This Is Why I Stopped Using Credit Cards

I hate rules, I can't stand them, especially if they don’t allow for common sense. I never use Credit cards but every now and then I use a credit card for a specific reason. I use debit cards about 99% of the time, but sometime using a credit card is a better deal. I’ll break it down in this video.

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1. Cash Back

-If you use a credit card you can usually get 1-5% cash back and sometimes if you stack it up with a website cash back you can get even 10-20% but here’s the truth

-This is offered because people tend to spend 18% when they use credit cards

-And since interest rates are high, they know they will make their money back



Here is the only time I would break this rule:

-I use my debit card because making an extra $80 a year isn’t going to make me any richer

-But every now and then I use credit card if I have a big purchase, lets say a house remodel, do you know how much is 5% of 10k or 20k a lot

-So that’s one time I say okay, but only if you have the cash and can pay immediately



2. Benefits



-Who's going to have better fraud protection a debit card with your money or a credit card with the banks money

-Travel Benefits Currency conversion is my favorite

-Insurance on car Rentals + more



I don’t travel much but whenever I do:

-I’m forced to use a credit card for the car rental

-If I’m in a foreign country its literally 1-10% more expensive to use a debit card because of the conversion cash or taking cash out an atm

-but don’t be a dummy, these benefits are offered because it’s a business and selling -more makes a lot of money



3. Build Credit

-I use a credit card every month for this

-I have a small bill on all my credit cards and I set them to pay themselves in full each month

-Boom, I build credit I don’t have debt



But for dummies:

-That tell you pay interest at the cost of credit

-Or overspend at the cost of points

-Or use money you don’t have for benefits, its stupid




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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.