Comment Re:It's Your Choice (Score 1) 719
Red Flayer is certainly correct when he says it is a free (as in beer) short-term loan. I pay every bill with my one credit card. automatically. In 2 years I have actively paid 24 bills - rent each month. At the end of the 20 days free loan, my bank pays the credit card back. automatically. plus miles and stuff that other people have been saying really do mean i make a killing off my credit card (just used close to 260,000 American Airlines miles last year = free first class tickets to wherever the hell me and my girlfriend want to go)
For the credit-afraid people of the world, here is something else which might blow your mind - with good credit, you can borrow or transfer balances for _long term_ benefits:
1 - I am out somewhat recently out of college. Twice now I have had a high limit one year 0% interest balance transfer credit card. Paid one off the last month possible, doing the same now in October with another large chunk of school loans. Overall interest savings = $1,200.
2 - Have a credit card that has 3.9% interest for the LIFE of the balance transfer. I defy you to find better loan rate from a bank.
I have a decent amount of school debt because I come from a poor family, but having good credit has saved me a provable $1,200 in cash, and a free 1 week vacation (which would have cost around $2,000).
For the credit-afraid people of the world, here is something else which might blow your mind - with good credit, you can borrow or transfer balances for _long term_ benefits:
1 - I am out somewhat recently out of college. Twice now I have had a high limit one year 0% interest balance transfer credit card. Paid one off the last month possible, doing the same now in October with another large chunk of school loans. Overall interest savings = $1,200.
2 - Have a credit card that has 3.9% interest for the LIFE of the balance transfer. I defy you to find better loan rate from a bank.
I have a decent amount of school debt because I come from a poor family, but having good credit has saved me a provable $1,200 in cash, and a free 1 week vacation (which would have cost around $2,000).
