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/biz/ - Business & Finance

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24408256 No.24408256 [Reply] [Original]

Debtlet here, literally never taken a loan in my life. Redpill me on credit cards. A lot of normies have told me if you have expenses that always come out (bills, mortgage etc) it's worth putting it on the credit card and just paying it off asap. But why? What's the actual benefit of credit cards? Is it so I can just borrow more money later that I'd have to eventually pay off? Seems retarded to me

Pic unrelated

>> No.24408322

>>24408256
You get 1-2% rewards on anything you spend, they improve your credit score if you pay on time, and they basically give you a month before you actually have to pay for something

>> No.24408383

>>24408322
Checked

Is credit score realistically used for anything other than loans though? I guess the rewards kind of makes sense

>> No.24408434
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24408434

>>24408256
Because it helps build up credit which is your ability to ultimately take out a home loan (i.e. mortgage). There currently isn't a better way to measure how faithfully you will repay a loan other than charging everyday things to your credit card and paying them in full every month. Also, once you have built up enough credit, you can qualify for better credit cards that can give you perks just for using their card. They provide this by charging merchants a transaction fee for using their card or by going after those who fail to pay off their card at due date which then they are charged interest.

Basically, always use credit cards whenever possible and pay the statement amount by due date.

>> No.24408557

>>24408256
Get a credit card and use it for cashback. Throw the cashback into crypto. Once you build up your credit, take a loan out and all in BTC/ETH. Money is just numbers it's not real.

>> No.24408633

>>24408383
Yes credit score is used to determine your interest rates. Higher the score better the interest rates (typically).

>> No.24408669
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24408669

>>24408557
>Money is just numbers it's not real.
Based, I've been trying to adopt this attitude

>> No.24408869

Total cardlet and banklet here. Is it possible to do something like get a credit card and set up a standing order on it so I automatically pay my rent using the card every month? I'm guessing not because it's a card and not a bank account so you probably can't set up a repeating payment but have to use it manually, but maybe I've got that wrong.

>> No.24408978

>>24408383
In my country credit score can fuck you out of a home loan.

>> No.24409005

>>24408256
A few rewards but the con is you may spend more with credit cards and it will take you a long time before you get the cash back ones

>> No.24409114
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24409114

>>24408256
If you get a CHIME bank account (free no strings online, no overdrafts minimums, they offer a "credit builder card" that automatically pays off whatever you spent on the card in that account. Like a personal "secure card" I hadn't had any credit and this is building mine from scratch

>> No.24409162
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24409162

>>24408669
Thanks for the meme, boss

>> No.24409187

Credit is a trap.
If you can, try to figure out a way to either:
get a good enough job
or
build a good enough business
in order to...
PAY CASH (or in future, CRYPTO) for anything you want
old schoolers "always paid cash" or they went without it.

>> No.24409191

>>24408256
just pay it off at the end of the month, unless you want to pay 20% intrest.

>> No.24409359

>>24409187
This has been my general attitude and it hasn't seen me go wrong yet. I don't want to miss out on anything on the table, there's so much free shit out there to hook normies into debt, but I'm sure there's a way to jew it.

>> No.24409713

>>24408256
I have over 30k outstanding on credit cards that I NEVER intend to pay back.AMA.

>> No.24409733

>>24409713
Just how based are you

>> No.24409983

Builds credit. Better credit = better prices/financing on big purchases, loans etc. Unless you can put down the entire several hundred thousand outright, building decent credit best option even if it is a bit annoying

>> No.24409994

>>24408669
>>24408557
>Money is just numbers it's not real.
I adopted this attitude a few years ago
In 2017 I lost all of my stack and then took out a five figure loan to gamble leverage on a BTC rally and lost all of that too
I ended up paying a second mortgage payment every month for the last 3 years, it doesn't work don't do it bro

>> No.24410249

>>24409994
Too late for me, I might be headed down the same path but I got my buy in around 9.6 BTC. I have nothing to lose.

>> No.24410285

>>24409733
I'd like to say pretty. I have £1m in precious metals and crypto that I partially bought with credit cards that the kikes won't see a single penny back from me on. The plan is to keep refinancing the credit cards until hyperinflation hits and even then I still won't pay them back, they will get passed to a collections agency where I will be using the Sam Hyde strategy

>'Ah geez dood, 350? I can't do 350, I just hurt my leg dood. I'm on these pills. I got no money, I can't do 350... How about 3 dollahs?'

>> No.24410960

>>24408869
Yes you absolutely can do that. However, a lot of renters charge a """convenience fee""" when paying with a credit card. There is no good reason for this fee and it can sometimes be over $20, so this may not be worth it. But automate as much as you can through your credit card as long as you pay it off on time each month.

>> No.24411023

>>24408256
the redpill is to debtmaxx your credit cards to buy crypto