Comments on: 25 Reasons to Love Credit Cards http://www.mydollarplan.com/25-reasons-to-love-credit-cards/ because money doesn't grow on trees Thu, 09 Feb 2012 14:28:55 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Why I Don’t Like Credit Cards | Antishay Ventenne http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-1769 Why I Don’t Like Credit Cards | Antishay Ventenne Sun, 23 Mar 2008 03:57:25 +0000 http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-1769 [...] Hate The Credit Card and 25 Reasons to Love Credit Cards - My Dollar [...]

[...] Hate The Credit Card and 25 Reasons to Love Credit Cards – My Dollar [...]

]]> By: Keep Your New Year's Resolution by Going Into MORE Debt? | The Wisdom Journal http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-1047 Keep Your New Year's Resolution by Going Into MORE Debt? | The Wisdom Journal Mon, 25 Feb 2008 06:02:06 +0000 http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-1047 [...] no mention of what the rate is and no, I’m not clicking their link. I know that some people love their credit cards and have a unique amount of self control when it comes to using them. Others, like me, think [...]

[...] no mention of what the rate is and no, I’m not clicking their link. I know that some people love their credit cards and have a unique amount of self control when it comes to using them. Others, like me, think [...]

]]> By: Fiscal Musings » Blog Archive » Weekend Edition: Back to Work for a Day http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-596 Fiscal Musings » Blog Archive » Weekend Edition: Back to Work for a Day Sat, 26 Jan 2008 05:42:41 +0000 http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-596 [...] 25 Reasons to Love Credit Cards: This article is from My Dollar Plan and lists off a bunch of reasons in favor of credit cards. [...]

[...] 25 Reasons to Love Credit Cards: This article is from My Dollar Plan and lists off a bunch of reasons in favor of credit cards. [...]

]]> By: Madison http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-459 Madison Tue, 15 Jan 2008 21:26:28 +0000 http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-459 @ Kitty: You said it better than I could have! @ Troya 71: I agree, I think the arbitrage is a concept that you either get or you don't get. Great idea to not screw around with your credit before possibly buying a new house. If there was a chance we would be moving... I wouldn't be doing what I am doing (to the same degree at least!) @ Kitty: You said it better than I could have!

@ Troya 71: I agree, I think the arbitrage is a concept that you either get or you don’t get. Great idea to not screw around with your credit before possibly buying a new house. If there was a chance we would be moving… I wouldn’t be doing what I am doing (to the same degree at least!)

]]> By: troya71 http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-448 troya71 Mon, 14 Jan 2008 05:16:38 +0000 http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-448 I am amazed at how much you can make doing credit card arbitrage. Kudos to you for pulling it off (I am just not motivated or disciplined enough to monitor that many accounts and am a little worried about the hit to my credit score, since I plan on relocating soon and will need to buy a new home). Don't let the detracters get you - from their posts, it is pretty clear to me that they do not get it. I use credit cards as much as I can, take advantage of the float and pay the balance off in full each month, and get a nice cash rebate for my troubles. Has worked well for me. I view it as getting paid for being disciplined. I am amazed at how much you can make doing credit card arbitrage. Kudos to you for pulling it off (I am just not motivated or disciplined enough to monitor that many accounts and am a little worried about the hit to my credit score, since I plan on relocating soon and will need to buy a new home). Don’t let the detracters get you – from their posts, it is pretty clear to me that they do not get it. I use credit cards as much as I can, take advantage of the float and pay the balance off in full each month, and get a nice cash rebate for my troubles. Has worked well for me. I view it as getting paid for being disciplined.

]]> By: Smart Spending http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-427 Smart Spending Fri, 11 Jan 2008 01:00:00 +0000 http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-427 <strong>No holds barred: The Great Credit Card Debate...</strong> Earlier today we almost bought blogger Ana's line that she needs "Investing for Complete and Utter Idiots." That is until we came across The Great Credit Card Debate between Ana, of DebtFree-Revolution fame, and Madison of My Dollar Plan. If you nee...

No holds barred: The Great Credit Card Debate…

Earlier today we almost bought blogger Ana’s line that she needs “Investing for Complete and Utter Idiots.” That is until we came across The Great Credit Card Debate between Ana, of DebtFree-Revolution fame, and Madison of My Dollar Plan. If you nee…

]]> By: Carnival of Personal Finance Expansion Pack | Mrs. Micah: Finance for a Freelance Life http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-408 Carnival of Personal Finance Expansion Pack | Mrs. Micah: Finance for a Freelance Life Wed, 09 Jan 2008 21:52:22 +0000 http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-408 [...] 25 Reasons to Love Credit Cards @ My Dollar Plan [...]

[...] 25 Reasons to Love Credit Cards @ My Dollar Plan [...]

]]> By: Debit Cards vs Credit Cards? - Personal Development for Smart People Forums http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-399 Debit Cards vs Credit Cards? - Personal Development for Smart People Forums Wed, 09 Jan 2008 04:12:08 +0000 http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-399

[...] on your credit history. There’s a lot of Pro-Credit articles on my PF blog roll, like this one: 25 Reasons to Love Credit Cards | My Dollar Plan And to be fair, here’s a Con-Credit: DebtFREE-Revolution » Blog Archive » Ways Credit Card [...]

]]> By: The 134th Carnival of Personal Finance – Building on the basics Edition « Father sez…… http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-398 The 134th Carnival of Personal Finance – Building on the basics Edition « Father sez…… Wed, 09 Jan 2008 03:11:54 +0000 http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-398 [...] - My Dollar Plan’s no less than 25 reasons to love credit cards,  [...]

[...] – My Dollar Plan’s no less than 25 reasons to love credit cards,  [...]

]]> By: Frugal Babe » Archive » Carnival of Personal Finance Favorites http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-396 Frugal Babe » Archive » Carnival of Personal Finance Favorites Tue, 08 Jan 2008 17:53:11 +0000 http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-396 [...] Dollar Plan has compiled a list of 25 Reasons To Love Credit Cards.  She has 89 credit card accounts (!!) and plays the credit card arbitrage game, which would give [...]

[...] Dollar Plan has compiled a list of 25 Reasons To Love Credit Cards.  She has 89 credit card accounts (!!) and plays the credit card arbitrage game, which would give [...]

]]> By: » The Carnival is Up! on Consumerism Commentary: A Personal Finance Blog http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-388 » The Carnival is Up! on Consumerism Commentary: A Personal Finance Blog Tue, 08 Jan 2008 02:10:40 +0000 http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-388 [...] and they are abundant this week. Start with Mrs. Micah’s top ten picks, but don’t miss 25 Reasons to Love Credit Cards, Credit Card Companies Want to Eat You Alive, How to Talk to Your Teenager About Personal Finance, [...]

[...] and they are abundant this week. Start with Mrs. Micah’s top ten picks, but don’t miss 25 Reasons to Love Credit Cards, Credit Card Companies Want to Eat You Alive, How to Talk to Your Teenager About Personal Finance, [...]

]]> By: kitty http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-387 kitty Tue, 08 Jan 2008 01:10:21 +0000 http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-387 "I don’t need float because I have a big ol’ pile of cash and am never in a pinch." Using float is not about being in a pinch. It is about getting extra interest during the month between the purchase and the due date. Not much, but it is free money and it adds up. In terms of available cash - why do you assume those of us who use credit cards have less of it than you do? I have paid off home, no debt and savings too. But why say no to free money? About fraud protection of debit cards. Even if I assume that some debit cards provide the same level of protection, there is one major difference. The moment someone charges your debit card, the full amount is taken off your checking. Sure you can get it back after you complaint and the bank investigates, but in the meantime you are out of money. In fact, until you get your monthly statement you don't know about it and continue to sign check blithfully unaware that your balance is less than you think. Large enough amount of fraud and some of your checks may start bouncing. Not nice. With a credit card, even if you sign up for the automatic payment in full as I do, you get the bill and notice the problem long before the money leave your account. In terms of universal default, there is a simple solution - pay your bills on time, setup for automatic payment when possible, monitor your statements. If you do arbitrage and notice that your statement shows interest, take off money from your savings and send one big check. Personally I don't do arbitrage, but that what I'd do. Some places give discounts for cash; others don't. Sure, when someone gives me a discount, I pay cash. If not - I'd rather get cashback. Also, AmEx doubles manufacturer warranty. In some cases it may be useful. “I don’t need float because I have a big ol’ pile of cash and am never in a pinch.”
Using float is not about being in a pinch. It is about getting extra interest during the month between the purchase and the due date. Not much, but it is free money and it adds up. In terms of available cash – why do you assume those of us who use credit cards have less of it than you do? I have paid off home, no debt and savings too. But why say no to free money?

About fraud protection of debit cards. Even if I assume that some debit cards provide the same level of protection, there is one major difference. The moment someone charges your debit card, the full amount is taken off your checking. Sure you can get it back after you complaint and the bank investigates, but in the meantime you are out of money. In fact, until you get your monthly statement you don’t know about it and continue to sign check blithfully unaware that your balance is less than you think. Large enough amount of fraud and some of your checks may start bouncing. Not nice. With a credit card, even if you sign up for the automatic payment in full as I do, you get the bill and notice the problem long before the money leave your account.

In terms of universal default, there is a simple solution – pay your bills on time, setup for automatic payment when possible, monitor your statements. If you do arbitrage and notice that your statement shows interest, take off money from your savings and send one big check. Personally I don’t do arbitrage, but that what I’d do.

Some places give discounts for cash; others don’t. Sure, when someone gives me a discount, I pay cash. If not – I’d rather get cashback. Also, AmEx doubles manufacturer warranty. In some cases it may be useful.

]]> By: DebtFREE-Revolution » Blog Archive » The Great Credit Card Debate http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-381 DebtFREE-Revolution » Blog Archive » The Great Credit Card Debate Mon, 07 Jan 2008 16:21:41 +0000 http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-381 [...] the official start day of the debate, she posted her 25 Reasons to Love Credit Cards early in the morning to give me time to drink enough coffee to respond.  Some are serious, and [...]

[...] the official start day of the debate, she posted her 25 Reasons to Love Credit Cards early in the morning to give me time to drink enough coffee to respond.  Some are serious, and [...]

]]> By: Carnival of Personal Finance 134: Building on the Basics | Mrs. Micah: Finance for a Freelance Life http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-377 Carnival of Personal Finance 134: Building on the Basics | Mrs. Micah: Finance for a Freelance Life Mon, 07 Jan 2008 09:34:39 +0000 http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-377 [...] Well, Madison at My Dollar Plan certainly likes them. In fact, she’s come up with 25 Reasons to Love Credit Cards. [...]

[...] Well, Madison at My Dollar Plan certainly likes them. In fact, she’s come up with 25 Reasons to Love Credit Cards. [...]

]]> By: Madison http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-375 Madison Mon, 07 Jan 2008 03:49:23 +0000 http://www.mydollarplan.com/25-reasons-to-love-credit-cards/#comment-375 @ kentucky liz: Glad to hear you have found a system that works for you. As for the Forbes list, I'm doubting that anybody is on the list through credit card arbitrage. However, it can be a lucrative strategy to assist in meeting financial goals, but isn't for everybody. @ kentucky liz:
Glad to hear you have found a system that works for you. As for the Forbes list, I’m doubting that anybody is on the list through credit card arbitrage. However, it can be a lucrative strategy to assist in meeting financial goals, but isn’t for everybody.

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