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I hardly carry cash (paper) on me anymore these days. I usually pay with my check card (like cash). My wife and I pay for everything in cash, if possible, especially if we are dining out.
I rarely pay with a credit card, and only keep that for emergencies.
How about you?
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you may pay for me however you choose, I enclose all this week's bills
(must say its very generous of you to offer)
You cant outrun the world, but there is no harm in getting a head start
Real stupidity beats artificial intelligence every time.
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You'll miss out on :
-- Credit card points/cashback/miles etc.
-- Buyer protection (far superior with credit cards than with debit cards)
-- Building up a higher credit score (which might impact you when you apply for a mortgage or a car loan)
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My car payments and my mortgage have kept my wife and I in "A" credit standing. So I have no worries about that.
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I guess you guys are alright then. Except for missing out on the cashback/card benefits.
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Nish Sivakumar wrote: Except for missing out on the cashback/card benefits.
I guess so. To be honest, I haven't really researched all the "benefits" of using credit cards.
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Nish Sivakumar wrote: cashback/card benefits
That's like considering the "free drinks" while playing in a casino to be a "benefit" -- do you know how much you're paying for those free drinks? Sure, if you're playing, you might as well get all you can, but the smart financial move is not to play at all.
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do you pay for your cards? I get 30 days before being charged anything so as long as I pay off before then I am quids in
You cant outrun the world, but there is no harm in getting a head start
Real stupidity beats artificial intelligence every time.
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Not sure what you mean. If you pay off the card in full each month, there's no interest. Most cards offer 3-5% in various categories these days. So you often end up making up to a 100 bucks a month in cashback. Which is not bad.
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Nish Sivakumar wrote: Credit card points/cashback/miles etc.
I've never heard anyone say that they made their fortune from their credit card rewards. Studies have also shown people spend as much as 18% more when using credit cards instead of cash. So, the net result tends to be bad.
Nish Sivakumar wrote: Buyer protection (far superior with credit cards than with debit cards)
Not sure what you're referring to. I have a debit card through my credit union and they have all the same protection as any credit card.
Nish Sivakumar wrote: Building up a higher credit score (which might impact you when you apply for a mortgage or a car loan)
You should ask Dave Ramsey what he thinks about that. 
There are only 10 types of people in the world, those who understand binary and those who don't.
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You don't actually have the same levels of protection with debit transactions as you do with credit (unless something changed recently). It is similar, but the liability is worse with debit.
Dave Ramsey rocks!
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Pualee wrote: You don't actually have the same levels of protection with debit transactions as you do with credit
Do you have an example?
For example, my debit card is issued through VISA so I believe they cover everything the same. Could be wrong though.
There are only 10 types of people in the world, those who understand binary and those who don't.
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My debit card is also through visa. I do not have a current concrete example, but I remember looking into it in the past...
If my debit card was stolen/misused I think the liability was much much higher (the amount I am stuck with). If the same happened with the credit card, it was not. Also, I believe the amount of time to report the abuse was longer with the credit card.
You will have to look it up case by case, but in general, credit cards are safer than debit. This is true even if you are not using the PIN for your transaction (selecting the 'credit' option. I believe the reason is because it actually comes directly out of your account differently.
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RyanDev wrote: Do you have an example?
If you have a fraudulent charge on a credit card, you can dispute it, and while it's being disputed, you don't have to pay for it on your bill. ergo, no money out of your pocket.
If you have a fraudulent charge on a debit card, you can still dispute it, but the money is already gone from your account, and won't show back up until the dispute is resolved.
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Vark111 wrote: and won't show back up until the dispute is resolved.
Actually, maybe it is just my debit card but I have had this happen a couple of times and the credit union put the money back immediately.
There are only 10 types of people in the world, those who understand binary and those who don't.
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I always find this funny. My Wife and I both have zero debt and reasonable high net worth. All three properties we have were bought cash and large bills such as insurance or even new cars are paid directly.
Our credit ranking? Way below bread line earning, mortgaged to the hilt, debt ridden eejits. Now call me Mr Wibble-Buttox, but I think that the whole credit scoring system no longer fit for purpose; if it ever was.
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it is based on your credit history of which you have naff all
its the fault of the automated credit checking that were developed in the 80s so you can say its the fault of us programmers
You cant outrun the world, but there is no harm in getting a head start
Real stupidity beats artificial intelligence every time.
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Nish Sivakumar wrote: You'll miss out on :
... the insane amount of debt as a result of credit cards.
My wife and I have no credit cards after 29 years of marriage. I don't want one, and I don't need one.
If it's not broken, fix it until it is
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People who use credit cards for points and cashback are mostly folks that pay it off in full. They only use the cards for the points/miles, not for the credit.
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I don't have a credit card and don't want one either.
I rely on either my debit card and the withdrawal of cash from an ATM. That's if the balance levels are suffice..
Every day, thousands of innocent plants are killed by vegetarians.
Help end the violence EAT BACON
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So... you never buy online ?
~RaGE();
I think words like 'destiny' are a way of trying to find order where none exists. - Christian Graus
Entropy isn't what it used to.
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rarely
Not because I don't trust it.
Years ago I got myself into financial trouble and removing the credit card was my first move and to be honest never regretted it.
Most things I buy online are small items which I trust my debit card with and I also only shop with what I would call reputable sites. Large items greater than £100, I usually put that money onto my dad's credit card and pay that way.
Every day, thousands of innocent plants are killed by vegetarians.
Help end the violence EAT BACON
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What does a credit card have to do with buying online?
If it's not broken, fix it until it is
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Not sure how you buy online, but here a credit card is the only way to buy online.
~RaGE();
I think words like 'destiny' are a way of trying to find order where none exists. - Christian Graus
Entropy isn't what it used to.
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I don't have a credit card either. Most things I buy with cash. If I have to pay for something that costs more than I feel comfortable carrying around (e.g. car repairs), I use the debit card.
The good thing about pessimism is, that you are always either right or pleasently surprised.
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