Comments on: Is it time to cut up your credit cards? http://www.moneyanswerguy.com/2008/06/16/is-it-time-to-cut-up-your-credit-cards/ Have Questions About Personal Finance? We've Got Answers Fri, 23 Apr 2010 04:32:02 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Alex - My Trader's Journal http://www.moneyanswerguy.com/2008/06/16/is-it-time-to-cut-up-your-credit-cards/comment-page-1/#comment-13 Alex - My Trader's Journal Tue, 17 Jun 2008 00:17:55 +0000 http://www.moneyanswerguy.com/?p=21#comment-13 I like my credit card. I pay it off in full every month and get $25-50 each month in gift cards from Amazon. Last year we got $425 in Amazon stuff for free because of our credit card. I like my credit card. I pay it off in full every month and get $25-50 each month in gift cards from Amazon. Last year we got $425 in Amazon stuff for free because of our credit card.

]]> By: Bonnie http://www.moneyanswerguy.com/2008/06/16/is-it-time-to-cut-up-your-credit-cards/comment-page-1/#comment-12 Bonnie Mon, 16 Jun 2008 18:33:59 +0000 http://www.moneyanswerguy.com/?p=21#comment-12 I've been using an amex blue cash card for 2 years now, and I've gotten over $100 in cash back and never paid them a dime. There's no fee for the card, and I get automatic email updates to remind me to pay my bill, so the chances of me being late on a payment are basically zero. Tell me again how I'm ruining my financial future by using credit cards? Another advantage of credit cards over debit cards is that if someone steals your card number, they can't wipe out your checking account. If someone uses your debit card fraudulently, you don't have any money until the bank sorts it out; if someone uses your credit card, you'll show a fraudulent balance on your account until the bank sorts it out, but you still have all the money in your checking account. Credit cards can certainly be dangerous if you use them to spend money you don't actually HAVE, but the idea that everyone should cut up their credit cards is just absurd. I’ve been using an amex blue cash card for 2 years now, and I’ve gotten over $100 in cash back and never paid them a dime. There’s no fee for the card, and I get automatic email updates to remind me to pay my bill, so the chances of me being late on a payment are basically zero. Tell me again how I’m ruining my financial future by using credit cards?

Another advantage of credit cards over debit cards is that if someone steals your card number, they can’t wipe out your checking account. If someone uses your debit card fraudulently, you don’t have any money until the bank sorts it out; if someone uses your credit card, you’ll show a fraudulent balance on your account until the bank sorts it out, but you still have all the money in your checking account.

Credit cards can certainly be dangerous if you use them to spend money you don’t actually HAVE, but the idea that everyone should cut up their credit cards is just absurd.

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