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Old 01-23-2019, 11:28 PM
 
19,038 posts, read 12,469,972 times
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Quote:
Originally Posted by cebuan View Post
Visa, then called BankAmeriCard, was started in San Francisco in 1958. MasterCard came about eight years later. I remember hearing ads for Bankamericard on San Francisco radio in 1960.
Here ya go: https://www.washingtonpost.com/archi...?noredirect=on


Seem to recall my old man, uncles and grandfathers got copies of sales bills with their BankAmeriCard statements. This was usually a good time to clear out because there almost surely was going to be an argument as Pop queried Mom over every single charge she made. "As in $$ for a dress?" "We're going to end up in the poor house....".
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Old 01-30-2019, 01:39 AM
 
Location: Silicon Valley
3,248 posts, read 1,408,796 times
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I think more of the population has moved to credit cards. There's the percentage back, there's the information consolidation, there's the ability to "return" against a purchase gone wrong, it builds your credit (if used properly), it allows for automatic purchases to make things easier, and then there's the actual credit aspect. I don't know that it's out of control spending or not...given the relatively low amounts of delinquency being reported, my guess would be people have learned how to use their credit cards.
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Old 02-02-2019, 06:07 PM
 
3,936 posts, read 2,238,598 times
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I dint care what one os called.

I have become adverse to using ccs.

Im in the process of paying off and eliminating the many in favor of a few, just 2, one in case one gets compromised.

The debt on them is from renovations to the new house we bought in fall 2015. I just revolved some and now will be paying off and systematically divesting ourselves of all but the best two.

It will raise our living standard to be free of them. Especially the store cards.

As Dave Ramsey might say, ccs are evil. Even if you pay it off each month.

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Old 02-02-2019, 08:35 PM
 
Location: Thailand
5,381 posts, read 2,559,946 times
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Quote:
Originally Posted by galaxyhi View Post
As Dave Ramsey might say, ccs are evil. Even if you pay it off each month.

If Dave Ramsey says this then Dave Ramsey is a fool.
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Old 02-03-2019, 08:09 AM
 
9,704 posts, read 11,600,855 times
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Quote:
Originally Posted by lieqiang View Post
If Dave Ramsey says this then Dave Ramsey is a fool.
You missed the point......he doesn't believe in the free spending the cc allows. As a followup to that wasted money he hates the interest/fees issue as well.

Lots of people will rant on CD about free credit card points, air miles whatever. Those are fine but nothing is free and they encourage spending for those points and hope you don't pay your bill in full resulting in profit for them which is where most people get jammed up.
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Old 02-03-2019, 08:18 AM
 
9,704 posts, read 11,600,855 times
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I have a good friend that spends crazy money on credit cards. He has the exclusive "metal" cards that cost hundreds of dollars a year just to have in your wallet. He drives regular cars (like stuff you would rent at the airport), lives in a small house (1500 sq ft) and has ZERO set aside for retirement yet attends dozens of concerts/sporting events a year, usually has 3-4 vacations a year at 10K each. Take away his small house, regular cars and look at his lifestyle and you would think he is rich!

I would say the credit cards allow him to live a fantasy life that he couldn't really afford if he had to pay cash for everything.
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Old 02-03-2019, 03:35 PM
 
Location: The Triad (NC)
27,570 posts, read 59,609,335 times
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Quote:
Originally Posted by City Guy997S View Post
I have a good friend that spends crazy money on credit cards.
...and has ZERO set aside for retirement

I would say the credit cards allow him to live a fantasy life
I'd say not having the retirement set aside is what allows him to do it.
That and living in the cheap house etc. and I agree he's an idiot.

But the CC's... if paid off/down regularly and even with a small bit of interest...
function mostly as an accounting measure. It's HOW he spends and pays for it.
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Old Today, 05:17 AM
 
279 posts, read 112,130 times
Reputation: 450
Quote:
Originally Posted by City Guy997S View Post
You missed the point......he doesn't believe in the free spending the cc allows. As a followup to that wasted money he hates the interest/fees issue as well.

Lots of people will rant on CD about free credit card points, air miles whatever. Those are fine but nothing is free and they encourage spending for those points and hope you don't pay your bill in full resulting in profit for them which is where most people get jammed up.
pennies? sign up bonuses have gotten worse but i've gotten anywhere from 20-100 percent back in signup bonuses ,never paid a cent in interest and use my cards to buy things i was going to buy anyway.
i'm glad most people are financial morons, if they weren't i couldn't get all of this free money.

i agree i don't care about getting 1-2 percent back once the sign up bonuses are over.
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Old Today, 06:47 AM
 
6 posts, read 869 times
Reputation: 15
Thanks for sharing the interesting post.
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Old Today, 07:37 AM
 
Location: NC
6,139 posts, read 7,335,326 times
Reputation: 12213
Quote:
Originally Posted by MrRational View Post
Don't be pedantic. Save that for the PhD
Says the resident pedant
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