How many credit cards do you own?

[Raider]

B - 1 Debit/Check Card

It's all you need, unless your trying to build up your credit.

I'm curious... several of you have no credit cards?

That means you cannot book a hotel room an many of the chains, and you cannot rent a car, and in fact there are quite a few places you can't open a bank account or do business. Do you guys just stay at home a lot??

Good point.. But I think many here don't associate debit cards with credit cards.

 

[JuniperPark]

B - 1 Debit/Check Card

It's all you need, unless your trying to build up your credit.



Good point.. But I think many here don't associate debit cards with credit cards.

Hotels and car rental agencies in the US specificly will not allow use of a card that is also a 'debit' type card. I guess they have more power with a real credit card if you trash a hotel room or steal a car.

 

[PRED]

Hotels and car rental agencies in the US specificly will not allow use of a card that is also a 'debit' type card. I guess they have more power with a real credit card if you trash a hotel room or steal a car.

yes, i think thats true
the major car rental firms in france last year and prob still now were ONLY taking visa credit cards in prebooking.
it was nice airport and they have all the major firms there, i am guessing they all followed suit as global firms
a freind of mine tried to book for his family and couldnt even use a visa debit card which is bizarre. this applied to all the big firms. the firms must have got sick of mastercard or the others , dunno. maybe they struck a cheap deal with visa and figured if anyone has a credit card, which is most of adults, they are going to have a visa card , so may as well get a low rate with their buysiness tarriff/rate
was a nightmare for them though as luck had it they didnt have one, or their motherinlaw etc, they had to ask another family member to sort it

 

[Tia Wood]

A) Zero

I'm old fashioned when it comes to credit. If you can't save up for it, you don't need it. But I do have debit cards. That isn't credit.

 

[Raider]

Hotels and car rental agencies in the US specificly will not allow use of a card that is also a 'debit' type card. I guess they have more power with a real credit card if you trash a hotel room or steal a car.

Perhaps the low end hotels do this, In the 10 years of traveling I've done both Domestic and International, I've NEVER had a problem using my Debit/Visa card. Stayed at many 4 to 5 star hotels, rented cars and dined at some fine Restaurants, Just got back from Vegas last night, prior to that I flew to Nashville a few months ago, All on my debit card... NO PROBLEM.

As long as it has a Visa or MC logo, your good to go.

 

[Justin Hulsey]

I am another one for "a". All I have is a debit card. Like most others in my category, I plan (and hope) not to ever get a credit card. It's just a big money trap. No reason to dig yourself a hole you might not be able to get out off for whatever reason.

 

[lotk.com]

C I got 2 I use when traveling for business, since my company only reimburses after you get back.

 

[draggar]

I'm curious... several of you have no credit cards?

That means you cannot book a hotel room an many of the chains, and you cannot rent a car, and in fact there are quite a few places you can't open a bank account or do business. Do you guys just stay at home a lot??

We've been using our debit / check cards for hotels for years and have had no problems.

I think most people with no credit cards reside outside of the US. I had no credit cards until 1998 either.

When did I move? :lol:

Hotels and car rental agencies in the US specificly will not allow use of a card that is also a 'debit' type card. I guess they have more power with a real credit card if you trash a hotel room or steal a car.

Again, we've had no problem. They might put a "hold' on our account to make sure we have enough to cover the room etc. (We've stayed at several different hotels in many different locations, too). No luxury hotels for us, though.

I think there is a lot of misconception about this especially since today most check / debit cards have the Visa or MasterCard logo on them.

 

[Theo]

A) Zero

I'm old fashioned when it comes to credit. If you can't save up for it, you don't need it. But I do have debit cards. That isn't credit.

Tia, I understand the motive but that's not how the consumer economy works, and not just in the US.

Of course, bad credit management can land you in hot water, but the proper use of credit is needed in order to get card or home loans. Saving for the entire amount (for a home) can take more than one's lifetime.

 

[TexasFilly]

We / I / My household has oh.. 9-12 active revolving credit cards.

The reason why most business owners have "business cards" is because
the processing rate for business cards is much higher for retail merchants..
so the card issuing banks want the biz owners to "hold - behold" biz cards..
so they can collect the higher interchange rates from retailers who accept
their cards.

Rewards Cards - another chapter in credit card history. Who pays for the rewards?

Anyone know? Who pays for the rewards?

 

[Theo]

That's some great info, Wanda. Thanks
I have no idea who pays for the rewards, miles etc. All I know that it's a ploy to spend more.

 

[Bionic]

B/ one

I got it last year AT LAST and I was thrilled, as long as you have the funds, i.e. are
cash flow positive why would you need more than one?

 

[Theo]

Bionic, it all depends on your age and locale. Not trying to sing the merits of acquiring, maintaining and using credit cards, but as long as you are in the US, relatively young and plan to own a car and a home you need to start having a credit card (or more) as soon as you are an independent adult, e.g. a college student.

Having more credit cards than one allows you to manage credit in several ways and to improve your credit score faster - as long as you follow certain rules taught in every good book about credit/credit score etc.

 

[Focus]

420 Alert!

:smokin: :yes: :rockon: eace:

 

[Honan]

Nfi

 

[Theo]

Nfi

Hmm?

 

[JuniperPark]

Bionic, it all depends on your age and locale. Not trying to sing the merits of acquiring, maintaining and using credit cards, but as long as you are in the US, relatively young and plan to own a car and a home you need to start having a credit card (or more) as soon as you are an independent adult, e.g. a college student.

Having more credit cards than one allows you to manage credit in several ways and to improve your credit score faster - as long as you follow certain rules taught in every good book about credit/credit score etc.

100% correct.

In other words, if you don't get a credit card you are DAMAGING your credit score.

BTW, having a credit card doesn't have to mean you go in debt. Just pay the full bill when it comes a month later.

 

[Theo]

Some good advice, Dale

In "yesterday's economy" I'd be tempted to say that a small rotating debt is adding to your credit score, displaying that you are able to maintain a debt long term and make timely payments. In "today's economy" the less debt you have the better, so keep that in mind when making use of it.

 

[Tia Wood]

Tia, I understand the motive but that's not how the consumer economy works, and not just in the US.

Of course, bad credit management can land you in hot water, but the proper use of credit is needed in order to get card or home loans. Saving for the entire amount (for a home) can take more than one's lifetime.

With the exception of home loans because it's next to impossible, like you said to get funds for a home without applying for a loan....

However....I highly encourage you to research the monetary system we currently use (United States - not familiar with other countries) because it isn't very old. And since we've been on the current monetary system, we've had several recessions because, as you stated, this country only survives when people go in debt. We're screwing ourselves with this, especially when people from both parties (borrowers and lenders) overextend themselves.

Our current monetary system is the sole reason we're in the mess and why we're going to have more recessions like this in the future. It isn't about credit but how money is backed up in value. A bank can lend on the same pile of money over and over and over and over, all lent out at the same time to lenders. When one domino falls, they all do. It's too unstable.

This isn't our only recession since the depression. We've had many smaller ones since then. I'm not an economist to give an opinion on what needs to be changed but something does. It is obviously not working. One little burp in the system and everything crumbles because everyone owes everybody else. That's not wise.

So no, I do not believe credit helps our economy. I believe it is an illusion backed by nothing that's as unstable as going to a federal prison, putting a pile of money in the middle of the floor and calling that a bank account.

What people don't realize is whenever you go to a bank to borrow money, the money isn't even there. The bank doesn't actually have the money until you pay them back.

 

[Gerry]

We've been using our debit / check cards for hotels for years and have had no problems.

Personally, I am more afraid of debit cards than I am credit cards.

If you lose your debit card there are still places all across this county and globe that permit you to swipe that card without any code or verification needed.

The issue here is someone could quickly drain all the funds you have in that card PLUS if you have an over draft protection of say $1000.00 they can easily tap into this.

The scarey part is YES, YOU ARE LIABLE FOR THE FUNDS!!!

Honestly, the bank is going to demand payment and coverage for the funds.

These are the easiest form of CC's to wipe you clean and usually you do not have a prayer. The card is backed by the amount you have deposited in that account PLUS the overdraft protection. There is NO SPENDING LIMIT and is only limited by the funds you have.

It is for this reason that I will NEVER own a debit card.