Many people love credit cards for its reward points and great sign up bonuses, but if you can relate to any of the eight reasons below, you probably hate those credit cards. My advice – cancel and cut them all!
- You Aren’t Paying it Off – If you don’t pay the balance in full, you probably hate credit cards. Like everyone always says, only use the credit card if you have the means to pay it in cash! Otherwise, the interest rate can really add up.
- You Have Too Many Cards – When you start accumulating mountains of cards (not debt as that’s another problem all together), you start losing track of them and when each one is due etc.
- You Keep Forgetting the Due Dates – Chances are, you have too many cards if you have this problem. Forget one due date and you could face stiff penalties. Miss two? Your credit score is screwed!
- You Always Mix Up Your Cards – When you go to the ATM, you always put in your credit card instead of your debit card. When you are at the store, you always end up using your debit card instead of your credit card. As a result, you pay high fees even if you have money in the bank when you do a cash advance and you don’t get any of the rewards when you shop!
- You Have a Discover Card – I just had to throw this one in there. Discover cards are seldom accepted and I’m tired of the rejection!
- You Lose Your Wallet Often – I know you hate calling all the card companies to report a stolen credit card but perhaps spending time to reduce the frequency of the problem is better than spending time complaining. A good place to start when you lose your wallet and all your credit cards is here.
- You Have No Credit History – It’s not that you hate credit cards. You are just upset because you won’t be approved of any! In this economic environment with no credit history? All I can say is good luck!
- You Are Reckless with Your Spending – The number one reason why you should hate your card is if you living beyond your means. If you like shopping and never care about your income when you buy, you are bound to one day hate credit cards because the money you owe will eventually need to be paid back.
Why do you hate credit cards? Do share!
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I used to hate credit cards. Then, I got rid of all major credit cards – except for one Master Card. I only use this card and always pay it off every month.
Now, I love having the card because I find that it is a convenient tool. Since it is the only credit card I use, I never have any problems.
People simply don’t know how to use credit to their advantage.
Eventually our credit market will become electronic, and it won’t make sense to use cash.