Sorry, but I don't care what other people think. It's my money and I'm careful with it.

The entire credit card industry is set up to squeeze out as much profit from people as possible. They offer discounts as an incentive, but it is a huge trap that many, many people fall into. I'm not interested in risk. I'm interested in simplicity.

It's participating in the credit card industry that is foolish.

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wildrhythms 15 hours ago | parent | next [-]

For people who only spend what they have, what is the risk? I don't accrue credit card debt, never have, so I've enjoyed a 2-3% discount on my entire spending history. Over lifetime that will probably amount to a couple of vacations.

	▲	john_strinlai 14 hours ago \| parent [-]
		>For people who only spend what they have, what is the risk? there is none. some people are just ideologically opposed to credit cards, like the parent appears to be. their loss, really. they end up paying a portion of the cost but reap none of the benefits (rewards, additional legal protections)

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rpdillon 13 hours ago | parent | prev | next [-]

I completely get where you're coming from, but credit cards are a tool, and you can came out way ahead using them properly. For starters, they are key to having a good credit rating, which opens a lot of doors - maintain 3 open cards, pay off the full balance every month, and keep those accounts open for 10+ years. Big lift.

Second, never use a card with an annual fee.

Third, which I already said, but bears repeating: pay off the full balance every month.

Fourth, look out for one good rewards card and funnel expenses through it, so you can get the rewards.

My parents taught me all of this 40 years ago, and it was exceptional advice, and has served me (and my family) very well.

Credit cards are not about carrying debt. They are the worst tool for that.

	▲	phil21 9 hours ago \| parent [-]
		> way ahead This is overselling it. You can come out 2% ahead or so. 4-5% if you are an extremely high spender who enjoys mentally managing 5 or 6 credit cards to max out category bonuses and other benefits and all that. You come out marginally ahead at the expense of mental overhead. Good tradeoff for some, not for others. I use a credit card, I dropped from 3-4 different cards trying to max out those 4-5% spending categories and just have a straight 2% cashback on everything card now. Plus one backup on a different payment network in case one goes down. It got to be exhausting trying to remember to manage so many cards plus remember to use the points, make sure to use the right card for the right thing, and all the other BS. For some of my friends it's a hobby which is great for you if you enjoy such things! For me, it's just adding another chore to my life. Not worth the 1-2% or so marginal gain against my spending. The super easy stuff is long gone these days too. You get far larger discounts paying via ACH for utility bills/cell phone bills/etc. vs. what credit card rewards give you so all the "autopilot" stuff is largely gone. I do remember the days where we paid our Equinix bill via the company Amex. That was pretty fun while the party lasted!

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Loggias 15 hours ago | parent | prev [-]

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