"Tax the rich!" - The dumbest slogan ever.

[ajaxfetish]

Credit cards can also be used responsibly. I have never carried a balance on my credit cards, but I use them for almost all of my purchases. I just don't buy anything I cannot afford at that exact moment and I pay off my balance in full every month. Doing that, a credit card actually saves me money because I get cash back on all my credit card puchases, so all my purchases are cheaper than they would be if I paid with cash, check, or debit card.

Here, here!

I don't like the idea that credit card use is necessarily unhealthy. I've used a credit card for the majority of my financial interactions for the last decade. I have yet to pay a penny in interest. You can't beat the convenience, security, and breadth of acceptance of a credit card.

Ajax

[HoreTore]

Here, here!

I don't like the idea that credit card use is necessarily unhealthy. I've used a credit card for the majority of my financial interactions for the last decade. I have yet to pay a penny in interest. You can't beat the convenience, security, and breadth of acceptance of a credit card.

Ajax

I have yet to visit a place that does not accept my Visa card.

[TinCow]

I have yet to visit a place that does not accept my Visa card.

You would not have a Visa debit card if the Visa credit card did not exist.

[HoreTore]

You would not have a Visa debit card if the Visa credit card did not exist.

....And if credit cards were never invented, a debit card would've worked everywhere.

[TinCow]

....And if credit cards were never invented, a debit card would've worked everywhere.

Not true, because without the income which the banks get from credit cards, there would have been no offset the massive costs of a global electronic transaction system. There are very few credit/debit cards that are accepted globally because there are very few companies that managed to be successful enough to sustain the costs of such a system. Visa is taken everywhere. AMEX and Mastercard are taken in many places, but far fewer than Visa. Everything else is heavily restricted.

Without the credit card companies, the best you could hope for is to be able to use your bank debit card in the regions where your bank has a lot of customers: essentially, your local community if it's a regional bank and your country if it's a national bank. You would never be able to use it abroad or online.

[HoreTore]

Not true, because without the income which the banks get from credit cards, there would have been no offset the massive costs of a global electronic transaction system. There are very few credit/debit cards that are accepted globally because there are very few companies that managed to be successful enough to sustain the costs of such a system. Visa is taken everywhere. AMEX and Mastercard are taken in many places, but far fewer than Visa. Everything else is heavily restricted.

Without the credit card companies, the best you could hope for is to be able to use your bank debit card in the regions where your bank has a lot of customers: essentially, your local community if it's a regional bank and your country if it's a national bank. You would never be able to use it abroad or online.

Nonsense. That's like saying that I could only use my cell phone where my operator has coverage.

Of course someone would've found a way to resolve this issue, simply because it's in everyones interest that we can spend money when we want to. Especially so for the tourist locations.

[TinCow]

Nonsense. That's like saying that I could only use my cell phone where my operator has coverage.

That's true, I didn't think of that. However, in that situation you're paying extra, which is not the case with credit cards. 'Roaming' charges for cell phones tend to be pretty high, just like ATM fees for machines that don't belong to your bank. Like I said, using a credit card actively saves me money.

Personally, I do believe that credit card companies behave dishonestly and exploit customers. At the same time, I think the majority of blame falls on the people who abuse their own credit cards. Financial responsibility is entirely within one's own control. Act like an idiot and you'll end up broke even if you have a high income. Act intelligently and you'll never have debt problems even with low income. It's all a matter of living within your means, and (at least in the US) a lot of people don't seem to understand that.