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Thread: Who DOESN'T have a credit card?

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    Member tex010's Avatar
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    Default Who DOESN'T have a credit card?

    I live in Europe, and as I've been following these conversations i've been shocked of how almost all of you seem to use credit cards all the time!

    Myself being warned over thouse all my life (and i don't own one, for that matter!) and having seen so many friends getting their lifes screwed up by little meaningless depts, I started to wonder, why do you all use them?

    Ok, if one has steady income and ability to pay loans back in correct time it works, but why not to save up the money and get all the things you want on hard cash/bank loan?

    I know things are a bit diffrent in USA than in here, but this I've never undestood.. are credit cards simply a custom? Do you have/use so called bank cards at all? Or do credit card companys give some extra benefits (insurances etc) to their customers to make it work purchasing?

    I'm just wondering, and thouse of you who dont have one/use one, please speak out! Is it REALLY that much tougher to live in US without CC?

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    Featured Member lunchbox's Avatar
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    Default Re: Who DOESN'T have a credit card?

    There is nothing dangerous about a CC itself, it's how you choose to use it.

    These days, I pay for just about everything with a CC, rent, bills, groceries, etc. etc. Most cards give you a benefit like airline frequent flyer miles and cashback. I can't remember the last time I was charged a fee to use a CC in a store (although SC's do) and very few places will discount for cash, so it's always worth it to use a CC and get a 'reward'.

    If you have pre-tax cash (most dancers do), then things are a little different, and the benefit of using a CC almost disappears.

    They do make life easier in general. Limited liability, emergency funds, easily handles security deposits for things, extended warranties/purchase protection, etc. etc.

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    Default Re: Who DOESN'T have a credit card?

    Well, there are certain services like booking a hotel room or renting a car for which a credit card makes life more convenient .

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    Cally
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    Default Re: Who DOESN'T have a credit card?

    I dont have a credit card, im scared to have one. Im a wreckless spender so I know if I found myself on those clothing sites n such I would be bankrupt in a heart beat lol!

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    Veteran Member susie's Avatar
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    Default Re: Who DOESN'T have a credit card?

    If you don't have a credit card, then you have no credit history. With out credit history, you can not get a loan to buy a house, or a vaccume cleaner. You have to show people that you are trustworthy in order to get $$ for things like a car or home instead of using all your money and saving it till you can buy a home/car. When you use a loan to buy things, you can put more money into things that gain capital.(like if you have ten grand, you put five on the house and five in the stocks. The stocks earn 14% while the house is only taking 5%, so you have earned a capital of nine% when it matures. If the house would have been more for interest though, you put all the $$ on the house)
    I use a credit card to buy grocerys. I get pennys on every dollar I spend. I have the money for grocerys, and pay the card off right away, however, because I used my card, I generally earn about 60 dollars per year from using the card.
    A penny saved is a penny earned.
    I also don't see how Europe is so different? I know plenty of people who either live in that area or are from across the ocean, and they have no problem w/credit cards.
    It just makes more sence to have a card then not, but then again, I'm only spending what I can pay back in a week, or already have.
    Susie

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    Featured Member hannah83's Avatar
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    Default Re: Who DOESN'T have a credit card?

    i don't have one, and i'm with you Cally~i'd be broke if i did!!!
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    God/dess MrChristopher's Avatar
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    Default Re: Who DOESN'T have a credit card?

    I have them, but I rarely use them anymore. Nowadays I generally use my bank debit card, it just seems easier to me.
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    God/dess Emily's Avatar
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    Default Re: Who DOESN'T have a credit card?

    credit cards are great! I guess I have enough discipline not to spend beyond my means, but it makes life easier. Plus you get rewards!

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    Default Re: Who DOESN'T have a credit card?

    Sorry, don't use the damned things.

    ~~McCain

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    Member tex010's Avatar
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    Default Re: Who DOESN'T have a credit card?

    susie: Ok... We have a bit diffrent system here with means of banks allowing loans, not having anything to do with credit cards. Where I life (skandinavia) people rarely use CCs, instead the penny saved - penny earned, most of the stores are today chain owned or connected and offer 5% revenue of all your spendings.

    Maybe this is just a cultural thing... You can also book a hotel room and so on here w/o credit card.

    Personally it hasnt been a hurdle for myself to get one any of these days, but perhaps I will in future, after brushing up my spending habits and getting some serious info about the issue...

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    Default Re: Who DOESN'T have a credit card?

    Quote Originally Posted by susie
    If you don't have a credit card, then you have no credit history.
    Bingo.

    Granted, CC's aren't for everyone, as they do require a strict amount of discipline, but they're a Godsend for those of us who can pay them off every month. Its nice being able to pay for my gas at the pump, and if I have to do any of the following:

    - get a motel room
    - pay for a tow
    - pay a big restauraunt bill for my party
    - buy a big ticket item (like a computer)
    - buy most anything online
    - incur a big auto repair bill
    - do my Christmas shopping

    ...I honestly don't know what I'd do without one.
    Former SCJ now in rehab.

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    Member tex010's Avatar
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    Default Re: Who DOESN'T have a credit card?

    Hmm... I think most of the people here are using their own bank's cards where you can have some credit, and one can do all the things above listed by doc-cat fish...

    Do you have this type of cards at all in US? (I'm sorry but I finally decided to get to the bottom of the issue..)

  13. #13
    AudreyLeigh
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    Default Re: Who DOESN'T have a credit card?

    I was thinking the same thing Tex - Ive never had a CC but I have my Visa Bank Card and can book rooms, cars, buy online and such with it

    And Susie - I managed to rack up $25k worth of DEBT WITHOUT a CC... and am in the midst of a bankruptcy... CC doesnt = credit history... theres always student loans and car loans and fingerhut and private loans and secure loans and blah blah blah...

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    Default Re: Who DOESN'T have a credit card?

    I have such fucked up credit! Did some stupid things with cc when I was younger. *sigh*

    I consolidated my bills through Pioneer, things were going good then I dropped it when I got a house. Well my sister in law talked me into getting it, and made everything worse bc I had no back up and douche bag tenants weren't paying the rent. Now they sold the house & my brother and his wife decided to give me some money to pay for ALL of my debts. So glad I don't have to file for bankruptsy.
    Get things cleaned.

    I learned my lesson w/cc!! The fucking devil they are, lol.

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    Senior Member dave1112's Avatar
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    Default Re: Who DOESN'T have a credit card?

    Plus, you can also get 1% cash back on some cards. As long as you pay the balance each month it costs you zero dollars. So I use it for everything.

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    Default Re: Who DOESN'T have a credit card?

    I don't have a credit card, I am choosing to build my credit by taking out loans on things like (my car and my boobs and nose) that I already have the money for. That way they can just automatically take the money out of my checking, but I still get the long term credit score. I don't trust myself with a credit card.

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    Default Re: Who DOESN'T have a credit card?

    I don't have a CC, I use my debit/bank card for everything.

    It's much easier and I don't have to keep track of anything. Plus when I deposit money into my account every night I work I know how much my limit is. And I can't go over.

    I never have to worry if the CC card company got my payment or anything, and it never gets denied (unless I have no/ not enough money in the account.

    As for big ticket items, like a PC, or new plasma TV, I just save and pay cash. It's easier that way, and I don't feel like I am pressured to pay for it after I use it. It's kinda like a reward for working hard, lol.

    For bigger items, like a car or house; it's harder to purchase w/o credit, but it is still do-able.

    I do agree, the US is credit crazy.

    That's why when I get my new Coach purse, I am asking for a Japanese version not an American version. The Japanese version has less room for CC's and more room for cash, since Japanese people in general use cash more than credit.
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    Default Re: Who DOESN'T have a credit card?

    I am 20 and don't have a credit card, mainly because I don't work and my dad's reasoning is because I shop too much.
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    Default Re: Who DOESN'T have a credit card?

    The BANKs and CC companies (VISA, MasterCard, Discover, AmerExpress et al) make BIG money from you with your credit cards. Since the Reagan admin., banks can charge USUROUS RATES and can pile on the penalties. That and all those other BOGUS FEES they dream up. It is a HUGE cash cow for them.

    Banks and CC companies try to make life seem easier with credit cards, knowing that most people will carry a balance to pay off their carrying charges (for paying out stores before the customer pays back) and knowing that up to 2.8% of the purchase will come to them from store account fees. Credit Card companies are a HUGE business in this country. And their profits add to our costs of buying most everything,even if you do not use a CC. CC's do provide a few perks, like stolen card services, additional warranty period, the ability to protest (try that with CASH), plus all that extra exercise for your postman.

    The worst thing you can do is to over-spend and pay back late a lot and exceed your limit. You WILL GET KILLED. I cancelled all of mine years ago, but wish I had kept one as an emergency with only responsible, occasional use to help keep up my FICO and to keep them from unilaterally cancelling it out (like Shell Oil did 20 years ago after they pulled out of the state).

    You make out well with credit cards only if you pay your full charges (especially) ALWAYS on time, and have very little credit experience to lift up your FICO score, so you depend on your CC account to do this. The emergency use of CC is a benefit when you cannot easily manipulate your other fund sources to upgrade your account balance. Thenif it is a BIG emergency charge, as soon as you can get a bank loan to pay off your CC bill that month. For big ticket items you expect to have a LONG time and that you will strain your emergency fund to buy, like a mortgage or an upgraded car, a credit union (or bank) loan is a far better way.

    However, I prefer (by far) my plastic (branded) debit card. I get all the benefits, except the credit score one, with none of the penalties, except having to resolve my balance more often.

    It is not a custom, it is an ADDICTION. And an insidiously BAD one at that.

    I see that some of the posters here know this already. Wonderful!
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

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    Veteran Member Cristalla's Avatar
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    Default Re: Who DOESN'T have a credit card?

    i have one from europe because the way it works there is you don t pay the CC company when you use it but the bank does it for you takin it off yr checking account.
    is easier for me because i barely have a permanent address , i m always on the move.

    but i try not to use it bcs i dont like using money that is not mine.

    here in USA i use debit atm card , works like a visa and trains me to pay only when i know there s money in it.

    but i m wondering whether to get a secured CC. any of you ever tried those?
    how s the billing works?

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    God/dess Deogol's Avatar
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    Default Re: Who DOESN'T have a credit card?

    Quote Originally Posted by MrChristopher
    I have them, but I rarely use them anymore. Nowadays I generally use my bank debit card, it just seems easier to me.
    Yep. Me too. I got one of them American Express cards but it pretty much stays in the safe.

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    Default Re: Who DOESN'T have a credit card?

    i use my debit card daily. for a credit card i use an american express ONLY. that way i know i have to pay it off each month.

  23. #23
    Jay Zeno
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    Default Re: Who DOESN'T have a credit card?

    I have an airline credit card, dollar-for-mile credit on normal purchases, and double miles credit on ticket purchases. I pay it to zero every month, on time. We've got a number of free flights coming. I don't see the downside.

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    Default Re: Who DOESN'T have a credit card?

    I don't have one, but I used to when I barely turned 18. I buy everything with cash, and online I use an ATM card. And for buyng expensive things, I just save. For other stuff I have t ogive a big deposit, like for a new phone, if I wanted one. Butother than that life is normal.

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    Default Re: Who DOESN'T have a credit card?

    You really can't travel, entertain, fly, rent a car or hotel room or even run up an insane tab at a SC in the US without at least one CC. Keep a few on hand just for variety's sake.

    In the club, your cash budget is your stage and initial lap and tipping budget. The CCs are used for everything else, such as bar tabs and CRs. (Note: This is a minority opinion, I was surprised to learn, among guys in the clubs, based on an SCJ poll. But I can't run a table, a bar tab or a CR tab without one unless I walk into the club with a briefcase, which of course they would seize at the door.) This is particularly true in Vegas or NYC, where a thumbprint, photo ID and a CC are required for anything in the four-figure insanity range.

    Tex, the thing to remember about CCs in the US is that they are a convenience so you don't have to carry around absurd amounts of cash. They can be used a payment mechanism, rather than as a form of assuming debt. They also provide a record of your transactions, and supply the paper trail as back-ups for write-offs, if any. If you pay the cards off completely each month, debt really does not come into the equation at all.

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