To anyone that is against the use of credit cards. Post here explaining why.

[outbreak]

It's only some people who use them incorrectly who shouldn't have them. I know a guy who takes out a card and treats it like a long term load for money he clearly doesn't have any time soon. He shouldn't be using one. Most people can manage money though and pay theirs off like a normal person. People who hate them probably have poor money management.

[LJJ]

Credit cards are bad because:

1. They provide a largely unnecessary service.

2. They charge extortionate rates to businesses.

3. They prey on people who are bad with money.

What's the benefit of using a credit card over using a debit card tied straight to your checking account? There isn't one. Even if it doesn't affect you directly, a company earning billions while not providing anything of value does decrease your quality of life and that of the people around you.

[Dresta]

Credit cards are bad because:

1. They provide a largely unnecessary service.

2. They charge extortionate rates to business.

3. They prey on people who are bad with money.

What's the benefit of using a credit card over using a debit card tied straight to your checking account? There isn't one. Even if it doesn't affect you directly, a company earning billions while not providing anything of value does decrease your quality of life and that of the people around you.

A lot of credit cards have interest free periods, thus you can take out a loan, move it from card-to-card, and never pay any interest. This is clearly beneficial, it just requires a bit of responsibility and attention.

[LJJ]

A lot of credit cards have interest free periods, thus you can take out a loan, move it from card-to-card, and never pay any interest. This is clearly beneficial, it just requires a bit of responsibility and attention.

For 95% of the consumers a credit card carries a small benefit. I have one because it's nice that I can eat at a nice restaurant in Hong Kong where they won't accept my foreign bank card and not have to worry about how much cash I have on me. That's nice. All the infrastructure and innovations we have to thank them for are also nice. But it's mostly an obsolete product now that leeches money from the economy.

Overall it's bad for the system. Especially when it's used for so many transactions where they aren't necessary. The countries where they are used very casually like the US and Korea, it isn't doing those countries any good. Life would be better if people just used their bank cards more.

[ElPigto]

Credit cards are bad because:

1. They provide a largely unnecessary service.

2. They charge extortionate rates to businesses.

3. They prey on people who are bad with money.

What's the benefit of using a credit card over using a debit card tied straight to your checking account? There isn't one. Even if it doesn't affect you directly, a company earning billions while not providing anything of value does decrease your quality of life and that of the people around you.

Considering that I pay my balances in full every month, why would I not use a credit card? I been using rewards cards since I graduated college and thus far I've earned 2 free flights, 8 free nights at really nice hotels, like $750+ in cash back rewards, etc.

Plus, I love some of the store credit cards that let me buy stuff interest free. A freakin free loan. I just put that shit on autopay for the amount of months I need to pay it off in and I get to keep more cash to spend or invest rather than just paying everything upfront.

I can't say I feel sorry for people that don't manage their finances or don't ever save up for emergencies.

[LJJ]

Considering that I pay my balances in full every month, why would I not use a credit card? I been using rewards cards since I graduated college and thus far I've earned 2 free flights, 8 free nights at really nice hotels, like $750+ in cash back rewards, etc.

Plus, I love some of the store credit cards that let me buy stuff interest free. A freakin free loan. I just put that shit on autopay for the amount of months I need to pay it off in and I get to keep more cash to spend or invest rather than just paying everything upfront.

I can't say I feel sorry for people that don't manage their finances or don't ever save up for emergencies.

That's the point, it's seemingly good for you personally. Especially if everyone does already does it. But a company making billions of dollars just for existing is not a good thing in the grand scheme of things.

Credit card companies make their money from merchants, who make their money from you. If credit card usage were a lot lower in the US, your purchasing power would increase a lot more than the few rewards you have gotten.

I'm not saying don't use it. I'm just saying credit card culture is bad for the economy.

[Jailblazers7]

Credit cards are good for cash flow since you get to defer payment for 30 days and it's obviously a good source of emergency cash. I personally try to keep my credit card spending low and only use it for things >$50. I feel like a prick for forcing a business to incur transaction fees for small purchases.

[Loneshot]

What credit cards are recommended? To any knowledgeable, based in different levels of credit.

[nightprowler10]

Just gotta know how to use them and which ones to get/dump. One of the cards that I've had for 4 years I've paid $4 of interest on it in the last 2 years.

[Godzuki]

That's the point, it's seemingly good for you personally. Especially if everyone does already does it. But a company making billions of dollars just for existing is not a good thing in the grand scheme of things.

Credit card companies make their money from merchants, who make their money from you. If credit card usage were a lot lower in the US, your purchasing power would increase a lot more than the few rewards you have gotten.

I'm not saying don't use it. I'm just saying credit card culture is bad for the economy.

well cash is always king. doesn't have to be reported and can pocket it under the table. catch is not everyone has too much cash lying around.

checks are not even worth taking anymore. get a bounced check, or fraudulent, and you're lucky to recover 50% from a collections agency.

credit cards generally have 1.5-3% fee's but they're at least a lot more guaranteed payment, and people can borrow that money to purchase stuff they normally couldn't afford, which helps stimulate economy.

it is fukked up how banks or rather processors make so much for doing nothing but soliciting businesses to take them. credit card processing companies are some of the biggest telemarkers and shadiest mf'ers in the business world IMO.

[Godzuki]

What credit cards are recommended? To any knowledgeable, based in different levels of credit.

it changes. you have to keep up with their offers. they'll also send you special offers directly. like Chase Freedom has had a spend $500 iin first 3 months get $200 back which is a no brainer. i've had a few other companies sollicit me with similar offers so i could have used that one up, and changed to another to in essence get similar free money deals based on spending.

then theres the cash back bonus or air miles rewards cards. i don't fly/travel so the cash back i use now are discover 5-10% for online purchases(just ended tho), Amex 6% grocery back, 4% gas/dept store back which adds up.

all u really have to do is follow www.slickdeals.com. u check that out enough you'll figure out the game,, along with a lot of other ways to min max your expenditures like Shop Your Way, Kohls deals, etc. etc. i think i've spent 20% of costs of items i purchased online from kmart/sears with their Shop your Way bonuses, still have $25 in credit to blow before next month. all from buying shit like a tool($10) with huge shop your way bonus rewards(+$20)

[enayes]

What credit cards are recommended? To any knowledgeable, based in different levels of credit.

If you have decent credit go for the Capital One Quicksilver, Chase Freedom or BankAmericard Cash rewards. They all offer competitive cash back, no annual fee and have a nice sign up bonus.

If you want to earn miles to fly check out the Barclay Arrival or Capital One Venture One , both have no annual fee and offer $200 worth of free travel for spending $1000 in the first 3 months.

[DCL]

credit cards are poor people's problems

[MavsSuperFan]

There is zero argument to not using credit cards from a consumer's perspective
-Convenient (no need to lug around cash or change)
- Builds credit history
-Some cards have rewards
-safer than cash
-helps with budgeting (keeps track of your purchases)

As long as you are responsible you will never need to pay interest.
I use credit cards as much as possible and payoff of the current balance every month.

It also hurts the small businesses. They have monthly & annual fees to accept these cards. Every transaction would cost them an average of 2-4% of the transaction amount.. depending on what type of visa / mastercard you are using. These costs adds up for a small mom & pop business.

This is the only downside, though most businesses end up making the choice to accept credit cards. There are cash only businesses and/or cash and debit only. I have seen some some grocery stores set limits like they will only accept credit cards for purchases $10+

So obviously the upsides of accepting credit cards out weighs the downsides for a vendor

[JohnFreeman]

If you can pay if off, then they are not a bad thing.