POLL:Credit cards Good or Bad? Why?

[PRICEPLUS]

There are varied opinions on Credit Cards on this Board? What is your take and please post what that view might be!

[tinapbeana]

um, my choice isn't up there

good ONLY if used with forethought and responsibility, but i would never actually call it a necessity (meaning i have to have one to survive).

[boefixepa]

For me, I voted GREAT. But that is right now. A few years ago I would have voted differently and overall I don't think people use them the way they ought to. I'd miss the rewards, but my feeling would not be hurt if they were to disappear off of the face of the earth. I think the overall population would benifit if that were to happen.

I don't know the percentages, but I'd say overall they do more harm then good. I know I am years from breaking even on the rewards for the years I spent paying interest.

[PRICEPLUS]

Sorry Tina! I wanted to keep it simple and let people express thier views more precisely in writing!

[Ima saver]

They are not a necessity, but I do like the cash rewards.

[frugalmomof1]

I voted great. I have 2 reward Credit Cards that I pay in full every month (unless I am getting a promotional 0% rate, which I call and ask for periodically).
A Sunoco gas card which applies a 4% rebate directly toward the balance every month. There is a spot for lifetime rebates on each months statement, and over 3 years or so I have earned over 3 months worth of free gas!
Discover Gas Card which offers 5% Cashback for the first $1200 in gas or automotive related purchases. Then maybe 1% on everything else. We use it for all major household purchases then pay it off before we are charged any interest.
Credit cards can work for you if you use them responsibly.

[Gruntina]

Hmm in my case, the credit card are not a necessarily and I don’t use it for the rewards but only simply as a back up card if something happened to my debit card.

(This is totally a personal opinion of mine only)
However responsible people can be with card, I think credit card in general are bad for the economy in a sense that cost of living has gone up because we can now get "credit" for higher price loans on housings, cars and etc. I believe if we did not have credit cards, the housings/cars would not be as high as they are today.

If we were to strip all credit cards in this country, the appearance of looking like we are in debts would be a lot more obvious.

[sweeps]

Here's to reward credit cards.

[pearlieq]

Wouldn't want to go without them. Like anything else they need to be handled responsibly but they're both convenient and lucrative for me.

[PRICEPLUS]

It is pretty interesting that so many places tell you not to use credit cards. It appears that is not the case with memebers here so far! Hmmmm???

[kristinecfp]

Originally Posted by PRICEPLUS

It is pretty interesting that so many places tell you not to use credit cards. It appears that is not the case with memebers here so far! Hmmmm???

My guess is that this group is the exception not the rule! I'd love to be proven wrong, but I bet the majority of people do not use credit cards responsibly (maybe I'm being too pessimistic?).

[tabbycat31]

for me I use mine because I am very uncomfortable using my debit card (due to past issues with fraud). I use it and pay off the balance monthly.

However when I was in college, I got in trouble with a CC so I would have felt differently then.

[Broken Arrow]

Originally Posted by kristinecfp

My guess is that this group is the exception not the rule! I'd love to be proven wrong, but I bet the majority of people do not use credit cards responsibly (maybe I'm being too pessimistic?).

Yes, I'd agree with that assumption. I think, by and large, credit cards are more detrimental to one's financial health than anything.

However, the regulars on this forum, I think, are much more financially responsible than the general public. Hence the ability to enjoy its benefits rather than be trapped by its pitfalls.

And therein lies the real answer. Like a gun, I believe that it depends on the individual, and how responsible and capable they are with it.

[tinapbeana]

Originally Posted by Broken Arrow

And therein lies the real answer. Like a gun, I believe that it depends on the individual, and how responsible and capable they are with it.

and like a gun, there are those that feel that in some cases they are way too easy for some folks to get....

sorry for the mini rant, i'm still reeling from the knowledge there are more safety regs on teddy bears than on handguns and that in SC i had to wait longer to get my marriage license than DH's recent rifle...

[disneysteve]

I voted Great (big surprise, right). I couldn't imagine life without my credit cards. I use them everywhere. I also have many household bills automatically charged to a cc. In 2006, our total charges were about $32,000 and we earned roughly $600 in rewards.

Without a cc, I would have many more bills to pay, either onine or by writing more checks. This way, one payment covers many bills and purchases. I'd also have to carry a lot more cash, which would also mean more trips to ATMs. This way, I only go to the ATM every 2 weeks to deposit my check. I hardly ever have to withdraw cash.

[disneysteve]

Originally Posted by kristinecfp

I'd love to be proven wrong, but I bet the majority of people do not use credit cards responsibly (maybe I'm being too pessimistic?).

Actually, 55% of US households either don't have any credit cards (24%) or pay their bills in full (31%), so the majority (granted not a very large majority) are just fine. As for the remaining 45%, at least some of them are carrying balances on 0% cards and making out better than paying off their cards. So the overall picture isn't completely bleak.

[MonkeyMama]

I can't really vote - I think they are evil and great.

I don't like credit card companies and frankly think they are out of control, they prey on the poor, some of their practices, and their interest rates, should be illegal.

On the flip side I love credit cards as a tool since I know how to avoid the traps. The 0% interest is great, the convenience is great, the cash back is even better.

If you are not well educated on credit cards, I would consider them evil, if you are educated they are great.

most peopple have to learnt he hard way it seems, which is sad.

[simpleyme]

I have never had a problem with credit cards but i do not really use them much I have had them for 20 years and the change in terms has been terrible! the universal default thing kills me
I have no risk at being in default but the slightest thought of even ever having to pay 32 percent on anything makes me feel physically ill.

I am crossing to the dark side i got a rewards card I only use a credit card when i travel to buy vacation packages so I am not sure if that kind of use will be worth it or not I charge about 3K a year and have it paid before i even take the trip


my son is 20 has a great job and a lot of money in the bank he is saving for a house

he was sent the most horrible credit card offer I had ever seen he would get 200 dollars credit and it would only cost him 69 dollars a year! he has no credit yet at all at the rate he is saving he will probably have enough to pay for a house in cash ,I told him to keep saving and we would help him by introducing him to the loan officer at our bank that does manual underwriting

I do not want him to pay money on these predators that know how desperate young people are to establish credit and take advantage of it

[Aleta]

They are good if you use them correctly. I pay mine off monthly. I use their money for a whole month and don't have to worry about carrying around alot of cash to be stolen. Also, if you have a problem with the merchandise, it is easier to dispute the charge if it's on a credit card.

[disneysteve]

Originally Posted by MonkeyMama

If you are not well educated on credit cards, I would consider them evil

If you are not well educated, how is that the credit card's fault? It is what it is. How you use it is entirely up to you (general you, not you MonkeyMama).