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#71823 - 01/02/06 07:38 PM credit cards
Dotsie Offline
Founder

Registered: 07/09/08
Posts: 23647
Loc: Maryland
I have gotten so in the habit of charging everything because we have one of those air mile credit cards. We pay it off every month, but I heard on tv this morning that it's the worse thing you can do.

We even charge our son's college tuition to rack up miles for him to fly back and forth for free. We've taken family vacations and had to pay no air fare. I think it's worth it.

However, the financial advisor on TV mentioned that you spend more when you charge. He believes you should use a debit card or cash. What do you think?

I have to agree about spending less when you fork over the cash. There has to be a way to spend less and charge. I like the free air milage too much. Thoughts?

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#71824 - 01/03/06 08:07 AM Re: credit cards
Daisygirl Offline
Member

Registered: 08/25/05
Posts: 1052
Loc: Ohio
I listen to a Clark Howard on the radio occasionally and he says the worst thing you can do is carry around a debit card because if it is stolen or lost, you could lose all your money in your checking and savings accounts. You are protected if you use a credit card. He says the best card to get is one that gives you a % of what you charge back at the end of the year. But if you have a card that you can actually get free miles that are redeemable (some are difficult to use) then I say go for it. Only you can know if you spend more and if you pay it off each month, good for you!

Daisygirl

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#71825 - 01/03/06 04:39 AM Re: credit cards
chatty lady Offline
Writer

Registered: 02/24/04
Posts: 20267
Loc: Nevada
Got rid of all but one major credit card years ago and then have a debit card too. If you pay cash for airfare you can really get some great deals but thats about all I have heard from flying friends.

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#71826 - 01/03/06 09:01 PM Re: credit cards
Dotsie Offline
Founder

Registered: 07/09/08
Posts: 23647
Loc: Maryland
Hmmm, never thought about a debit card being lost or stolen. Ouch. I don't have one. Well, I have one, but don't know a pin number. Duh... It's jsut as well. I know people who are forever taking money out with their debit cards. I don't want to get in that habit.

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#71827 - 01/03/06 10:12 PM Re: credit cards
Songbird Offline
Member

Registered: 06/03/04
Posts: 2830
Loc: Massachusetts, USA
I use my Credit card only to buy online or by mail for things such as office supplies and the sort. And I don't buy if I don't already have the funds to pay the bill immediately.

I recently got one CC with no interest for a certain # of months, which I'm using for my CD production expenses. On this one, I'm paying the monthly minimum, as I get the funds in by selling the CDs. On this account I don't charge anything else.

But I do believe that for many, spending more is easier to do with a CC than with the actual cash in hand.

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#71828 - 01/06/06 10:57 AM Re: credit cards
meredithbead Offline
The Divine Ms M

Registered: 07/07/03
Posts: 4894
Loc: Orange County, California
Except for my business, I'm not much of a shopper. I use credit cards because, depending on the card and the month, I've gotten airline miles, 5% cash back from certain types of purchases, and cash credit towards future merchandise. On the cash credit, I got a super nice bathroom scale from Sharper Image, Calphalon cookware, dvd rentals, 30 minutes per month free long distance phone calls, etc. Right now I'm trying to get airline miles because I want to fly to NYC in June for Mom's 80th.

I've never been in debt and think it's stupid to buy a lot of stuff if you can't really afford it. We pay off our credit cards every month. I'm a good money manager (and so is hubbo) so I really don't worry.

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#71829 - 01/07/06 10:46 AM Re: credit cards
Lin Offline
Member

Registered: 09/22/05
Posts: 12
Loc: Ocean Isle Beach, NC
I use my Marriott credit card for everything. In order to avoid spending more, I enter each purchase in my check register. That way, I never exceed the balance in my check book and when the bill comes, all the money is sitting in my checking acount to pay the balance in full. We then can use the Marriott points for just about anything.

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#71830 - 01/08/06 08:04 AM Re: credit cards
Danita Offline
Member

Registered: 01/24/05
Posts: 1550
Loc: Colorado
Lin,

That is such a great idea!

Danita

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#71831 - 01/09/06 01:06 AM Re: credit cards
Dotsie Offline
Founder

Registered: 07/09/08
Posts: 23647
Loc: Maryland
Lin, great idea.

Meredith, I agree. It is stupid to buy stuff you can't afford. I am so afraid for this younger generation. They are offered credit cards before they're 18. My kids (and one's only 17) get offers in the mail every week. I don't recall that from when we were kids.

We've become a plastic society.

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#71832 - 01/11/06 06:23 AM Re: credit cards
Songbird Offline
Member

Registered: 06/03/04
Posts: 2830
Loc: Massachusetts, USA
Dotsie, my son just turned 18 and he's getting those offers like crazy [Mad] !

[Razz] I agree with Meredith. It's not wise to buy if I don't have the funds to pay immediately! That's why all I have is so simple. But I don't owe it [Cool] !

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