Too many credit cards? aka "The Credit Card thread"

smeemi said:
The biggest study of millionaires was done in the US. 99% didn't use credit cards. Enjoy the debt.
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99% who uses credit cards don’t understand them.

You don’t use credit card, and you also don’t understand them.

You can be rich and have a credit card.
 
Raymond Lin said:
99% who uses credit cards don’t understand them.

You don’t use credit card, and you also don’t understand them.

You can be rich and have a credit card.
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Wish I was in the top 1% of credit card users like you, it is actually an honour to be speaking to you. I'm only in the top 1% of earners myself.
 
You don't need a credit card to have a good credit rating. I have not had one since 1980 ish. A mortgage and paying your bills on time does the trick as well.
 
smeemi said:
Wish I was in the top 1% of credit card users like you, it is actually an honour to be speaking to you. I'm only in the top 1% of earners myself.
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You don’t get it, this isn’t about how rich you are or how much you earn. This is about understanding the benefits of credit cards and the legal protections they have. Fraud protections, and finally, and lastly, financial benefits.

I know you understand all that but too stubborn to accept it.

Being rich and having a credit card is not mutally exclusive. You can have both, in fact, even better to have a credit card when you are rich. You get crap tons of perks with the top tier cards. Yes you can afford it, but who doesn’t like free room upgrades, free lounge access, free food, free car hire upgrade?

You apparently.
 
Raymond Lin said:
You don’t get it, this isn’t about how rich you are or how much you earn. This is about understanding the benefits of credit cards and the legal protections they have. Fraud protections, and finally, and lastly, financial benefits.

I know you understand all that but too stubborn to accept it.

Being rich and having a credit card is not mutally exclusive. You can have both, in fact, even better to have a credit card when you are rich. You get crap tons of perks with the top tier cards. Yes you can afford it, but who doesn’t like free room upgrades, free lounge access, free food, free car hire upgrade?

You apparently.
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Fine, but I'm not rich yet. When I can pay someone to manage my credit card for me as part of my wealth management, then it'll be worth my time. Plenty of better use of time than managing credit cards when you're young.
 
smeemi said:
Fine, but I'm not rich yet. When I can pay someone to manage my credit card for me as part of my wealth management, then it'll be worth my time. Plenty of better use of time than managing credit cards when you're young.
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This is the great thing about credit card, you can save your time in doing your background checks on every company you buy from and put them on your credit card. Use that time to earn more money.

That surely is better use of your time?
 
Raymond Lin said:
This is the great thing about credit card, you can save your time in doing your background checks on every company you buy from and put them on your credit card. Use that time to earn more money.

That surely is better use of your time?
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Maybe I'm not the target market.
I don't spend much, and when I do, I stick to established companies unless its something for the house eg builders, which I do the due diligence myself.
 
smeemi said:
Fine, but I'm not rich yet. When I can pay someone to manage my credit card for me as part of my wealth management, then it'll be worth my time. Plenty of better use of time than managing credit cards when you're young.
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But you just said you're a top 1% earner?


I smell porky pies.
 
smeemi said:
Maybe I'm not the target market.
I don't spend much, and when I do, I stick to established companies unless its something for the house eg builders, which I do the due diligence myself.
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Save the time, use it to earn more money.

And also free food at airports, free travel insurance, free car hire upgrades, discounts on various retailers, free air miles (flights).

If you are financially responsible as you say you are, then you are in the best position to take advantage of it. Get something back from those “evil” credit card companies.
 
200sols said:
Pretty sure we had debt in the old ways, debtors prison wasn't great though.
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Not really. Well, apart from a mortgage! My father never had any debts. Most of my family have none. We aren't rich, it's just a question of living within our means. I don't even have a mortgage. My debt is absolutely zero. You would be amazed how the "pressure is off" when you don't owe anyone anything.
 
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I think people are equating "credit card = debt" and that's not necessarily the case.

If you have a credit card you can use it exactly like you would a debit card, I have an Amex cashback card which I do my regular spending on. It's configured to take the maximum payment each month, there is no possibility for it to build up additional debt.

There are 3 main benefits to doing this over using a debit card:
  1. Better protection on purchases.
  2. I get cashback on money I would be spending anyway.
  3. My bank statement isn't littered with lots of small purchases, it's one monthly outgoing credit card payment.
Given I am always paying for the thing I put on it within 1-30 days of making any purchase, this also means I don't spend money that I don't have.

The only con I can think of is that you need enough of a grip on how much cash you have in your debit account to cover the outstanding balance, but I have a big enough safety net not to worry about that day to day.

If you go into the realms of stacking purchases on interest free cards, then it becomes a little riskier and you need more discipline to use them this way, but for my purposes above, credit card as a debit card works and carries no risk if used this way.
 
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