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0 pointsaudunw2y ago0 comments

To me I feel the money Id save on using the credit card is so infinitesimally small that it’s easily worth it to use debit for the ease of mind that everything is settled and I truly can afford everything I pay for. I also hate credit card rewards programs with a passion because they just complicate our lives to get back money that should’ve just been lower credit card fees to begin with.

The argument that you save interest on savings account doesn’t make any sense at all because I count my credit cards towards my emergency buffer. If I maxed out the credit card I would absolutely make sure to keep more money in my savings account.

I get that it’s different for people living paycheck to paycheck. But arguing that credit is a solution for the poor is a slippery slope. We should solve those problems other ways.

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lotsoweiners2y ago

I use cc for literally everything but car payment and mortgage and pay off every month. The only time I pull out my debit card is to get cash out. I feel peace of mind that nothing is going to drain my bank account fraudulently, I have one bill per month to look at, and I end up with 1-2 vacations (hotel and flight) for my family each year. Seems like a pretty good deal to me.

elyobo2y ago

I'm not arguing it's a solution for the poor, the absolute opposite - because I have sufficient income to pay my bills in full it just comes out cheaper than paying them with cash. It's a terrible solution _if you actually need credit_ because it typically comes with really bad interest rates.

You come out ahead because the card issuers expect to make money from you because you'll stay with them a long time so offer substantial sign up bonuses (I don't) and that you'll pay interest (I don't). There are generally annual fees, but if you ask they'll often waive them (if you spend enough, again not accessible if you're living pay to pay).

It's ~effortless (bills paid automatically in full from a mortgage offset account) and saves money even without rewards and other perks (0% loans via interest free "balance transfers").

hx8330012y ago

You can get a 2% cash back rewards card and literally receive 2% of every dollar you spend back, deposited electronically in your bank account whenever you press a button on your credit card website.

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