Going checkless and no credit cards

[Texashiker]

This guy is either dumb as a rock or just trolling. He's repeating the same arguments and not actually reading what anyone is saying. I give up.

I'am reading the post and replying, it seems you do not like my replies.

No credit cards = no fees, no interest, no balance to pay off at the end of the month - which is also when my house note is due.

As the bills come due my wife and I pay them without a credit card, I do not understand what is so difficult to grasp about that?

As for savings, yes we have a savings account at a local bank, and we keep cash at home for anything that comes up.

 

[rcpratt]

I'am reading the post and replying, it seems you do not like my replies.

No credit cards = no fees, no interest, no balance to pay off at the end of the month - which is also when my house note is due.

As the bills come due my wife and I pay them without a credit card, I do not understand what is so difficult to grasp about that?

As for savings, yes we have a savings account at a local bank, and we keep cash at home for anything that comes up.

You are reading and replying with your original argument. You're not actually refuting or providing a counter-argument to anything.

 

[JMapleton]

I'am reading the post and replying, it seems you do not like my replies.

No credit cards = no fees, no interest, no balance to pay off at the end of the month - which is also when my house note is due.

As the bills come due my wife and I pay them without a credit card, I do not understand what is so difficult to grasp about that?

As for savings, yes we have a savings account at a local bank, and we keep cash at home for anything that comes up.

I have credit cards and I pay no interest or fees.

In fact I make money.

Your point is invalid. No offense, but you were proven wrong and you continue to refute the argument.

You have to either admit you're wrong or admit you're irresponsible and you simply do not trust yourself. It's either one or the other.

Credit cards are a great deal if you use them responsibly.

 

[Golgatha]

https://www.myconsumers.org/en/personal-banking/checking.aspx
They are currently offering "4.09% APY for deposits up to $10,000.00 for Members meeting the qualification requirements"
Granted its a local place, but there a number of them out there. But yes, 4% is unusual.

Wow, that's amazing! I'd have to change my spending habits slightly to get the 12 POS transactions, but I'd say that's worth the hassle for $400 a year in interest.

 

[Nik]

Yeah, if some guy walked up to you and said here are some free plane tickets to Vegas! You'd shrug them off and say, "I'll pay for it myself, no thanks!"

Do you turn down free money to? Find a hundred dollar bill on the street and say "Naaa, I'd rather save up and get one!"

I was saying? Your argument doesn't add up.

I don't need a credit card to pay my bills. I don't need a credit card to pay for things I want. And I certainly am not going to jump on all sorts of credit bandwagons to get a free trip to vegas when I'm not interested in going to vegas.

YOUR priorities are not MY priorities.

You were saying?

 

[QueBert]

OK... You can't overdraft with one unless you have "overdraft protection". Which is basically a fancy way for the bank to say "we'll cover your overdrafts... for a fee MOOHHHAAAAHAHAHA" (Evil laugh). Turn that shit off and every transaction is scrutinized against only the amount you have in your account.

When used as a CREDIT transaction, a Visa branded Debit Card has the same protections as a Visa Credit Card.

not 100% true, I opted out for Overdraft protection, and a few weeks ago made a few online purchases with Paypal. I forgot that Paypal takes up to 3 days to actually charge a transaction. So 2 days after the 1st I bought something else, and realized my funds wouldn't be enough for the 2nd once the 1st got charged. 2 days later I had a -$8.75 balance. I didn't get charged an extra fee. But the way Paypal works if I had $1,000 in my checking account I'm thinking I could duplicate what I did with 2 $900 purchases I'd probably be $800 in the hole.

People that are living paycheck-to-paycheck are living beyond their means. That's the point. They are not financially responsible.

We ALREADY OUTLINED many reasons for putting things on a credit card, even if you can afford to pay cash for something.

Say what?? I drive a car that's paid for, and I don't even pay for internet (city free 128k crappy inet) I still basically live check to check. My rent's low, so you're saying because I'm not ATOT rich I'm not financially responsible? LOL nice. If a person makes $9 an hour and doesn't have any debt even if they are living check to check I'd hardly say they're not financially responsible.

 

[TwiceOver]

not 100% true, I opted out for Overdraft protection, and a few weeks ago made a few online purchases with Paypal. I forgot that Paypal takes up to 3 days to actually charge a transaction. So 2 days after the 1st I bought something else, and realized my funds wouldn't be enough for the 2nd once the 1st got charged. 2 days later I had a -$8.75 balance. I didn't get charged an extra fee. But the way Paypal works if I had $1,000 in my checking account I'm thinking I could duplicate what I did with 2 $900 purchases I'd probably be $800 in the hole.

Paypal is a bank withdrawl like a check, not a debit card. So basically you were writing checks to paypal. You can still overdraft with a check/EFT. But if you only use cash/debit that can't happen.

 

[Texashiker]

You have to either admit you're wrong or admit you're irresponsible and you simply do not trust yourself. It's either one or the other.

If my system works for me, then its not wrong.

If your system works for you, that fine also.

Credit cards are a great deal if you use them responsibly.

The key word in that sentence is "responsibly" - there is a fine line between being responsible and not being responsible.

I dont guess you have ever been charged a late fee by a credit card company either?

When my ex-wife (married at the time) would mail in a payment, it did not matter when the envelope was postmarked, if they received it after the due date, another $20 or $25 late fee was added. No matter what we did, would could not get out of the amount of debt my ex-wife put us under.

One time our fridge went out (probably 13 years ago), so my ex-wife (married at the time) put a new fridge on the credit card. We paid part of it off at the end of the month, but the interest ate most of the payment up. It took us months to pay that fridge off.

2 weeks ago my fridge went out, so my new wife and I pulled $1,000 out of savings and paid cash for a new unit. And guess what, its paid for with no interest or late fees.

 

[JMapleton]

I don't need a credit card to pay my bills. I don't need a credit card to pay for things I want. And I certainly am not going to jump on all sorts of credit bandwagons to get a free trip to vegas when I'm not interested in going to vegas.

YOUR priorities are not MY priorities.

You were saying?

I can also buy a new guitar with my points. Would you like a new guitar?

There is something you want. Admit it.

I can buy it for free with my points.

You lose. Game over.

 

[Texashiker]

I can buy it for free with my points.

With credit cards, nothing is free.

You lose. Game over.

No, someone else down the line lost, because their paying for your so called "free stuff".

I hope you like profiting off someone elses misfortune. One day the tables might be turned.

 

[JMapleton]

I dont guess you have ever been charged a late fee by a credit card company either?

When my ex-wife (married at the time) would mail in a payment, it did not matter when the envelope was postmarked, if they received it after the due date, another $20 or $25 late fee was added. No matter what we did, would could not get out of the amount of debt my ex-wife put us under.

One time our fridge went out (probably 13 years ago), so my ex-wife (married at the time) put a new fridge on the credit card. We paid part of it off at the end of the month, but the interest ate most of the payment up. It took us months to pay that fridge off.

2 weeks ago my fridge went out, so my new wife and I pulled $1,000 out of savings and paid cash for a new unit. And guess what, its paid for with no interest or late fees.

I pay all my credit cards online, so I'm never late. I pay my car payment in person, I don't trust the mail.

I've never been charged any late fees or unexpected interest. I've made money off my credit cards.

Explain to me how my points were not free to me? I could care less who paid for them. How is it not free to me?

 

[rcpratt]

Say what?? I drive a car that's paid for, and I don't even pay for internet (city free 128k crappy inet) I still basically live check to check. My rent's low, so you're saying because I'm not ATOT rich I'm not financially responsible? LOL nice. If a person makes $9 an hour and doesn't have any debt even if they are living check to check I'd hardly say they're not financially responsible.

If you're putting yourself at risk because you have no emergency fund and you're living paycheck-to-paycheck, then yes, you're living above your means and I would consider that fiscally irresponsible.

 

[rcpratt]

With credit cards, nothing is free.

No, someone else down the line lost, because their paying for your so called "free stuff".

I hope you like profiting off someone elses misfortune. One day the tables might be turned.

That's called profiting off of others stupidity. Welcome to capitalism.

Prices are adjusted by merchants to compensate for the CC fees they pay. You're paying for it whether you pay with CC or not (except gas, I suppose).

 

[JMapleton]

No, someone else down the line lost, because their paying for your so called "free stuff".

Incorrect. I use an Amex charge card. No one is paying interest. You are not allowed to carry a balance with a charge card and the entire purchase MUST be paid back in full at the statement's end.

Who paid for it then? There is no one paying high interest. Everyone pays in full. Amex does not allow you to carry balances on charge cards.

 

[Nik]

I can also buy a new guitar with my points. Would you like a new guitar?

There is something you want. Admit it.

I can buy it for free with my points.

You lose. Game over.

Nope, nothing is free. You fail. As others have said, of course.

I'm better than you because I don't use a credit card.

 

[IndyColtsFan]

No, someone else down the line lost, because their paying for your so called "free stuff".

I hope you like profiting off someone elses misfortune. One day the tables might be turned.

LOL, are you serious? Someone's "misfortune"? He should feel guilty because irresponsible people live beyond their means and therefore, pay interest and fees on credit cards? I have a couple of credit cards and I never pay interest or fees. Additionally, as alkemyst pointed out, VISA, Mastercard, and AMEX get fees from the merchant for EVERY purchase ranging from 3% to 5% (maybe higher now) of the item's cost.

Sorry, but if people are paying interest or fees on their credit cards, that is their problem and their problem alone. Some of us are responsible and can manage our finances properly.

 

[Gigantopithecus]

Because nothing in this world is free - if a bank or credit card offers you something...

It's because someone who does not know how to manage their finances is paying for it whenever they miss payments or don't pay their bill off every month.

OP, it's commendable that you've found a method for staying fiscally solvent that works for you, as that's the most important thing. Those of us who work the system do it differently.

 

[Gigantopithecus]

That's called profiting off of others stupidity. Welcome to capitalism.

qft

 

[Svnla]

I do not know why people afraid of CC so much.

Just follow the simple rule: Pay the darn thing before the due date and don't buy things that you can't afford. If you do that, you will NOT have to pay anything out of your pocket. NOTHING.

<<----is enjoying the 2&#37; cold hard cash back (not miles/points/bullcrap stuffs) but cold hard cash from the "evil" CC company....a few hundreds a month plus over 800 FICO score.

Put it this way:

John = pays everything in cash/money order/debit...nothing is wrong with that if he chose to do so.

Bob = pays everything with the 2% cash back reward CC and pays the whole balance before the due date...1 week later, he gets 2% cash back (from the total amount of his CC balance) plus ALL the benefits of a high end CC card such as extra warranty, online security, travel insurance, free movie tickets and discounts on special events, and on and on.. See it here = http://usa.visa.com/personal/visa-signature/benefits/index.jsp

<<---- is BOB

I disagree with the statement "credit cards can be valuable" - credit cards are a trap. It financially enslaves you and your family to the lender.

By thinking that credit cards are good, your also saying that debt is good.

If you pay off the ENTIRE balance before the due date = no fee, no cost to you, then how is that "enslaves you and your family to the lender"? No balance and on time payment = no cost/zero debt to you.

 

[HardcoreRobot]

i have made hundreds and hundreds of dollars by using credit cards.

and credit cards mostly profit off transaction fees from every purchase, not delinquent debtors.

not using credit because you are irresponsible is not something to be proud of. embarrassed might be a better description.

 

[stargazr]

Credit cards are better for online purchases because you have more options if there's a problem - i.e chargebacks. Also they are great for an emergency, especially when traveling. What if you're flying and get stuck somewhere? Break down in your car? Can you even use a debit card to rent a car? You can always get a card and set it up with a low credit limit.

 

[Texashiker]

LOL, are you serious? Someone's "misfortune"? He should feel guilty because irresponsible people live beyond their means and therefore, pay interest and fees on credit cards? .

Misfortune because their freezer or fridge went out and they had to use a credit card to replace it?

Misfortune because their out of a job, savings depleted and the motor goes out in their car?

Misfortune because their child is sick and the hospital / doctor wanted a payment before their seen?

Sometimes its not related to being "irresponsible",,, sometimes people are just down on their luck.

 

[OILFIELDTRASH]

Say what?? I drive a car that's paid for, and I don't even pay for internet (city free 128k crappy inet) I still basically live check to check. My rent's low, so you're saying because I'm not ATOT rich I'm not financially responsible? LOL nice. If a person makes $9 an hour and doesn't have any debt even if they are living check to check I'd hardly say they're not financially responsible.

Wrong. I was in the same boat at one time. Living check to check, didn't make much money but I paid the bills on time. I finally got my head out of my ass and started making some cash, paying my house off, and preparing for the future. You know why? Cause I'm young and healthy and this won't always be the case. You gotta make bank while you're young. You want to be some broke down old bitch still living check to check when you're 60? If so have fun. I'll be working at a golf course 2 days a week and enjoying my life when I'm old. You'll still be trying to figure out how to pay your slumlord and if you have enough for your meds. Wake up dude. I wasted a good amount of years with your mindset. I finally decided it wasn't good enough and luckily I woke up before it was too late.
So YES you are being very financially irresponsible.

 

[dethman]

If my system works for me, then its not wrong.

If your system works for you, that fine also.

makes sense for you if you truly cannot control your spending habits when given the opportunity with a credit line. and if it works for you, then fine.

for those who are able to pay their bills on time, pay off their balance, credit cards and checking accounts offer a tremendous convenience and occasionally a reward or two.



it's sort of like like alcoholism. if you can't control your drinking responsibly, then avoid drinking at all. set up a strict no alcohol policy. and that works for those people.

but for those who are able to control their consumption and do it responsibly, alcohol can give those people rewards (beneficial social interactions, enjoyment of fine liquors).

 

[xanis]

Debit card = foolish move.

I work for an online retailer and debit cards cause loads of problems, which lead to overdraft fees on your checking account. Often times your double charged, or double authorized. Credits often take longer.

Debit cards have caused a LOT of problems for my customers.

They also do not have the protections credit card do and you get no rewards or points of any sort.

1) I've not had a single problem ordering online with a debit card.

2) My debit card has most all of the same protections as a credit card from the same bank. For example, my card was stolen and someone attempted to rack up $1000 worth of charges. I talked with the bank, everything was good to go, and I had a new card within 2 days.

3) My bank has a debit card reward point system that you have the option of signing up for. It's not as good as a credit card's, but it still exists.