31
Do you use a credit card? Why or why not?
(discuss.tchncs.de)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 21 Aug 2023
31 points (94.3% liked)
Personal Finance
3704 readers
1 users here now
Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!
Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)
founded 1 year ago
MODERATORS
Use a credit card for every single purchase that will allow it. I have the Amazon prime rewards card, and we order our dog food and many household items from there at 5% cash back.
I acquire cash back and it goes towards the balance each month. I pay the balance in full each month, thereby reaping the rewards (free money) and never pay a cent in interest. Been doing this for years.
Another reason I do this is because I do not want my routing and account numbers online with any business.
One small breach of your bank account and your life savings can be gone. I'm not trusting any big business with that, not to mention the fraud protections other users have mentioned.
If you can exercise discipline it's a no brainier.
Costco card here, but pretty much the same argument. Aside from the points/miles/cash back rewards, most also include some minor insurance/extended warranty/travel/etc. benefits. It’s kind of shitty because transaction fees just drive up costs for merchants, but from the user’s point of view the financially beneficial option is to use a credit card for ad many purchases as possible.
How are you liking that Costco card? We were considering switching to that actually.