Credit Cards > Debit Cards

[™BlackPearl The Empress™]

Just want to lay out the gameplay for brehs.

Credit Card Pros:

1. Not using your cash.
2. Fraud Security
3. Purchase Protection
4. 1-5% cash back
5. Cardholder Points
6. Every payment builds credit history
7. Balance Transfers to turn credit to cash for a fee.

Credit Card Cons

1. Gotta pay in full to avoid paying interest
2. Must make a payment or mess up your credit score.
3. Never ever ever do a cash advance.
4. Not for the undisciplined.

Debit Cards Pros:

1. Direct Access to checking account money.
2. Can't spend more than you have in the bank.

Debit Cards Cons

1. Direct Access to checking account money.
2. Any fukkery, your cash is gone and gotta wait for bank to clear up.(could take weeks) Credit cards not tied to bank account.
3. No cash back.
4. No points.
5. No credit score boost.

Conclusion:

Credit wins because when you gotta big bill and got the cash(or not). You can put it on the card and pay it back over time.

People travel for free cause they put monthly bills and big tax bills to accumulate points over the year.

Debit Cards just for atm visits and that's it.

Anybody got other hacks or disagree?

I started using an awards card last year and never looked back.

 

[FLYINHAWAIIAN]

Yall lucky.
I aint got no credit card

 

[SwizzLake]

Yall lucky.
I aint got no credit card

Why don't you have one? I cannot imagine going on with a world without one, literally everything is dependent on a credit card.

 

[FLYINHAWAIIAN]

Why don't you have one? I cannot imagine going on with a world without one, literally everything is dependent on a credit card.

Im too broke.
I gotta save up atleast $200 to apply for one but im tryna save up for another car

 

[QuintessentialMan]

Strait cash homie.

 

[Clark Wayne]

Yeah. Only thing I use my debit card for is to get money out of the ATM. My main card is my Discover card.

The 5% rotating categories is good and 1% on everything else. Got like $150+ in cash back right now just buying shyt I normally buy, Gas, Groceries, occasional fast food and shyt from Amazon.

Got another credit line increase the other day too

Got a few other cards like Apple Card, AMEX and a credit union card.

 

[Nature's Fury]

Questions:

How many cards are you guys rotating? I have two rn and trying to keep utilization low and pay it off each month, but some of you are talking about using your card for everything. I couldn’t do that without maxing mines out.

if I wanted to cancel one of my cards, what effect would that have on my credit?

Any good podcast relating to this stuff?

And while I’m here, I’m starting my own business soon, so any good podcast related to that?

 

[Killigraphy]

Questions:

How many cards are you guys rotating? I have two rn and trying to keep utilization low and pay it off each month, but some of you are talking about using your card for everything. I couldn’t do that without maxing mines out.

if I wanted to cancel one of my cards, what effect would that have on my credit?

Any good podcast relating to this stuff?

And while I’m here, I’m starting my own business soon, so any good podcast related to that?

\

All you really need is one, just pay everything on time, don't go into debt, and you're good. I have a very high credit score (in the 800's), I get offers from every fukking company. They even want to give me a black card. But I'm smart, pay low interests rates and watch my spending. I also keep a couple thousand on hand, just in case. You can cancel your credit card so long as you pay everything off. Your credit score is attached to your SS, not your current card. So I can cancel and get a new card any day of the week and have them happily send me plenty more.

 

[beenz]

I've never paid a dollar in credit card interest. so given they all pay cash back, I'm getting between a 1-5.25% discount on my purchases, its a no brainer.

by the way, has anyone figured out how to pay a mortgage or utility by credit card? I'd love to get the huge cash back from paying the mortgage that way.

 

[beenz]

Questions:

How many cards are you guys rotating? I have two rn and trying to keep utilization low and pay it off each month, but some of you are talking about using your card for everything. I couldn’t do that without maxing mines out.

if I wanted to cancel one of my cards, what effect would that have on my credit?

Any good podcast relating to this stuff?

And while I’m here, I’m starting my own business soon, so any good podcast related to that?

\

All you really need is one, just pay everything on time, don't go into debt, and you're good. I have a very high credit score (in the 800's), I get offers from every fukking company. They even want to give me a black card. But I'm smart, pay low interests rates and watch my spending. I also keep a couple thousand on hand, just in case. You can cancel your credit card so long as you pay everything off. Your credit score is attached to your SS, not your current card. So I can cancel and get a new card any day of the week and have them happily send me plenty more.

I have 3 cards that I rotate regularly.

• costco visa-this one pays 4% on fuel, 3% on restaurants and travel, 2% on costco purchases and 1% everywhere else
• 
  
• apple-this pays 3% for select merchants like apple, walgreens, uber, nike etc, 2% on all apple pay purchases and 1% everywhere else
• 
  
• bank of america cash rewards card-for my tier, this pays me 5.25% for online shopping, 3.5% at groceries stores and warehouses, and 1.75% on every other purchase.

the ONLY thing I don't like about the BOA card is its linked to my BOA accounts and I cannot use my other bank accounts to pay for it.

 

[beenz]

Yeah. Only thing I use my debit card for is to get money out of the ATM. My main card is my Discover card.

The 5% rotating categories is good and 1% on everything else. Got like $150+ in cash back right now just buying shyt I normally buy, Gas, Groceries, occasional fast food and shyt from Amazon.

Got another credit line increase the other day too

Got a few other cards like Apple Card, AMEX and a credit union card.

I don't even use cash really. plus BOA got me covered where I can make unlimited foreign ATM withdrawals and they cover the fees for me.

 

[beenz]

US, it a Regional Chain thing called Woodmans here in Wisconsin. There is also a COSTCO and a Aldis nearby.

costco doesn't accept mastercard either. only visa, debit, cash or check.

I would love to use my BOA card in there cuz it pays me 3.5% cash back vs 2% for using the costco visa.

 

[beenz]

also, when I got the BOA card, they said u get $250 cash for spending $1000 in the first 3 months. thats free money right there.

 

[Cartier Murphy]

Anybody tried the Apple Card?

It’s aight if you wanna have a no frills card for every day use. But it’s major benefits come when buying Apple products or shopping at the Apple store, so unless you’re doing that semi often there’s better daily drivers out there. Even a Citi Double Cash gets you 2% everywhere, 1% when you spend 1% when you pay it off, that card is basically the standard for most Cashback cards.

What ages are we talking about? A 19 year old with a credit card is definitely not a smarter move than a debit card

Unless things have changed since I first started signing up for cards, I don’t think a 19 year old would have much access to a credit card of their own anyway. I didn’t get my first until around that age and all my first ones were department store credit cards at the mall, and I had a card tied to one of my moms accounts she opened for me that still helps my credit till today. At 19 your odds of getting approved for most major CCs are low since you have no credit history for the most part, so I can’t see much going on there unless you got somebody else’s card in your hands.

 

[astrologybrother]

I've never paid a dollar in credit card interest. so given they all pay cash back, I'm getting between a 1-5.25% discount on my purchases, its a no brainer.

by the way, has anyone figured out how to pay a mortgage or utility by credit card? I'd love to get the huge cash back from paying the mortgage that way.

It can be done with a little effort.

1. plastiq.com, will be fees. OR
2. Get a square /PayPal credit card reader and swipe your own card. Pay the 3%fee and have the money in your account the next day. You may need to have a business set up for this tho OR
3. You could do a balance transfer every month but you will have to pay 3-5% fee

Paying a little extra seems worth it to get all the points/cash back.

Your milage may vary.