Which credit cards do you have and how much do you use them?

[msb314]

Just got approved for my 2nd credit card.

Used my first one quite a bit so will probably split my spending even now.

Answer away!

 

[Syed1]

Throw it away.


It is devils business card.



I have a $1,500 credit card which meets ALL of my needs. I have been approved for credit cards of 5,000 - 10,000 limit but I reject all of them. It is a bad habit to get into where you charge everything to your credit card and then pay off the debt. Call it my desi mentality or whatever, but I only want to pay for something if I have the money to buy it.

 

[Slog]

I got a credit card literally for 2 weeks and then binned it

I always go by the logic that if you cant pay for it now then dont buy it now and buy it when you can actually pay for it.

So plan accordingly

 

[sshakir411]

Credit cards are a good way to manage your expenses... I quite like having the availability and an extra line of credit. I don't use cash or debit anymore and usually pay my credit cards the day my pay hits the bank. I also love the rewards you get...travel points or cash back based on how much you spend. I used my credit card for a $6k down payment on my car and got $500 in cash back that I used to pay down my car loan.

I so far have 3. 2 of them are Visa cards through my bank - Chase and one is an AX.

 

[msb314]

Throw it away.


It is devils business card.



I have a $1,500 credit card which meets ALL of my needs. I have been approved for credit cards of 5,000 - 10,000 limit but I reject all of them. It is a bad habit to get into where you charge everything to your credit card and then pay off the debt. Call it my desi mentality or whatever, but I only want to pay for something if I have the money to buy it.

Of course always spend within your mean and only buy on credit if you can pay it off by the end of the month.

But using credit cards has a lot of benefits as opposed to debit/cash. You get points, cash back, airline miles, large sign up bonuses which is a big advantage.

 

[msb314]

I got a credit card literally for 2 weeks and then binned it

I always go by the logic that if you cant pay for it now then dont buy it now and buy it when you can actually pay for it.

So plan accordingly

You can still spend within your means using a credit card if you pay it back in full at the end of the month.

I will probably use my second credit card for a few months and get the large sign up bonus - will probably then cancel it after 6 months or so.

 

[Black Zero]

Credit card is must if:
You travel.
Do online shopping.

make sure to pay on time.

 

[CricketCartoons]

I am under huge debt due to my lavish wedding, and it will take me a year of hard work to pay off everything. Good thing is that I borrowed from my muslim friends, because they don't take interest.

 

[msb314]

Credit card is must if:
You travel.
Do online shopping.

make sure to pay on time.

Even for regular consumption - credit cards that offer cash back or points can be very useful. Esp if you spend a lot.

 

[Leo23]

Credit card is must if:
You travel.
Do online shopping.

make sure to pay on time.

you can do both on debit card as well unless you are living in the west

 

[Little Master]

I have two but I only use one. I get Skyward miles on it and cash back for my groceries, the day my salary is transferred I clear the whole outstanding balance on the card. Travel quite a bit (not for business) so its always nice to get upgrades through skyward miles that I have collected. Win Win

Those who are calling it evil just need a bit of financial education. You can get good discounts through credit cards.

 

[Varun]

Throw it away.


It is devils business card.



I have a $1,500 credit card which meets ALL of my needs. I have been approved for credit cards of 5,000 - 10,000 limit but I reject all of them. It is a bad habit to get into where you charge everything to your credit card and then pay off the debt. Call it my desi mentality or whatever, but I only want to pay for something if I have the money to buy it.

I have 2 Credit Cards but have never had any Credit Card debt, always preferring to clear off my bills in the interest free period. I always have the money to purchase an item even before I use a Credit Card to do so, so why not pay for it later at no additional price just because I can?

So there is a use-case for such: to plan your expenses and to meet any emergencies. Having a Credit Card doesn't automatically mean being indebted.