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Credit Cards: Am I The Only One?

 
Old 06-17-2019, 10:27 PM
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WICKEDFRC
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Default Credit Cards: Am I The Only One?

Prior to joining the military in 1989, I was pre-approved for a $500 Citibank Credit Card. The ironic thing is, I submitted an application maybe 1 month earlier and received a second card in the mail. I called Citibank and they closed one account but increased my credit line to reflect both cards.

Fast Forward just about 15 years and, I had worked my credit line from $1200 to $50,000 (all of which could be used for cash advance) and, worked my FIXED APR from 16.99% to a FIXED APR of 5%. Yes, 5%.

Fast Forward to somewhere around 2005 and I received a letter from Citibank stating that my interest rate would increase from a fixed 5% APR to a fixed 16.99% APR due to the failure of others paying their bills.

I called Citibank and they verified my excellent standing; my excellent purchase history, payment history, and credit score. Yet they were still going to **** me and raise my APR from 5% fixed to 16.99%.

I told them to go **** themselves and close my account.


Looking back, I think I should have kept my account open and only used the Credit Card in case of emergency. But hindsight.....

So, am I the only one with absolutely NO CREDIT CARD? Nothing; no credit card, no gas card, no store card, nothing.

Last Credit Score run was over 800. But I am retired now on a fixed income from my retirement and disability.

Seriously, did I make a mistake? I often wonder if I am ever semi-incapacitated, I could take out that $50,000 and use it wisely before my demise.

I been living just fine without a Credit Card since my account was closed in 2005 so..... any thoughts, suggestions, input?

Is not having a Credit Card a good thing or does it work against you? My only "debt" is a mortgage." Nothing else.

Thanks in advance for any comments, suggestions, or wise *** comments.





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Old 06-17-2019, 10:34 PM
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PatternDayTrader
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I view closing that as a mistake.
The malevolent part of me always thinks there's a chance Ill borrow a ton of money, and just not pay it back.
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Old 06-17-2019, 10:34 PM
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In the 21st century a credit card makes purchasing easier. And if youíre wise and pay off each month and donít carry a balance. And collect a percent or 2 cash back on purchasing. Itís not a bad situation.
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Old 06-17-2019, 10:37 PM
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Originally Posted by LarsAtTheBeach View Post
In the 21st century a credit card makes purchasing easier. And if youíre wise and pay off each month and donít carry a balance. And collect a percent or 2 cash back on purchasing. Itís not a bad situation.

I use Discover for everything. Rewards call it a day.
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Old 06-17-2019, 10:44 PM
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Originally Posted by PatternDayTrader View Post
I view closing that as a mistake.
The malevolent part of me always thinks there's a chance Ill borrow a ton of money, and just not pay it back.
Originally Posted by LarsAtTheBeach View Post
In the 21st century a credit card makes purchasing easier. And if youíre wise and pay off each month and donít carry a balance. And collect a percent or 2 cash back on purchasing. Itís not a bad situation.
Originally Posted by BOTYNV1 View Post
I use Discover for everything. Rewards call it a day.
I begrudgingly agree. I was just so pissed they were upping my APR and felt that loyalty worked only one way. So in my anger, I literally told them "**** you. Close my account!!"

Somehow just sitting here, it occurred to me.

Funny thing is, ever since I closed that account, I never received any mail for new credit card applications.
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Old 06-17-2019, 10:47 PM
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The future is cashless.
Soon stores will refuse to accept cash.

The Mark of the beast.
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Old 06-17-2019, 10:49 PM
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Originally Posted by Cool 50th AE View Post
The future is cashless.
Soon stores will refuse to accept cash.

The Mark of the beast.
For what it's worth, I still have my VISA Debit card. : )

The only rewards program I get from that is, what I purchase, and nothing more.
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Old 06-17-2019, 11:02 PM
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Originally Posted by WICKEDFRC View Post
So, am I the only one with absolutely NO CREDIT CARD? Nothing; no credit card, no gas card, no store card, nothing.
Even VegasJen has a credit card. That should tell you something...
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Old 06-17-2019, 11:04 PM
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That Suburban is cool though.

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Old 06-17-2019, 11:05 PM
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Originally Posted by dvarapala View Post
Even VegasJen has a credit card. That should tell you something...
Three actually.
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Old 06-17-2019, 11:27 PM
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Since you were in good standing they will probably open it right back up. Lower limits and yep that 16.99% will still be there. I ran without one for several years, then needed to rent some equipment and the rental comp only took cc, no debit. So I got one from my CU and rarely used it. This year I broke down and got a Costco Visa so I can double dip on cash back. So as we come home from Costco I initiate a payment in that amount to Citi. You have to be disciplined to do this, I didn't use to be so the reason for a long stretch without.
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Old 06-18-2019, 12:18 AM
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Can't say I have zero credit cards but I will say that those cards I use I pay off in full each month. Get the bonus of any rewards the card offers but do not pay any interet to the bank.
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Old 06-18-2019, 12:32 AM
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Vetteman Jack; the constant voice of sober reason.

Sometimes I think he is a bot.
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Old 06-18-2019, 12:37 AM
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Originally Posted by ratflinger View Post
Since you were in good standing they will probably open it right back up. Lower limits and yep that 16.99% will still be there. I ran without one for several years, then needed to rent some equipment and the rental comp only took cc, no debit. So I got one from my CU and rarely used it. This year I broke down and got a Costco Visa so I can double dip on cash back. So as we come home from Costco I initiate a payment in that amount to Citi. You have to be disciplined to do this, I didn't use to be so the reason for a long stretch without.
I broke down and did call them. But since it's been many years, they said a new application would be warranted and will be stand alone. Nothing to do with previous credit line.
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Old 06-18-2019, 06:40 AM
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It is just about impossible to rent a car or stay in a nice place without a credit card.
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Old 06-18-2019, 06:46 AM
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You showed them!

A debit card? Really?
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Old 06-18-2019, 06:52 AM
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I use CC for EVERYTHING possible for the rewards and travel insurance that comes with some. I pay all my insurances, utilities, medical, gas, food, etc. with a CC. I have them all set up to automatically pay the statement balance each month so no interest. But I get 6% cash back on groceries, 5% on gas, 5% on Amazon purchases, 3% on travel and eating out, and 2% on everything else.

I hate carrying cash.
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Old 06-18-2019, 07:01 AM
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Originally Posted by Vetteman Jack View Post
Can't say I have zero credit cards but I will say that those cards I use I pay off in full each month. Get the bonus of any rewards the card offers but do not pay any interet to the bank.
Same here. It's true, in these days, sometimes you just can't operate w/o a credit card, especially if you do any travelling.
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Old 06-18-2019, 07:06 AM
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Its my belief that if you're not using a credit card responsibly, and getting cash back, or reward points for future purchases, then you're leaving money on the table. I have several lines of credit but primarily use just one card for nearly everything. I pay my balance every month, 2k to 3k average but sometimes more. I only buy what I'd buy with cash, what I can pay for at the end of the month. Its been nearly 20 years since I left a balance on a credit card and then it was simply to extend a major purchase expense for an additional month. Frankly, I don't give a rat's *** what the interest rate is.... I don't pay interest.

To OP… get a credit card and use it responsibly. It makes life easier. And its fraud protected. Most, if not all, debit cards lack full fraud protection.
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Old 06-18-2019, 07:46 AM
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Originally Posted by BradSW View Post
I use CC for EVERYTHING possible for the rewards and travel insurance that comes with some. I pay all my insurances, utilities, medical, gas, food, etc. with a CC. I have them all set up to automatically pay the statement balance each month so no interest. But I get 6% cash back on groceries, 5% on gas, 5% on Amazon purchases, 3% on travel and eating out, and 2% on everything else.

I hate carrying cash.

Where do you get 6% on groceries?

We have a penfed card that is 5 points (~4.25%) on fuel and 3 points (~2.55%) on groceries.
I rarely open new accounts, but I have noticed over the years that the best sign-up bonuses have gone from $500-$600, down to $200 lately.
Not likely to open any new accounts, but 6% on groceries is nice.

Last edited by bsmith; 06-18-2019 at 07:47 AM.
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