AMEN!!!I`m a $$$$$ dinosaur. I cary cash. I do not have a credit card for me or the farm. A few years ago I was going to borrow a few bucks to buy a new RV. The RV place would not make the loan because I had such a low score. So I went by one of my local banks and got a siginature loan on the spot, no credit check at all. The C.E.O. had been one of our former employees. He thought it was funny as hell! I sleep real good at night. I do have a Visa check card and use it about once a year when I buy myself a new lens from B&H so I don`t have to send them a check. If you did without it yesterday it won`t kill you to do without it today, and you can have it as soon as you save up the cash and everybody you oue money to is paid first. It is just plain stupid at the way people handle money today.
Whatever floats your boat. The wife and I use it for most purchases and so far we've gone to Rome in business class on a free flight and this September we're going on a free flight to Ireland thanks to those cards. Even when you add the annual fee we still get the flight for 25% of what it would cost. We never carry a balance on the cards either. I heard somewhere that the credit card companies call us "dead beats."I`m a $$$$$ dinosaur. I cary cash. I do not have a credit card for me or the farm. A few years ago I was going to borrow a few bucks to buy a new RV. The RV place would not make the loan because I had such a low score. So I went by one of my local banks and got a siginature loan on the spot, no credit check at all. The C.E.O. had been one of our former employees. He thought it was funny as hell! I sleep real good at night. I do have a Visa check card and use it about once a year when I buy myself a new lens from B&H so I don`t have to send them a check. If you did without it yesterday it won`t kill you to do without it today, and you can have it as soon as you save up the cash and everybody you oue money to is paid first. It is just plain stupid at the way people handle money today.
Rich, this just proves that if you're careful about how you manage your money, it can actually pay FOR you to have credit cards. I'm in the same boat. I use my VISA card all the time because it hands me cash back in my December statement. I get back 2% of all my purchases. My AMEX card is the same. Neither card has a fee. I never carry a balance, and I get to use their money for 28 days! :biggrin: They hate it!!! Understanding the system, and managing your money carefully is the best way to achieve financial harmony.Even when you add the annual fee we still get the flight for 25% of what it would cost. We never carry a balance on the cards either. I heard somewhere that the credit card companies call us "dead beats."
Rich
ATM cards are just as vulnerable. In my second post in this thread the business that was targeted was a well kown fast food restaraunt franchise and it was located near the University so that it would have very high volume of traffic. Any way they can get your data - whether you leave your receipt for dinner on the table at the resteraunt - if the data is not encrypted it has all your info on it - your credit card number, exp date, your signature. People go dumpster diving behind business to get those numbers. Identity theft is really the big threat now because it is easy and not very likely you will get caught. When you get the "You've been preapproved" letters for a credit card - shread them. Apartments are the worse because those mailboxes are usually easy to break into. The letter is gone and you never knew it was sent to you. All the thief has to do is change the address on the letter as tho he is updating information and poof he has a credit card in your name based on your credit rating and you are the one left trying later to prove it wasnt you and then try to repair the damage to your credit ratings!So Debit is the safest IMO, Just be a bit wary of outdoors / shady area ATM's
I am the same way, I've used my credit cards from Mexico to Florida to Western Canada. I use it for business expences to major purcases, fuel to meals. There is no "Pattern" that would twig a credit company to think that someone other than me is using my card. As to dead beats yup we are because as long as you pay it off every month they do not make any money from you. They love the people that have 1000$ of dollars racked up and make the minimum monthly payment - those are the people that they make big bucks off of. Think about it - It is a usually 18 to 24% loan. Who in their right mind would sign up for a loan with those interest rates?We never carry a balance on the cards either. I heard somewhere that the credit card companies call us "dead beats."
Rich
Lots of excellent advice. A lot of good ideas in this thread..well except for the implied threats of violence. I'm not sure I'd write off all thieves a s stupid though. The money belt idea is very effective. When we travel we have the ones which tie around the waist under our trousers. Yes, it's occasionally inconvenient turning to the wall and breaking out the card or Euros but we've been going overseas yearly since 1994 and have never had our pockets picked.ATM cards are just as vulnerable. In my first post the business that was targeted was a well kown fast food restaraunt franchise and it was located near the University so that it would have very high volume of traffic. Any way they can get your data - whether you leave your receipt for dinner on the table at the resteraunt - if the data is not encrypted it has all your info on it - your credit card number, exp date, your signature. People go dumpster diving behind business to get those numbers. Identity theft is really the big threat now because it is easy and not very likely you will get caught. When you get the "You've been preapproved" letters for a credit card - shread them. Apartments are the worse because those mailboxes are usually easy to break into. The letter is gone and you never knew it was sent to you. All the thief has to do is change the address on the letter as tho he is updating information and poof he has a credit card in your name based on your credit rating and you are the one left trying later to prove it wasnt you and then try to repair the damage to your credit ratings!
Just curious; did the stats indicate a breakdown of those who do not run a balance?An interesting fact is that on average, people who use credit cards spend 18% more than those who use cash...so the money back and points systems may not necessarily be as "rewarding" as they promise to be.
nope, they were all together. The point is that if the reduction in your capital is more palpable, you'll be more reticent to spend it. My wife and are aren't on an all-cash/debit card basis yet, but we're getting closer. It makes a difference when we do it, that's for sure. It really makes me think more about my spending now, and I wasn't all that careless to begin with. We felt it is one of those things where we can try it, and if we don't like it, we can always go back to doing things how we've always done them.Just curious; did the stats indicate a breakdown of those who do not run a balance?
Rich