me more.
I use the Amex Blue Cash card for most purchases and earn 3% back at supermarkets and 2% on gas. Right there I get hundreds of dollars back each year, and those tend not to be impulse buying places
Can I live without them- sure.
I just have to carry a bunch of cash on me - which depending on what Im doing and where I'm going may not be prudent.
just one example is gassing up an 90 gallon motorhome towing a trailer with a 50 gallons of race fuel, or filling a 100 gallon boat a couple times over a 7 day vacation burns a lotta benjamins.
Just in fuel thats a bunch of cash.
UD
I just have to carry a bunch of cash on me - which depending on what Im doing and where I'm going may not be prudent.
just one example is gassing up an 90 gallon motorhome towing a trailer with a 50 gallons of race fuel, or filling a 100 gallon boat a couple times over a 7 day vacation burns a lotta benjamins.
Just in fuel thats a bunch of cash.
UD
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