How many credit cards?

[tgoforth1984]

I have none. I used to have one when I was 18, but it turned into more hastle then what it is worth. So if we need a credit card, we just go buy a prepaid one.

[Boobulargroove]

I am 45 years old and never had a need for a credit card.

[mmjones]

I don own any other than my debit card. They are too much of a ripoff in my opinion. That is why so many people will die with debt.

[SerenBaker]

I have a Mastercard debit card. It takes money out of my account like a regular debit card, but it has a Mastercard # so I can use it to shop online or at stores that don't have the debit thing. It's very convenient.

[attagirl]

Originally Posted by Lloyd Brown

I cut up all my credit cards about 5 years ago. They are nothing but a trap.

I agree with you. I think that 5 cards is too many and they are really a huge trap. I know too many people who have started small, then they continued to get more and more and now they are so in debt. I choose not to use them at all, unless it is a prepaid credit card.

[nforce]

credit cards is a very illusive way of making you beleive that you can buy anything you want by promising you very hign credit limits. Then they charge you heavy interest rates etc for the amount you have taken on credit.

[jesuskelo]

g

[Boobulargroove]

I have never owned a credit card.Oops looks like I responded twice to this post - sorry about that

[Cats Miaow]

I don't have a credit card anymore. Thank goodness! I do have several debit cards.

[luigi-di-violini]

I have 2 credit cards. A Bank of America Visa that I applied for in 2004 to build credit history so I could buy a house later (which I did in 2005). My sister and I share an American Express Blue Cash card which we use everywhere we can to earn cash back. I have not used by Bank of America Visa since getting the Amex and only keep it for emergencies.

Last year was our first year with Amex and we earned over $300 cash back. (This is the one that gives you 5% cash back on groceries, gas and drugstore purchases and 1.5% on everything else - but after you have charged $6,500 - prior to reaching $6,500, it's 1.5% and .5%).

Credit cards are fine and good if you don't go overboard and remember the following:

1. Never spend money you don't have
2. Always pay the balance in full and you will never pay a penny in interest
3. They are safer to carry than cash, which can be more easily stolen
4. You have a statement to track all your expenditures, especially good for business expenses
5. They are backup for emergencies
6. Avoid using Cash Advances unless it's a real emergency and it is absolutely necessary
7. Do not use 0% APR balance transfer offers to free up other full credit cards and get yourself further into debt
8. You are protected from fraud to a certain degree in that if you are ripped-off by a fraudulent seller online (such as eBay), you can file a chargeback and possibly get your money back for purchases never delivered or that arrived damaged and unusable. Though this should be a last resort after trying to work things out with the seller first. When making purchases online, you should always use a credit card with a good consumer protection program.

With most credit cards these days you also have protection against theft and unauthorized charges. Just take care that you keep your wallet in a safe place (not in a back pocket) and if you do lose it, call and have the card canceled immediately and they'll send you a new one with a new number.