Credit Card Discussion Thread

[Atsym Sknyfs]

Take out a $30k cash advance brehs....

It's stories like this that prove my point that credit cards aren't the problem it's the people who aren't educated enough to use them.

But if it's 0% for 1 year .. and I take my actually 30k and invest it at 12% .. then pay the 30k off at the end of the 1 year.... who's coming out on top then ??

 

[Blackout]

Using Credit Card Rewards to Justify Debt? You're Getting a Bad Deal! - NerdWallet

I'll take advice from people who actually make money instead of companies wanting your money. Reward points are good for some, but most people fall into a cycle of paying the monthly minimum and end up giving back what they earned in interest.

That just proves what the guy above you said that credit cards aren't the problem it's the people who aren't educated and disciplined enough to use them.

Having good credit and getting rewards is beneficial.

 

[Typical Knicks Fan]

But if it's 0% for 1 year .. and I take my actually 30k and invest it at 12% .. then pay the 30k off at the end of the 1 year.... who's coming out on top then ??

If that 12% is guaranteed, then it's you. If it's hypothetical then it's the bank. You never know what will happen with an investment. You could end up losing money and still have to pay back the 30k at the end of the year.

 

[Doomsday]

This is all dumb smart nikka talk.

I use my credit cards for all of my purchases and pay my balances in full every month because I earn rewards on all of my spending. Cash and debit cards dont earn rewards so I would actually be "losing money" with either of those.

No, what you just said is smart dumb. You do realize money disappears from credit cards right?

If credit cards were the way, you wouldn't have one. Banks are eager to give you credit to hustle you. Most Americans are in debt, put two and two together. It's all bullshyt.

 

[ViShawn]

Obviously credit is double edged. Happened to me too especially around Christmas but buying power is good for more important life purchases.

 

[Blackout]

Most comments said in here against credit cards are just a reflection of most Americans lack of discipline.

None of it has shows any reason why a financially responsable man would lose money by having good credit which gets you better loans and using the credit card reward system.

 

[Will Ross]

No, what you just said is smart dumb. You do realize money disappears from credit cards right?

If credit cards were the way, you wouldn't have one. Banks are eager to give you credit to hustle you. Most Americans are in debt, put two and two together. It's all bullshyt.

Most American are in Debt because student loans and medical bills.
Not credit card debts

 

[Doomsday]

Most American are in Debt because student loans and medical bills.
Not credit card debts

Student Loans are credit. Same difference.

Medical is just America being a beee I-ITCH!

 

[Will Ross]

I've been listening to Dave Ramsey for a while and reading up on Warren Buffett. They both say stay away from credit cards. Nothing but trouble with very few advantages. The only good one I can think of is renting a car when you're in a jam, but some places would rent you one if you make the full payment ahead of time.

10 Best Money Tips From Warren Buffett of All Time -- The Motley Fool

4. Avoid debt, especially credit card debt
Warren Buffett built his wealth by getting interest to work for him instead of working to pay interest, the way many Americans in debt do. "I've seen more people fail because of liquor and leverage -- leverage being borrowed money," Buffett said in a 1991 speech at Notre Dame. "You really don't need leverage in this world much. If you're smart, you're going to make a lot of money without borrowing."

Buffett is especially wary of credit cards. His advice is to avoid them altogether. "Interest rates are very high on credit cards," Buffett once said in a news release. "Sometimes they are 18%. Sometimes they are 20%. If I borrowed money at 18% or 20%, I'd be broke."

I cancelled both of my credit cards and I don't have to worry about missing a payment.

Those dude are rich and can cover life emergencys the avg American can't.

 

[Typical Knicks Fan]

Those dude are rich and can cover life emergencys the avg American can't.

They weren't born rich. Good financial planning is what keep you out of debt. There is no reason to borrow money at over 14% even if you pay it off every month to avoid finance charges. Being disciplined is what got them to that point. No one wrote a book about how they got rich because of credit card rewards.

 

[Blackout]

They weren't born rich. Good financial planning is what keep you out of debt. There is no reason to borrow money at over 14% even if you pay it off every month to avoid finance charges. Being disciplined is what got them to that point. No one wrote a book about how they got rich because of credit card rewards.

Yet many people on their way to becoming rich did use credit cards.

They may have chose to avoid it yet many others used credit cards on their way to success because good credit and credit card rewards still gives you more than what you put in if you use it smart.

 

[Will Ross]

They weren't born rich. Good financial planning is what keep you out of debt. There is no reason to borrow money at over 14% even if you pay it off every month to avoid finance charges. Being disciplined is what got them to that point. No one wrote a book about how they got rich because of credit card rewards.

If you pay it off every month your not paying any interest and getting reward points.

 

[aKiller4rmdaSet]

I just started trying to build credit, got a couple of cards with toy limits Wells Fargo $500 and Capital One $300.

 

[4North1Side2]

Congrats everyone, my credit is shot

 

[Blackout]

Congrats everyone, my credit is shot

What did you do?