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Kristy!

Looking for credit card recommendations

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kristy, would you be interested in an air miles card? we have a discover which is tied to American Airlines.. you get 30k miles just by signing up and a mile for every dollar.

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Sorry ladies, but I disagree when you say that credit cards are a necessary evil. They are not necessary, and only bring risk into your life. I can tell you that living debt free is the only way to live life. No stress, no worries. If DH and I don't have the money to pay for something, anything, then we don't buy it. We scrimp and save until we can pay cash for everything.

 

And for those you that still believe that you need a credit card to build your credit score, I think you're wrong again. If you don't borrow money then you don't need a credit score. Your FICO score is an 'I love debt score". Trust me, it is possible to live a wonderful life without the stress and worries of debt. You willl never be able to build wealth if you're constantly giving your hard earned cash to make payments.

 

Just my $.02....

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hoyt- good for you for being debt free. i wouldn't manage my money the way you do, but i think it's still cool!

 

buuuuuuuut since this is a credit card recommendation thread, i think it's safe to say that the OP disagrees with you and isn't looking for advice on being debt free. i'm sure there is another thread for a discussion on the good and evil of credit cards.

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Originally Posted by hoyt75 View Post
Sorry ladies, but I disagree when you say that credit cards are a necessary evil. They are not necessary, and only bring risk into your life. I can tell you that living debt free is the only way to live life. No stress, no worries. If DH and I don't have the money to pay for something, anything, then we don't buy it. We scrimp and save until we can pay cash for everything.

And for those you that still believe that you need a credit card to build your credit score, I think you're wrong again. If you don't borrow money then you don't need a credit score. Your FICO score is an 'I love debt score". Trust me, it is possible to live a wonderful life without the stress and worries of debt. You willl never be able to build wealth if you're constantly giving your hard earned cash to make payments.

Just my $.02....
I have to disagree with you too wink.gif There are a lot of "credit" cards for which you actually have to pay in full at the end of each month (a few of the AX are like that). Which means that you only get an advance until you get your salary for the month, that's it. And no interest, since you repay in full each month.

This is what I use because I just hate to use checks. CC are much more convenient. With this type of card, you still stay debt free (if you don't repay at the end of the month, it stops working pretty fast), still have to budget and plan your big purchases in advance (you need to have the cash at the end of the month), can build a credit score (which is not only important for debt, but also to avoid having to give HUGE deposits to electricity, phone, internet company etc), and buy off the internet easily. For instance with the CC I can pay off my rent even if I'm not in town.

Plus, AX come with insurance built in, which means that if I break something I just purchased, or get it stolen, they replace it. You also get insurance for when you rent a car (the CDW - LDW so you only have to get the personal insurance), have insurance when you travel (if you paid with the card) - for instance if your luggage get in late or are lost.

I see only advantages - and again I am virtually debt free (at least for the cards because I have a mortgage elefant.gif)

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Originally Posted by hoyt75 View Post
Sorry ladies, but I disagree when you say that credit cards are a necessary evil. They are not necessary, and only bring risk into your life. I can tell you that living debt free is the only way to live life. No stress, no worries. If DH and I don't have the money to pay for something, anything, then we don't buy it. We scrimp and save until we can pay cash for everything.

And for those you that still believe that you need a credit card to build your credit score, I think you're wrong again. If you don't borrow money then you don't need a credit score. Your FICO score is an 'I love debt score". Trust me, it is possible to live a wonderful life without the stress and worries of debt. You willl never be able to build wealth if you're constantly giving your hard earned cash to make payments.

Just my $.02....
Your FICO score is not just an "I love debt score." Landlords, insurers, employers, and cell phone carriers can AND DO check your credit score. You could be denied employment or a place to rent simply because of your credit score. Also, if you ever want to purchase a house without paying for it in full in cash, you will need a good credit score.

None of us are recommending keeping a balance that earns interest. And making one payment a month for all of your needs is not worse than paying cash for all of your needs. The amount spent at the end of the month is the same. PLUS you earn rewards and have buyers protection on many items by using a credit card. If you are responsible with your credit card, it is actually more beneficial to use it than to pay cash. However, if you are irresponsible, can't avoid spending money you don't have, or carry a balance, then I would recommend using a credit card. If you don't have money to cover what you're spending, you shouldn't be charging it.

They do not only bring risk into your life. If used correctly, they help you avoid risk. When renting a car, Visa covers the insurance for the rental for free if you use your Visa to reserve the car. If you lose your wallet, most credit card companies will not make you pay for any unauthorized purchases made with your credit card. Try getting your cash back if someone takes it!

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Back to the original topic -- I use World Points Visa (mine was issued from M&T Bank) which has no annual fee and the points can be used for various merchandise, gift cards, cash, and travel.

 

What I usually do is save up my points all year and then spend them for Christmas presents at the end of the year. Although, lately I've been saving them up to possibly spend on a flight to the wedding for friends and family who we REALLY want there, but who honestly cannot afford to pay to fly to Mexico.

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Originally Posted by hoyt75 View Post
They are not necessary, and only bring risk into your life. I can tell you that living debt free is the only way to live life.
Also, there is such a thing as leveraging your debt. For example, if you are paying 4% interest on a loan but can earn 8% by investing that money properly, then by incurring debt, you can actually increase your wealth.

FI was recently able to do this by using a 0% interest card. Instead of paying cash for everything, he put everything on his 0% interest credit card and invested the cash. He was able to make a few grand in a few months just by using his credit card as a temporary interest free loan and investing that cash.

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Originally Posted by Ayita View Post
I have to disagree with you too wink.gif There are a lot of "credit" cards for which you actually have to pay in full at the end of each month (a few of the AX are like that). Which means that you only get an advance until you get your salary for the month, that's it. And no interest, since you repay in full each month.

This is what I use because I just hate to use checks. CC are much more convenient. With this type of card, you still stay debt free (if you don't repay at the end of the month, it stops working pretty fast), still have to budget and plan your big purchases in advance (you need to have the cash at the end of the month), can build a credit score (which is not only important for debt, but also to avoid having to give HUGE deposits to electricity, phone, internet company etc), and buy off the internet easily. For instance with the CC I can pay off my rent even if I'm not in town.

Plus, AX come with insurance built in, which means that if I break something I just purchased, or get it stolen, they replace it. You also get insurance for when you rent a car (the CDW - LDW so you only have to get the personal insurance), have insurance when you travel (if you paid with the card) - for instance if your luggage get in late or are lost.

I see only advantages - and again I am virtually debt free (at least for the cards because I have a mortgage elefant.gif)
I forgot another great advantage of paying with credit card : they handle disputes with vendors, not you. AX does this great : first, they start by crediting you !! Then they take care of the dispute and send you a confirmation. They fight very well for you - always won my cause !

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Quote:
Originally Posted by hoyt75 View Post
Sorry ladies, but I disagree when you say that credit cards are a necessary evil. They are not necessary, and only bring risk into your life. I can tell you that living debt free is the only way to live life. No stress, no worries. If DH and I don't have the money to pay for something, anything, then we don't buy it. We scrimp and save until we can pay cash for everything.

And for those you that still believe that you need a credit card to build your credit score, I think you're wrong again. If you don't borrow money then you don't need a credit score. Your FICO score is an 'I love debt score". Trust me, it is possible to live a wonderful life without the stress and worries of debt. You willl never be able to build wealth if you're constantly giving your hard earned cash to make payments.

Just my $.02....

It sounds like you are a fan of Dave Ramsey. I'm just assuming because you said "I love debt score" which is something he says a lot. I agree that a debt free lifestyle and not spending money you don't have is the way to live. But, I don't like his one-size-fits-all approach to things. For some people, using a credit card just a little with the intention to get points can turn into a lot of debt. Others have no problem consistantly paying of the balance and never overspending. I never carry a balance. I never buy things I can't afford. I save money every month. But, I use my credit card a lot. It's not to buy things I don't have the money for. I like the convenience, points, statements, etc. I also like having a great FICO score. I got a wonderful interest rate on my mortgage.

Hmm, so maybe I do love debt. I love that I can pay my mortgage off over 30 years at a rate lower than what I'll eventually be able to make putting money into a CD (once rates are back up).

I think debt is like anything addictive. If someone has a past history of having a hard time managing it, I think they should keep all temptations away. So I'm not suggesting everyone get a points card & keep it paid off. But, for some people it's a wonderful system. I have a $100 giftcard coming to me this week & I'm close to getting another $50.

Although, I am feeling conflicted about supporting citi with the fees they get from retailers every time I use my card. I try to pay cash when I'm shopping at a small, local company.

Now on topic:
I have the citi diamond card. A point is similar to 1% cash back, but it's giftcards. I get 5 points on gas/ groceries & 1 for everything else. No fees.

There are many great cards to chose from in the Thank You Network. I have a lowes & kohls card on the way. We put all of our bills & anything else we can on the card so that the points pile up. We get a $50 card every few months. Lately they have all been to Lowes or Home Depot for a house project. I just got one for Kohls to buy clothes for our next vacation. I love spending these "free money" cards.

I did a citi american airlines deal to get a free flight to hawaii (that I'm using in 1 1/2 months.) I didn't like the way miles worked vs points. The miles it required kept going up & took one leap right before we booked. My mom had to buy miles for her trip. We also had to book way in advance to get seats.

I would have prefered to do a regular points card. You can book flights with points, too.

We also have some miles left over, but won't likely get enough to be able to use the remainder. I think points are just so much easier to work with.

scan the slickdeals.net forums for good promo offers for getting a card. I don't think they are as easy to come buy, but at the height of cheap credit (2005-2007), it was easy to get $100-$250 just for signing up for a card.

I used to use the citi dividend card, because it was cash back. When we got cash back, we just saved it. Then that card stopped giving us 5% on gas & groceries so we switched to a points card. The dividend cardmight still offer 5% for new customers.

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