I don’t remember the last time I relied on a paper bill for anything. There’s really no reason why anyone should ever make a late payment with Internet banking and the practically universal ability to set up automated transfers to cover at least your minimum payment.
There’s really no reason why anyone should ever make a late payment with Internet banking and the practically universal ability to set up automated transfers to cover at least your minimum payment.
You mean except for people who don’t have computers, or maybe enough money to pay the bill?
I think it’s fairly safe to assume that CronoDAS has access to the Internet.
I wasn’t arguing that credit cards are a good idea for everyone, I was disagreeing with CronoDAS’s original implication that credit cards suck in general. As I said originally, they are great for people who pay them off in full every month. Having access to the Internet makes it easier to avoid accidental charges due to late payments. I would say the kind of person who doesn’t have access to the Internet is probably not the kind of person for whom having a credit card is a good idea.
People who do not have enough money to pay the bill are also not generally people who benefit from having a credit card. They would fall into the category of people ‘dumb enough to carry a balance on them’, a category that I agreed credit cards suck for.
If something goes wrong, it helps to have a paper record. And, if you set up direct debiting from a checking account instead of mailing checks, it’s harder to refuse payment in the event that you get billed for too much. (For example, when you have a Paypal account linked to a bank account, Paypal tells the bank how much to debit, and they go ahead and debit it without you having to confirm—or allowing you to object to—each individual debit.) Getting your money back is harder than refusing to send it in the first place.
I get mailed a paper statement for my credit card as well but I never have to look at it as I handle everything online. I’ve had the occasional problem with my credit card but nothing that I’ve needed a paper statement to resolve.
Having an automated payment to your credit card doesn’t generally carry the risk of other automated payments since in a worst case scenario of them taking too much from your bank account you just end up with a positive balance on your credit card so you can use that to pay for things until the situation is resolved. In fact, one of the benefits of having a credit card is that you can set up most of your automated payments to come off the credit card (where you have much better protection against incorrect or unauthorized payments) and only have a single monthly automated payment from your chequing account to your credit card.
Anyway, I don’t really want to get into an extended discussion of the best way to use a credit card. My main point is that if you understand them and use them sensibly (paying them off in full every month, not carrying a balance, not using them for cash advances) then they are a very useful tool. They can be a problem if you’re stupid but lots of things can be a problem if you’re stupid. I’d say that reflects the negative utility of stupidity rather than the particular evils of credit cards.
I don’t remember the last time I relied on a paper bill for anything. There’s really no reason why anyone should ever make a late payment with Internet banking and the practically universal ability to set up automated transfers to cover at least your minimum payment.
You mean except for people who don’t have computers, or maybe enough money to pay the bill?
I think it’s fairly safe to assume that CronoDAS has access to the Internet.
I wasn’t arguing that credit cards are a good idea for everyone, I was disagreeing with CronoDAS’s original implication that credit cards suck in general. As I said originally, they are great for people who pay them off in full every month. Having access to the Internet makes it easier to avoid accidental charges due to late payments. I would say the kind of person who doesn’t have access to the Internet is probably not the kind of person for whom having a credit card is a good idea.
People who do not have enough money to pay the bill are also not generally people who benefit from having a credit card. They would fall into the category of people ‘dumb enough to carry a balance on them’, a category that I agreed credit cards suck for.
If something goes wrong, it helps to have a paper record. And, if you set up direct debiting from a checking account instead of mailing checks, it’s harder to refuse payment in the event that you get billed for too much. (For example, when you have a Paypal account linked to a bank account, Paypal tells the bank how much to debit, and they go ahead and debit it without you having to confirm—or allowing you to object to—each individual debit.) Getting your money back is harder than refusing to send it in the first place.
I get mailed a paper statement for my credit card as well but I never have to look at it as I handle everything online. I’ve had the occasional problem with my credit card but nothing that I’ve needed a paper statement to resolve.
Having an automated payment to your credit card doesn’t generally carry the risk of other automated payments since in a worst case scenario of them taking too much from your bank account you just end up with a positive balance on your credit card so you can use that to pay for things until the situation is resolved. In fact, one of the benefits of having a credit card is that you can set up most of your automated payments to come off the credit card (where you have much better protection against incorrect or unauthorized payments) and only have a single monthly automated payment from your chequing account to your credit card.
Anyway, I don’t really want to get into an extended discussion of the best way to use a credit card. My main point is that if you understand them and use them sensibly (paying them off in full every month, not carrying a balance, not using them for cash advances) then they are a very useful tool. They can be a problem if you’re stupid but lots of things can be a problem if you’re stupid. I’d say that reflects the negative utility of stupidity rather than the particular evils of credit cards.