You must be logged in to post Login


Lost Your Password?

Search Forums:


 






Minimum search word length is 4 characters – Maximum search word length is 84 characters
Wildcard Usage:
*  matches any number of characters    %  matches exactly one character

Would you cut up your credit cards?

UserPost

9:09 pm
August 20, 2012


Andi B.

PDX

Member

posts 272

Hey all,

I recently wrote a post asking if people should cut up their credit cards, and it got me thinking, would any of you cut up all of your credit cards? I know if people follow Dave Ramsey or Gail Vaz-Oxlade that they may cut them up or bury them or something similar. I can't bring myself to do it, but I'd love to hear maybe if you have already and how you feel about it?

Andi B.

Make the life you want.

Enjoy good food.

Enjoy good friends.

10:00 pm
August 20, 2012


Jennifer Lynn

Member

posts 100

No, I wouldn't but only because I'm not an impulse buyer and various rewards programs work to my benefit. (For example, on a recent trip to Honolulu I saved over $350 on car rental insurance with a perk booked through my card.) I'm pretty anal about paying all my balances immediately and in full. Now if someone lacks self-control or is using credit to constantly heap on debt, shredding their plastic may be wise move.

Broke-Ass Mommy

…first-time Mommy with a passion for saving, personal finance and investing

Website: [ Broke-Ass Mommy ]

Twitter: [ @JennaL ]

10:09 pm
August 20, 2012


WellKeptWallet

Member

posts 207

We cut up our credit cards years ago and only use debit cards. We just decided that to not use debt as a way of life and to pay cash for everything. We love it and it makes life so much simpler.

5:08 am
August 21, 2012


MoneyBeagle

Member

posts 1466

No.  We use our credit cards for cash back rewards and pay them off every month.  Also, we keep a couple thousand dollars in our bank account but in the event of an emergency, a credit card is helpful for us to be able to pay a large bill and then transfer the money over from our emergency fund. 

Member Site: Money Beagle

Visit Money Beagle    -    Email    -    Twitter    -   Facebook    -  Google+

7:10 am
August 21, 2012


Andi B.

PDX

Member

posts 272

I vacillate between the two mainly because of all the responses here. I should have included my article. I've decided to keep my credit cards, but reduce my access to them. For example, they'll stay home instead of going anywhere with me. For me, going into debt is going to be more about my mindset, not about what's in my wallet, but I don't see how it hurts to make it so I can't impulse buy (which I am occasionally inclined to do). But when it comes to navigating rewards programs, it just gets so complicated it isn't even worth it. I'm a huge fan of simplification.

Andi B.

Make the life you want.

Enjoy good food.

Enjoy good friends.

7:42 am
August 21, 2012


Budgeting in the Fun Stuff

Member

posts 3048

We mainly use credit for everything, pay them off monthly, and love the cash back rewards.  But we use them – they don't use us, hehehe.

Crystal

Yakezie Member Site: 

Budgeting in the Fun Stuff

Ebook:  How I Make Money Blogging:
The Beginner's Guide to Building a Money-Making Site

Email:  budgetingfunstuff *at* gmail *dot* com

You can also find me on Twitter and Facebook

8:00 am
August 21, 2012


Dominique Brown

Washington, DC

Member

posts 510

Budgeting in the Fun Stuff said:

We mainly use credit for everything, pay them off monthly, and love the cash back rewards.  But we use them – they don't use us, hehehe.

ditto..

 

We went to Europe for 14 days on my credit cards (flights only). Credit cards are amazing … if you use them properly. Just like a gun or automobile :-)

9:03 am
August 21, 2012


Eric – PersonalProfitability.com

Portland, OR

Member

posts 2120

No friggin way. I use my card for every single purchase. I really enjoy free trips to Europe, so I am keeping the cards that make it happen.

9:23 am
August 21, 2012


AmericanDebtProject

Member

posts 199

A year ago, I would have said yes. I hid my credit cards last year. But now that I no longer feel overwhelmed with an impulse to spend, I can safely bring my credit cards out. I use my card mostly for reimbursable work expenses or other things that I will pay right away. When I have both cards paid off, I will apply for a better rewards card and use that responsibly. Wow, that sounds so mature!Laugh

I blog at: American Debt Project

Follow me on Twitter: @IAmDebtProject

11:29 pm
August 22, 2012


Glen Craig

Member

posts 1087

It all depends on your situation.  If you know you will abuse your card then cutting it up could be an answer (though you could have a new one mailed to you in days really).

 

For me it doesn't make sense.  I have no problem using my credit cards.  Now.

3:31 am
August 23, 2012


Money Reasons

Admin

posts 697

For me personally no.  I make money (via the discount) off of my credit cards thought the rewards programs that certain credit cards have.

 

Without the reward programs that credit cards provide, I wouldn't have been able to write articles like: "Credit Card Reward Points Paid For My New TV"

 

That said, I never carry a balance for more than a month, so I don't pay any interested or other financial charges.  So for me, they really do provide me discount on everything I use them for.  They also act like a bank that doesn't provide interest, forcing me to save (sort of) with each purchase…

 

The funny thing is that I'm totally debt free (including my house), and I actually hate debt.  I think if you have a fine control over debt, these cards are more of a tool than a problem.

 

That said, if you aren't debt adverse, then cut them up and bury or burn them!

3:32 am
August 23, 2012


Money Reasons

Admin

posts 697

Budgeting in the Fun Stuff said:

We mainly use credit for everything, pay them off monthly, and love the cash back rewards.  But we use them – they don't use us, hehehe.

Well said!

4:40 am
August 23, 2012


20s Finances

Admin

posts 1147

I agree with almost everyone else. It's about time that our readers know that credit cards a viable way to boost your finances. Not only with rewards, but building credit history and score. I know a friend of mine avoided credit cards like the plague (she had one that she never used), but then she got denied for a lease because of poor credit history.

Corey

 

20's Finances Passive Income to Retire

Follow Me on Twitter Like 20's Finances at Facebook

Subscribe to Email Updates

20sfinances *at* gmail *dot* com

3:30 pm
August 23, 2012


femmefrugality

Member

posts 105

We cut up one, but have kept the others for emergencies.  I didn't like the idea, but the bf was insistent.  We haven't had any problems with it, though.  Lucky us.

Femme Frugality

Follow on Twitter

Follow on G+

9:04 pm
August 23, 2012


OneCentAtatime

Florida, USA

Member

posts 1778

Like the idea, let's have a movement for this to erase various credit card related worries out there. Jeff another movement here??

SB

One Cent At A Time  (Yakezie Member Site)

 

http://twitter.com/onlyonecent

onecentatatime@gmail.com

Finance Product Reviews 

 

https://twitter.com/FPRReviews

9:15 pm
August 23, 2012


Andi B.

PDX

Member

posts 272

OneCentAtatime said:

Like the idea, let's have a movement for this to erase various credit card related worries out there. Jeff another movement here??

I just saw Gail Vaz-Oxlade blend a couple's credit cards in a Blendtec. Will it blend? Yes it will.

Andi B.

Make the life you want.

Enjoy good food.

Enjoy good friends.

2:50 am
August 24, 2012


CBC

Liverpool

Member

posts 62

Post edited 2:56 am – August 24, 2012 by CBC


I would never consider it! We love the financial rewards that they provide. We pay off whatever we owe, in full at the end of every month. Then there's nothing to come and bite us on the back in future! Smile

 

Credit cards are an excellent tool if you use them correctly! And extremely volatile if not treated with care. 

CBC International are specialists in debt recovery, based in Liverpool who provide their services to businesses across the UK, Europe and Worldwide.

2:13 pm
August 24, 2012


TightFistedMiser

Member

posts 361

About 15 years ago I actually did cut up all my credit cards.  Since that time I have learned to use my cards without going into debt.  Now I charge almost everything to my credit cards so I can earn the rewards.  I like to think that I'm slowly getting back all the interest and fees I paid them in the past.

9:26 pm
August 24, 2012


Sei Kitajima

Member

posts 7

I would cut them up if  I wanted to stop using the account and only wanted the history. 

5:37 am
August 25, 2012


30kto30million

Member

posts 7

Something i have been thinking about doing.. but the buyer protection that credit cards have is such a good benefit that it makes sense to keep one i think.. even just for the online purchase..

Check out my Blog at http://www.30kto30million.com/

Cheers!


About the Yakezie.com Forum

Forum Timezone: America/Los_Angeles

Forum Stats:

Groups: 2
Forums: 9
Topics: 6383
Posts: 84794

Membership:

There are 13652 Members
There have been 20 Guests

There are 9 Admins
There are 8 Moderators

Top Posters:

My Personal Finance Journey – 3159
Khaleef @ KNS Financial – 3149
Budgeting in the Fun Stuff – 3048
Sustainable PF – 2759
Miss T @ Prairie Eco-Thrifter – 2213
Eric – PersonalProfitability.com – 2120

Administrators: The College Investor (1935 Posts), Financial Samurai (1803 Posts), LaTisha @YoungFinances (1715 Posts), Forest Parks (1337 Posts), 20s Finances (1147 Posts), Money Reasons (697 Posts), Chris Johnson (78 Posts), Sydney at Untemplater (0 Posts), Suba (0 Posts)

Moderators: Suba @ Wealth Informatics (1876 Posts), sooverthis (1041 Posts), PK @ DQYDJ (361 Posts), jmichelsen (208 Posts), Ramona (13 Posts), JeremyNJohnson (4 Posts), Moderator (0 Posts), rackgeek (0 Posts)