Should I get a credit card?

lazy lazy wrote:

How hard is it to pay a credit card off 12 times a year? You can set them up to send you emails to remind you.

If you can get your shite together and pay off the card 12 times a year, you should get a credit card that has no annual fee and that has decent benefits. I like mine a lot - it pays me to use it. I get 5% back on all my grocery store, gas, and pharmacy purchases and 1.25% back on all my other purchases. I don't know those types of deals are still out there but you can get some good deals by using your credit card and paying it off each month.

You do want to have good credit if you plan to get a mortgage or loan in the future.

Credit cards are nice for traveling, renting cars, getting hotel rooms, etc. With a debit card, the renter or hotel can put a hold on your cash to cover anticipated expenses. That means you do not have that cash available. Now with $125K in the bank that is likely not an issue.

As for getting a loan, nonsense on having to have a credit card. If they guy really owns a $600K apt (and his name is listed as an owner), a bank will give him a loan.

But I am calling BS on a 25 year old having that kind of cash...

I've saved ~ 40k myself and inherited the rest. Thanks again everyone for advice.

Go for the Credit. It is basically free money. If you use the card at stores you don't even have to pay for stuff. I got my first credit card this month and now I have lots and lots of things that there is absolutely no way I could afford otherwise. Beware that they will stop taking your card after you buy too much stuff and you have to use another one. That is why I got a second card. I am sure I can get others when these ones expire or go bad or whatever happens that makes the stores stop taking them.

This is a great country!!!!

Only an idiot or someone who is financially irresponsible would not get a credit card and use it for everything. You are basically saying that you don't want free airline flights, hotel rooms, or money.

Yeah - that is how I got rich - perks from my credit card. Merry Christmas!

mellow seeds wrote:

Only an idiot or someone who is financially irresponsible would not get a credit card and use it for everything. You are basically saying that you don't want free airline flights, hotel rooms, or money.

The old spend money to make money routine.

You spend money. I call it excess and you call it free.

I don't spend money, and call it still having the money.

Dave Ramsey wrote:

DumasBar wrote:

Only a dumas would have a debit card rather than a credit card. With a creidt you assume NONE of the risk of fraud.

Only a dumb@ss would believe this. With a debit card you have the EXACT. SAME. protection from fraud as you would with a credit card. Whoever told you otherwise obviously has no respect for you.

You are naive in the ways of money.

If someone fraudulently uses your credit card, they are stealing from the credit card company who lends them the money. Then that company has to come after you for the money, which you still have. You are insulated from that by the FCRA which makes them follow strict rules if you dispute it.

If they fraudulently use your debit card, they are stealing directly from you. Then the burden of proof is on you to get the money back from your bank.

Bad Wigins wrote:

If someone fraudulently uses your credit card, they are stealing from the credit card company who lends them the money. Then that company has to come after you for the money, which you still have. You are insulated from that by the FCRA which makes them follow strict rules if you dispute it.

If they fraudulently use your debit card, they are stealing directly from you. Then the burden of proof is on you to get the money back from your bank.

Apparently you use a credit card, but not a debit card.

I understand this, but can't someone deplete your account with your checking information in the same way they could from your debit card? How do you protect against this type of thing then. Do you not use checks either? What do you use to pay your credit card? Do you still have a debit card but not use it, or not have one at all? I'm looking for a better way to do this than I have been.

Yes you should. Get one where you get some kind of rewards and pay your balance completely every month. Builds credit and you'll get cash back depending on the card.

Don't listen to all the people projecting here. A lot of posters cannot control their own spending habits, so they have to avoid credit cards. They merely want you to validate their lack of discipline by telling you not to get a credit card.

If you're disciplined enough not to spend more money than you earn, a credit card is fine.

The bank changed my debit card recently, to add a chip, and the new one isn't embossed. Now stores no longer ask for my pin#, which means anyone who has my card can use it. The bank just said the debit card is as safe as a credit card.

But isn't the lack of a pin# less secure? What protection will I have if someone else uses my card? Does the lack of embossing make any difference? I have a credit card but never use it, because I don't want to worry about having to pay every month, the potential for late payments, and getting ads in the mail.

I need advice about this. Please help. Thanks.

I was once told by an older financial advisor that "Credit cards are for buying things you don't need, with money you don't have, to impress people you don't like" and it has stuck with me to this day.

anemiadude wrote:

I was once told by an older financial advisor that "Credit cards are for buying things you don't need, with money you don't have, to impress people you don't like" and it has stuck with me to this day.

Thanks. That makes sense.

How can I make sure the debit card is secure?

Advice needed please wrote:

The bank changed my debit card recently, to add a chip, and the new one isn't embossed. Now stores no longer ask for my pin#, which means anyone who has my card can use it. The bank just said the debit card is as safe as a credit card.

But isn't the lack of a pin# less secure? What protection will I have if someone else uses my card? Does the lack of embossing make any difference? I have a credit card but never use it, because I don't want to worry about having to pay every month, the potential for late payments, and getting ads in the mail.

I need advice about this. Please help. Thanks.

The pin# is a double edged sword. It is true that it is more secure. But, if you are the victim of fraud, it is easier for the bank to not cover it Bc someone had your pin# (they will blame you)

The same people telling you to get a CC are the same people that have a Whole Life Insurance policy. Neither makes sound financial sense, but for those individuals that have them they want to tell you how smart they are for having them.

You saved $125K and paid $300K cash for your half of an apartment all at the age of 25? And you claim you saved 30% of your annual income?

You are so full of crap your eyes are brown!!!

Who falls for this garbage??

Delete this $%^$ thread

crete wrote:

The pin# is a double edged sword. It is true that it is more secure. But, if you are the victim of fraud, it is easier for the bank to not cover it Bc someone had your pin# (they will blame you)

Thanks. The concern is that if I unknowingly lost my card, someone could use it in the meantime without knowing my pin#, and without a signature.

My friend uses the credit card side of her debit card, which has signature verification, with credit card security. Maybe I should do that? The thing is that right now the machine always assumes that I'm using debit, doesn't give me a choice, and doesn't ask for a pin# or signature.

According to several links, the bank and vendors are responsible for debit card fraud, as long as the holder has taken reasonable precautions. For example, if the card is used but the vendor didn't request the pin# or a signature, then the vendor is responsible. The bank representative stated that they are responsible.

So I'm fine with that, and have another question.

In addition to my debit/credit card, I have a credit card that I've never used. Is there any reason to keep it, or should I go ahead and cancel it? One thing I don't want is to start getting more advertisements.

Advice needed please wrote:

According to several links, the bank and vendors are responsible for debit card fraud, as long as the holder has taken reasonable precautions. For example, if the card is used but the vendor didn't request the pin# or a signature, then the vendor is responsible. The bank representative stated that they are responsible.

So I'm fine with that, and have another question.

In addition to my debit/credit card, I have a credit card that I've never used. Is there any reason to keep it, or should I go ahead and cancel it? One thing I don't want is to start getting more advertisements.

I have never canceled one of my credit cards, but my understanding is that it hurts your credit score if you cancel a credit card.