Why I Love My Credit Cards
70
"Kids these days never carry cash!"
This is something that I hear frequently when I pull out my credit card at lunch when my older co-workers have their cash out on the table. It's true - I don't carry cash, and there are a lot of reasons why (that may or may not apply to all "kids"!).
- Cash is too easy for me to use.Whenever I have dollar bills and change in my wallet, it seems to disappear so much faster. Whether it's someone who taps me on the shoulder for a dollar at the bus stop, or a candy sale, I find that it's much easier to take out a buck without really thinking about it. Before I know it, I need to go to the ATM again.
- Speaking of ATMs... I just feel that it's a pain to go to the ATM when I can just go online and transfer money electronically to a bank account so I can pay off a credit card. And I don't feel as leary when I'm on the street with so many people walking by behind me.
- My expenses are easier to track with credit cards. Keeping track of paper receipts is too difficult when I'm trying to keep an eye on spending.
- Cash is easier to lose. There have been times when my friends have stuck their hands in their pockets expecting to find their cash, only to realize that it had fallen out. Even if I lose my credit card, I can cancel it and get a new one.
- I get great rewards for using my credit card. When my mom starting getting my birthday presents and other fun things with her Chase rewards card, I figured it wouldn't hurt to look into it. Now I get all kinds of things with my points, including gift cards and regular merchandise. There are also special opportunities when your points will double, triple, and more! You can also get cash back, or pay off purchases with your points.
- You can build credit.
- Your purchases can mean more. You can get charity credit cardsthat can benefit non-profits and other causes with each swipe.
- Credit cards are easy for me to use online. If there's something I can't find in a brick-and-mortar store, I can search for it online and use my credit card.
- I can put fun photos on my credit cards :)
I should say that I don't have trouble paying off my credit card. If you do, I would say cash would be the way to go, especially for smaller purchases. The bigger buys are where the benefits of credits cards are greatest.
Cash vs. Credit/Debit Debate #1
Additional Resources
- Comparing value of cash back cards vs. rewards
The value of credit card rewards programs are as different as their participants. Free travel may have more appeal than cash back or vice-versa. - Pros & Cons of Cash Vs. Credit Cards | eHow.com
Pros & Cons of Cash Vs. Credit Cards. When paying for goods and services, a consumer usually has the choice to either pay with a credit card or pay with cash. The decision is usually based on the consumer's individual wants and needs. Knowing the - Wesabe: Spend Smarter: Benefits of using Cards vs. Cash
- Why We Spend More Using Credit Versus Cash : NPR
Why is it that people seem to spend more when they use credit cards than when they use cash? The answer could be rooted in psychology. Robert Frank, an economics professor at Cornell University, talks about how the brain works when it comes to paying
CommentsLoading...
Great research for an informative hub! Shout out to a fellow journalism major. In my reporting days the city/county manager was my go to guy for information. Be kind to your local reporters!
I love this hub - but do not like to use anything that tracks where I am.... not that I am a bad dude ... but your id number is attached to both credit cards and debit cards... frankly Big Brother has no business knowing where anyone is. LMAO -- I know I have a warped paranoid attitude by appearances - but - that is the way think!
Kathleen, thanks for the shout out, and same to you! I always feel for our local reporters who get beaten up by the public... Not an easy job!
Neil, most of my friends agree with your point. I think I am still a little naive... My tune will probably change one day when I get screwed by my credit cards, but I do like when they call me and tell me that they have seen suspicious purchases :)
I love my credit cards too! But it is such an easy trap to get into. Be careful to not spend more than you can pay!
GV I gotta tell you I pretty much think along oppisite lines here. I call credit cards " Crack with an interest rate ". I do use them sparingly at best. I do have direct deposit and I am finally getting with the modern world and paying bills online. It is so easy just to pull out a card and charge things including my ATM. But not only am I paying for the goods and services but I am also paying a service charge against my bank account everytime I use the card. And those little charges add up. So I am going back to paying cash because I am a natural cheapskate and I hate parting with a dollar so I am less inclined to spend frivolously.That being said I do like the card that helps charities that you mentioned in your article. That is a cause I can get behind.
Thanks Tony. I am a cheapskate as well and there is no way I would pay service charges to use my card. Thankfully I don't have to!
Many older people don't realise that you can have great reasons for using your credit card (like you do). They think everyone who uses credit cards is spending money that he or she doesn't have. They don't realise that there are plenty of responsible people (like yourself) who have absolutely valid and good reasons to use them. This hub will hopefully educate them and make them re-think their 'credit cards are evil!' position.
Great hub! Voted awesome and up!
Thanks Vision! I have my mom to thank for that - she taught me how to use my cards responsibly, and it didn't occur to me until much later that people can have thousands in debt, which is tragic and scary to me.
Great write up on credit cards. I don't do ATM but it is so easy to see what your purchases are with the cards.
Thanks Sandy! That is definitely a bonus for me - I am online checking my accounts every few days to make sure things are in order.
I agree with you about spending any cash more quickly than having to charge something. I have always heard financial advisers recommend using mostly cash so that you only spend what you have, but I don't think this concept works for me. I think twice before charging. The credit card cash back rewards are a great bonus!
Well done!
Thank you Tracy! It's nice to know I'm not the only one :)
You have raise some very important points. Thank you
I'm with you, it's easy to spend the cash if you have it!!!
Nice article, i never carry changes with me, since I am a guy. it ended up as tips most of the time. It's hard to keed changes in my pocket while i have my cell, mp3 player, wallet, cigarette packet, lighter, house keys etc. SO paying by the credit card is lots easier I agree with that.
Good point - whenever I'm out with my partner and he uses bills, I always end up with the change because he has nowhere to put it :)
Alladream74 Level 4 Commenter 10 months ago
Great write up.I have always been weary of them since we don't use them in our country