Is having credit cards bad?
Should we all just use cash and debit card?
I personally love using credit cards and my goal actually is for my clients to be able to use this responsibly unless they choose not to.
There’s absolutely nothing wrong with credit cards. I don’t believe in just using cash and debit for the rest of your life. Credit cards are amazing if used appropriately and responsibly.
Like with money, it’s just a tool. If used appropriately, can give you lots of “rewards”. Points, cash back, travel benefits to name a few...
On top of the rewards I listed, you also have protection. Just think about if you paid some stranger or store using cash or debit. Your money is gone and getting them back would be harder versus you calling your bank and disputing a charge on your credit card.
To me the safety protection I just mentioned above is the most important. I don’t have to ever worry when I make a transaction.
If someone steals my credit card number, I can always call and get another card. Hopefully that doesn’t happen too often but it has happened to me in the past.
Again, I would never recommend or encourage anyone, much less my clients to use credit cards until they “graduated”. Graduated means they have built a strong relationship with money, they are confident to always be on positive cash flow and know how to handle the nuances and emergencies life throws at the without freaking out and going negative and carrying balances on their card.
So what do you think?
Christine Teh is a personal finance coach who lives in Silicon Valley and serve clients virtually. She also offers tax preparation and consulting services and LinkedIn coaching as well.
Schedule a complimentary chat now to see if her financial coaching services are right for you!
Should we all just use cash and debit card?
I personally love using credit cards and my goal actually is for my clients to be able to use this responsibly unless they choose not to.
There’s absolutely nothing wrong with credit cards. I don’t believe in just using cash and debit for the rest of your life. Credit cards are amazing if used appropriately and responsibly.
Like with money, it’s just a tool. If used appropriately, can give you lots of “rewards”. Points, cash back, travel benefits to name a few...
On top of the rewards I listed, you also have protection. Just think about if you paid some stranger or store using cash or debit. Your money is gone and getting them back would be harder versus you calling your bank and disputing a charge on your credit card.
To me the safety protection I just mentioned above is the most important. I don’t have to ever worry when I make a transaction.
If someone steals my credit card number, I can always call and get another card. Hopefully that doesn’t happen too often but it has happened to me in the past.
Again, I would never recommend or encourage anyone, much less my clients to use credit cards until they “graduated”. Graduated means they have built a strong relationship with money, they are confident to always be on positive cash flow and know how to handle the nuances and emergencies life throws at the without freaking out and going negative and carrying balances on their card.
So what do you think?
Christine Teh is a personal finance coach who lives in Silicon Valley and serve clients virtually. She also offers tax preparation and consulting services and LinkedIn coaching as well.
Schedule a complimentary chat now to see if her financial coaching services are right for you!
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