felling like a millionaire

[Alexion]

You guys here going into details as to why it's a good idea to have credit cards, when OP is talking about debit cards but doesn't know the difference )))

 

[TiagoS]

It's funny to read that most people are scared of credit cards. But they are usually the same people who fly coach and ask how can you afford to fly first class. Some people are clueless about credit card benefits and how they can earn miles/cashback. If you are paying with debit, you are literally throwing money away.

 

[TiagoS]

Ummmm.. Why would a rich guy need 4 credit cards? They have 1 credit card with a huge credit and that's it.

To earn more miles / cashback. Most cards have different rewards earning rates for different spending categories. I have a few cards and use them according to each category. For example, Personal Amex platinum for Airfare 5x points, Personal Amex gold for food 4x, Amex every day for groceries, and so on.

 

[roydan]

To earn more miles / cashback. Most cards have different rewards earning rates for different spending categories. I have a few cards and use them according to each category. For example, Personal Amex platinum for Airfare 5x points, Personal Amex gold for food 4x, Amex every day for groceries, and so on.

Yeah but the fact that it makes economically sense doesn't mean rich people do it.
Most people have multiple credit cards so they can "afford" a lifestyle they can't really afford. At least here.

 

[Scorpion Ghost]

Cash!

 

[TiagoS]

Yeah but the fact that it makes economically sense doesn't mean rich people do it.
Most people have multiple credit cards so they can "afford" a lifestyle they can't really afford. At least here.

I’m sure almost all rich people use credit, at least in the United States. Especially because of the benefits of high end cards like insurance, concierge, zero fraud liability and no hassle, premium customer service. And yes, people with poor financial education/ poor tend to use it to go in debt, while rich people use it for the benefits and pay off in full every month.

 

[moonshine7000]

I’m sure almost all rich people use credit, at least in the United States. Especially because of the benefits of high end cards like insurance, concierge, zero fraud liability and no hassle, premium customer service. And yes, people with poor financial education/ poor tend to use it to go in debt, while rich people use it for the benefits and pay off in full every month.

Nothing is wrong with debt if you are using it to create income.Debt just like electricity you use with caution.

 

[Thunder Digitals]

Why would a rich guy even need a credit card?

But smart entrepreneurs would need it.

 

[seoways]

Creditcards with higher limits are trap.

 

[Thunder Digitals]

I’m sure almost all rich people use credit, at least in the United States. Especially because of the benefits of high end cards like insurance, concierge, zero fraud liability and no hassle, premium customer service.

That's what I like about credit cards.

Whatever your expenses are do it with a credit card rather than a debit card.

 

[roydan]

I’m sure almost all rich people use credit, at least in the United States. Especially because of the benefits of high end cards like insurance, concierge, zero fraud liability and no hassle, premium customer service. And yes, people with poor financial education/ poor tend to use it to go in debt, while rich people use it for the benefits and pay off in full every month.

Of course, they use credit over debit, but would they use multiple credit cards over just one?

 

[NirvanaWolf]

I only have one credit card and I'm using that to get some cashback and other offers. If there were no offers to avail, would've never used a credit card in my life. In 9 years of owning a credit card I've never delayed any payment. It's like my bank is earning nothing from me except a trivial yearly fee.
I don't like to spend money that I've not earned. No loans, no worries.