Cash vs Debit

[Rsully70sev]

Hahaha. Banks have a proof department that fix things like that over the next business day. Even if you didn't inquire about the problem, your account would of been credited appropriately.

The ATM I was using once was flipping out and wasn't dispensing my money. So I tried a few more times to withdraw around $200 to no avail. Said whatever, and used the ATM next to it. "It said lolno, you reached your ATM limit." WTF. Log onto my mobile app and it says I withdrew $200 five times ahaha. Freaked out, Saturday afternoon, nothing I can really do. My account was credited the next business day.

Hahaha I figured such. I literally parked in the drive-thru and blocked the lane till I got on the phone with a rep. They said "don't worry about it, we'll take care of it" but I just imagined leaving and having $5k spit out the ATM to the next customer haha.

[Wh33lhop]

Haha, last time I deposited any cash at an ATM it was 2 grand, I was just thinking how much it would suck if it ate the money and froze up. Sure enough it froze on the please wait screen. Eventually got the money but at first I got the runaround since I was using a different CU's ATM. Brix were shat, now I just take a long lunch and go inside if I want to deposit cash.

[F34R]

Debit

[Jorgen]

Credit isn't necessary, though. I haven't used it in 4 years.

The argument for credit is circular logic. You need to borrow money to build a credit score so that you can... borrow money. Just don't borrow money and live below your means and you'll be in good shape.

What if you want to start a business, buy a house etc. Yes you can save for these things but trying to run a business without credit is going to be a real pain.

[tonerrrr]

Someone who mismanaged money while in college and learned a lesson:

"Credit is a good servant but a terrible master."

Definitely agree with you, just yanking your chain haha.

[Ryan Stewart]

Here is what I've been doing lately:

[

Using this method allows me to maintain a budget, have a regular savings schedule, earn points for money spent, and as a bonus I'm always carrying cash just in case.

It probably sounds excessive doing it this way, but it takes 2 minutes at the end of the day to figure out what you've spent and set aside cash accordingly.

I basically do the same thing, leave just enough in checking to cover any specific expenses after paying bills and shift everything else over savings.

I use my CC as a debit card, just a debit card that only is "balanced" at the end of the month. All of my transactions are "Cash backed" meaning that I always have the liquid assets to cover the debt. Obviously this is impractical for things like houses but its easy to delay gratification on some toy long enough to save up the cash, then buy it on credit and pay it off before interest hits.

Also, I will admit that, like you, I am salary and that helps. I know I get the same check every two weeks (not counting bonus but I never budgeted for bonus, that was always "fun money").

[Turf1600]

What if you want to start a business, buy a house etc. Yes you can save for these things but trying to run a business without credit is going to be a real pain.

I don't want to do either of those things.

[Ryan Stewart]

I don't want to do either of those things.

So you dont think you'd ever want to buy a house, a car new enough you might not have 100% cash for it or might run into a situation where you might require a loan?

[z31maniac]

So you dont think you'd ever want to buy a house, a car new enough you might not have 100% cash for it or might run into a situation where you might require a loan?

No, it's much better to speak in absolutes so that you can be condescending.

[Vedubin01]

What if you want to start a business,

A bank is not going to loan you anything for an upcoming business or even an established business unless you have personal equity to leverage the loan against.

run a business without credit is going to be a real pain.

It truly depends on the business. Having some credit does help but see above for anything other than a business credit card.

[Turf1600]

No, it's much better to speak in absolutes so that you can be condescending.

I'm just not going down that road again. I bought a house and have had new cars - I simply prefer to save cash and live modestly. If you think I'm being condescending I'm sorry - but credit is just not for me. You guys do you what you want - it's not going to hurt my feelings.

[rwh11385]

A house is the only thing I'd consider financing part of - but like I said, I'd have to put at least half down.

But isn't it handy to be able to have that as an option? If you and Dave Ramsey keep telling all these kids that credit is stupid and evil, they won't ever have the option to buy their own home. It's fine and dandy if you want to only spend what is in the bank - that's good... but pretending like credit is something responsible adults cannot handle is silly. And so would be having the stubbornness about not having any debt (regardless of positive net worth), that someone would be deadset on renting rather than a mortgage. It's up to situation and location, but most people around here pay a small fraction for a house what others pay for rent in an apartment. (And you keep the principal!). You take for granted that you have a credit history... if kids don't build theirs they simply won't have the same opportunities available, or if they do - expensive ones.

If people can't handle having credit, they probably aren't great at saving cash and not spending it either. Sure, you only can buy what you have physical money available for, but what about all the bills you owe in life? It's not like avoiding credit magically makes all the other debts you collect for using utilities or services (cell phone, internet, etc.) go away. And paying deposits for cell phone service or internet or whatever if you don't have credit sucks (or so I would imagine). Having good credit makes it so you don't have to worry about that, and neither do the providers about you.

Are there people who are dumb about credit cards or new cars they can't afford or huge homes? Sure. But is that reason to write off credit altogether? No. If you don't have a strong credit history, borrowing is expensive - like people who are short on cash and the "unbanked" and pay 21% APR for check cashing places or at JD Byrider. Compared to that, people with debt payments at <25% of their income, saving a similar chunk, demonstrating delayed gratification for large purchases, and never carry a balance are golden. There's a difference between the sob stories of idiots and the large number of grown ups that utilize credit to their advantage.

[Turf1600]

But isn't it handy to be able to have that as an option? If you and Dave Ramsey keep telling all these kids that credit is stupid and evil, they won't ever have the option to buy their own home. It's fine and dandy if you want to only spend what is in the bank - that's good... but pretending like credit is something responsible adults cannot handle is silly. And so would be having the stubbornness about not having any debt (regardless of positive net worth), that someone would be deadset on renting rather than a mortgage. It's up to situation and location, but most people around here pay a small fraction for a house what others pay for rent in an apartment. (And you keep the principal!). You take for granted that you have a credit history... if kids don't build theirs they simply won't have the same opportunities available, or if they do - expensive ones.

If people can't handle having credit, they probably aren't great at saving cash and not spending it either. Sure, you only can buy what you have physical money available for, but what about all the bills you owe in life? It's not like avoiding credit magically makes all the other debts you collect for using utilities or services (cell phone, internet, etc.) go away. And paying deposits for cell phone service or internet or whatever if you don't have credit sucks (or so I would imagine). Having good credit makes it so you don't have to worry about that, and neither do the providers about you.

Are there people who are dumb about credit cards or new cars they can't afford or huge homes? Sure. But is that reason to write off credit altogether? No. If you don't have a strong credit history, borrowing is expensive - like people who are short on cash and the "unbanked" and pay 21% APR for check cashing places or at JD Byrider. Compared to that, people with debt payments at <25% of their income, saving a similar chunk, demonstrating delayed gratification for large purchases, and never carry a balance are golden. There's a difference between the sob stories of idiots and the large number of grown ups that utilize credit to their advantage.

I agree, but I'm just saying it's not for me. I guess I just prefer to keep things simple these days.

[brutus87]

What about a mixture of cash, debit, and CC?

[MAXELHOFF]

scurvy

Sure fucking scurvy Minnesota winter.
Its done on the transaction, not on the card. Typically its two prices. Like a liquor store nearby will have a price but jack that price up 3% for credit. SO they would just swipe for the price+3% an the CC company is none the wiser.

http://www.greensbeverages.com/keg-atlanta.shtml