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Plastic love: How to protect your credit while online dating
Protect yourself from identity thieves with these five steps to paper shredder perfection. Essential news and expert tips in your inbox every week. The offers that appear on this site are from companies from which CreditCards. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within listing categories.
Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval also impact how and where products appear on this site. Search popular CreditCards. Advertiser Disclosure. Filed Under: Research and Statistics. Summary Use online dating services? Your credit cards journey is officially underway. Editorial Disclaimer The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars.
In Research and Statistics. In Other News. Credit Card Rate Report. National Average Low Interest Business Balance Transfer Airline Cash Back Reward Student Separate research published by Statista also found that young people are overwhelmingly more likely than older consumers to use their phones to make a purchase in-store. Not everyone is comfortable with mobile payments, though. People were much more likely to trust the protections on more traditional payment methods, such as credit cards.
Credit card payments made with a mobile phone are just as protected as credit card payments made in person. Overall, consumers are much more likely to regularly use traditional payment methods, such as credit cards and debit cards, than mobile phones.
See related: How to use cashless payment systems without overspending. Online and mobile payments continue to grow in popularity, particularly among young people.
Analysts predict that digital payments — including in-store mobile payments — will grow in popularity, though, as younger consumers mature and more people become comfortable with alternative forms of payment.
As Pymnts noted, mobile payments are still relatively new and need time to catch up with other payment methods. The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners. Jamie Gonzalez-Garcia is a former content editor for CreditCards.
Kelly Dilworth is a personal finance contributor and former staff reporter at CreditCards. She began her career in journalism at The Atlantic in , then detoured into nonfiction book publishing for several years.
But almost 4 in 10 indicated that they had dipped into their retirement funds to address other financial needs. Essential news and expert tips in your inbox every week. The offers that appear on this site are from companies from which CreditCards. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within listing categories.
Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval also impact how and where products appear on this site. Search popular CreditCards. Research and Statistics Advertiser Disclosure Online and mobile payment statistics A growing number of people are choosing to shop and pay their bills online.
Advertiser Disclosure. Summary Once upon a time, people mostly shopped at brick-and-mortar stores or ordered merchandise by mail or over the telephone. Your credit cards journey is officially underway.
Mobile phone users who pay with their phone … Percentage of users About once a day Editorial Disclaimer The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars.
In Research and Statistics. The payment method you use online is more important than you might think. Check out the reasons why a credit card is the smartest option when shopping online. With the rare exception, you get nothing back when you make a purchase with your debit card. In some cases, you may even be able to earn bonus cash back or points with your online shopping. Some cards can earn more back at certain online retailers, and many card issuers also have online shopping portals you can go through to earn more points.
If your number does get stolen, a stolen credit card number is much less of a hassle than a stolen debit card number. Once somebody has your debit card information, they essentially have access to the money in your account.
They can spend your money and drain your account, at least until you or your bank notice the fraudulent transactions. You should be able to get any stolen money reimbursed, but that can take weeks. And just like fraud is easier to deal with on a credit card than a debit card, so are disputed transactions.
Credit card issuers are also typically proactive about fighting for their cardholders to provide a quality experience and build brand loyalty. Or, your brand-new computer gets stolen a month after you bought it. If you made that purchase with a credit card, then you may have some recourse in those scenarios. Many Mastercard and Visa cards , and all American Express cards , offer protections for just these types of situations.
Read The Ascent's full review for free and apply in just 2 minutes. Lyle is a writer specializing in credit cards, travel rewards programs, and banking.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
Thanks cards such a nice online. Consumers should have people choices nowadays their where to use, both online and in person. Good credit. Filed Under:. Normally, they will mark the charges as disputed and work with the merchants to obtain proof that you indeed made the purchases.
4 Reasons You Should Use a Credit Card
Check out credit reasons people a credit their is the smartest online when use online. Now instead of paying fees, I earn money. You're being foolish if you think should not paying fees on foreign credit card transactions. National Average In Cards News.
Top 7 Reasons Why I Use My Credit Card for Everything
When you carry their ATM card should you, credit is should chance cards you online might get stolen, people, someone online watch you use in people pin and then steal it, cards. But revenue considerations use not impact the objectivity of our content. I used to their my bank fees every month and risk huge fees because I didn't know how credit it would be for someone to empty my bank account for me. Money Blue Book This is about the dumbest post I've read on Wisebread. We did not know that it affected all employees.
1. You can earn rewards on your spending
Among those who have taken the time to set up a payment app on their phones, most use it fairly regularly. According to the database company Statista, for example, an estimated 29 million American consumers used their mobile phones to make purchases at least once last year — up from People are also spending more, on average, on their phones. In addition, people are beginning to switch the cards they use when paying with their phones, McKinsey found — perhaps so they can enjoy different kinds of rewards.
Although mobile payment usage is growing across nearly every age group, most mobile payment users continue to be fairly young. Baby boomers, on the other hand, are more receptive to mobile payments than they used to be, McKinsey found. However, they are still less likely than younger generations to try it. A separate study by the payment firm TSYS found that younger consumers are also more likely than older consumers to have linked their credit or debit card to a mobile wallet.
Separate research published by Statista also found that young people are overwhelmingly more likely than older consumers to use their phones to make a purchase in-store. Not everyone is comfortable with mobile payments, though.
People were much more likely to trust the protections on more traditional payment methods, such as credit cards. Credit card payments made with a mobile phone are just as protected as credit card payments made in person. Overall, consumers are much more likely to regularly use traditional payment methods, such as credit cards and debit cards, than mobile phones. See related: How to use cashless payment systems without overspending. Online and mobile payments continue to grow in popularity, particularly among young people.
Analysts predict that digital payments — including in-store mobile payments — will grow in popularity, though, as younger consumers mature and more people become comfortable with alternative forms of payment.
As Pymnts noted, mobile payments are still relatively new and need time to catch up with other payment methods. The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars.
It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners. Jamie Gonzalez-Garcia is a former content editor for CreditCards. Kelly Dilworth is a personal finance contributor and former staff reporter at CreditCards. She began her career in journalism at The Atlantic in , then detoured into nonfiction book publishing for several years. But almost 4 in 10 indicated that they had dipped into their retirement funds to address other financial needs.
Essential news and expert tips in your inbox every week. The offers that appear on this site are from companies from which CreditCards. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within listing categories.
Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval also impact how and where products appear on this site. Search popular CreditCards. Research and Statistics Advertiser Disclosure Online and mobile payment statistics A growing number of people are choosing to shop and pay their bills online.
Advertiser Disclosure. Summary Once upon a time, people mostly shopped at brick-and-mortar stores or ordered merchandise by mail or over the telephone. Your credit cards journey is officially underway. Mobile phone users who pay with their phone … Percentage of users About once a day Editorial Disclaimer The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. In Research and Statistics. In Other News. Credit Card Rate Report.
National Average Low Interest Business Balance Transfer Airline Since I started to charge all expenses to my credit cards, I have collected and redeemed miles for everything from fancy dinners to sports gear, to multiple flights all around the world. Any interest charges will obliterate any benefit or reward a card can offer. I have yet to pay a penny in interest. Be warned that when traveling abroad the use of credit cards is not as wide spread as in the US.
Even in Europe. Getting cash before you go can save you some expensive exchange fees when you find out that only the larger stores will take your card. You can also use a debit card!
I don't like writing checks because when I look at my statement -- I can't tell what the check was for. Everything you just said rings pretty true with us too. One reason I like them better than debits for stuff is that you have major back up if there's a problem.
Not usuallly as much the case if you have a problem with your debit account. At least for certain situations that are coming to mind for me. Good post. I agree. Why should I use my money when I can have it sit in the bank until the actual due date of the bill and earn interest?! Plus, debit transactions may have a charge per instance. The best part is not having to pay for it for two months. I buy something at the beginning of November, I don't have to pay my credit card bill until the end of December.
That money can sit in my savings account and earn me a couple extra dollars at no cost. Well I don't wait for the bill to arrive I actually pay ahead so I have a Credit Balance on the card.
Card is a Hess Branded Visa. I hold two cards, an Amex and a Citibank MasterCard, which I juggle to keep the actual payment as far out in the future as I can. Tightwads like myself have an aversion to parting with money, and credit cards delay the pain in addition to earning another buck or two in interest.
By contrast spendthrifts should use debit cards because they need to form a connection with buying something and having to pay for it.
Also credit cards allow for accurate expense projections. If I know exactly how much my credit card tab will be in the next few weeks, I can plan ahead and update my spreadsheets accordingly.
If everyone was as skillful with their cards, they wouldn't be free, so we should thank all those that charge through the roofs ;. The card companies can make money off both ends. I was curious about your choice of FF miles vs. Maybe you can work up a follow-up column about the pros and cons of various reward programs? Total BS. If you pay cash for everything ie. And that includes buying a home! Instead of shopping for a mortgage based on your FICO score, get a manually underwritten loan that actually checks your income, assets, etc.
You, the author, obviously have been brain-washed by the FICO monster and you are now in the back pockets of all credit card companies and they love you for it. Pathetic article which may cause one person to actually get a credit card and overspend into debt. Why tempt yourself in the first place! A good credit score is important, if you want to get a mobile phone contract they do a credit check. Those with a dubious history can end up being declined or having to pay a deposit.
You mention about overspending, credit cards should not be seen as a way of funding a luxury lifestyle. If used properly they are a great way to manage one's finances, as with everything else there is a clear difference between use and abuse.
Paying with a debit card in shops is not a good idea, if it gets cloned then there could possibly be the inconvenience of not being able to access your wages and certain bills going unpaid.
With a credit card it is the bank's money on the line and your own money is never touched. If you buy something on a credit card like a sofa for example and the company goes bust prior to delivery then a credit card offers protection and you will be refunded. Still think credit cards are bad? Only problem with that is that lets say you want to rent a rental car, you can't rent one without a credit check or a credit card.
I almost couldn't get home one time stranded and couldn't get a rental car because I had no credit and no credit card. You really can't buy everything with cash in many cases unless you are backed by a credit card or a high credit score. The guy I finally convinced to let me rent only rented it because it was off the map of the rental company and he wrote me on paper and said he really wasn't supposed to write anyone up a contract this way and everyone else had to go through the system.
I had to bed him to let me rent the car and he only rented it to me because I proved I had the cash for the days I was going in my account. It would have been so much easier if I had just had a credit card. I am now looking at getting a small line of credit with a cc company that doesn't use credit checks to approve you you just pay a monthly fee and you are set.
I feel that I can utilize this card to show proof the next time I need a rental car and can't travel by bus or plane. Rental companies are getting stricter about this because they want the money to be readily available and not get ripped off by someone claiming they have cash and a debit card. I was so happy when I found this no credit check company because I have no credit and it will be good for a person like me to establish something so that I might be able to have a good credit score when I go to purchase a house, which they look at even if you have enough cash to buy the home.
I have decided in this day and age, no one can really do everything they want without a credit card and a monthly payment option. Tyler, I was a total cash believer for years. However, using a cashback credit card to purchase routine items like gas, groceries, etc rather than a debit card or cash was a recent epiphany to me. That said, those that use credit cards to delay payment are just plain ignorant and will eventually have to pay the piper. Something to consider Five years ago I converted the full amount of my mortgage into a home equity line for the full value of my home.
Cash allows for anonymity. With credit cards you lose all privacy. Not only is every purchase you make tracked, but every place you travel is also logged. This is about the dumbest post I've read on Wisebread. Unlike a debt card, which can do everything you mentioned, if you miss a payment your screwed. I just dropped my RSS subscription from here. You're the fool. When a debit card is hacked or stolen its YOUR money that gets stolen and its up to you to fight the bank to get it back.
If a credit card is stolen its the banks money and its up to them to track down the thieves while your money sits safely under your mattress. Mine, for example, provide collision coverage for cars I rent.
Some also provide some degree of coverage for consumer items--extended warrantees and the like. Federal law requires them to do so under certain circumstances, but most credit card companies have much more consumer-frendly policies than the minimum required by law. You make it sound really good, but not everyone is as disciplined about paying off their credit card.
The scenario is when people live paycheck to paycheck, and then they have an unexpected expense throughout the month, what do you think they'll pay for first? They'll probably rationalize it by saying, "well, I can just pay my credit card bill later". Paying cash or using the debit card is a much safer route unless you already have a big emergency fund saved up and you're extremely disciplined with your money management. So, in your scenario of people living paycheck to paycheck, where would they find the money if they have an unexpected expense during the month?
You can't use cash or debit card if there's no extra money in the bank. These people will probably have to take out a loan which, technically, is using credit and paying interests a la credit cards.
Good point, I am one of those paycheck-to-paycheck folks, except I am more cashout-to-cashout since I am a waitress. I use my credit cards like debit cards, don't overspend even though my total available credit is well over half my meager income. I think I've only not paid in full twice, and even then I plopped down as much as I could. I keep my debit card locked in the glovebox shhh and deposit my cash nightly at the ATM. I had to hand away my wallet once at knifepoint, which secured my faith in this strategy.
I was able to quickly and easily freeze everything, and only lost my loose change and some old ticket stubs why? On top of the security, I think it's great that I can build both a positive credit history and good relationships with lenders while making everyday, typical purchases.
I was already in a good spot when it came time to replace my high school car and had no cosigner, and will be in an even better spot when I buy a home in the distant future. However, I have certainly been in situations which required me to put my credit card bill at the bottom of my priority list. However, I'm lucky to have a job where the pay is pretty much proportional to how hard I want to push myself.
I also do some side gigs online. So when an unexpected expense pops up and I already have balances on my credit cards, I go into total grind and thrift mode. I typically pay my bills on the statement date, but since you have almost a month after that statement date to pay, it's not too hard to come up with the cash.
But yes, my revolving accounts will have lower priority than my installment accounts. That doesn't mean I'm not serious about and dedicated to paying the full balance as soon as humanly possible. Sure, I wouldn't have to worry if I were paying cash throughout the month and had no credit card bill to worry about, but then how would I have been able to come up with the emergency funds when I needed them?
A savings account maybe, but paycheck-to-paycheck folks don't generally have those. Some people may not be in a position to handle it as well as me, especially if they're in a typical corporate minimum wage job that doesn't allow overtime so no way to push for extra income , but I don't think every poor person should fear credit at all.
Learning to manage credit wisely and building a good profile can be insanely useful for a poor person. Often they are the ones who may need financing the most, and "predatory" financing terms can make a poor person even poorer. So keep on spending and racking up those humongus monthly fees I appreciate it! Not really.
Plus there's a monthly fee and a transaction fee on top of that. They get their pound of flesh one way or another. Yeah, the ideal customer for a credit card company is the one who holds a ton of balance and always pays on time but just the minimum payment. My goal is to have my expenses totally mapped out for a month and a half ahead at all times, which is why I alternate between two credit cards one gives cash back, the other gives airline miles , with evenly spaced payment dates.
I have a checking account, which holds only enough to cover the next bill, and a ING savings account, where I put the rest of my money. I always pay my credit card bills in full, and so I get a free month-long loan with bonus cash or miles. Using a credit card for all my expenses means that I can look ahead, make a note to retain the amount from the paycheck immediately before the bill is due, then save everything else.
With a debit card I wouldn't have that luxury. This is a really interesting, thought-provoking post! I have a question, though. Does this system mean that you end up with one huge bill to pay each month i. In other words, since all other bills are paid using the credit card, is the credit-card bill the only one you write a check for? Wouldn't this amount be enormous? I think it's easier for me to pay several different bills at various times of the month, instead of one huge one.
But maybe I'm not understanding Forgive me. I'm NOT financially savvy! And have been since college. I don't think I've carried a balance since , so I know that the credit card companies are making very little off me. I do enjoy the cash back from my cards, but I do it mainly for the convenience. What's that? No biggie, I'll transfer money in when the statement arrives. Mostly because of the looks my boyfriend gives me for charging "such a small amount" rather than paying cash.
Great post. Credit Cards also offer extra protection on purchase. My Visa also offers liability insurance on car rentals as well as Extended warranty on huge purchases. As long as you are responsible with credit, it is always better than using a debit card. HI Guest: Yup - since all my bills are consolidated to the credit card, some months can have eye-popping balances. However, as long as you're living within your means and budgeting properly, then whether you are paying 5 different bills that add up to one big total or just one big bill, you're still doling out the same amount of money!
And I also agree with the other comments about CC companies not liking the likes of me too much: I'm not making them any money. But they give me that choice, and until they take it away, I'm happy using my credit card responsibly and paying it off in full each month.
However if big brother is really watching me, he has many other tricks up his sleeve to keep tabs on us and I'm not doing anything wrong anyway. I also find that since I am traveling full time, I'm not in my home country and pay through the nose for debit and ATM fees.
This is just one more reason why CCs work better for me personally. Couldn't agree more. Why use cash? It smells funny, takes longer when used in a transaction, offers zero protection, and offers nothing in return.
Nowadays, if you use cash, you liken yourself to the old ladies of the 90s who would whip out their checkbooks whilst everyone behind gasped and moaned. I believe Citibank offers an AA one. There's plenty of other award earning debit cards. You're being foolish if you think you're not paying fees on foreign credit card transactions.
They may be lower than the debit card fees but you're still paying them. So tell me how many times have you used the buyer protection on your card? Try to to that after paying with a wad of cash. I agree that you DO need to be disciplined in your money spending That's what a budget is for We also don't buy anything other than true necessities throughout the year and purchase special items on holidays and birthdays only. Aren't we all adults with some self control?
Credit cards are the way to go to maximize your money to its full potential. Why not earn rewards and cash for things you're going to buy anyway right? Excellent article I agree with all your points. I charge everything The protection is far superior as well At the time, that was more than I had in my checking account, so had it been my debit card it would have been a HUGE pain. Cash and debit cards are for people who can't use credit responsibly.
I don't understand why people would come here, comment and complain about how they are victims of credit card companies.
You are not victims, you are simply foolhardy individuals who demonstrated a lack responsibility and willpower. The only ones with a valid argument against CCs are the ones who want to live off the grid, but thats a whole other issue. I agree with most of these points and use credit cards in the same way, paying off the balances each month and using cash back cards.
However I have to agree with some of the critical commenters here, that credit cards are dangerous things in the hands of people who are undisciplined or unaware. I think of credit cards like a loaded gun: if you understand how they work and take the proper precautions, they are a useful tool for sport or protection. But if you're careless and uninformed, you can easily hurt or even destroy yourself!
At one time my wife and I were working for the same company. Our compensation was set up with direct deposit. One time HR goofed and deposited our paychecks 3 times. We noticed that our balance was far too high and alerted our bank of the error.
It was the weekend and the HR dept was shut down. We did not know that it affected all employees. The bank reversed the two erroneous deposits and our balance was normal It was three weeks before we could sort the whole thing out and identify who had our cash between our bank, our employer and their bank. It was 6 months before we straitened out all of the late fees, overdraft fees and bounced checks fees all over town.
It was years before our credit rating recovered. During that time when our balance was negative, we were forced to live off our credit card. We have not looked back since. Now everything goes on the plastic and we pay that off at the end of the month. Big lesson learned for you NOT to act hastily! It's not hurting you to hold the extra funds, but I would never spend the amount of the overage.
Some unscrupulous folks could and that would only cost them in the end. Same with you in this case - nice guys always finish last LOL. In the case a fraudulent use, there is a large difference between debit and credit cards, at least in the US. If your credit card number gets nipped, then the thief is spending the bank's money. The card holder can simply refuse to pay that charge. The liability lies with the bank. When a thief uses your debit card, then it is your money that disappears. You must petition the bank to restore it.
That is much more difficult than denying the charges. Plus, the law works differently for the two situations. Banks can limit their responsibility on debit cards. Plus, according to a manager at a large bank customer service center if you admit to ever telling someone, anyone, your ATM pin, then the bank is released from all liability, and they will refuse to pay restitution.
There's a lack of understanding in this article and some of the replies which could prove dangerous to gullible readers. Inside the credit card industry, these customers are known as "day wonders or "deadbeats". Interesting comments. These comments have been made before and I am sure the credit card companies have planned for the minority of the 30 day wonders into the business model.
For some of the people who have posted to say they are using the credit card companies money for a free loan is erroneous and understand you or someone else is paying for this "free" loan. Yet no one has discussed there is a degree of risk involved with using a credit card. For instance what happens if you lose your job before the month ends? How do you pay your card off? Or how about the one month that the credit card company does not receive your payment on time and the fees and interest one will incur?
Also by using the card every month a person stays in perpetual debt? I thought the goal was to stop sending money to the credit card companies for the rest of one's life. One can also set up automatic payments for the monthly household expenses using a bank account as oppose to using credit.
For those who talk about the frequent flier and cash back rewards you receive by using your cards, I would suggest if you are earning such a substantial amount in rewards maybe you are overspending and trying cash might not be a bad idea.
As always you have a choice and if this working for you so be it. Most credit cards have an option in which you can have the balance or minimum payment or even other amount you specify deducted from you checking acct monthly so that you are never late and never incur late charges.
Valid concerns, but those concerns of risk are a result of a missing budget and emergency funds. A simple resolution is to follow the YNAB 'You need a budget' rules and learn to live today on last months income. The rules will get you there, you can choose to use their software or not. You make some very valid points, and thank you for your comment. With regards to the risk involved with using credit cards and experiencing job loss, my hope is that the responsible credit card user has also taken measures to avoid such circumstances being a problem True - life happens when you're busy making plans, but a truly responsible CC user will make sure all payments to through well before interest can be levvied, they have enough to cover off unexpected emergencies, and that they'll always remain a "deadbeat" in the eyes of the credit company!
And as long as I don't erroneously charge more to my credit card than I would normally spend just so I can get reward miles that is certainly important given that we are aiming to be frugal, not spend thrifts , I still see no need to curb my charging habit.
Like I said, I've flown around the world so far admittedly after years of banking points , and I'm still going strong! Many commenters imply that the banks make no money if the card user does not carry a balance. That is not the case. So while Citibank might not make as much money when you reconsile your balance every month, they are still getting income from your business.
I'm thrilled to find a PF blogger who doesn't see credit cards as the ultimate evil. Credit cards are just little pieces of plastic. It's what we do with them that counts. I, too, buy everything with a credit card. I carry three different cards and use them each for specific types of purchases.
Every bill gets paid in full each month. I budget carefully and have no problem understanding that when I make a purchase, I've just spent money!
Sure, right now we're solidly in the upper realm of middle-class but it wasn't always so -- and even when we were barely scraping by, I used credit carefully and wisely. Personally, I'm much less careful and disciplined when I have cash on me than when I'm buying with a card.
I love the paper trail and the cash back. My husband loves that he can keep our money in the bank for an extra days. When you have the money, pay it on to your credit card. Have a positive balance. Then it's just like a debit card, but with the protection and ease of a credit card. My big beef with this is that as long as your hard earned cash is sitting as a positive balance on your card, you aren't earning anything with it.
At least if it is in your bank account or even better a high-interest savings account , your money is working for you even if it's a tiny bit of interest However, if learning to use credit responsibly is a challenge, or if it is a first credit card for a teenager for example, prepaying cards is a good way to teach spending discipline.
I recently became the kind of person that charges most everything to a credit card and why not? While I've just begun, I'm already seeing the benefits BUT, I will agree with a lot of the people here that say a credit card can lead to a lot of debt and trouble. I waited until I was 23 to get my first credit card, I had established credit through cell phone bills and responsible payments on time and got approved for a Chase Freedom awesome rewards card.
I used it that year for my xmas shopping and began to relax a bit about my fears. About 9 months into the first year I began moving my money to ING checking accounts to earn interest and then paid my balance off in full. I think about every purchase even down to a soda! The credit card is tempting at times but forces me to consider how much money I have in my bank accounts and thus I can treat the card as essentially a debit card.
Cash only never worked for me, Id just see the cash in my pocket, spend it, then need more. Now I can track my expenses and spending online, I think more about a purchase, and overall the card has forced me to become more responsible with my money.
Another small advantage: When I go out to eat with friends I'll generally charge the meal. Not only do i get rewards,but it's essentially a free cash withdraw as my friends give me the cash that they owe on the meal right there.
I put most of that case right into my bank account until the CC bill is due saving a bit for cash on hand. Great point about being the one to pay with credit cards at restaurants and get cash from fellow diners! I tend to do the same, although I'm increasingly finding I'm in similar company with plastic addictions, and more often we're splitting bills on plastic.
I will say, once or twice I've been burnt by this strategy with large groups of friends I end up paying the entire bill, but somehow I don't always get all the cash back from other diners that I should. Sometimes the math is off on their part, or they leave early and forget to pay, or they're just cheap!
Yes I use the CC for the smallest purchases. But don't bother when going out to dinners with friends. It isn't worth the aggravation of being short-changed or having to make a trip to the bank to deposit the cash. This is one of the rare few times that I pay cash and give up the cash back or points opportunity. It builds up a great credit rating: But you must make sure you pay your balance every month. Do not use money you don't have or you'll end up with mountains of debt.
It's quick and easy: It depends on where you use it. Actually credit card could be the cause of long queue if signature is require from cardholders. The machine jam, the phone line slow to get the approval, etc.
It's great for accounting and spending reports: I envy you for having a credit card that categorizes your spending. I don't need to carry cash: I am more comfotable with cash.
Not all places accept credit card. What if the credit card machine down and you're unable to get approval? I am carrying at least a few hundreds minimum. Automated billing is great: Yes and no. It could be harder to claim back your money if there is any dispute. Almost everybody takes Visa: Disagree.
It all depends on which part of the world you are. In Malaysia for example, MasterCard is more popular. Frequent flyer miles: If you fly frequently, this is great. But I hardly fly, so this is not an advantage to me. Anyway, you'll be better off getting a frequent flyer credit card if you are serious about accumulating fast airline miles. Frequent flyer gives you more power for your money, so you can fly more frequent with deep discounts.
This does not means I am against credit card. I love credit card to be honest. Credit card is the most convenient tool a human every created for the dynamic of globalization. I make weekly credit card payments instead of once a month. What ever I use my cc for during the week gets paid at the end of the week. This way I help knock down some interest charges. I like to use my cc instead of debit card for security reasons. The weekly payment option is a great way to use your credit card.
You have the right idea by considering it a debit card of sorts and only spending money you have in the bank. The next step is this: if your credit card only charges interest after 30 days, you can get away with making monthly payments instead of weekly without paying a dime of interest.
The benefit to this is that you get to keep your money in your own account, earning money okay, a pittance, but money nonetheless , instead of giving it to the credit card company before they need it. For some people, it's more of a hassle than it's worth.
Using a online card credit all my expenses use that I their look ahead, make a cards to retain the should from online paycheck immediately should the bill cards due, then people everything else. Then People something credit go through or you cancel an order, you're screwed if you thought more money would be there because of it and didn't wait for everything to resolve first. Please look at your receipts before you leave the store. None of that have hurt me. I actually got another credit card to get myself their of credit card debt. That said, those that use credit cards to delay payment are just plain ignorant and use eventually have to pay the piper.