There has been a lot negative publicity about credit card usage in the personal finance blogosphere recently.
My friend and proprietor of Debt Free Adventure, Matt Jabs, is not a fan of plastic and he is currently waging a war against credit cards and the companies that distribute them.
A couple of weeks ago Matt specifically asked those of us who take advantage of credit card rewards programs to rethink our returns and join him in cutting up our plastic in a post he entitled Credit Card Rewards – Rethink Your Returns.
In case you missed that well-researched and very thoughtful article, Matt noted that the credit card debate is essentially between two very entrenched camps, which he called “Camp Rewards” and “Camp Avoid.”
According to Matt, Camp Rewards tends to use their cards for most purchases, instead believing it’s all about personal responsibility. Meanwhile, Camp Avoid shuns credit card usage at all costs and believes their use encourages over spending by creating a dangerous disconnect between themselves and their money.
I happen to be one of those folks from Camp Rewards who is happy with my credit cards and have no intention of cutting them up. I have been happily using credit cards for 25 years and I have never had a problem.
Today I would like to be an advocate for Camp Rewards.
I have no intention of trying to persuade those in Camp Avoid to come over to my side – that would be pretentious on my part and completely pointless anyway. After all, there is no right answer here – everybody’s situation is different. If you’ve thought it over and you feel cutting up your credit cards is the right decision, then go for it.
But as with any two sides that are “dug in” we can only realistically try to influence the fence sitters and those who have yet to form an opinion. That’s why today I want to address those of you in that third camp that sits somewhere in the middle. I call this group “Camp I’m Not Really Sure Where I Sit Because I Haven’t Formed an Opinion Yet” – or Camp INRSWISBIHFAOY for short. 
Today I am especially interested in giving an alternative point of view to the younger people in Camp INRSWISBIHFAOY who are just starting out and still unsure about their use of credit and credit cards in particular.
I’ll begin by giving you several reasons why it makes good financial sense to use credit cards. Then I’ll follow that up with a few reasons why credit cards may not be the right choice for you. I’d like to conclude by giving a couple of counterpoints to Matt’s previously-mentioned article regarding perceived issues with credit cards. By the way, I encourage all of you to read Matt’s post if you haven’t already done so in order to get the unabridged flavor of his arguments. 
Why You SHOULD Use Credit Cards…
Credit cards provide us with the privilege of responsible short-term borrowing. Yes, they can be abused, but when used wisely and responsibly, credit cards provide valuable benefits including:
1. Convenience – No need to carry wads of cash with you everywhere you go.
2. Peace of Mind – As I see it, there are two very annoying problems with carrying large sums of cash: 1) If I lose my wallet, the money is gone forever; 2) People that are seen carrying large sums of cash are more vulnerable to being robbed, and I hate being robbed – in fact, it’s happened to me twice.
3. Expense tracking – The credit card companies send you a monthly statement of all your purchases that makes it very easy to track your expenses.
4. Consumer protection - Credit card companies are powerful advocates for their customers and have the power to revoke money from merchants. How many times have you bought something on the Internet and never received it? Or didn’t get what was advertised and the merchant refused to give you your money back? A simple call to your credit card issuer is usually all that’s required to fix the problem. My credit card company has come to my rescue in this regard more times than I can remember over the last 25 years.
5. Insurance benefits - Often, credit card companies offer product insurance if an item is stolen, and many offer free rental car insurance.
6. Extended warranties – Credit card companies offer extended warranties on certain items
7. Establishment of Personal Credit History – When they are used responsibly, credit cards help establish your credit history and build your FICO score, which can be especially valuable when you need longer-term credit extended to you. When applying for car and home loans, those with high FICO scores get the most favorable interest rates which can mean savings of tens or hundreds of thousands of dollars over the life of a loan. So be sure to always keep a close eye on your credit history for any changes to your credit report or score.
8. Rewards - As if the other benefits weren’t enough, most credit cards offer rewards, be it cash back on a percentage of all your purchases, airline miles, free gasoline or other incentives. On top of all the other benefits, I have received over $1500 during the last several years by simply using my credit card to make purchases.
Why You SHOULDN’T Use Credit Cards…
I understand credit cards aren’t for everybody. This is especially true if you fit any one of the following four reasons below:
1. You Are Financially Undisciplined – If you are unable or not prepared to control your spending then a credit card is definitely NOT for you. For many people, going to a disciplined cash-only system helps control their spending.
2. You are Unwilling to Pay Off Your Credit Cards In Full Each Month – If you aren’t planning on paying off your balances in full each month, then a credit card is definitely NOT for you. Two of the most important benefits I mentioned as reasons for using credit cards – establishment of credit history and credit card rewards – are neutralized or worse when you start to carry debt balances from month to month.
3. You Feel Credit Card Companies are Morally Bankrupt – If you feel that credit card companies are taking advantage of consumers and it weighs on your conscience then I recommend you make a stand like Matt, Baker and lots of other people and tell the credit card companies where they can stick their cards.
4. You are Personally Irresponsible – If you hate to take the time to read your credit card contract and are unwilling to accept the terms you agree to when you sign on the dotted line, then avoid credit cards like the plague; you’ll be MUCH better off sticking with debit cards and cash. Trust me.
These Are NOT Reasons to Cut Up Your Credit Cards (In My Opinion)
In Matt’s article he gave several arguments to try and persuade those of us in Camp Rewards to cut up our credit cards. I’d now like to give an alternative point of view regarding some of those arguments here.
Argument 1: “Interchange fees affect the market by raising the cost of consumer goods and services by at least enough to cover the 2% they cost merchants.”
Matt correctly notes that “interchange fees cost users of debit and cash along with the users of credit.” While it is true that interchange fees raise costs for everyone, they are simply a cost of doing business. If we apply this argument to interchange fees, then to be fair we should apply it elsewhere too. For example, electricity and other special operation & maintenance costs of freezer cases also impose hidden costs that the grocery merchant must pay and pass along to all of his consumers, regardless of whether they eat Chunky Monkey or not. But that doesn’t mean we should boycott ice cream and frozen vegetables too.
Argument 1A: “Home Depot pays more in interchange fees than for employee health care (therefore) using credit cards actually costs us more money then we could ever make back.”
Home Depot also pays more for their employee payroll than employee health care. Health care, payroll, and interchange fees are all costs of doing business. Let’s not forget that a portion of those fees are used by the credit card industry to employ people who get a paycheck of their own, who then spend money, which in turn leads to more jobs. It’s not as if the money simply goes into a black hole never to be seen again.
Argument 2: “Credit card banks prey upon the weak and vulnerable…”
Matt correctly observes that, “credit card banks continue to issue cards to these people like candy, and do so at interest rates near 30%!” While that is true, I categorically reject the inference here that credit cards cause personal irresponsibility. I happen to maintain that any personal finance damage caused by credit card use is ultimately self-inflicted. After all, banks don’t make anybody complete a credit card application at gunpoint. It doesn’t take a lot of effort to say “No.” Is it possible that a law might be in order to help protect the weak and vulnerable from themselves? As a Libertarian, I say no. The trouble with legislating such a law is we can’t define who “the weak and vulnerable” are until they’ve already demonstrated a lack of personal responsibility. People who take it upon themselves to use their cards responsibly have nothing to fear.
Argument 3: Thanks to the CARD Act of 2009 credit card companies, “are changing the terms to existing contracts in order to position themselves to make money at the expense of their customers.”
Matt reminds us that some credit card companies are raising interest rates, instituting annual fees on existing cards and, “increasing minimum fees by as much as triple, leaving a lot of their debtors unable to pay,” even on their best customers – which is true. Ironically, increased minimum fees actually benefit the consumer, as higher minimum payments force a quicker loan balance payoff – assuming the credit card user is interested in actually retiring their debt. Nevertheless, as a big believer in personal responsibility, I have to point out that when we agreed to use our credit cards, we also agreed that the credit card company could change the rules of the game on a whim. If you understand this fact in advance, and plan to use your credit wisely, I see no reason why this should discourage you from getting a card.
Argument 4: The use of credit, “continues to enslave our nation.”
I have to respectfully disagree here. Credit is the oil that keeps an economic engine running smoothly; without it, that engine would seize up. If we had to save up to pay cash for everything we ever wanted, a tremendous number of jobs would be lost due to waning demand for products, and the standard of living for most people would dramatically decrease. The availability of credit to responsible citizens is something to be celebrated, not feared. Take advantage of it, but use it wisely.
In Conclusion…
The trick with credit cards is to understand that they are a double-edged sword and they must be used responsibly. When credit cards are used responsibly they provide some extremely valuable benefits that you can’t get from using cash alone. For young people especially, I believe the establishment of a positive credit history is invaluable.
Yes, credit cards can get careless people into a lot of financial troubles – the evidence is all around us. But that is no reason for responsible people to eschew them, any more than it makes sense to avoid using scissors simply because they can be dangerous.
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Hey Len…
Thank you for taking the time to provide intelligent counterpoints to my article. Here is a brief reaction to the debate section:
Arg1: There is no moral issue w/the freezer industry.
Arg1a: Interchange fees are not a necessary business cost, but a luxury business cost (luxury to use CC’s.)
Arg2: I totally agree – CC’s do not cause personal irresponsibility, they simply provide yet another channel of gross misuse.
Arg3: CC’s are raising minimum payments to sometimes 3x original amounts stretching some people too far (CC users solely at fault for burying themselves, but banks are not interested in “working” w/them, only harassing them for payments that cannot be made.)
Arg4: I fundamentally disagree. I believe we should pay for everything we wish to buy with money we already have (many will disagree… I’m old school). I see the exchange of goods and services as the oil… not the credit.
Great write up Len… intelligent debate is always the way to reach the best answer!
Cheers
Hi Matt,
Thanks again for being so gracious regarding this rebuttal post to your original article.
I have to agree with you about there being no moral issue with the freezer industry. lol
I think the banks that are interested in only harassing their customers are making a terrible business decision – it makes no sense for them to try and get blood from a turnip, as the old saying goes.
Best,
Len
This is an outstanding analysis of the pitfalls and benefits of credit cards. Often posts related to debt are highly emotional and thin on facts. But, this post was both objective and well reasoned.
Having struggled with credit card debt for many years, I am in the middle camp. I definitely believe credit issuers have become predatory and I am very glad we are starting to see reforms, such as CARD. I also believe many consumers are irresponsible and I feel they should be held accountable for their debts. However, credit issuers are burying consumers with cascading fees and exploding interest rates. And, I believe this is contributing to the rising percentage of defaults and possibly even some foreclosures. Of course, taxpayers and responsible consumers are getting stuck with the costs from these defaults.
Since we cannot enforce federal usury laws upon the states and credit issuers are thumbing their noses at reform, I believe a fair solution would be summary discharge of debt. For example, any debt that exceeds 21.9% interest (the old usury limit) or fees that exceed $25 per month could be discharged with a simple court filing and it would be erased from your credit history. Any debt with interest rates and fees below the limit would be subject existing bankruptcy and credit reporting laws.
This solution would keep credit issuers honest with their rates and fees and allow consumers an opportunity to climb out of debt. But, it wouldn’t let irresponsible consumers off the hook for their debt obligations. Most important, it would be very difficult for banks to weasel around the discharge option with any new fees or rate tricks.
Regarding the predatory nature of credit card companies: as I said in my article, I am well aware of their practices, but I guess it’s my hard-core Libertarian nature to fall back on the fact that they are doing nothing illegal, and therefore, buyer beware. (Which, by the way, was the latest thrust of your last article, if memory serves me correctly.)
Many many people will find that to be a pi$$ poor excuse and that is fair enough – I understand where they are coming from. Many people believe the solution is to change the laws to stop the predatory practices (as CARD is trying to do) – just be careful, because sometimes these laws can go too far in the other direction, inadvertently increasing costs for “good” customers.
Matt –
If a store doesn’t want to accept credit cards, they don’t have to. However, most do because the convenience factor leads to increased sales.
So, if you don’t accept credit cards and sell 500 units, but then switch to accepting credit cards and sell 550 units, you can actually partially offset the cost of allowing credit cards with the increased savings due to economies of scale (larger orders, increased production runs, etc).
On a macro scale, the sales would likely stay the same (If I want to buy something, I will buy it eventually when I have enough cash in my wallet). But on a micro scale, this can really be beneficial to competing businesses.
If any company decides to stop accepting credit cards and actually lower the prices by a few percent, that is awesome. But I would bet that they will also lose sales due to the convenience factor alone.
MLR
Bravo
I’ve been meaning too write something about this, but I guess you beat me to the punch! I’ll still write about it but from a different angle.
anyway – thanks for speaking up for the “camp rewards” group.
Mr CC
Thanks, Mr. CC! Why did I know you would be in Camp Rewards?
I agree with Len’s rebuttal. If credit cards are used responsibly, they’re really convenient, provide consumer protection and in many cases, excellent cash rewards. My significant other Martin and I have two American Express cards connected to my Costco Executive Business membership which gives us 4% cash back on gasoline, 3% for restaurants, 2% for travel and 1% for everything else. It’s fun taking our annual rebate check in February to Costco, loading up the cart and paying $0.00.
Thanks for adding some logic to the “great credit card debate”.
One other thing to keep in mind re: interchange fees – what is cost of dealing with cash?
If you’re dealing with credit cards you can run reports and check that the register tape agrees with the credit card terminal in 5 min. When you run an all cash business that can easily mean a few extra hours a week after closing, counting all that cash. The other big risk is employee theft. If your employees commit credit card fraud that’s between them, the police and the credit card company. If they steal cash, you might eventually convict them, but you’ll almost never get that money back.
That being said, I wonder if their are studies that show the total costs of cash, debit, or ATMs?
Good stuff Len. I’m glad you didn’t embed in your post a link to a 0% credit card offer as so many other sites may do following a post like this!
Harnessed properly a credit card is a powerful tool. Some people just shouldn’t play with guns right?
FS
I am firmly entrenched in Camp Rewards as well (surprise surprise
) and just wanted to say great job of articulating some of the very same arguments that run around in my head every time someone brings up this issue 
@jmo: Great inputs. From a business perspective, there are handling and storage costs of cash that credit does not have. Regarding your other point, once it gets into the hands of a nefarious person, cash’s presence becomes very ephemeral. Once it’s gone, it’s gone forever. In the meantime, I’ll look and see if I can find any studies on the costs of cash vs. debt/credit cards and report back in a later post.
@Sam: You’re very welcome – and correct too. I don’t think that would be very cool to write a post extolling the virtues of credit cards while shilling for the companies. That wouldn’t be too good for my street cred.
@Chaser: Thank you. I appreciate the kind words.
I’m firmly in Camp Establish a Credit History. I got my first card at 19 to do just that. It happened to be a rewards card because I’m a diligent shopper and wanted to get the best credit card that would be granted to me. I now have a second card that is not a rewards card. I happen to use the first one more because it makes sense to use my rewards card more often, but again, my purpose in obtaining a credit card in the first place was to establish a credit history.
I get a lot of flack for suggesting that other college students should do as I did and get a credit card and use it responsibly. But frankly, there are too many things that affect you when you graduate to ignore establishing a credit history while in school. Employment, getting an apartment, getting a car loan, and insurance can all be affected by your credit history – and those are all things I and my friends have had to deal with since our recent graduation.
It’s fine to decide that a credit card is not for you, and to look into other ways to establish a credit history. But it’s too important to ignore.
I agree, Stephanie – and very well said. This post was primarily directed at younger folk for precisely the reason you gave. I believe establishment of a credit history is extremely important for kids out of high school and/or college. I believe it is vital if they intend on buying a home in the near future.
Then again, if folks believe they lack the self-control necessary to keep the dark side of credit cards safely tucked away in Pandora’s Box, then they need to find another avenue for establishing that history.
Our society has too many folks who are financially ignorant and tend to pass that ignorance down the family tree. One manifestation of that ignorance is overspending that is enabled by the availability of easy credit. Credit cards are the primary tool of easy credit and are a means by which FICO and the credit industry financially enslave the ignorant. Of course, I also understand that if we didn’t have credit cards, most personal finance bloggers wouldn’t have much left to say or sell.
Get off the fence, would ya, Mr. TML? You really need to learn how to form a concrete opinion. LOL
Len,
One minor note: When I said “total costs of cash, debit, or ATMs?” I forgot about checks! People forget the days when the only way to get cash on a weekend was to cash a check at the supermarket. I’d have to imagine that those business that did a lot of check business are more than happy to be rid of them.
Between the bouncing and the fraud, it must have been a huge hassle and expense.
Another very good point. I remember when I used to work for a major supermarket, those checks were a pain in the a$$. They had multiple shoe boxes of checks returned for insufficient funds that really took a lot of time to service and keep track of. They were a real nightmare.
I want to thank you for making the point in your post that by signing the credit card application the user agrees to be bound by the terms of the credit card company’s contract. I think that is a point of financial education that is frequently glossed over. Many people have never read or understood the terms of that agreement that clearly gives the benefits of that relationship to the lender. The acceptance of that credit includes the risk that the credit card company has the right (which you agreed to) to changes the terms in their favor at any time. The use of credit cards can still be beneficial to those who use them with that knowledge. For the most part the way we issue credit cards in this country is like giving everyone a car when they turn 16 without giving them any driving instruction.
Great analogy, Bonniem. It would be nice if parents would teach their kids this stuff, but many moms and dads just aren’t informed enough to help their kids. I’m still kind of shocked that our public schools don’t do it. They teach sex ed, but not basic personal finance. Maybe they should.
lol the group that you are targeting is the wrong one. Young persons need to learn about personal finance before even tempting to have a Credit Card. Since learning about Personal Finance and working towards being debt free so that I can live in Financial Freedom I will encourage persons to avoid them. Credit Cards are debt (which are liabilities) and it encourages persons to spend and spend. This is the wrong attitude. Work towards Financial Freedom by investing building your own business where there are no liabilities.
So you subscribe to the argument that credit cards cause personal irresponsibility. Sorry, but I completely disagree with you. I like to give people a bit more credit than that (no pun intended). When I was young I had no trouble staying out of debt even though I carried multiple credit cards. And while starting your own business is a very noble and rewarding endeavor, most businesses depend on credit to function and grow – especially in the early years – so I fail to see how you can say there are no liabilities when you are building your own business. Yes, there are exceptions, but they are few and far between.
Although the business may be able to pay for the interest cost of the debt, it’s wisest to aim for total debt freedom if you want to be financially free
Great post Len. Credits cards don’t cause financial irresponsibility any more than flies cause garbage. We can certainly understand how some may have OD’d on credit and have had to take a rather radical stance as a form of detox. We value the rewards and credit cards make it easier to rent cars. We drive clunkers (by choice) for our local communtes and rent new cars when we take vacations. What we save on car insurance, by driving clunkers, more than pays for our vacation car rentals 2 to 3 times a year. What we’ve saved over the years by avoiding costly depreciation on new cars has catapulted our savings tremendously. Intelligent use of credit can be a money saver.
.-= Steven and Debra´s last blog ..What Does Federal Reserve Chairman Ben Bernanke Share in Common with Hitler and Stalin? =-.
Great points all! I drive a relative clunker car too – a Honda civic I’ve owned since I first bought it 13 years ago. I am from the school that says a new car is one of the dumbest money moves you can make.
I am definitely in Camp Rewards. Using my credit card is how I get points for use in buying Christmas gifts. Once in a blue moon, I’ll carry a balance, since I freelance and have irregular income, but the interest I get hit with in an entire year is usually not more than $10, and the Rewards I get in the same year will be $75-$100. I definitely come out on top.
If you do carry a balance, BD, try to get it paid off as quickly as possible. Owing the CC companies from month to month can be like getting trapped in quick sand. Very tough to get out of once you’re in that quagmire.
the problem with credit cards is people abuse them, buy things they can’t afford. And they don’t pay the balance off each month.
Hi there…I am very much in the Camp Avoid club. We rang our credit cards up and put ourselves in a whole (and wondered later how we did it!). We definitely lived well past our means. Yes you can use them responsibly, many people do.
However, I am now Mr. Debit Card! I only buy things I have the cash for etc. I believe credit cards contribute to the sense of “I want/need something now, can’t wait, must get it”. At least they did for me!
We found the best budgeting software called YNAB (You Need a Budget) and that has helped us tremendously to live within our means and has opened up our communication as couple. It’s an electronic envelope system that allows you to make sure you set aside money for things and plan out what you want to spend. Especially for emergencies. I used to just use the credit card to pay for a car repair for example, now I have money set aside to pay it free and clear.
I have been following Dave Ramsey’s plan and it has made an incredible difference for us. To me, it’s a mindset. If I pay for something using credit, I am now in debt to that person/company. I don’t like that at all! Even if we have the money set aside and plan to pay it within 25 days, I still have to pay them.
To me, it’s so easy with credit cards to dig yourself a hole. It’s possible not to, but highly likely you will at some point. The credit card companies (despite rewards they offer) are not in the business of losing money! By using a debit card/cash, I can make sure I won’t do that again!
Thanks for the well written and balanced article!
Thanks for the comments. And I’m with you, Duncan — I hate being in debt to anyone for anything. That is a powerful motivator to ensure my credit cards always get paid of in full at the end of each month!
A couple of notes, other than ‘great article’. Working in retail, I’ve found that a lot of debit cards can also serve as credit cards. Also, if you think the big banks are crooked, get a card through your local bank. I think it was Clark Howard who pointed out that if your debit card it stolen and used that money is already out of your account and you have to fight to get it back. If they get your credit card, you are fighting to NOT lose the money. Which is a stronger position? Again, great article.
That is a great observation. I know what position I would rather be in.
Wow, this is the first article I’ve seen that talks about the pluses of credit cards. I, too, am in Camp Reward, even though I have had a lot of credit card debt in the past and still do carry some. I ran up debt when I was unemployed for an extended period and had exhausted all other savings (not because I was being spend-happy – we’re talking food, home, gas, and medical costs here).
I’m still working to pay all that off, but I regularly use my Amex reward card for charging most purchases. I have a lot of my utility bills charged to it and use it for everyday purchases. The great thing with the Amex is that you can’t carry a balance on it, so it forces you to pay it off every month. They do have some “pay over time” programs, but you have to opt in to them and I simply don’t.
Last year, I was able to get 4 round-trip coast-to-coast flights for free (one in first class!) with my reward points. I also managed to triple-dip during some extended travel by first getting a discount on my hotel by using the card, then racking up reward points on the card, and finally getting frequent-stay points in the hotel program. The frequent stay points allowed me to have about 3 weeks worth of hotel stays for free. I even got tax benefits via per-diem employee business expense deductions.
Credit cards are a tool and for some jobs, they are the best tool. A chain saw can hurt you, but you wouldn’t use a butter knife to cut down a tree. Tools are only as good as those who use tthem.
Sure, it would be great if I didn’t have a lot of debt with the horrible interest rate increases they’ve been dropping on us of late, but that’s not the fault of the cards. It doesn’t mean I’m happy with the credit card companies for raising rates to ridiculous levels at a time when the federal interest rates are at all-time lows, but it’s not illegal. It’s just up to me to pay it all off quickly.
Having all that credit available when I needed it was a godsend, even if I’m paying for it after the fact. Without it, I would have lost my house, my car (and any means of getting to work), health insurance, etc…) so I think I’ll keep credit cards in my financial toolbox.
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