4 ms·

You can't honestly believe that intentionally overdrawing your bank account and the immediate and ongoing fees associated with that is better than putting essen

by pc86 3y ago

You can't honestly believe that intentionally overdrawing your bank account and the immediate and ongoing fees associated with that is better than putting essentials like food and gas onto a credit card and making the minimum payment for a few weeks or months until you get another job. It's simple math and in most situations the latter is going to save you money and have the added benefit of letting you eat longer. Imagine thinking a $40 fee every time you make any purchase, along with the constant threat that it will get declined this time, is better than paying a bit of interest. A $2,000 balance held for 30 days results in about $40 in interest, so unless you're buying all the food and gas you need in a single transaction in one month, you're objectively better off using a credit card. I'm sorry that you're not capable of simply not using a credit card, but that sounds like a problem you should work on. For 99% of adults (and a lot of children, to be honest) they're capable of doing so and credit cards are a way to save money and have better control of your finances (which itself helps you save and make more money).

doublerabbit 3y ago
If my debit account has money in it. I own money. If my credit account is negative I owe money. If my credit account is at zero, I neither own money nor owe money. If my debit account is at zero, I neither own money nor owe money. Out of those options, owning money is still more triumph than credit. I don't need a credit card. It's a false vision that I'm missing out on anything. My expenditure is mine with a debit card and I owe no one anything to purchase the item to which I can afford. Credit cards are only fine if you can pay off the full amount at each month. But for any items that you have not paid off in full. You owe, your in debt to whoever until you pay off the full amount. If your lose your job and you have no buffer, your screwed. They don't cuddle up and waive your bills because you lost your job. They become vicious demons demanding more because you can't pay off the debt you owe. > For 99% of adults (and a lot of children, to be honest) they're capable of doing so and credit cards are a way to save money and have better control of your finances (which itself helps you save and make more money). I'm sorry but that's total bullshit; provide source please if your going to make such claims. Because all I know is that we live in a world full of debt. People are struggling to pay ends meet including their credit card bills.
- jjav 3y ago
  > If my [...] > I don't need a credit card. All those statements are true as far as they go. And sure, you don't need a credit card. (There are some scenarios such as some car rentals, that are going to be difficult with a debit card, but if you don't need those things then you don't.) > It's a false vision that I'm missing out on anything. This, however, is not true. You are certainly missing on a number of benefits. Obviously it's a choice to make, but it is not true to state you're not missing on anything. * Credit cards give you back some of the fees that you're going to pay regardless, so you're losing money by not getting the cash back from a credit card. * Unused credit limit increases your credit score. If you don't have credit cards your credit score is lower than it could be, which means you lose out on better rates and deals. * The credit card regulations are more pro-consumer than debit card regulations, so if you ever experience fraud this may become relevant to you. In tech terms, a debit card is an open port to your bank account, a credit card is a firewall between your bank account and charges. Those are the big ones. There's other smaller but real benefits to some credit cards like extended warranties and misc perks. I wouldn't have a credit card just for these but occasionally they help. > Credit cards are only fine if you can pay off the full amount at each month. Sure, exactly the same way how debit cards are only fine if you spend less than you make each month. > If your lose your job and you have no buffer, your screwed. If you lose your job and your account balance goes to zero, how are you paying anything with a debit card? You're not. Exactly equally screwed.
  - doublerabbit 3y ago
    > There are some scenarios such as some car rentals, that are going to be difficult with a debit card, but if you don't need those things then you don't.) Hired a car in Canada just fine on my recent vacation to Canada. A whole trip, on debit. No Credit Card -- from Flights to AirBNB to arriving back home. Maybe back in the 90's, sure undeveloped nations probably; but that's a different scenario entirely. > * Unused credit limit increases your credit score. If you don't have credit cards your credit score is lower than it could be, which means you lose out on better rates and deals. No credit card and my score is high up there in the 90%'s. How do I know? I have a mortage where they do take scores in to account highly. If I had debt on my credit card I would too be losing points on my credit score if unpayments. > * The credit card regulations are more pro-consumer than debit card regulations, so if you ever experience fraud this may become relevant to you. In tech terms, a debit card is an open port to your bank account, a credit card is a firewall between your bank account and charges. Eh. Agree to Disagree. > This, however, is not true. You are certainly missing on a number of benefits. Obviously it's a choice to make, but it is not true to state you're not missing on anything. I still don't see what I'm missing. No one's named anything that is making me rush to get a credit card. $200 spending at Banana Republic? Yeah, no thanks. It works for some, and for me it doesn't. I see it as an evil device that you need to keep a tight check upon. Telling everyone to get a credit card is bad advice. It's a method of spending more money than what you really have and one with a both has advantages and disadvantages. The disadvantages way out more than advantages and as I said, if you can't pay, which is true to say for debit; your still better off on debit because with credit can take what you own regardless. Debit they can not.

by pc86 3y ago

doublerabbit 3y ago

If my debit account has money in it. I own money. If my credit account is negative I owe money. If my credit account is at zero, I neither own money nor owe money. If my debit account is at zero, I neither own money nor owe money. Out of those options, owning money is still more triumph than credit. I don't need a credit card. It's a false vision that I'm missing out on anything. My expenditure is mine with a debit card and I owe no one anything to purchase the item to which I can afford. Credit cards are only fine if you can pay off the full amount at each month. But for any items that you have not paid off in full. You owe, your in debt to whoever until you pay off the full amount. If your lose your job and you have no buffer, your screwed. They don't cuddle up and waive your bills because you lost your job. They become vicious demons demanding more because you can't pay off the debt you owe. > For 99% of adults (and a lot of children, to be honest) they're capable of doing so and credit cards are a way to save money and have better control of your finances (which itself helps you save and make more money). I'm sorry but that's total bullshit; provide source please if your going to make such claims. Because all I know is that we live in a world full of debt. People are struggling to pay ends meet including their credit card bills.

jjav 3y ago
> If my [...] > I don't need a credit card. All those statements are true as far as they go. And sure, you don't need a credit card. (There are some scenarios such as some car rentals, that are going to be difficult with a debit card, but if you don't need those things then you don't.) > It's a false vision that I'm missing out on anything. This, however, is not true. You are certainly missing on a number of benefits. Obviously it's a choice to make, but it is not true to state you're not missing on anything. * Credit cards give you back some of the fees that you're going to pay regardless, so you're losing money by not getting the cash back from a credit card. * Unused credit limit increases your credit score. If you don't have credit cards your credit score is lower than it could be, which means you lose out on better rates and deals. * The credit card regulations are more pro-consumer than debit card regulations, so if you ever experience fraud this may become relevant to you. In tech terms, a debit card is an open port to your bank account, a credit card is a firewall between your bank account and charges. Those are the big ones. There's other smaller but real benefits to some credit cards like extended warranties and misc perks. I wouldn't have a credit card just for these but occasionally they help. > Credit cards are only fine if you can pay off the full amount at each month. Sure, exactly the same way how debit cards are only fine if you spend less than you make each month. > If your lose your job and you have no buffer, your screwed. If you lose your job and your account balance goes to zero, how are you paying anything with a debit card? You're not. Exactly equally screwed.
- doublerabbit 3y ago
  > There are some scenarios such as some car rentals, that are going to be difficult with a debit card, but if you don't need those things then you don't.) Hired a car in Canada just fine on my recent vacation to Canada. A whole trip, on debit. No Credit Card -- from Flights to AirBNB to arriving back home. Maybe back in the 90's, sure undeveloped nations probably; but that's a different scenario entirely. > * Unused credit limit increases your credit score. If you don't have credit cards your credit score is lower than it could be, which means you lose out on better rates and deals. No credit card and my score is high up there in the 90%'s. How do I know? I have a mortage where they do take scores in to account highly. If I had debt on my credit card I would too be losing points on my credit score if unpayments. > * The credit card regulations are more pro-consumer than debit card regulations, so if you ever experience fraud this may become relevant to you. In tech terms, a debit card is an open port to your bank account, a credit card is a firewall between your bank account and charges. Eh. Agree to Disagree. > This, however, is not true. You are certainly missing on a number of benefits. Obviously it's a choice to make, but it is not true to state you're not missing on anything. I still don't see what I'm missing. No one's named anything that is making me rush to get a credit card. $200 spending at Banana Republic? Yeah, no thanks. It works for some, and for me it doesn't. I see it as an evil device that you need to keep a tight check upon. Telling everyone to get a credit card is bad advice. It's a method of spending more money than what you really have and one with a both has advantages and disadvantages. The disadvantages way out more than advantages and as I said, if you can't pay, which is true to say for debit; your still better off on debit because with credit can take what you own regardless. Debit they can not.