Personal Finance on Yik Yak | For all the young folk out there: “Use your credit card like it’s your debit card. ONLY INCREASE YOUR UTILIZATION FOR EMERGENCIES”

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Personal Finance 11w

For all the young folk out there: “Use your credit card like it’s your debit card. ONLY INCREASE YOUR UTILIZATION FOR EMERGENCIES”

Anonymous 11w

Huh? Is this fr chat?

Anonymous 11w

Yep, having worked at a big regional bank, the banks policy was basically attract new customers at all costs because we make 0 money on good customers, but bad customers fuel profits. So the more customers we have the more bad customers we have. Your credit card holds 2 advantages. 1) your not spending your money, card gets hacked it’s the banks problem 2) they give you cash back and points every time you whip it out, so use it as often as possible. Aside from that, credit cards are a scam.

Anonymous

#1 11w

Very. If you can’t buy it with your debit card, you can’t afford it and shouldn’t be using your credit card.

Anonymous

#1 11w

Of course if money is tight, use your credit card. But that’s at least my general rule

Anonymous

#1 11w

Yes you should 100% use a credit card instead of a debit at all times.

Anonymous

#2 11w

What if you can’t get it with a debit card, but can by the end of the month?

Anonymous

#2 11w

I’ve been under my card balance on my checking account for ab 3 months now but I’ve been making the payments in full and on time with the payments that come in as the month goes by

Anonymous

#1 11w

What’s your question? Is it good to do that? No. But like if you have no choice who cares what’s good. Financial responsibility is a spectrum. Putting stuff on your card you can’t pay off right then is bad in the same sense that payday loans are bad. You should avoid it as much as possible but if you have no choice then who cares if it’s bad