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Old 08-12-2019, 12:16 PM   #41
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Another perk of using credit card, many offer purchase protection. Citi cards extend warranty by two years in addition to manufacturers warranty. So really nice to buy a TV from Costco, has 2 year warranty from Costco/Manufacturer, then 2 more years through Citi. 4 years total.

Also, card offers 60 breakage coverage. Worked out nice when daughter had her new iPhone slip out from hoodie pocket, cracked back of the phone. Credit card covered $350 for repair.
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Old 08-12-2019, 12:26 PM   #42
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Originally Posted by SecondCor521 View Post
Many of the statements made in this thread are inaccurate with the advent of debit Master Card and debit Visa, as you doubtless know. I don't know how to assess the security risks of those products, except to say that I've never had debit card issues but have had several credit card issues.
You are lucky if you have not had debit card security issues, many people have. There is a distinct difference between asking a bank to refund YOUR MONEY that was stolen, versus disputing a credit card charge on a credit card that is not your money...it is credit advanced by the credit card issuer. Those two things are so distinctly different they are not even close to being the same.
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Old 08-12-2019, 12:27 PM   #43
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Just cashed in my $50 for the month of cash back. That's like once a month free Chinese delivery.
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Old 08-12-2019, 01:16 PM   #44
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If you pay off your CC balance each month, what's the purpose of cancelling your CC just to use a Debit Card? They are both just a plastic card and using them is almost identical.
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Old 08-12-2019, 01:18 PM   #45
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The cash back can add up. I pay for our charges and my DB who lives with us, plus some of my parents' bills.
$2,700 cash back in 2019 so far.
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Old 08-12-2019, 01:26 PM   #46
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Originally Posted by Major Tom View Post
The best song lyrics are often the ones that are short on detail, and can be interpreted in a myriad of different ways, depending on the individual listener. Forum posts are not exactly analogous but, if you want to generate a lot of responses, a tried and tested method is to post a simple statement, with little or no corroborating information.

"I am thinking of getting rid of my credit cards."

"I'm planning on withdrawing 8% every year."

"Health insurance is expensive. I don't get sick, so I'm not buying it."

Perhaps it's just me, but I think it's a little disrespectful to the kind, helpful, and intelligent members of this forum, to post such a simple statement with no background information whatsoever. Why are you thinking of giving up your CC's? Is it that you cannot trust yourself with them? Do you have a distaste for the whole concept? Perhaps your lifestyle is such, that you are already using cash only for all your purchases and have a big enough checking account balance, that you use a debit card for those times when a card is necessary? What is it?

I'm definitely not suggesting that the OP is a troll - just that he/she is a person of few words. I have often found it quite mind-boggling that it's possible to create a very active thread by posting one sentence, with seemingly little effort or thought put into the post.

Time to finish off my first coffee of the morning. Perhaps I'm just being grumpy.
I have to agree. Especially since the only response from the OP was of a similar nature. Maybe opaque statements should generate a mere "OK" in response. No, you're not being grumpy, IMO.
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Old 08-12-2019, 01:32 PM   #47
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As much as I dislike CC I would no way give it up. Just like many pointed out there is a time a place for them. I still carry cash and pay cash for many things under 50 bucks.
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Old 08-12-2019, 01:44 PM   #48
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The OP can give up his/her cards at will, but here are my reasons for not doing so:

1) Need a CC, not a debit card to rent a car, typically
2) Consumer protections are included with CCs, not with debit cards
3) No foreign transaction fees with many CCs
4) Rewards: % cash back, miles, free checked bags, etc. I pay $200/year for two cards, but receive 50% off companion airline tickets, first class lounge passes, double airline miles, and cash back on the various cards. Proabably on the order of $1,000+ per year.
5) Free money lending for up to 28 days, just pay in full.
6) Emergency funds not tied to a house
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Old 08-12-2019, 01:49 PM   #49
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As much as I dislike CC I would no way give it up. Just like many pointed out there is a time a place for them. I still carry cash and pay cash for many things under 50 bucks.
I must confess that I pulled a dollar out of my wallet today. It was like an out-of-body experience. It felt unreal.

I got a $10 Dunkin Donuts as an unexpected thank you gift from a contractor for leaving them a good review on Google. My husband and I went for breakfast this morning. The total was $10.77. I handed over the gift card. Then I took out my Discover card because this quarter the 5% category is restaurants. Then I thought...

I blew the dust off the bill and handed it over. Then she gave me back some strange round disks...
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Old 08-12-2019, 02:03 PM   #50
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Quote:
Originally Posted by ERD50 View Post
Why?

That could have a lot to do with the answers you get.

-ERD50
Maybe they are a Dave Ramsey fan.
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Originally Posted by FANOFJESUS View Post
You guessed it.
Which just leads to the next question: Why are you a Dave Ramsey fan?


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Originally Posted by SecondCor521 View Post
I think I understand your situation.

I agree with perhaps half of what he says, and I like the guy. Many here do not, so be aware of that.
....

Dave's right in that my fortune was not amassed via credit card reward points, but there are several games one can play that make it more profitable than he thinks. But again, snakes.

HTH.
Earlier, I would have just said I don't agree with many of his views, and it wouldn't be personal, but the more I was encouraged (on another forum) to look into him (by a fan), the more negative things I saw, and I finally came to the conclusion that I don't like him. Which is kinda sad, but true.

And your example was one of his that really bugged me. So what if no one manged to amass a fortune by using credit card rewards? That is disingenuous on his part. We add to our fortunes in many small ways, and maybe a few large ones. You don't discount a savings just because it may be small, especially when the effort is so low, or even negative effort when you consider all the convenience of not going to the bank/ATM, the float, etc. So I shouldn't go to the gas station in town with the lowest price, or use coupons, because won't make me a fortune? He just twists things to defend his stance, it's just really not helpful to the people he claims to be helping. And that's not the only thing, it just kept building the more I heard from him, it really gets quite hypocritical.

Not that he doesn't give the kind of basic and "tough love" support that some people need when they are at rock bottom, but instead of the "teach a man to fish" approach, he just seems to keep treating everyone like a child. Some of his advice is downright hurtful to some.

Color me "not a fan"!

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Old 08-12-2019, 02:14 PM   #51
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I have one credit card and use it for everything I buy. I havent touched a dollar bill in years. CC companies now give you the option to block your cards, so I keep mine blocked until I use it, then when Im done I block it back. I also pay it off as soon as I use it. I dont want to carry a balance.
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Did anybody here retire with no credit cards? How is it working out so far for you?
Old 08-12-2019, 02:24 PM   #52
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Did anybody here retire with no credit cards? How is it working out so far for you?

Quote:
Originally Posted by FANOFJESUS View Post
I am thinking about getting rid of my credit cards.
No, and I don't know why I wouldn't want to use credit cards.
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Old 08-12-2019, 02:26 PM   #53
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I couldn't live w/o credit cards.
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Old 08-12-2019, 02:51 PM   #54
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If you pay off your CC balance each month, what's the purpose of cancelling your CC just to use a Debit Card? They are both just a plastic card and using them is almost identical.


Almost identical except one requires you to have cash in the bank at time of purchase and the other lets you freeload using OPM for a month or more. In the event unauthorized activity, the credit card generally offers more protection since you can object to the charge before the money comes out of your account.
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Old 08-12-2019, 03:22 PM   #55
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In the event unauthorized activity, the credit card generally offers more protection since you can object to the charge before the money comes out of your account.
This is the biggie, IMO. For unauthorized charges or disputes with merchants, you have much better protection with a credit card.
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Old 08-12-2019, 04:12 PM   #56
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Earlier, I would have just said I don't agree with many of his views, and it wouldn't be personal, but the more I was encouraged (on another forum) to look into him (by a fan), the more negative things I saw, and I finally came to the conclusion that I don't like him.

....but instead of the "teach a man to fish" approach, he just seems to keep treating everyone like a child. Some of his advice is downright hurtful to some.
I'm in the same boat. The basic message he's giving is one that a lot of folks need to hear, and accept. But his tone and attitude seem very unlikely to be as effective as a more empathetic approach. And his binary approach to some things (esp credit) may be a good road for people who just can't help themselves from overspending, but it is suboptimal for others.
I get the impression he's just impatient and tired of listening, he just wants to administer the bitter medicine from one of his standard bottles and take the next call.
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Old 08-13-2019, 08:29 AM   #57
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If you pay off your CC balance each month, what's the purpose of cancelling your CC just to use a Debit Card? They are both just a plastic card and using them is almost identical.
Agreed, and there's actually better financial protection by using credit card vs. debit card in case someone got a hold of your debit card or cloned it.
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Old 08-16-2019, 04:19 PM   #58
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Been retired since 1998. Use a cashback CC for almost everything to get the $$ it pays me.

Online, I use CC for known vendors and PayPal for those I don't know (mostly offshore) so I don't get a call from the CC bank about "Did you make a charge at <wherever>?"

I can say that CitiBank's fraud watch is on top of the charges I make. Paid for hosting of two web sites - two separate transactions to the same company in 3 minutes online - and got a phone call and a text to verify the second charge was valid and not someone at the vendor end scamming extra $$.
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Old 08-16-2019, 07:49 PM   #59
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Not a single response from someone that does not have any credit cards?

Not me, but a fellow hermit up here in the mountains. He is forceably FIREd on medical SS and in his fourties. His finances are very limited and his bank manages his account for him. When there is money in the account he spends it. When there is no money he doesn't spent it. I have convinced him to keep a good stock of staples on hand like rice, beans and flour for times when he runs out of money. He does have a debit card that he uses on Amizon and Walmart on line. If he over spends on line, the transaction does not go through and then he can check his account. It works pretty good for him most of the time. Last week the bank gave him $300 erroneously of which he spent about half. They then took it back and charged him $35 for being overdrawn. He is on a first name basis with the branch manager and they got it straightened out, but I think he will owe the bank some out of his next SS check. For him, a credit card is down right scary.
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Old 08-16-2019, 09:03 PM   #60
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No doubt.
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