Credit Cards: Pro, Con

Interesting “debate” — caught one of these links on Reddit:

Con: Ways Credit Card Companies Separate You From YOUR Money

Pro: 25 Reasons to Love Credit Cards

My household is definitely of the “con” variety, with Leah and I working on getting completely out of debt. I’m also an avid Dave Ramsey listener, which further reinforces, and signifies this choice. The “Pro” post is especially weak, especially considering almost all of the things cited as being the province of credit cards can be done with debit cards.

six comments so far...

I depend on credit cards, but I treat them like cash and don’t carry a balance. Debit cards still kind of scare me because they’re directly tied to my bank account. I know that shouldn’t be a concern given my credit card philosophy, but at least with credit cards, I have a little time to figure out if someone screwed up.

One thing we do Geoff, is not have a lot of money. 🙂

Something I want to do is “refresh” and get all new numbers for our accounts periodically.

I also want to set up a “paranoid” card — for things like travel or little cheesy untrusted establishments. This gives us some fraud protection, and damage control. A debit card can be set up attached to only a single account, for example, I have a personal account not tied to Leah’s and my joint account, or savings. I use this for smaller transactions or for sketchy places where I need to use a card.

Like Geoff, we treat them like cash. We put all our expenditures on them and pay them off entirely at the month. This gives us access to a huge amount of available credit if needed, keeps us from worrying about carrying cash around too. The best part is one bill, with itemized expenses, you know exactly where your money goes.

I agree with you on the ‘pro’ post. Some pretty flimsy arguments there by someone who doesn’t seem to understand what debit cards can offer.

I depend on them too. A necessary evil of modern life I like to think.
Treat them like cash is a great view. It is so easy for it to get out of hand

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