Posted: 10/30/2005 11:54:28 AM EDT
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Pay them off in full, unless the balance is on a 0% APR promotional offer. I've never opened a credit card unless it gave me 0% APR for all transactions for a full year, even cash advances. It's nice to be able to buy things you immediately need, like guns and blow, and pay it all off gradually over 12 months with no interest. This comes in handy for young adults in college, graduate school, or those who recently entered the work force. I don't think carrying cash is the way to go and you end up losing a lot of your coins which can really add up over time. I don't like carrying more than $100 on me at a time. You lose your soft money, you never get it back. Lose some plastic and you're only inconvenienced, not immediately poorer. Plus it is more convenient just to send one electronic payment a month to clear all of your revolving bill(s). And also use a card that gives you money back on gas purchases. Use credit with intelligence and it saves you time and money. |
I have one and the limit is $500. I don't trust myself with anything higher than that. Whenever I get extra cash I put it on the card. Or if I'm planning on spending $60 next week, I make a $60 payment and then charge it...so I'm making payments even though my balance is pretty much the same. I pay if completely off every now and then...only to charge something on it shortly after. 
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| I remember a time when credit cards were for those with only the best credit, now you can run around screaming bankruptcy, late bill payer, no job and a dozen places will line up to put a credit card in your hand. It's nuts. The world is financed on money that hasn't been made and never will. |
| i have at least 15 credit card accounts that i could tap at least 100k of credit at the drop of a dime. currently im only using 2. one that i get a 5% rebate on gas purchases thats paid off every month and another that i have 0% intrest on all purchases untill sept '06 that i have around a grand on, i make a couple hundred dollar payments every month on. the 0% intrest card helped me out immensly with my C&R hobby, i was able to pick up numerous pieces including a couple of garands. |
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The ONLY regular credit card I have is for Official Government Use - and I use it as little as possible. I use debit, checks, and cash for all other transactions but prefer debit. If you can't afford it now - you shouldnt buy it. Millions of people are in debt over their heads because of credit - there are no positives to credit - who cares about "good credit" - if you save properly - you can pay for all things in life with cash - less perhaps a mortgage on a house. Read this book - it changed my perspective on finances and made me realize I had no control over my money........  |
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I don't fit in any of the polls so I have to answer here. I have 1 credit card that I use, I keep a balance, and I pay probably 3-6 times the minumum payment each month. I keep my balances in realistic area, normally $6000, not a hard number to payoff. CC give me the ability to purchase good that I don't always have the cash for and give me time to pay the debt off. For this I pay a fee and don't mind doing it, they have to make money anyways. As long as the APR is not unreasonable(which Chase just became, new 5.9% fixed Capital One card replaced it) I don't have a problem with them earning a little while giving me purchasing power. Its my gift to keep the economy going. Multiple credit cards are bad, back in college I had $30,000 in CC debt that took me about 6 years to pay off and down to the one card now. Just keep it realistic with a single card and they are ok. Bill3508 |
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I cut them up in 1982,and have had much more money to spend on what i choose. Why would you pay to use you'r own money? When i want something,i save up what i need to buy it. And guess what? I own it,and no bill collector or bank,can ever come and take it. I am 100% debt free,and love it. |
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Pay them in full each month. I write the CC transactions in my checkbook register, so I treat them like checks. That keeps you out of trouble, and I think it's the way kids should be taught to keep-up with CC purchases. Mark the money as removed from your checking account when you make the purchase. Even though I'm old fashioned about everything else, I try to never pay cash. I use my AmEx card whenever I can. I've been screwed too many times especially by Circuit City, Best Buy, and Home Depot when paying cash. Now that I use AmEx, I never have a problem that AmEx doesn't resolve. As an example, Friday before last I bought a open-box DVD player at Circuit City, and there was no DVD player in the box. Circuit City refused to give me a DVD player even though I had paid for one. One call to AmEx and they verified that the local Circuit City had done that to several other customers that had paid with AmEx. AmEx immediately credited me back for the purchase, and said they'll deal with the store. The problem was solved in less than 5 minutes of my time. If I had paid with cash, I would have just been out the $65. Another example, last week I bought something from Home Depot that was missing a couple of parts. The manager at Home Depot told me I had to call the manufacturer to get the parts and that I couldn't return the item. I needed the item immedately for a customer so I couldn't do that. After pointing out that I paid with AmEx, the manager immediately went to get another one to exchange for mine. Just the threat of calling AmEx was enough for them to do the right thing. If I had paid cash, I would have had to buy another one. Finally, I always have my employees pay for gas with a credit card. It's saved us three times when a gas station employee claimed a drive off. My guys would have lost their license for 30 days without the right to a trial if we hadn't had the proof that the gas was purchased. Yes, here in SC the burden of proof is on you that you paid for the gas.z |
Amen +1 |
So wise, and this is what I do. The less cash I carry, the less I find I spend. The only credit card I owe right now is American Express. I just moved and put the big items on there because I have 0% APR. That's nice to have while I get settled and arrange my budget. Then, when the promo is up, I'll just pay the whole slick. |
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i got a bonus, we paid our debt off. When we paid off our debt we had a small party and paid cash for it. We keep our last credit card bills and melted plastic in an urn we got from a funeral home. We treat the urn as if it were cursed or haunted or has a hated relative in it. tweeter |
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I rarely carry cash because I'm like a woman and have no discipline and spend it. I have three credit cards and a total balance of $31 which I will pay off when the statement arrives. I have a Lowes card I used to buy two expensive power tools, and since it had no interest for a year, I paid the balance off slowly and don't use the card anymore. Credit cards are not evil, they are like guns. Use them irresponsibly, and there will be negative consequences. Use them intelligently and with restraint, and you won't have problems, and more than likely will have positive things come your way. I tend to use my debit card more often than anything else. Gas, store purchases, even fast food. I only use credit cards for online and mail order purchases. Cash is used anytime or place that doesn't accept debit or credit cards. There was a time when I was almost $3,000 (the most CC debt I've had) in debt due to a harsh few months after I lost my job, but even then I never missed a payment and then ended up paying that card off with two checks when I was back on my feet. |
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I'm living off my credit card right now. It suxs. I have to do this about twice a year when money isn't coming into my business. I always pay them completely off at least twice a year but I constantly feel as if "I owe my soul to the company store" because of them. Patty |