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Forum » What is the point of a credit card? Is it essential for a mortgage?
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Thread: What is the point of a credit card? Is it essential for a mortgage?

post 1679721933 03-27-2023, 06:24 PM
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What is the point of a credit card? Is it essential for a mortgage?

I’ve never actually had one in my entire life, always pay for everything up front with cash/debit bank card and never been in debt.

So you basically borrow money to spend then have to pay it back with interest?

Why not just wait/save till you can buy chit outright?

Is it basically to prove to mortgage lenders that you can pay back a loan in time to get a good credit score?
post 1679722043 03-27-2023, 06:27 PM
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Imagine you need a car today, how do you save enough to buy it in one day. You don't. So you get a loan for it. Credit card is the same thing, but for smaller things.

You should know this by now.
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post 1679722123 03-27-2023, 06:30 PM
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Originally Posted By Anachron⏩
Interest free loan a month at a time.
Travel insurance.
Extra protection against skimming.
Earning cash back.

Depending on card of course.

And...

Mogging ( entirely card dependent )

Good points.


I'll add that we use AmEx cards that give us 5-6% back on gas and groceries, and pay it off every month so no charges or interest.
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post 1679722173 03-27-2023, 06:31 PM
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The point is people use it to buy stuff that they cannot afford and end up paying more for it in the end.

You don't really *need* a credit score to buy a house according to Dave Ramsey, you just have to call around and find a bank that offers manual underwriting. But if you actually have a score thats not an option
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post 1679722263 03-27-2023, 06:32 PM
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Just found out I have a credit score 797.... So I just say that number to people so they mire my elite levels of being a responsible adult.
post 1679722573 03-27-2023, 06:38 PM
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Build credit, boyo...



I pay for almost everything on my VISA rewards card and pay off the balance at the end of the month... Every month I accrue about $40 of rewards which I redeem in cash. It's free money.


Also, LOL at buying things with your debit card. If you're card info gets stolen they'll be draining your bank account. Yes, you can dispute and get the money back, but it's a pain to do so, it's easier and faster to dispute a credit card charge than a debit card charge.

With credit cards, it comes down to discipline, most people get into astronomical debt because they don't have discipline.

I've personally known people who got into as much as $36K in credit card debt.

The most I've ever put on a CC in one instance was $5000 for a hair transplant back in 2012.... and I paid it off the same month.
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post 1679722663 03-27-2023, 06:40 PM
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Just checked and my credit score is 877.

Seems completely irrelevant outside of America.
post 1679722753 03-27-2023, 06:41 PM
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for me, its mainly that carrying cash is annoying. if you didnt have enough cash you gotta give 2 frozen pizzas and a mango back to the cashier. listen to their sighs and walk out of the checkout line with your head hanging low

i also remember my dad holding up checkout lines filling out his checks

debit card? why not capitalize on rewards from ccs? also it's a bit faster; no pin number to type in
post 1679723263 03-27-2023, 06:50 PM
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Originally Posted By bigdownunder⏩
Just checked and my credit score is 877.

Seems completely irrelevant outside of America.
correct

If you don’t live in America you are poor as Fuk so credit doesn’t matter your just trying to collect enough coins for a loaf of bread
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post 1679724163 03-27-2023, 07:08 PM
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The credit system is actually a good way to judge if someone is willing and able to pay back their debt. So it’s a good system in that sense. I don’t like that they sell your personal info. It’s all “private” but they use it for marketing.
post 1679727283 03-27-2023, 08:25 PM
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I charge everything to my cash back card and pay it off every month.

They pay me to use it basically. Plus it can build up your credit so when you want a car or house you have something established.

Now look at stuff like taking a plane trip or renting a car. Do people go to the airport and buy plane tickets with cash like its 1955 still? I am sure some do but 99% of people dont. Same with a hotel room.

Just makes life simpler if used responsibly.
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post 1679727443 03-27-2023, 08:29 PM
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It's basically meant to trick people into consoomermaxxing. Idiots get like 1-2% back on all their purchases and some random offers/discounts and they end up spending twice in total of what a responsible adult would.
Originally Posted By crupiea⏩
I charge everything to my cash back card and pay it off every month.

They pay me to use it basically. Plus it can build up your credit so when you want a car or house you have something established.

Now look at stuff like taking a plane trip or renting a car. Do people go to the airport and buy plane tickets with cash like its 1955 still? I am sure some do but 99% of people dont. Same with a hotel room.

Just makes life simpler if used responsibly.
It's very much an American thing, not sure how big it is in other countries. Sure, credit cards exist here. But the only places I've ever seen where it was the only payment option were American companies.
post 1679730433 03-27-2023, 09:42 PM
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Buy all you chit with a credit card with a cash back rewards system of say... 2%. that means everything you buy with that card is 2% off in theory

When you reach the end of the month you will have a bill due around the tune of $1-3k depending on how much you spend in any given month

Now pay that bill IN FULL each month same as you would a mortgage or any other large bill

Not only have you gotten 2% cash back on all your purchases, but now you have also built credit history by taking out a $3000 loan and paying it back on time. This alone will boost your credit score above 750 within a single year, and yes that means you are approved for better mortgage interest rates which will save you tens of thousands in the future

Also another benefit is if your card info is stolen and someone buys chit on your card, the credit card company literally covers those charges and you dont have to do jack **** or go through any hoops to get rembursed

The only reason you win here and the credit card company looses, is because common sense is lacking among the average person. Most americans will hold a balance on their credit account and only pay the minimum each month. That is when you pay huge interest rates of 17-25% on your balance

The credit card company makes all their money from retards who have a 10k balance they pay 17% interest on monthly

You NEVER have to pay any interest if you pay off your entire balance montly
post 1679730733 03-27-2023, 09:48 PM
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Originally Posted By Anachron⏩
Depending on where you are in the world, even if everyone pays their bills on time, they still make money via merchant fees.
Very true, forgot about that
post 1679730773 03-27-2023, 09:49 PM
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post 1679730953 03-27-2023, 09:52 PM
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you should focus on passing your drivers test before financing a house brah
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post 1679731493 03-27-2023, 10:02 PM
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it's a joo scam and you're all falling for it ... imagine falling for modern day shylocks.
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post 1679731643 03-27-2023, 10:08 PM
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Originally Posted By bongowongo⏩
it's a joo scam and you're all falling for it ... imagine falling for modern day shylocks.
This, unironically. We're all just little goyim playing on Mr. Noseberg's monopoly board
post 1679731863 03-27-2023, 10:15 PM
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Originally Posted By Vascularmanlet⏩
I’ve never actually had one in my entire life, always pay for everything up front with cash/debit bank card and never been in debt.

So you basically borrow money to spend then have to pay it back with interest?

Why not just wait/save till you can buy chit outright?

Is it basically to prove to mortgage lenders that you can pay back a loan in time to get a good credit score?
crew. never made any sense to me. now people hit with like oh but i get 4% cash back but idgaf about that
post 1679732033 03-27-2023, 10:18 PM
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Originally Posted By crupiea⏩
Now look at stuff like taking a plane trip or renting a car. Do people go to the airport and buy plane tickets with cash like its 1955 still? I am sure some do but 99% of people dont. Same with a hotel room.

Just makes life simpler if used responsibly.
wait, who tf goes directly to the airport to buy plane tickets?
post 1679732133 03-27-2023, 10:21 PM
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Originally Posted By Vascularmanlet⏩
So you basically borrow money to spend then have to pay it back with interest?
you don't pay any interest if the balance is paid back in full each month

only retards accrue interest on credit cards
post 1679732153 03-27-2023, 10:21 PM
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Originally Posted By SimplyFlacid⏩
correct

If you don’t live in America you are poor as Fuk so credit doesn’t matter your just trying to collect enough coins for a loaf of bread
Big talk from someone who lives in a 3rd world country.
post 1679732943 03-27-2023, 10:55 PM
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No you don't absolutely need credit it's just always nice to have the option of using someone else's money.
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post 1679733353 03-27-2023, 11:15 PM
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It's nothing but points enjoyment for me IMO. Pay it off every month, get points / cashback, nothing to lose. Mine has an annual fee but I get multiple times that in rewards. My credit score is just a little short of 800, and I'm constantly getting offers of pre-approval for loans on cars or mortgages lol.

TBH I kind of view a credit card like a double-down emergency fund. I keep money in my checking, and have liquid in investments, but if chit hits the fan at an unreal level, it'd be nice to have something to easily fall back on. The recovery of such a situation would suck cuz of the interest rates and need to pay it off ASAP, but it's at least a quick easy backup plan.
post 1679781243 03-28-2023, 05:56 PM
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Originally Posted By MiscMathematician⏩
for me, its mainly that carrying cash is annoying. if you didnt have enough cash you gotta give 2 frozen pizzas and a mango back to the cashier. listen to their sighs and walk out of the checkout line with your head hanging low

i also remember my dad holding up checkout lines filling out his checks

debit card? why not capitalize on rewards from ccs? also it's a bit faster; no pin number to type in
I rarely pay using physical cash apart from escorts as I agree it’s a hassle carrying it round.

Also almost all debit cards are contactless up to £100 these days so generally don’t need to use my pin.
post 1679781573 03-28-2023, 06:02 PM
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Originally Posted By Godfrd824⏩
Imagine you need a car today, how do you save enough to buy it in one day. You don't. So you get a loan for it. Credit card is the same thing, but for smaller things.

You should know this by now.
A person should always buy a vehicle with cash in full
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post 1679781633 03-28-2023, 06:04 PM
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You can get American Express debit card thus getting 1 MR point per dollar spent

So you can get points to use for travel. without using an actual credit card
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post 1679781993 03-28-2023, 06:10 PM
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As long as you aren't retarded credit cards are fine.

Just use one to purchase anything you'd normally purchase. And pay it off every month so you pay no interest. Boom high credit score for literally changing nothing about your life/lifestyle.
post 1679782323 03-28-2023, 06:17 PM
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Originally Posted By iloveus⏩
You can get American Express debit card thus getting 1 MR point per dollar spent

So you can get points to use for travel. without using an actual credit card
you can get 4 credit cards every year that give you a mean of roughly 200 bucks each for free, plus those points as a cherry on top

as long as you normally spend like ~10 grand on your personal expenses per year. my internet, utilities, gas and cellphone is already 50% of that figure

thats like 10-15% back for almost no effort (including points back. like 5% back on 2000 spent on restaurants)
post 1679783773 03-28-2023, 06:43 PM
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I only use cash for hookers
I don't answer questions
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