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For business, can be useful to cover immediate expenses that you can't pay now but could pay later (e.g. when clients pay you)
On the consumer side, things like points are good since you can redeem them for shit like flights
E.g. I have a credit card that gives me points for every purchase (more for certain kinds like booking travel through the CC provider). After a while I can redeem these points e.g. to reduce my credit card bill. Basically free money so I use it when I can
Points game is an entirely different animal in itself. There are people who use points to get free first class flights and stuff. However, from my limited understanding, it only makes sense if you are spending thousands a month on your CC
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2013: 1 lay
2014: 0 lays
2015: 7 lays
2016: 38 lays
Get one and use it at least once a month, pay off the amount entirely once the statement comes in at the end of the month. This will build your credit for when you need to buy a house later in life or get a loan for a business.
Never actually carry a balance month to month unless you are an idiot or have a serious need for business reasons.
At the end everything ends up being black or white
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I have a pal that always has money, even if he does not have a job, but I saw him once losing his mind out for the bill.
He now has another credit card and I don't know if it is a good idea, he makes about $1,400 /month, (I will be making a bit more)
whiteknightrises wrote: Yes if you are not an idiot
However, from my limited understanding, it only makes sense if you are spending thousands a month on your CC
I have very limited understanding. Everyone has a credit card, that makes me think it may a need, but everyone is too fucking stupid and perhaps it's all BS that will get you in debts for it's high interests.
Get one and use it at least once a month, pay off the amount entirely once the statement comes in at the end of the month.
Perhaps will try this one month in about 6 months from today. Just to get the experience.
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Good to build credit, earn cash/points back, & as a safety net/resource assuming you're not dumb with it and can actually regularly pay it off.
If you go into your bank, you should be able to get a rewards type credit card with equivalent to 1% cash back and no annual fees. I could be wrong though, but I believe this is available to most people who've had their account for awhile and have at least some credit.
TLDR: If you have financial discipline, credit cards are great and nothing but a positive in your life (rewards / cash back). If you're not financially disciplined, they'll destroy your life (interest rates and compound interest).
If you have financial discipline, you stand everything to gain and nothing to lose by using a credit card.
You'll build credit which you'll need in the future (probably) for getting an apartment, etc. A high credit score cannot hurt you in any way; it's nothing but a good / great thing.
If you only use it to cover expenses you'd be paying cash / check for, you're actually getting paid to use it. Pay your bills, gas, insurance, rent, groceries, etc. with it and (if you have a rewards system - most cards do) you're getting cash back / rewards. This means you're not spending money outside of your essential costs of living. (Important: your costs of living doesn't increase just because your credit limit increases).
Credit cards are the fucking devil if you allow them to be. If you're using them to purchase things you cannot afford, you're going to royally fuck yourself.
Temporarily unavailable as I need to focus on other areas of my life. Only focusing on no more than two goals at once. Best of luck to you guys.
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Dag wrote: I don't know how they work, have just a notion
I usually see everyone struggling with the interests and debts.
What is the business with it?
Are they worth it?
Yes they are worth it. Just be disciplined and always pay off your balance each month. Good credit allows you to get better deals in almost anything from renting, car purchase, jobs and loan offers (mortgages etc).
You do not want to be that older person with no credit to his name (unless you have millions) with a partner who is looking to step up in life.
1. Get a Low APR card (below 15%) if you can
2. Pick a basic rewards card that you can use for everything (Citi, Chase, BoFA), if you're young try a student credit card and work your way up.
3. Look at statement balance (not the same as full balance, because you could be in a new period) and then pay it
4. Do not add another person to your card (especially if they are bad with finances)
5. Go with Visa/MasterCard, even though discover/amex are great, some restaurants might not take them...imagine paying with that card on a date.
No it's not worth it. Credit cards are short-term, high interest loans. They give the consumer a false sense of buying power. They also make goods way more expensive than they should be. You really think Apple could sell $1000 phones if the only way people could pay for them is with cash??
Credit cards and bank bonuses are good way to get an extra 1.5-2.5 k a year in spending power if you're organized and have your shit together. Simply paying off a credit card at the end of the month while hitting whatever spending criteria they have (say $3000 in 3 months and you're looking to buy a new computer) can get you a $400-$500 in your pocket just from the bonus, more than that if they have point multipliers that you use for travel, food or other shit. Cash back adds up as well
Just don't be an idiot and read the fine print. Many cards give you a year of 0% APR, which if you take advantage off basically gives you a year for an interest free loan, which is worth 5% of what you spend on its own. If you do that make sure you pay it off before the end of the year. If a card doesn't give you a year of 0% APR pay off the entire balance at the end of each month. If you ever mess up and have a late fee/high APR payment you can call them and in most cases they will waive it since credit card companies hate losing customers and actually make most of their money from merchants not losers who can't pay their bills (that's where they lose money even with the high interest and all).
Many banks give $200-$500 if you open a bank account and follow certain steps, like setting up direct deposit, depositing and holding a certain amount, etc. I do those 4 times a year which nets me over a grand for ~4 hours of work. I open 2 credit cards a year (used to be 3 but now I go for higher spending/higher bonus ones that take many months to realize the rewards) which amounts to over a grand as well. Fly every couple months and haven't paid for a plane ticket out of pocket since 2017.
Couple resources to get an idea of what bonuses are out there.
Credit Cards are great, but don't treat your credit limit as a spending limit. If you have a credit limit of $500 a month... don't spend $500 a month.
Spend only however much you have in the bank, because you are paying your card off with what's in the bank at the end of the month. Most people see their credit limit and get excited spending it to chase the high of having so much money you can do what you want.
Pros of CC:
* Cash back (1-3% on certain goods. your basic bank credit card is a good bet)
* Build up your credit - fi you are ready to start a business in the next 3-5 years, you will want to have a credit built up to get you a good deal on loans. Only way to build up credit is to show you can buy things on credit and pay your credit off
Buy everything with your credit card, but use the online app to keep paying it off every week if you are used to looking at your bank to track your spend. Be real careful with this - one missed payment docks your credit score.
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