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12-07-2008, 04:48 AM | #1 |
So much drama 'n the LBCs
Join Date: Jul 2008
Location: Charlotte, NC
Posts: 4,844
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I've read off-and-on about Tankers' experience (usually bad) with credit cards. Hell, the United States itself is in a crapstorm right now with credit and other financial woes.
BUT, if used wisely, you can have a credit card work in your favor. Up until about 2 years ago, I only used a debit card for purchases. If I didn't have the money, I didn't buy it. It still rings true (well, except for my car and college, for which I got loans paired with down payments or partial pays, and they're paid back monthly), except I funnel all my payments through a credit card. This is by no means an advert for Citibank. Merely MY experience and example... There are other reward programs out there, but IF you are going to use a credit card, use it wisely, and you can at least make some money back if you're going to spend the money anyways... GET A CREDIT CARD WITH A REWARDS PROGRAM!!! Citibank has a "Thank You Network" that gives you reward points based off your purchases. There are other banks that are part of this and similar programs, it is just the bank I went with. Basically, the way I see it, don't start spending extra money, because that's not how a credit card works. It's not free money. But, if I'm going to be spending the money anyways, I put it on my credit card, and build up credit history AND cash back reward points. And then I don't put much traffic on my bank account, except to pay off my credit card (and I haven't missed a payment, and I always pay in full). The only things I don't pay with my credit card are items that require a check, or a loan that obviously can't be paid off with another form of credit. Credit cards also carry some insurance and protection against your purchases, which cash, checks, and debit cards (usually) don't offer. This year has been an expensive year for me, as I've had to replace a lot of lost items due to a fire earlier this year... So it was the perfect time to use a credit card to pay most of my purchases. I've accrued almost $500 worth of gift cards, which is no small sum to laugh at. The perks, as I see it are: • "Cash-back" rewards (or as good as cash) • Build up good credit (this is ALWAYS a good thing) • Partial insurance and protection for purchases • More secure than being tied to a bank account (if you ask me) • If you travel for work, hell, you're MAKING money off your company's spending if they reimburse you for business expenses Now, don't go buying everything in sight. But start small. Put the basics on it til you get the hang of it. If you're going to be spending the money anyways, still spend the same amount, just "launder" it through a credit card, and then pay it off each month so you're not paying interest, and get cash back. Put your food purchases on it. Gas purchases. Dinners, travel, etc. BUT MAKE SURE YOU PAY IT OFF EACH MONTH, or it will bite you in the ass. Then, cash in the rewards, and treat yourself... Or give away gift cards for gifts. Either way, it's a win/win situation if done correctly. Or, if you are wasting money on, say, G.I. Joes, at least help cut down on the plastic crack bills by earning points on your purchases. (Don't do this if you can't handle regular ticket items like gas or food.) Be smart. ****I am by no means a credit advisor, but think things through, and if you're currently with a credit card that doesn't have a rewards program but you pay your bills each month without interest, then you at LEAST switch and get points. What do you have to lose?***** |
12-07-2008, 05:04 AM | #2 |
Banned
Join Date: Jul 2008
Location: Texas
Posts: 29,433
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Couldn't have said it better myself. I use my CC's for things because I have no physical cash. But I know the limits and I try to stay within my means. And those rewards rock! I have received alot of free meals and gift cards with those rewards. Thanks for reminding me.. I need to get some more of those! And I love putting HTS stuff and other things on there because if something goes wrong within 30 days... BLAM... cancel payment! It's good to have CC's but you have to manage them or they will get your ass in alot of trouble that you can't get out of for 10+ years!!
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12-07-2008, 05:06 AM | #3 |
Flint's Boss.
Join Date: Sep 2008
Location: Iowa
Posts: 2,618
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I use a credit card for all my online purchases. During downtimes the card get's paid off and when a lot is being released, I get all I need.
Great tool if used properly.
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12-07-2008, 05:11 AM | #4 |
So much drama 'n the LBCs
Join Date: Jul 2008
Location: Charlotte, NC
Posts: 4,844
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Quote:
Couldn't have said it better myself. I use my CC's for things because I have no physical cash. But I know the limits and I try to stay within my means. And those rewards rock! I have received alot of free meals and gift cards with those rewards. Thanks for reminding me.. I need to get some more of those! And I love putting HTS stuff and other things on there because if something goes wrong within 30 days... BLAM... cancel payment! It's good to have CC's but you have to manage them or they will get your ass in alot of trouble that you can't get out of for 10+ years!!
You're right though, it's a great program. My girlfriend is really smart with money, and actually talked my dumbass into it. She spends a lot (but makes a lot), but buys what she does buy wisely, so she gets a lot out of it. I should have been doing it for years, but surprisingly, I made it through college without a credit card. Which was probably a smart thing to do. But I manage what I spend, and except for Joe, I don't spend a LOT of unnecessary money. But when I do, I'm at least getting reward points on what I do buy. |
12-07-2008, 05:17 AM | #5 |
So much drama 'n the LBCs
Join Date: Jul 2008
Location: Charlotte, NC
Posts: 4,844
|
Also, another smart thing (this sounds like my mother, because she's actually the one who made me watch it with her when I was visiting) is something I learned from a TV broadcast about identity theft.
They actually stressed using credit cards over debit whenever possible, since most credit cards at least offer some sort of theft protection, while a lot of banks don't. Also, credit cards aren't always linked to a direct bank account, so there's no fear of accessing that. And despite our hopes for honesty, they said that any time a card leaves your sight to go to a scanner, beware if it's a debit card. A credit card is much safer, if say used over the phone, web, or taken away by a waiter. Sure, they can still get the same info off the card and use it as a credit card, but you're also MUCH more protected by credit card companies than by most debit cards. |
12-07-2008, 05:21 AM | #6 |
So much drama 'n the LBCs
Join Date: Jul 2008
Location: Charlotte, NC
Posts: 4,844
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12-10-2008, 07:42 PM | #7 |
So much drama 'n the LBCs
Join Date: Jul 2008
Location: Charlotte, NC
Posts: 4,844
|
BTW, I just checked my points thing through the "Thank You" network, and you can actually trade in points for Joes, too. Haha. They're not any recent ones, but if you don't want to trade in the points for gift cards, you can buy stuff with them too.
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12-10-2008, 11:19 PM | #8 |
Banned
Join Date: Oct 2008
Location: BOSTON
Posts: 71
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im 10 grand in debt ...im screwed
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12-11-2008, 02:26 AM | #9 |
So much drama 'n the LBCs
Join Date: Jul 2008
Location: Charlotte, NC
Posts: 4,844
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02-13-2009, 05:22 AM | #10 |
So much drama 'n the LBCs
Join Date: Jul 2008
Location: Charlotte, NC
Posts: 4,844
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So, my credit card was cancelled over the weekend due to the "possible threat of fraud activity" or some BS. Long story short, some merchant let their "secure" credit card records get "compromised" and CitiBank cancelled my Mastercard as a protective measure.
Which is nice, I guess, only I have to go a week without my main credit card until I get a new on in the mail, and every time I buy something using my debit card, I get mad at the points I'm not collecting. This past week, I received $450 worth of gift cards from the "Thank You Network" rewards system. Amazon, Best Buy, and other retailers I frequent quite often. Again, something wise spenders should look into as long as you can pay off your credit card balance each month and not accrue interest... |
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