Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 07-30-2020, 05:24 AM   #21
Thinks s/he gets paid by the post
 
Join Date: Jul 2007
Location: St. Louis
Posts: 1,344
Quote:
Originally Posted by W2R View Post
And here I thought I'd be the only one to say that!

I didn't have any credit cards at all for the first 16 years after my divorce (which could have been aptly described as financial Armageddon and made me wish that there was no such thing as credit).

Then the good people on this board persuaded me I should at least dip my toe in that (credit card) water back in May of 2014. ER Forum member FIREd mentioned his Amazon card, and it seemed like such a good fit to my Amazon-addicted lifestyle. I was feeling reckless so I applied for it online, and much to my shock I was accepted in about a minute I guess. I have it connected to my checking account and automatically paid off each month.

It's been great to get those rewards now and then. I haven't felt any need to have more cards, though. Like OldShooter, for me two is too many.

My credit is 770 which isn't as great as the others here, but maybe that is because I haven't borrowed money for decades except for my credit card which is automatically paid off every month. Anyway it is high enough that I do not care.
Did you use debit cards before you applied for the credit card?
FANOFJESUS is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-30-2020, 05:28 AM   #22
Thinks s/he gets paid by the post
 
Join Date: Jul 2007
Location: St. Louis
Posts: 1,344
I would close all but two cards after you buy the house. I have two that is enough. You score will drop for a few months put then pop back up. That is what I did. I try to make my financial life as simple as I can.
FANOFJESUS is offline   Reply With Quote
Old 07-30-2020, 05:31 AM   #23
Recycles dryer sheets
wrigley's Avatar
 
Join Date: Nov 2008
Location: Jacksonville
Posts: 473
I have 2 cards. Both Visas. Primary card is the Fidelity Signature Visa which gets me 2% cash back on any and all purchases with no limits. I use this card for pretty much everything.


I have a second Visa Signature card through my credit union that is for emergencies.


Mike
wrigley is offline   Reply With Quote
Old 07-30-2020, 09:30 AM   #24
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 11,310
Quote:
Originally Posted by rk911 View Post
.....
2-cut up and send back whatever cards you close. ....
No Need, and frankly a bad idea.

I never send back a CC, why risk it being "lost" in the mail.
Simply shred it in the paper shredder (that is what the little card slot is for).
Or cut up into many small pieces into your kitchen (smelly) garbage.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
Sunset is online now   Reply With Quote
Old 07-30-2020, 10:36 AM   #25
Moderator Emeritus
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 44,840
Quote:
Originally Posted by FANOFJESUS View Post
Quote:
Originally Posted by W2R View Post
And here I thought I'd be the only one to say that!

I didn't have any credit cards at all for the first 16 years after my divorce (which could have been aptly described as financial Armageddon and made me wish that there was no such thing as credit).

Then the good people on this board persuaded me I should at least dip my toe in that (credit card) water back in May of 2014. ER Forum member FIREd mentioned his Amazon card, and it seemed like such a good fit to my Amazon-addicted lifestyle. I was feeling reckless so I applied for it online, and much to my shock I was accepted in about a minute I guess. I have it connected to my checking account and automatically paid off each month.

It's been great to get those rewards now and then. I haven't felt any need to have more cards, though. Like OldShooter, for me two is too many.

My credit is 770 which isn't as great as the others here, but maybe that is because I haven't borrowed money for decades except for my credit card which is automatically paid off every month. Anyway it is high enough that I do not care.
Did you use debit cards before you applied for the credit card?
Yes, my bank provides a debit Mastercard for ATM access, and I used it at gas stations and on Amazon also. But otherwise, hardly at all, and I had no credit cards.
__________________
Happily retired since 2009, at age 61.
W2R is online now   Reply With Quote
Old 07-30-2020, 12:06 PM   #26
Thinks s/he gets paid by the post
 
Join Date: Jul 2005
Posts: 4,298
I like keeping at least one VISA and one MasterCard, just for those very rare cases (Costco and a trip to Germany long ago come to mind) where only one of them is accepted.

I use two cards regularly, both Fidelity VISA's. One for everyday use and one for automatic monthly subscriptions and other bills that can be paid by credit card. The everyday card has been replaced two or three times after strange charges appeared. The monthly payments card has not had that problem. Costco had a problem with my card last time. Not sure why, but always good to have a spare.

I have an airline card that was about break even with fees and cash benefits. Also no foreign transaction fees, which has been handy when traveling and online ordering. But if we don't travel by air a little more it probably won't be worth it. This is one I would consider canceling to avoid the fee. It is my only card with a yearly fee.

I have an Amazon card that is used only for Amazon purchases, with nice discounts.

Then I have a couple of older cards that I never got around to canceling. One is now ignored. One I keep active with one automatic monthly bill payment. No fees, so it costs me nothing to hang on to them. I keep them stashed away at home rather than carrying them around.
Animorph is offline   Reply With Quote
Old 07-30-2020, 12:21 PM   #27
gone traveling
 
Join Date: Jul 2020
Posts: 100
Quote:
Originally Posted by mitchjav View Post

Chase Sapphire Preferred
One of the few cards that gives you Rental Car insurance (Collision Damage Waiver) almost anywhere on this planet. Limit is I think 75k (Pretty high)

It has an annual fee of 95 USD. Well worth it if you rent car in US or during international travel.
TechLead is offline   Reply With Quote
Old 07-30-2020, 02:00 PM   #28
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 11,310
My car insurance covers rental cars in the USA.
Many people's auto insurance already covers rentals, worth checking out.

Issue with many coverage (CC or auto) is the lack of coverage for what is claimed by rental car company as missing rental time while car is being fixed.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
Sunset is online now   Reply With Quote
Old 07-30-2020, 02:23 PM   #29
Thinks s/he gets paid by the post
 
Join Date: Aug 2013
Location: North
Posts: 2,891
They look at your income, and your ability to repay your debt.

They might note that one of the cards is towards its limit, but if your debt to income is reasonable it would not matter.

I have like at east 12 to 20 open at one time, I've bought homes and refinanced...but my income was always decent so they didnt blink with my lower monthly debt to income levels. In other words they knew I was low risk debtor since I had lots of room to take on more.

That is the most important thing. That and enough cash to close on hand,
__________________
AA (Stock/Bond/Cash ): 97.5/0/2.5% MIX (Small/Mid/Large): 25/25/50% BLEND(US/Foreign): 100/0%, REIT (Real Estate Equity): ~50% of Assets

FIRE in 2031 @ 50yrs old (+/- 2yrs) w/ a hypothetical $2.5mil portfolio, 3 appreciated homes worth $1.0mil and rental income to fund my gap years until RMD. Assets will go to an inherited IRA where I plan on watching the investments grow until I die or the trust gets executed.
kgtest is offline   Reply With Quote
Old 07-30-2020, 02:37 PM   #30
Thinks s/he gets paid by the post
 
Join Date: Dec 2014
Location: Huntsville, AL/Helen, GA
Posts: 4,788
We use 2 credit cards--one as a backup when we travel. Same with the ATM--one as a backup only used when we travel.

Trying to cash flow numerous credit cards is just too difficult, even if they rebate one European flight per year.
Bamaman is offline   Reply With Quote
Old 07-30-2020, 03:10 PM   #31
Thinks s/he gets paid by the post
 
Join Date: Jul 2007
Location: St. Louis
Posts: 1,344
Quote:
Originally Posted by W2R View Post
Yes, my bank provides a debit Mastercard for ATM access, and I used it at gas stations and on Amazon also. But otherwise, hardly at all, and I had no credit cards.
Ok that was what I thought. A person really does not need a credit card. A debit card will work great. Just a few extra $$ if you do have a cash back credit card. Now they are coming out with cash back debit cards.
FANOFJESUS is offline   Reply With Quote
Old 07-30-2020, 03:24 PM   #32
Thinks s/he gets paid by the post
 
Join Date: Feb 2014
Location: South central PA
Posts: 2,409
Quote:
Originally Posted by FANOFJESUS View Post
Ok that was what I thought. A person really does not need a credit card. A debit card will work great. Just a few extra $$ if you do have a cash back credit card. Now they are coming out with cash back debit cards.
A debit card could give a hacker access to your entire bank account. A credit card gets hacked, you're only out $0-50. I had a credit card number hacked overseas, and the credit card company refused the charges (from out of the country, not where I was). I had a new card within two days.

I have two cards. I use one, the other is a backup and has no fees overseas (of course we're going this year.) My main card is a miles card. I use it for everything, even my Cobra payment. By the time we travel again, we'll go to Europe first class, round trip.
EastWest Gal is offline   Reply With Quote
Old 07-30-2020, 03:29 PM   #33
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
OldShooter's Avatar
 
Join Date: Mar 2017
Location: City
Posts: 6,542
Quote:
Originally Posted by EastWest Gal View Post
A debit card could give a hacker access to your entire bank account. ...
Sort of true. A debit card does not have the legal protections that a credit card does, but most issuers (maybe all) indemnify the card holder against fraudulent use. Mine is from Schwab and is covered by their broad blanket indemnification.

Any concern, check with the issuer to determine their indemnification policy.
OldShooter is offline   Reply With Quote
Old 07-30-2020, 04:02 PM   #34
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 11,310
Quote:
Originally Posted by OldShooter View Post
Sort of true. A debit card does not have the legal protections that a credit card does, but most issuers (maybe all) indemnify the card holder against fraudulent use. Mine is from Schwab and is covered by their broad blanket indemnification.

Any concern, check with the issuer to determine their indemnification policy.
Sure, but your bank account is now empty as the debit card withdraws your money, while the issuer works on your case.

While a Credit card fraudulently used, didn't touch your bank account, so you have all your money while the issuer works on your case.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
Sunset is online now   Reply With Quote
Old 07-30-2020, 04:06 PM   #35
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
OldShooter's Avatar
 
Join Date: Mar 2017
Location: City
Posts: 6,542
Quote:
Originally Posted by Sunset View Post
Sure, but your bank account is now empty as the debit card withdraws your money, while the issuer works on your case. ...
Low probability event, easily handled. The ability to use ATMs worldwide without being charged CC interest as a "cash advance" is far more important to me than that small risk. YMMV.
OldShooter is offline   Reply With Quote
Old 07-30-2020, 04:11 PM   #36
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 11,310
Quote:
Originally Posted by FANOFJESUS View Post
Ok that was what I thought. A person really does not need a credit card. A debit card will work great. Just a few extra $$ if you do have a cash back credit card. Now they are coming out with cash back debit cards.
I get a LOT more than a few extra dollars, so far this year, without travel, I've collected $825 in real money.

By using my Credit card for groceries alone, I have collected $110 in cash.

Basically I get around $1,000 per year from credit cards.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
Sunset is online now   Reply With Quote
Old 07-30-2020, 04:14 PM   #37
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 11,310
Quote:
Originally Posted by OldShooter View Post
Low probability event, easily handled. The ability to use ATMs worldwide without being charged CC interest as a "cash advance" is far more important to me than that small risk. YMMV.
I was talking USA centric.

I agree, in the case of getting cash while in a foreign country, I'll use my Schwab debit card.

Everywhere else I use my CC worldwide, unless they only take cash.

My connected Schwab account has limited funds in it, so even if emptied, I could get cash via another bank.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
Sunset is online now   Reply With Quote
Old 07-30-2020, 07:14 PM   #38
Thinks s/he gets paid by the post
 
Join Date: Aug 2014
Location: Chicago West Burbs
Posts: 1,810
If you have ever been in a foreign country and had a CC denied at the hotel due to some data link being temporarily out, or you forgot to notify them you were travelling, You will appreciate having a 2nd or even a 3rd card.

Another time I had a Discovercard not accepted by a hotel clerk at check in because they didn't recognize the logo/name. All I had to do was turn over the card and show the "PULSE" (or maybe it was the "Diners Club"?) logo and all was OK! They ran the card and it worked just fine.

I have only 3 CC's active now. I just cancelled my 4th, an airline CC that cost me an annual fee but got me one companion fare per year and free checked luggage. I still have miles on the airline's frequent flier that I probably never use again. DS just left Alaska, probably forever.
CRLLS is offline   Reply With Quote
Credit Card Conundrum
Old 07-30-2020, 09:17 PM   #39
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Chuckanut's Avatar
 
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 12,102
Credit Card Conundrum

Crlls, you may wish to donate your Alaska Air miles to a charity rather than have the expire unused n
__________________
The worst decisions are usually made in times of anger and impatience.
Chuckanut is offline   Reply With Quote
Old 07-30-2020, 09:20 PM   #40
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Chuckanut's Avatar
 
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 12,102
Quote:
Originally Posted by OldShooter View Post
Sort of true. A debit card does not have the legal protections that a credit card does, but most issuers (maybe all) indemnify the card holder against fraudulent use. Mine is from Schwab and is covered by their broad blanket indemnification.

Any concern, check with the issuer to determine their indemnification policy.

I see your point, but after my own experience and those of others who tried to get deposits refunded based upon the company’s stated policy, and finding they did not honor the policy when the going got tough, I prefer to have the law on my side by using an actual CC.
__________________
The worst decisions are usually made in times of anger and impatience.
Chuckanut is offline   Reply With Quote
Reply

Tags
credit cards


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Charge Card vs Credit Card mickeyd FIRE and Money 7 10-28-2010 11:12 AM
Pre Paid Credit Card/ Gas Card or Credit Card nphx Other topics 4 04-29-2008 01:04 PM
Best cash rewards credit card for someone with no credit history? summer2007 FIRE and Money 11 10-16-2007 02:23 AM
Best Bonus for Credit Card Expenitures -Frequent Flyer cards or Cash-back card? ScaredtoQuit FIRE and Money 19 04-21-2007 03:29 PM
Credit Card conundrum. CCdaCE FIRE and Money 21 08-25-2006 06:33 PM

» Quick Links

 
All times are GMT -6. The time now is 12:49 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.