Current Events > 30 year olds outlook on credit cards

(+) Yeah! (+)

And really, one of the biggest benefits of using a credit card over a debit card is the fraud protection. If someone steals your info and makes big purchases, they aren't spending your money. The credit card company just reverses the transaction(s) and you go on about your day. If someone steals your debit card info, they're actually spending your money and you have to get the bank to reverse the transactions and give you your money back.

Banks have generally gotten a lot friendlier about this in recent years, but it used to be such a pain in the ass.

You can pay a mortgage with a credit card? How? Mine is asking for banking and routing information from my bank account only online.

Makeveli_lives posted...

You can pay a mortgage with a credit card? How? Mine is asking for banking and routing information from my bank account only online.

From what I understand, it's only possible with a third party payment processor. And even with that, there are restrictions. I haven't done much research into it, though.

if you're in your 30's and never used a credit card how do you even make big purchases without a credit score? Can't even get approved for cable/internet without credit. how do you buy phones/cars/homes without credit?

One thing I like about my Chase card is that it counts as primary collision insurance when you rent a car. Coverage is primary so you can decline the rental company's insurance plan and Chase will pay up to the total value of the car (as well as theft or collision damage) for most rental cars.

You simply call them up to file a claim. You don't even need your own personal insurance.

CableZL posted...

From what I understand, it's only possible with a third party payment processor. And even with that, there are restrictions. I haven't done much research into it, though.

Now this is something I should look into

Legato-and-Vash posted...

I've had my Capital One credit card since 2017 and have paid $0 in interest. And am definitely in the $1000s for cashback received. Literally free money for me. I'm sure they hate me.

Basically me as well.

Use my Navy Federal card for everything besides bills. Pay everything off that month.

I will say one of the worst offers I've seen was:

Southwest RR card, 50K($500) points after $2,000 spent in first 3 months but you can get another 50K points if you spend $12,000 in the first 12 months <__<

Kloe_Rinz posted...

The precious rewards you have to redeem for using a credit card, which are less than the fee to use the stupid thing

lolz, did you unironically have a card like this?

https://youtu.be/hxl7-HNDaeg

there's literally no downsides to getting a credit card, assuming that you pay your balance on time and don't use a credit card that charges interest

Jeez some of the posts on here are a bit frightening. I am guessing same dudes without a credit card who are 25+ years old also do not invest in the ponzi crypto. Imagine investing in crypto every month and getting 1%+ cash back and the crypto ROI. Imagine passing up on that instead of using that money to get therapy so you can manage your money better.

Smh i am happy i made this thread cuz this should wake up a lot of folks who are living their lives on iron man mode. Knowing how to leverage credit is basically like having a cheat code.

All for spending your money how you normally would.

This right here is the kicker.

I put 22k on my credit card last year. Now, I could've put that 22k on my debit card (which I technically did, since my credit card is paid by my debit/checking account) but I would have earned zero (0) points/rewards. You put that on a credit card and then you start earning a lot of extra money for basically doing what you normally would do.

wackyteen posted...

I will say one of the worst offers I've seen was:

Southwest RR card, 50K($500) points after $2,000 spent in first 3 months but you can get another 50K points if you spend $12,000 in the first 12 months <__<

That's actually not a bad deal at all if you're willing to put the work in to reach that level of spend (There are ways to "manufacture" credit card spend to meet bonus requirements, and there's a whole hobby dedicated to gaming that system).

Earning 125k Southwest RR points in a single calendar year gets you a Companion Pass, which is highly sought-after for some people.

Super Saiyan 3 Goku posted...

This right here is the kicker.

I put 22k on my credit card last year. Now, I could've put that 22k on my debit card (which I technically did, since my credit card is paid by my debit/checking account) but I would have earned zero (0) points/rewards. You put that on a credit card and then you start earning a lot of extra money for basically doing what you normally would do.

Should add that if you bank with chase or another competent bank you can get your card through them and pay and manage everything through their app, so it is not even a hassle to pay it off and you can set it up so the payments are automatic so you do not even need to worry about paying it off.

credit cards are annoying but basically forced onto you so you can build credit. Credit is a game in itself that you are forced to play

Often when I'm about to make an expensive purchase I will sign up for a new credit card just for the signup bonus reward. I got an extra $200 back on my recent laptop purchase this way.

They can be beneficial and convenient if you're responsible with them.

If not they can be a very expensive fuck up.

I was always a cash only guy until my early 40's and then decided to get some cards just to have a credit score that was decent in case I needed it. I now have plenty of credit to use (always use responsibly) and my credit score is over 800 so I'm covered there.

I always pay off my card each month and have never paid interest on anything. Spending wisely is the key to responsible living, and I'd rather have CC info used when ordering online instead of my bank info.

Also, there are a ton of other great posts here to follow if anyone here decides to start building their credit history/score.

XxKrebsxX posted...

This is so bad.

Why is that?

I have like 6 credit cards and I don't spend crazy at all like that on my debit.

I use to be frightened by them, but with just a chase feedom card i have so much breathing room, and even more comfortable with living expenses than i was before. If you don't live beyond your means, and abuse them they are powerful to have. The company can increase the limit all they want, but still keep the utilization as low as you can, and you're golden.

How come no one has said anything about me being a troll in this thread. See i contribute good things to this site. Shame on the guys who constantly come into my threads and insist i am trolling when i am a real person with feelings. Look at how much i helped folks with this thread.

TrollTrace posted...

How come no one has said anything about me being a troll in this thread. See i contribute good things to this site. Shame on the guys who constantly come into my threads and insist i am trolling when i am a real person with feelings. Look at how much i helped folks with this thread.

Err...Do you want a hug?

We've had a Southwest credit card for years and have earned a bunch of free flights

Yesh there's literally no reason not to use credit cards. I have my standard cash back cards and then different travel cards for bonuses/lounge access etc. I know people who still use regular debit cards for everything and refuse to try anything else

Mizznox posted...

Unless you have no annual fee and properly pay it off so you don't pay any interest. And the annual fees I have seen on the cards I get offered are much less than the rewards that I get auto-redeemed as credit back on my card throughout the year.

Those dont really exist. If they dont have an annual fee then they dont really have rewards so why use them? If youre getting more in gift cards than the $100 annual fee then you must be spending an absolute shit ton

[LFAQs-redacted-quote]

Things must be different in America then. In Australia the rewards are so pitiful it doesnt justify the effort to use one over your debit card even if you did get more rewards than the annual fee would deduct. And the cards with no fees basically dont have rewards so those are useless as well

Kloe_Rinz posted...

Those dont really exist. If they dont have an annual fee then they dont really have rewards so why use them? If youre getting more in gift cards than the $100 annual fee then you must be spending an absolute shit ton

The fuck you talking about?

Reward cards with no fees certainly exist lol.

I have like 5 cards, all no fees, all rewards cards.

NatsuSama posted...

The fuck you talking about?

Reward cards with no fees certainly exist lol.

I have like 5 cards, all no fees, all rewards cards.

??? What mystical bank are you getting them from. They dont exist

Kloe_Rinz posted...

? What mystical bank are you getting them from. They dont exist

American banks. Nothing mystical about it.

Either the cards you're applying for suck, or your credit is shitty.

I dont have a single card that I pay annual fees. Not one. All of my cards have rewards programs for spending (although I mostly focus on one particular card).

Kloe_Rinz posted...

Those dont really exist. If they dont have an annual fee then they dont really have rewards

Well this just isn't true.

Kloe_Rinz posted...

If youre getting more in gift cards than the $100 annual fee then you must be spending an absolute shit ton

It would take me spending $4,000 to get $100 back in credit auto-redeemed to the card (not whatever you have in mind about manually redeeming for "gift cards"). $333 per month... "absolute shit ton".

Kloe_Rinz posted...

??? What mystical bank are you getting them from. They dont exist

https://www.cnbc.com/select/best-cash-back-credit-cards-with-no-annual-fee/

Five second Google search.

Kloe_Rinz posted...

Things must be different in America then. In Australia the rewards are so pitiful it doesnt justify the effort to use one over your debit card even if you did get more rewards than the annual fee would deduct. And the cards with no fees basically dont have rewards so those are useless as well

I guess so. I literally posted screens of my card benefits and they have no annual fee.

Ah, the convict colony. That makes more sense.

NatsuSama posted...

American banks. Nothing mystical about it.

Either the cards you're applying for suck, or your credit is shitty.

I dont have a single card that I pay annual fees. Not one. All of my cards have rewards programs for spending (although I mostly focus on one particular card).

Well then every bank in Australia sucks then and theres no good credit card available

Any reason to have another card other than my freedom unlimited? What compliments it?

Kloe_Rinz posted...

Well then every bank in Australia sucks then and theres no good credit card available

Yeah, most of the advice here is only applicable to the USA market. I understand most other countries' credit card rewards are indeed pretty lame.

Without doing any actual research on it, I'm assuming this is because most other developed nations have stricter consumer credit regulations than America. I'm thinking that much of the rewards banks are able to offer on credit cards here are supported through the shady/usurious business practices that they can only get away with in America.

Nintendo_Porn posted...

Any reason to have another card other than my freedom unlimited? What compliments it?

In terms of flat-rate cash back, the Citi Double Cash is a straight upgrade (2% vs the Freedom Unlimited's 1.5%).

Kloe_Rinz posted...

Things must be different in America then. In Australia the rewards are so pitiful it doesnt justify the effort to use one over your debit card even if you did get more rewards than the annual fee would deduct. And the cards with no fees basically dont have rewards so those are useless as well

I believe credit cards in many other country's are capped much harder in regards to what they can charge for transactions fees. Which means banks can't afford to offer the cashback and benefits we get in America.

Mearcstapa posted...

In terms of flat-rate cash back, the Citi Double Cash is a straight upgrade (2% vs the Freedom Unlimited's 1.5%).

The double cash has no sign on bonus though. Making it arguably crap honestly. Best to obtain a annual fee card for one and then downgrade to the double cash first.

Nintendo_Porn posted...

Any reason to have another card other than my freedom unlimited? What compliments it?

I have my Chase Freedom and use that for mostly everything. I have 2 other CC just for the sake of extending my credit limit and I believe it's what help gives me a pretty good credit score.

Nintendo_Porn posted...

Any reason to have another card other than my freedom unlimited? What compliments it?

That is the card i will be getting. My banker likes me and was straight up with me today during our appointment, he said the freedom card is the best card you can get all around from chase. No annual fee, 1%-5% cash back on practically everything, if you are a chase customer then you get everything under their app so no need to make new username and memorize a different password. The only thing you might want is a higher limit in the case of an emergency.

Mearcstapa posted...

In terms of flat-rate cash back, the Citi Double Cash is a straight upgrade (2% vs the Freedom Unlimited's 1.5%).

K, thank you. Will keep in mind in case i ever want another.

TrollTrace posted...

That is the card i will be getting. My banker likes me and was straight up with me today during our appointment, he said the freedom card is the best card you can get all around from chase. No annual fee, 1%-5% cash back on practically everything, if you are a chase customer then you get everything under their app so no need to make new username and memorize a different password. The only thing you might want is a higher limit in the case of an emergency.

It's great! Just pay everything on time. and it's so nice to have.

Nintendo_Porn posted...

It's great! Just pay everything on time. and it's so nice to have.

Yeah i cannot wait to get it :) basically yes, use it like you would your debit card and you will be fine.

I use a Chase Disney card to pay my rent.

I get so many points that every coupple of months I get the $200 gift card, buy collectibles from the Disney store and then sell on eBay.

Credit cards with rewards systems can be good. Just always pay off that balance.

The convienience fee just means a little bit more points earned.

We have lots of great posts in here. I think i will do a video one of these days on why having a credit card is an absolute must.