Yes credit cards are, in general, bad…but can a person with excellent financial skills use them to their advantage? The answer may surprise you.
Yes, I know every prepper in the world tells you credit cards are bad. But what if you had enough self-control to use them correctly and is there such a thing?
I’ll give you a for instance:
My family recently took a trip to Disneyland in California. We made a long weekend of it. We left in the afternoon after I finished school for the year and checked out.
We stayed three nights in Marriott Hotels where my wife’s corporate account got us three free nights because of her constant travel. We use a Disneycard throughout the year and pay off our bills at the end of the month every month, so we have no interest charges. Over a two year period, we saved up $800 in Disney dollars. We used them at the park and got our entrance tickets for three, our meals, and some nice souvenirs all for free. On Sunday, we drove to Newport Beach and spent the late morning and early afternoon. We parked on the street and our day was free.
Gas to and from LA/Orange County was about $160. Add in miscellaneous expenses and our vacation cost us well under $400 out of pocket. If we paid cash and did the sensible thing, our trip would have been:
$400 for rooms
$800 for Disney and Souvenirs
$400 for gas and miscellaneous (a little less than)
for a whopping total of about $1600 for our weekend vacation to Disney.
Can anyone deny the deal we got for wisely using out credit. Perhaps you disagree.
I’d like to hear YOUR perspective on the credit card conundrum
Ep 181_Are Credit Cards Always Bad_