topic Re: What is the one card that gives you a piece of mind? in Credit Cards

What is the one card that gives you a piece of mind?

DI — Mon, 23 Nov 2009 01:52:06 GMT

Since I mostly use my cards for gas and grocery, the one card that gives me a piece of mind is Kroger 123. I earn 15 cents off a gallon in gas, and earn points to get free groceries.

Message Edited by DI on 11-22-2009 07:52 PM

Re: What is the one card that gives you a piece of mind?

MarineVietVet — Mon, 23 Nov 2009 02:20:58 GMT

I know what you are asking but none of my cards give me peace of mind. As I say in my signature I'm a recovering crediholic. Just one lapse in judgement and/or a poor choice and my hard work over the last few years will be wasted. I'll always have to be careful. I salute those who have the discipline I don't always have.

Re: What is the one card that gives you a piece of mind?

wmarat — Mon, 23 Nov 2009 02:29:25 GMT

PFCU, AAFCU, AFCU, AFCU, FFFCU, RBFCU.

Re: What is the one card that gives you a piece of mind?

DI — Mon, 23 Nov 2009 02:40:50 GMT

@wmarat wrote:
PFCU, AAFCU, AFCU, AFCU, FFFCU, RBFCU.

Those are all CU's. Your FICO score should be suffering.

Re: What is the one card that gives you a piece of mind?

FICO800PLUS — Mon, 23 Nov 2009 02:50:52 GMT

marinevietvet

I totally understand what you mean. I too am a recovering creditholic. I really have to watch it. I love reading about the various credit cards that people have received and I get so tempted to apply for more credit as well, but, it just does not work for me. I realize that now. I still have credit cards, but they are in the bottom of my sock drawer bound by a rubber ban. I only use my credit union visa...and that is hard enough to keep under control.

Re: What is the one card that gives you a piece of mind?

Watchmann — Mon, 23 Nov 2009 06:30:51 GMT

Contrary to other's experience, my three AMEX cards starting back in 1980 have served me well on 4 continents, including 13 years of living outside of the US. Over the years I've used them extensively in all sorts of situations (hotels, car rentals, food, travel, expensive purchases), paid their bills overseas (pre-internet) at an AMEX office, and got up to $5,000 of cash with no questions asked with a personal check. If you ever have cash problems you can always rely on AMEX to help you out. I think too many people have tried to substitute an AMEX card for a generic Visa/MC card. They really are different animals as both users and AMEX have discovered. AMEX's reason for existing is different than Visa/MC.

Next month I'll be charging the balance of a cruise on my AMEX card (>$20,000) and I know there will not be a peep from them. I've also bought in excess of $20,000 of watches and audio gear on eBay over the last two years and paid via PayPal with my AMEX Optima card as the funding source, again with no problem. I've got Visa/MC cards with similar CL's, but for transaction horsepower nothing beats a well aged AMEX card that has a spotless repayment record. One thing I always make sure of is that AMEX gets paid immediately when the statement cuts. No ifs, ands, or buts, and no excuses. If you can commit to that and stay with them long term AMEX is a great card. IMO, too many people get an AMEX card, use it for six months and then try to pull AMEX's chain for more credit or other consessions. They don't work that way.

Message Edited by Watchmann on 11-23-2009 12:30 AM

Re: What is the one card that gives you a piece of mind?

laz98 — Mon, 23 Nov 2009 06:32:37 GMT

i have to agree with the others, i'm too tempted by credit, so i don't like to think of them at all!

Re: What is the one card that gives you a piece of mind?

Anonymous — Mon, 23 Nov 2009 12:44:50 GMT

Honestly, I get no "peace of mind" from any credit card for the simple reason. It is NOT MINE nor do I control it.

Unsecured Credit will always be granted at the whim of the Credit grantor and I think if we take a honest look at what many post on here you will see that it has control over them.

Owning our home free and clear, our 3 investment properties free and clear, our vehicles the same way and owing nothing is far more "peaceful" to me then having to rely on a piece of plastic that can instantly be gone.

Hard assets will always outweigh anything that is dependant on another entity.

As long as credit is extended unsecured I will use it but very honestly, if every credit card in the world disappeared tomorrow I would not lose any sleep over the fact.

Re: What is the one card that gives you a piece of mind?

Jazzzy — Mon, 23 Nov 2009 13:03:40 GMT

When I read the title of this thread, one card popped into my mind...and then I read Watchman's post.

For me, it's AmEx. I have one reason...

I travel each summer with my daughter. She is now 16.We started doing this when she was 8. I've always called a couple of my card companies before I leave to let them know that I will be charging internationally. This summer, I had a new AmEx, so I included them in my calls. The CSR, when she learned where I was going and what I was doing, and that I would be travelling alone with my daughter, instructed both me and my daughter on what my daughter could do if something happened to me. If I got hurt, sick, or worse. She instructed my daughter on how to use the international number on the back of her card (she's an AU). Told her she could get cash, an airline ticket, a place to stay, etc.

The CSR's last words to me were, "Don't worry. If something happens, we'll get her home."

DC...I totally understand what you're saying as well...but my paid for home and rental properties won't get my daughter home from Paris if I get hit by a bus. Having paid-for assets, however, is great peace of mind...but I want something a bit more flexible on my side if I need it in a pinch.

Message Edited by LynetteM on 11-23-2009 05:03 AM

Re: What is the one card that gives you a piece of mind?

DI — Mon, 23 Nov 2009 13:31:08 GMT

@Anonymous wrote:
Honestly, I get no "peace of mind" from any credit card for the simple reason. It is NOT MINE nor do I control it.

It's yours. Your name is on it.

Re: What is the one card that gives you a piece of mind?

Anonymous — Mon, 23 Nov 2009 13:46:32 GMT

Can't hang your hat on any of them. They're all unsettling.

As for Amex, many have found they can't even depend on them to pay for a dinner out and need to constantly carry a backup card just in case...

Re: What is the one card that gives you a piece of mind?

manyquestions — Mon, 23 Nov 2009 13:51:57 GMT

@Anonymous wrote:
Unsecured Credit will always be granted at the whim of the Credit grantor and I think if we take a honest look at what many post on here you will see that it has control over them.

I have most of the major players and none of them give me piece of mind. That's why I carry several different cards when I travel. I take an AMEX, a Discover, a Visa, a MC, and a debit card and hope at least one of them will work where ever I am. None of them make me feel warm and fuzzy.

Re: What is the one card that gives you a piece of mind?

Anonymous — Mon, 23 Nov 2009 13:57:19 GMT

@DI wrote:
@Anonymous wrote:
Honestly, I get no "peace of mind" from any credit card for the simple reason. It is NOT MINE nor do I control it.

It's yours. Your name is on it.

Actually, if you turn the card over it says "Property of <CCC Name>, must return upon demand."

I think what DickC is trying to say, is that the CC represents a potential loan which can be reduced, closed or terms changed at any time. The use represents a debt which must be paid back, with interest potentially, and the use of the card is strictly at the discretion of the CCC.

I agree that free and clear assets, emergency and savings funds, retirment investments and a good cashflow are the most peaceful things.

However, having the use for convenience to a CC is a nicety as well.

For me, my favorite CC's are NFCU and USAA.

IMO

Re: What is the one card that gives you a piece of mind?

DI — Mon, 23 Nov 2009 14:10:08 GMT

@Anonymous wrote:
@DI wrote:
@Anonymous wrote:
Honestly, I get no "peace of mind" from any credit card for the simple reason. It is NOT MINE nor do I control it.

It's yours. Your name is on it.

Actually, if you turn the card over it says "Property of <CCC Name>, must return upon demand."

I think what DickC is trying to say, is that the CC represents a potential loan which can be reduced, closed or terms changed at any time. The use represents a debt which must be paid back, with interest potentially, and the use of the card is strictly at the discretion of the CCC.

I agree that free and clear assets, emergency and savings funds, retirment investments and a good cashflow are the most peaceful things.

However, having the use for convenience to a CC is a nicety as well.

For me, my favorite CC's are NFCU and USAA.

IMO

You must be referring to the back of debit cards. The credit cards I have doesn't reference the statement.

Re: What is the one card that gives you a piece of mind?

Anonymous — Mon, 23 Nov 2009 14:44:43 GMT

@Anonymous wrote:
@DI wrote:
@Anonymous wrote:
Honestly, I get no "peace of mind" from any credit card for the simple reason. It is NOT MINE nor do I control it.

It's yours. Your name is on it.

Actually, if you turn the card over it says "Property of <CCC Name>, must return upon demand."

I think what DickC is trying to say, is that the CC represents a potential loan which can be reduced, closed or terms changed at any time. The use represents a debt which must be paid back, with interest potentially, and the use of the card is strictly at the discretion of the CCC.

I agree that free and clear assets, emergency and savings funds, retirment investments and a good cashflow are the most peaceful things.

However, having the use for convenience to a CC is a nicety as well.

For me, my favorite CC's are NFCU and USAA.

IMO

Thank you Txjohn, that is entirely my point. The name on the deed to our home is MINE (and my wifes) while you are correct, a Credit Card belongs to someone else and is subject to their whims.

As for credit, I use it as a conveinance. My theory is if I go out shopping and look to spend $1000, if I lose my credit card I am covered. If I lose a wallet with $1000 in it, I am probably out $1000.

We charge probably an average of $2500--$3000 a month. Anything I can charge, I do, UNDER the premise I will be paying the bill when it comes due.

Nothing in the world wrong with Credit. It is a marvelous tool but I truthfully think that many people get to a point of self reliance on it and I PERSONALLY THINK that is a bad financial policy. Having lived long enough and made enough mistakes in credit, these are things I have learned the hard way.

Re: What is the one card that gives you a piece of mind?

Anonymous — Mon, 23 Nov 2009 14:56:02 GMT

@DI wrote:
@Anonymous wrote:
Honestly, I get no "peace of mind" from any credit card for the simple reason. It is NOT MINE nor do I control it.

It's yours. Your name is on it.

I guess DI it is just a matter of 'semantics". Much like if you buy a car on payments, you will get a registration card with your name on it, but the TITLE remains with the LEGAL OWNER. It may say it is your car, but miss a couple of payments and you will find out differently.

To me a credit card is exactly the same. They give you a card with your name on it to facilitate access to credit. Don't pay them back, they take the card. I see no peacefulness or security in that, as frankly they are in control.

The perfect example is that at this time people are having credit lines slashed, interest rates changed, terms changed, new fees. They have no control. AMAZINGLY though, during this time no one has came and said, "hey, we are changing your home loan terms, or changing your car payments" because we OWN THEM.

To me, that is security.

Re: What is the one card that gives you a piece of mind?

Anonymous — Mon, 23 Nov 2009 15:36:52 GMT

@DI wrote:
@Anonymous wrote:
@DI wrote:
@Anonymous wrote:
Honestly, I get no "peace of mind" from any credit card for the simple reason. It is NOT MINE nor do I control it.

It's yours. Your name is on it.

Actually, if you turn the card over it says "Property of <CCC Name>, must return upon demand."

I think what DickC is trying to say, is that the CC represents a potential loan which can be reduced, closed or terms changed at any time. The use represents a debt which must be paid back, with interest potentially, and the use of the card is strictly at the discretion of the CCC.

I agree that free and clear assets, emergency and savings funds, retirment investments and a good cashflow are the most peaceful things.

However, having the use for convenience to a CC is a nicety as well.

For me, my favorite CC's are NFCU and USAA.

IMO

You must be referring to the back of debit cards. The credit cards I have doesn't reference the statement.

No, I'm speaking of a CC. But not all CC's say this specifically any more. Some do, such as NFCU, and others say "issued in pursuant to....." and it may say license or terms of use, etc.

However, those license or terms do state that the card is the property of the CCC and must be surrendered upon request. Just not all cards state it directly on the card any more. Some still do. Some put it in the fine print of Terms of the card.

I'm not arguing your point, and I understand your OP....I have read enough posts to know you have stated that you PIF your cards and are not using them to buy what you cannot afford. And this was why I mentioned what my favorite cards were.

But I also can understand the perspective of many who are just so many charges away from financial crisis (the recovering credaholics) and for those who don't like any debt.

That is the great thing about freedom of choice....there is room for all!

IMO

Re: What is the one card that gives you a piece of mind?

Anonymous — Mon, 23 Nov 2009 15:37:41 GMT

None... I am glad I have them but I know from experience I can go overboard using them (currently under control) and at any given moment the CC Company can turn the tides...sometimes for the good but lately not so good.

RozBuds

Re: What is the one card that gives you a piece of mind?

Anonymous — Mon, 23 Nov 2009 17:05:15 GMT

Well,

Having cash in my bank account and $$ in reserves is what gives me peace of mind.

As for a credit card that would make me feel secure while carrying it, I have to go with Amex. I've been a cardholder since 1991. I've used my cards all over Europe and the Islands. I collect vintage guitars and fine timepieces. I've made most of these high dollar purchases on Amex, without any issues. I've paid for vacations, and I have used it at all of the establishments that accroding to folks on the internet are taboo (wine shops, Walmart, etc) without incident.

Re: What is the one card that gives you a piece of mind?

Anonymous — Mon, 23 Nov 2009 19:52:41 GMT

Like some of the other posters here, I generally associate financial peace of mind with assets - money in the bank, stocks, bonds, real estate, etc. - not with credit, so I don't understand how a credit card - any credit card - can give one peace of mind. (Having traveled in Europe & Asia, though, I do understand how a specific card can make some travelers feel more secure.)

Ask yourself which of the following would do more for your peace of mind: an additional $10K credit line or another $10K in the bank. I'd much rather have the cash. Am I missing something?