Can one live without a credit card?

[poundwise]

Re: Can one live without a credit card?


This is a round-and-round argument with no absolute resolution. But I would like to offer an opinion on something I think should be an absolute or close to it.

IF you need to physically freeze your credit card to prevent misuse or overuse, then you probably need to try to live without a credit card.

Just a thought.

[disneysteve]

Re: Can one live without a credit card?

IF you need to physically freeze your credit card to prevent misuse or overuse, then you probably need to try to live without a credit card.

I agree. What is the point in having a CC if you are going to keep it inaccessible?

Besides, having the card frozen doesn't prevent you from making online purchases.

[Ima saver]

Re: Can one live without a credit card?

I agree, I think each of us know if we can be responsible or not! If you can pay them off every month, then there is no harm done. Plus it is nice getting a few dollars back for charging.

[jmjj215]

Re: Can one live without a credit card?

Debit cards can't do that either.

Actually many debit cards have cashback rewards as well.

[poundwise]

Re: Can one live without a credit card?

Actually many debit cards have cashback rewards as well.

True.

[Snoopy2645]

Re: Can one live without a credit card?

I have never had a debit card only cc's & I also enjoy the cashback rewards but I know tons of people who have never had a cc in thier life in fact my grandparents never even had a checking account I am pretty sure dh's grandparents never had a checking account either they pay cash for everything. Including cars & house I hope to be like that in the next few years once I get my finances in order I am going to the envelope system!!!

[Broken Arrow]

Re: Can one live without a credit card?

Actually many debit cards have cashback rewards as well.

Thank you for pointing that out! I gladly stand corrected for anything that will help me save money.

Now, does anyone have one of those? If so, where? Is there an URL? What are the minimum and fees? If the terms are good enough, I'd gladly switch banks!

[poundwise]

Re: Can one live without a credit card?

http://www.usatoday.com/money/industries/banking/2006-06-01-debit-rewards-usat_x.htm

That link only mentions a few. It is a growing trend. I see several banks in my area offering checking with debit rewards, etc.

[Broken Arrow]

Re: Can one live without a credit card?

Thanks poundwise!

I hope the trend keep growing. Dave Ramsey just may have his cake and eat it too!

Seriously though, WaMu looks interesting, though the article does admit that CC rewards still tends to be better at this point....

[jmjj215]

Re: Can one live without a credit card?

I hope the trend keep growing. Dave Ramsey just may have his cake and eat it too!

He'd probably still stick to his guns that cash is better and that you still tend to overspend a bit w/ a debit card. It would make his fight a bit easier though.

[markio26]

Re: Can one live without a credit card?

i think i could live without a credit card... spouse likes the discover cash back rewards... this is the only card we use.... i only use my debit card when they will not accept the discover card... i think the rewards are fewer and very limited now. cash is king.

[Broken Arrow]

Re: Can one live without a credit card?

Actually, I've lived for years without a credit card. I don't know how long, but more than 5 years for sure. I just got my first "real" credit card about... a month ago I think? I'm proud to say that I don't even wait til the end of the month to pay them off. Instead, I pay all my bills the moment my paycheck shows up in my bank account, and that includes the new CC.

In any case, I know I can easily live without CCs. In fact, I find having to look after this CC to be a bit of a nuisance. However, I also know that the benefits will still outweigh the hassles in the long run.

[Lenae]

Re: Can one live without a credit card?

I didn't get my first credit card until last summer when I was 27. I got a JCPenney card so I could pay for our wedding rings ($2500 retail for $650!).

I always used cash and checks to pay for items and got a debit card last summer. I did get 2 credit cards this summer. One at Lowes and took advantage of the 1 year to pay it off. I also got a Victoria's Secret Angels card to take advantage of the semi-anual sale.

The only credit card situation I have ran into it needing one for renting a car. All I have to do is use my debit card to pay a deposit (which never showed in my checking account).

[Roupey03]

Re: Can one live without a credit card?

I told myself that I would never get a credit card, but right after my 20th birthday I got one. I don't see why people wouldn't have cards. I usually just buy gas and pay it in full when the bill comes just so I can have something on my credit report. Plus you never know when emergencys will strike.

[kealina]

Re: Can one live without a credit card?

lol... i didn't have one until this month and i'm 24... DH added me to his credit card, which is good as now we can both use our cards for gas and whatever... i think it's a good thing because we are both very financially responsible and pay any bills at least by the end of the month... we only use credit cards because it is simpler to charge and then go online, transfer the money and pay the credit card since it is all from the credit union... i used to use only cash but i hope to slowly build my credit and use the benefits to my advantage...
funny enough, my mom raised me to be really anti-debt so i'm fairly confident that i can avoid that trap although there is still so much for me to learn in other financial areas that i was taught as a kid....