felling like a millionaire
- Thread starter sscaz
- Start date
TiagoS
Supreme Member
- Jul 5, 2014
- 1,237
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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
Supreme Member
- Jul 5, 2014
- 1,237
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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
Elite Member
- Dec 17, 2013
- 5,618
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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.
- Mar 22, 2013
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Cash!
TiagoS
Supreme Member
- Jul 5, 2014
- 1,237
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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
Elite Member
- Mar 4, 2013
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Nothing is wrong with debt if you are using it to create income.Debt just like electricity you use with caution.
- Jun 9, 2020
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But smart entrepreneurs would need it.
- Jun 9, 2020
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That's what I like about credit cards.
Whatever your expenses are do it with a credit card rather than a debit card.
roydan
Elite Member
- Dec 17, 2013
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Of course, they use credit over debit, but would they use multiple credit cards over just one?
- Oct 25, 2018
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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.
I don't like to spend money that I've not earned. No loans, no worries.