Should I get a Credit Card?

[dogg]

100k a year is like 2k a week
that isn't subsistence level spending
which i believe is zoom's whole point.

the credit card leading you to spend more than you normally would. the points and miles etc is just gimmickry to fool chupid people

sounds like you still live with your parents and dont' have to pay for groceries, utilities, gas, insurance, phone, schoolbooks and uniforms, basic medical bills, home maintenance. etc.

Those work out to ~100k a year for a small 2-car family excluding miscellaneous expenses.

[paid_influencer]

I do all that stuff for less than 1k a week and I have 0 debt.

anybody's income can become "subsistence" level if your lifestyle upsizes enough

[paid_influencer]

what does your massy bill look like

[paid_influencer]

my phone is on the $20/month plan
data is through other ppl wifi or none at all

[zoom rader]

how you purchase them plane tickets? definitely couldn't purchase directly from the airline website so i imagine you had to go to a travel agency and paid, what, 30-40% extra? exorbitantly more than the $150 TTD for a yearly credit card fee.

cash is king.

I use my UK debit cards.

sounds like you being unrealistic and unfair to the wider population of T&T. if none of we have these international debit cards, how we supposed to purchase plane tickets without credit cards?

pay the plenty money to the travel agencies ent?

cash is king

Caribbean Airlines, debit card bro.

how anyone reaching Europe, or central and south America with a local debit card?

Zoom and many others have the means to open bank accounts outside of T&T and get debit cards. Debit cards outside T&T is just like credit cards with the VISA or Mastercard logo. It's only in the past few years here in T&T that linx and the banks upgraded to visa debit cards but with limited features. If it wasn't for our forex situation, you can shop online with your debit card. Right now you can only pay utility bills online with your debit card but it's iffy across different banks.

The downside with debit cards for me is that it's directly connected to your bank account so if your debit card gets compromised online, the money is deducted directly from your bank account. I avoid this by having a second account with limited funds ($100 lol) and have the debit card connected to that account alone. If I want to do big purchases, i just transfer funds from my primary to my secondary account and then make the purchase.

Some people were either lucky or ahead of the curve by establishing accounts outside T&T and now they are benefitting.

Thanks,

I was waiting for some to highlight these facts. I did state before that I saw this issues will happen in Trinidad some 20 years ago and set out on banking overseas for me to not reach a state where I can't get forex.

I remember the days when a citizen could only get 600US from the banks per year, and that was stamped on ur passport on what US you got. When that was removed, Trinis was wild with careless US spending and not concerned with the future.

There are countless other Trinis that have bank roll abroad and don't rely on the Trini dollar, they are very careful with money.

Trinidad Card problems all lies with Forex and mismanagement by the PNM Government in favour of 1%.

Trinidad is under economic slavery when you have tuners asking how to buy airfare tickets online without a CC.

As for CC users that spend 100k in order to get 1k back, you tell me if that makes sense when u could have invested that and probably make 5% or more depending on investment. Then again, those spending 100k probably have very large cash flow. But the agv trini on 20k per month that is not feasible.

You will always hear they pay it back at the end of month, which is very few, why not hear about those who can't pay it off.

This is just a stupid response.

Only a sufferer would think that a financially literate person spends money just to get money back in points.

Buy your items with a UK debit card:
- Lose protection offered by section 75 of the Consumer Credit Act.
- Lose the month of interest that you could have earned while that money was still in a bank account.
- Lose cash back benefits and award points.
- Pay foreign transaction fees outside of the UK for most UK-based debit cards.

Or, get the benefits of a UK-based account with a credit card from a bank like Chase - no foreign transaction fees, no annual fee, travel and cash awards, fraud protection, extended warranty, purchase protection, etc. - if you have the credit score and can prove your income.

If you can't prove income, and don't have a decent credit score, you will just need to keep on swiping the debit card at checkout. Then log on to tuner and rant about the evils of a credit card.

I don't need nor care about a credit score.

Only a sufferer cares about a credit score.


https://www.ramseysolutions.com/debt/li ... edit-score

[zoom rader]

Zoom you eh fed up get bobolize bro?

Bro, while they yap about credit scores my Airbnb brings in US.

[dogg]

I do all that stuff for less than 1k a week and I have 0 debt.

anybody's income can become "subsistence" level if your lifestyle upsizes enough

if you do this:

pay for groceries, utilities, gas, insurance, phone, schoolbooks and uniforms, basic medical bills, home maintenance. etc.

for $52,000 a year, for a 2-car family, and you live a reasonably comfortable life, you're better than 99% of the people in the world.

You should write a book!

[zoom rader]

zoom tell me about old indian people
you think them used to spend that kind of money and call it subsistence

The old injuns were smarter than present day folks

Injuns invested in gold in the form of gold bangles, when things got hard they pawned gold and lived on that. In other words it was solid cash they hard locked away in gold that rose in value daily.

Indians never trusted banks but invested in land.

India itself is the world's largest consumer of gold.

[zoom rader]

Debt
Types of Debt
Credit Cards
Do I Need a Credit Card?
14 MIN READ | OCT 23, 2023



By Jade Warshaw
I got my first credit card while I was in college. I had just been promoted to associate manager at a clothing store, and I thought it was time to build my credit along with my career.

At first, I just used my credit card to buy a bacon, egg and cheese biscuit and a coffee every day before work—and I would pay it off every month. But then there was a pink peacoat in the mall that I just had to have. And my boyfriend needed a new suit for a job interview. Then my friends were taking a trip to a theme park, and I needed to go with them.

Suddenly, I had hit my credit limit! And the interest made the balance too high for me to pay it off every month. I didn’t have a credit card—the credit card had me!

Maybe you think you need a credit card for emergencies. Or maybe someone told you that you needed a credit card to build your credit. Because that’s what “adults” are supposed to do.

But do you really need a credit card? Let me save you the suspense and give you the answer right now: No, you do not!

I could just leave it at that, but I know y’all probably want more of an explanation. So, I’m going through all the reasons why people feel like they have to get a credit card—plus all the reasons why you can (and should) live without one.

Reasons Why People Use Credit Cards
Eight in 10 adults (84%) have at least one credit card.1 But the average credit card balance is $5,910.2 So, what exactly is it about credit cards that make people want to keep them around, even though they have the power to put them in debt?

Here are some of the reasons (ahem, excuses) people have for using a credit card.

1. To Protect Against Fraud
Nothing will ruin your day faster than a stranger buying a Nintendo Switch and a couple dozen Doritos Locos Tacos with your money. Dealing with fraudulent charges is never a fun situation, and credit card companies know that. That’s why they want you to believe the only way to protect yourself is by making most of your purchases with a credit card.

But guess what? You’re also protected when you pay with a debit card! If your debit card is backed by the credit giants (Visa and MasterCard), you have the exact same protections as a credit card.3,4

Now, most of the time, your bank will tell you if they see something fishy. But you should always keep a close eye on your bank account to catch any fraudulent changes—and make sure you get that money back.

2. In Case of Emergencies
Life happens. And when it does, it can be expensive (with a capital E). You know: The heater goes out—in the middle of a snowstorm. The AC fizzles out—on the hottest day of the year. The car won’t start—when you just loaded up the family for a summer road trip.

One in four Americans with a credit card use it to cover expenses they can’t pay for in cash.5 Folks swipe the credit card, thinking it’s the solution—only to realize they have just turned their emergency into a crisis. Now they have debt with interest! That’s not a solution. It’s a freaking sledgehammer that’ll wreck your finances even more.


Don’t let credit control your life! Learn the proven plan to win with money.

I’ve got a better way: It’s called an emergency fund. So, instead of relying on the big credit card companies to “save the day,” you can be the hero of your own story. An emergency fund gives you the protection you need when life takes you for a ride. Plus, you won’t have to worry about the bill coming in the mail later.

3. To Build Credit
Let me guess. You’ve probably been told (by your parents, your high school economics teacher, and that guy on TikTok) that in order to be a “real adult,” you need to build your credit.

But the idea that you won’t be able to buy a house or a car without a good credit score is a straight-up myth. Creditors want you to believe you literally can’t survive without credit. But I’m here to let you know—it’s a lie!

Pop quiz. Can you name the five things your FICO score actually measures?

Debt history
Amount of debt
Length of time in debt
New debt
Type of debt
This “I love debt” score only measures how you’ve managed debt over a period of time. It doesn’t measure things that actually matter—you know, like your salary or how much you have in savings. You could inherit a million bucks tomorrow, and it wouldn’t change your credit score by one point. That’s messed up!

You know what actually shows you’re responsible with money? Money. Consistently paying your bills (rent, utilities, cell phone—stuff like that) on time. With your own money. The right creditor will take that into account (especially when you’re buying a house—but more on that later).

4. To Get Rewards and Cash Back
Credit card companies are master manipulators. And their number one tool of manipulation is credit card rewards.

Yeah, all those points, airline miles and cash-back offers seem like free money. But any perks you get are quickly canceled out by all the recurring fees and interest you end up paying throughout the year.

Most of the time, you have to spend $1,000 just to earn $30 in points. Oh, and a lot of those credit card points have an expiration date (yeah, you probably missed that while skimming over the fine print).

But if you’re using credit card freebies to justify having a credit card (and that includes store credit cards), you’re getting played. Credit card companies wouldn’t have rewards if they weren’t already making a ton of money off their customers. It’s a rigged game. They’re cheating more than your uncle playing UNO—and you lose in the end.

What If I Pay Off My Credit Card Each Month?
I’ve heard it time and time again: “I can pay off my credit card each month. So, what’s the big deal?”

Here’s the big deal:

About half (48%) of those with a credit card don’t pay their balance in full every month.6
The average credit card interest rate is at an all-time high of 20.4%.7
Banks made $106.7 billion from credit card interest and fees in 2021.8
Listen, the odds aren’t in your favor. In fact, most people are only one emergency away from missing a payment. And that interest is no joke! Before you even realize what’s happening, you’re knee-deep in debt—which steals your joy, as well as your paycheck.

There’s no beating the system when it comes to credit cards. Even if you think you can make it work, it’s just not worth the risk. Period.

Do You Need a Credit Card to Rent a Car?
It used to be that rental car companies only accepted credit cards. But not anymore. Plenty of places now let you rent a car with a debit card.

I’ll be real with you: It’s not always super easy to travel without a credit card. But just because a credit card is more convenient in some places, it doesn’t mean you need one.

So, here are my quick tips on how to rent a car without a credit card.

1. Find the right company.
When you’re planning your next trip, call ahead and ask car rental companies about their debit card policies. You want to find a company that will let you drive off the lot without flashing a credit card. And there are companies out there who will actually accept debit cards with a smile (instead of the industry standard’s usual eye roll).

2. Research your car options.
Sadly, some rental car companies may treat their debit card fans a little differently than credit card holders. Don’t worry—the worst that can happen is you might not be able to rent that exotic sports car you had your sights set on. But that’s okay! Who said traveling economy is bad? But if you really want to rent in style, call ahead to find out if the company you’re looking at will let you rent the car you want with a debit card.

3. Be prepared to jump through a few extra hoops.
Not all rental car companies think cash is king. So don’t be surprised if they want you to check a few more boxes than credit card holders before they hand you the keys. Some places might do a credit check, and others might ask for your return flight info if you’re renting from an airport location (they just really want to make sure you’re going to give the car back). But not having to mess with a credit card is always worth a couple extra steps.

4. Add a budget line item for holds or deposits.
When you rent a car, most companies will place a hold on your card (anywhere from $200–500). Now, don’t freak out when you see this pending charge. That amount is not coming out of your bank account. It’s just the rental company’s way of making sure they’re covered if anything happens.

This hold shouldn’t be a problem when you use a debit card—unless you don’t plan ahead and make sure you have enough of a buffer in your account. So, just add a line in your budget for any card holds or deposits you’re expecting that month. Keeping a regular budget is key, especially when you’re traveling.

Can You Buy a House Without Credit?
I bet you’ve heard this one before: “It’s impossible to get a mortgage without a credit card (and a high credit score).” Wrong!

If you’ve decided to live without a credit card, it doesn’t mean you’ll be stuck renting for the rest of your life. In fact, you can buy a house without a credit history through an approval process called manual underwriting. With manual underwriting, lenders don’t look at your credit score to determine your eligibility. Instead, they look at non-debt aspects of your life, like your employment record, rent history and size of your down payment.

And trust me, it works. I had a zero credit score, and we were still able to secure a jumbo loan to buy our first home. I just contacted Churchill Mortgage, and they walked us through the whole process.

So, no, you don’t need to use a credit card if you want to eventually buy a house. As long as you pay your bills on time, have been in the same career field for two or more years, and don’t have a negative credit history (there’s a difference between no credit and bad credit!), you should have no trouble qualifying for a conventional 15-year fixed-rate loan.

How to Live Without a Credit Card
Listen, it’s 100% possible to live a life without credit cards. I don’t have any credit cards—and neither does my husband. And guess what? We’re doing just fine. In fact, we’re doing way better than fine!

Is it always easy to live credit-free in a culture that revolves on borrowing money? No. But it’s definitely worth it. Here are four tips to help you ditch credit for good.

1. Stop borrowing money.
Living a credit-free life is about more than just not using credit cards. It’s a whole new way of thinking—one that doesn’t involve borrowing money at all. Yeah, that’s actually possible and totally freeing!

It’s also way easier to quit using credit cards when you have zero payments stealing from your paycheck. So, if you’ve already got credit card debt, car loans or even student loans (yes, that counts as debt), you need to get serious about paying it all off. The sooner you knock out your debt, the sooner you can actually make progress with your money!

2. Create a monthly budget.
I can’t stress just how important a budget is—especially if you’ve sworn off credit cards.

Now, maybe you see the word budget and you’re like, “Hold up, hold up. I don’t want to be all confined like that.” Hear me out: A budget doesn't confine your money. It defines your money.

Instead of worrying if your card will be declined, or praying you have enough to buy groceries or that movie ticket on a Friday night, you’ll know exactly what you can and cannot spend. Trust me, making a plan for your paycheck before the month begins gives you so much confidence!

My favorite way to budget is with a zero-based budget. That’s when your income minus your expenses equals zero. And no, this doesn’t mean you’ll have zero dollars left in your bank account. It just means you’ve given every single dollar a job to do. Go ahead and create your budget for free right now with the EveryDollar budgeting app.

“A budget doesn’t confine your money. It defines your money.”

3. Watch your spending.
It’s one thing to make a budget. The key is sticking to it.

Relying on credit cards means spending money now and worrying about how to pay for it later. But when you’re living without credit, you can’t just swipe your debit card and hope for the best. You need to make sure you actually have the money in your bank account. And that kind of self-control can be hard if you’re not used to it.

You’ll probably have to cut back on your spending, say no to things more often, or even find ways to increase your income to make sure you’re spending less than you make each month.

Yeah, in the beginning, it’s hard to say no to debt and stick to your boundaries. But you know what’s harder? Spending years fighting an unending cycle of debt that has no mercy. Um, I’ll take the debt-free life, please!

4. Save for emergencies.
It only takes one flat tire or a trip to the hospital to make you go back to your credit card—unless you’ve got a plan.

Remember that emergency fund I told you about earlier? It’s time to start saving your first $1,000 ASAP. Then once you’ve paid off your consumer debt, you should start building up that emergency fund to cover 3–6 months of expenses.

Trust me, the peace of mind that comes with having a big ole pile of cash tucked away, just in case, is a game changer. And instead of reaching for the credit card the next time emergency strikes, you can just dip into your emergency fund and take care of it right then and there.

Hit Your Money Goals—Without Credit Cards Holding You Back
Hopefully, I’ve caught you before you’ve signed on the dotted line, and you can avoid the debt trap of credit cards altogether. But if you already have a credit card, I hope you see now just how dangerous they really are—and that you don’t need one. (And if that’s you, your next step is to cut up those jokers!)

A life without credit cards is a life of freedom. No more credit card bill after credit card bill. No more collection calls (if you know, you know). No more worrying if you’ve missed a payment. And no more having to use your paychecks to pay for the past.

If you want to know how to actually get ahead with your money, check out Financial Peace University (FPU). This nine-week course teaches you how to get rid of debt, save more money, and build wealth for your future.

You don’t need a credit card to hit your money goals. You just need a plan. Get started today with FPU!

[paid_influencer]

if that is the subsistence level (not counting capital expenditure), most people on the island are already doing that. There is a big percentage of the population that lives on minimum wage and somehow survives at 40k income total a year. You are talking about spending 120k a year not counting capital expenditure-- like 120k a year just in subsistence spending for your lifestyle. That should give you a hint how bloated that lifestyle is compared to the rest of island.

[Chimera]

Big up zoom. But don't compare yourself to the masses.
You worked in the steel industry in the 80s not so?

So you're probably 50 plus now?

[zoom rader]

Big up zoom. But don't compare yourself to the masses.
You worked in the steel industry in the 80s not so?

So you're probably 50 plus now?

From Caroni days

[st7]

i still waiting to hear Zoom's solution for someone who wants to purchase tickets with another airline to travel out of CAL's reach with a local debit card.

in this example, a family of 4 who could more than afford to go.

[st7]

i still waiting to hear Zoom's solution for someone who wants to purchase tickets with another airline to travel out of CAL's reach with a local debit card.

in this example, a family of 4 who could more than afford to go.

like he have no answer.

like u really hadda pay travel agencies 30% more vs $150/yr credit card scam

[redmanjp]

i got my rbc cc when i took a car loan from them- same application qualified me

i use it to pay for stuff i would normally have to pay for anyway- groceries, gas, bills, etc. and once in a while i can use it to shop online. i get cash back every 3-4 months so it makes sense for me- i always pay it on time so no interest charges

[zoom rader]

i still waiting to hear Zoom's solution for someone who wants to purchase tickets with another airline to travel out of CAL's reach with a local debit card.

in this example, a family of 4 who could more than afford to go.

like he have no answer.

Debit card

like u really hadda pay travel agencies 30% more vs $150/yr credit card scam

[adnj]

i still waiting to hear Zoom's solution for someone who wants to purchase tickets with another airline to travel out of CAL's reach with a local debit card.

in this example, a family of 4 who could more than afford to go.

like he have no answer.

Debit card

like u really hadda pay travel agencies 30% more vs $150/yr credit card scam

Screenshot_20241209_194137_Samsung%20Internet.jpg

Apparently, Lil Z doesn't understand that BA does not accept cash to purchase an airline ticket. And, BA will only accept debit cards for the purchase of airline tickets if those debit cards are issued in Spain or the UK.

Cash is king and stupid is queen.

[st7]

i still waiting to hear Zoom's solution for someone who wants to purchase tickets with another airline to travel out of CAL's reach with a local debit card.

in this example, a family of 4 who could more than afford to go.

like he have no answer.

Debit card

like u really hadda pay travel agencies 30% more vs $150/yr credit card scam

Screenshot_20241209_194137_Samsung%20Internet.jpg

what you really showing me here? how someone in trinidad going to pay this with a debit card? lol

[zoom rader]

i still waiting to hear Zoom's solution for someone who wants to purchase tickets with another airline to travel out of CAL's reach with a local debit card.

in this example, a family of 4 who could more than afford to go.

like he have no answer.

Debit card

like u really hadda pay travel agencies 30% more vs $150/yr credit card scam

Screenshot_20241209_194137_Samsung%20Internet.jpg

what you really showing me here? how someone in trinidad going to pay this with a debit card? lol

Yup it's done

[zoom rader]

i still waiting to hear Zoom's solution for someone who wants to purchase tickets with another airline to travel out of CAL's reach with a local debit card.

in this example, a family of 4 who could more than afford to go.

like he have no answer.

Debit card

like u really hadda pay travel agencies 30% more vs $150/yr credit card scam

Screenshot_20241209_194137_Samsung%20Internet.jpg

Apparently, Lil Z doesn't understand that BA does not accept cash to purchase an airline ticket. And, BA will only accept debit cards for the purchase of airline tickets if those debit cards are issued in Spain or the UK.

Cash is king and stupid is queen.

Total bullśhit

[st7]

i still waiting to hear Zoom's solution for someone who wants to purchase tickets with another airline to travel out of CAL's reach with a local debit card.

in this example, a family of 4 who could more than afford to go.

like he have no answer.

Debit card

like u really hadda pay travel agencies 30% more vs $150/yr credit card scam

Screenshot_20241209_194137_Samsung%20Internet.jpg

what you really showing me here? how someone in trinidad going to pay this with a debit card? lol

Yup it's done

how? since when you could use a TT debit card for online transactions?

[zoom rader]

i still waiting to hear Zoom's solution for someone who wants to purchase tickets with another airline to travel out of CAL's reach with a local debit card.

in this example, a family of 4 who could more than afford to go.

like he have no answer.

Debit card

like u really hadda pay travel agencies 30% more vs $150/yr credit card scam

Screenshot_20241209_194137_Samsung%20Internet.jpg

what you really showing me here? how someone in trinidad going to pay this with a debit card? lol

Yup it's done

how? since when you could use a TT debit card for online transactions?

If the cost is in TT u can use a local debit card.

[The_Honourable]

i still waiting to hear Zoom's solution for someone who wants to purchase tickets with another airline to travel out of CAL's reach with a local debit card.

in this example, a family of 4 who could more than afford to go.

like he have no answer.

Debit card

like u really hadda pay travel agencies 30% more vs $150/yr credit card scam

Screenshot_20241209_194137_Samsung%20Internet.jpg

what you really showing me here? how someone in trinidad going to pay this with a debit card? lol

Yup it's done

how? since when you could use a TT debit card for online transactions?

If the cost is in TT u can use a local debit card.

Correct... st7 yuh late

Once the linx cards was upgraded to the visa chip debit cards, you can do online TT transactions and very limited US transactions. However, it is iffy across banks. Try paying your bills online with your linx/visa debit card and you'll see for yourself.

The chip card upgrades were done during covid. Scotia was the first to have it since 2018 or so.

[st7]

i still waiting to hear Zoom's solution for someone who wants to purchase tickets with another airline to travel out of CAL's reach with a local debit card.

in this example, a family of 4 who could more than afford to go.

like he have no answer.

Debit card

like u really hadda pay travel agencies 30% more vs $150/yr credit card scam

Screenshot_20241209_194137_Samsung%20Internet.jpg

what you really showing me here? how someone in trinidad going to pay this with a debit card? lol

Yup it's done

how? since when you could use a TT debit card for online transactions?

If the cost is in TT u can use a local debit card.

Correct... st7 yuh late

Once the linx cards was upgraded to the visa chip debit cards, you can do online TT transactions and very limited US transactions. However, it is iffy across banks. Try paying your bills online with your linx/visa debit card and you'll see for yourself.

The chip card upgrades were done during covid. Scotia was the first to have it since 2018 or so.

ohhh i see. wasnt aware that was possible. always thought the upgrade helped with using contactless transactions with the linx machines and ATMs.

so i'm guessing anyone can use your debit card on a website without knowing your PIN since the CVVC code on the back. that dangerous if iz true!

[MaxPower]

This Xmas i can’t pay off everything on the CC before the interest come…too much damage done.

But it go pay off.

That’s the point of credit.

[Dave]

This Xmas i can’t pay off everything on the CC before the interest come…too much damage done.

But it go pay off.

That’s the point of credit.

Doesn't sound very responsible that you can't pay off everything.

[zoom rader]

This Xmas i can’t pay off everything on the CC before the interest come…too much damage done.

But it go pay off.

That’s the point of credit.

Max , max out the rest of ur CC

[st7]

allyuh know max trolling just to antagonize zoom right? and zoom biting that bait hard lol

[zoom rader]

allyuh know max trolling just to antagonize zoom right? and zoom biting that bait hard lol

Nah, max kool .

He employs illegal immigrants

[MaxPower]

This Xmas i can’t pay off everything on the CC before the interest come…too much damage done.

But it go pay off.

That’s the point of credit.

Doesn't sound very responsible that you can't pay off everything.

Dave,

It’s called a credit card……paying interest is expected.

If you are forever in credit card debt, then that is irresponsible behavior.

But taking the blow on some interest for a few months is understandable especially around Xmas time.