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Friday, December 13, 2024   
 

Survey Results: "Love" the Banks
by Scott Bilker
Scott Bilker is the author of the best-selling books, Talk Your Way Out of Credit Card Debt, Credit Card and Debt Management, and How to be more Credit Card and Debt Smart. He's also the founder of DebtSmart.com. More about and DebtSmart can be found in the online media kit.
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Scott Bilker This survey originally ran in the 6/5/02 DebtSmart Email Newsletter.

Do you "love" your credit card bank?

50% of respondents said Yes
50% of respondents said No

The article listed 10 reasons to "love" your credit card bank. Which do you agree with and/or disagree with and why?

"I totally agree that credit cards offer (#1) access to money in ways that can be put to your advantage. There are many instances where I've received a great rate/deal by using my credit card. I'm not so sure about that Warranty Protection (#5), though. Many credit card companies charge for this service, and that should've been mentioned."
--Lori

"Chance to build a positive credit history. With my track record mostly from credit card use and payment I have been told by prospective landlords that they have never seen a better credit rating for a 20-something. And I no longer need a co-signer on my leases because I have credit history of my own. Money in an emergency. It's true, cars break down at inconvenient times, a credit card can get it fixed and you on your way."
--Mayes

"I agree with your reasons (greater protection for defective merchandise, 24/7 service, etc.), but I'm still leery of credit card banks. Let's face it, they offer those services not to be nice, but to get us to charge more!"
--Dan

"I like using my credit card to reduce costs- at the dentist etc. and also in emergencies when I can't get to the bank or ATM."
--Jean

"Access to money / feeling of security for a single Mom on a limited income ."
--Linda

"Agree:The ones that brought out the point that you don't lose anything really if you lose your card."
--Terri

"I liked the idea of using the credit card in lieu of a debit card. The protection in case of theft made sense."
--Anonymous

"I agreed with all of them. They were all good reasons to love your bank and to have a credit card."
--Anonymous

If yes, why do you "love" your credit card bank?

"It's hard to love a snake."
--Dan

"They give me lots of nice 0% apr offers and I can simply transfer balances and never have to pay for what I buy, besides paying back the original charges! Additionally, I have taken checks Citibank has given me that has 0% for 6 months, wrote myself a check for $1,000 and put the money into a 6 month CD (even though the interest sucks right now), I'm still making myself a profit, and they made it possible!"
--Matt

"I love that I earn cash back on purchases and I am protected if I use my card and I have a problem with the merchant. I also like the security of knowing that if I lose my credit card or if it gets stolen, I will not be held responsible for any charges not made by me."
--Anonymous

"Gives me more time to pay for something. I always have the cash to pay for the item, but i put it on a credit card and it gives 1 - 3 months to pay for the item. Also I am able to earn a cash back reward."
--Anonymous

"I get great customer service, low rates (though not always as low as I'd like), and a nice "safety net" which allows me to live my life without fear of an emergency."
--Lori

"I can use money if I need to without having to go thru a person , totally up to me ."
--Linda

What do you Think?
Read the Article
Take the Survey

Reader Comments

"I like getting this newsletter. It is very informative and contains many useful stories. I hope you add to it and never stop issuing it."
--Matt

"Great newsletter. Valuable advice, and I look forward to receiving it. Keep up the good work!"
--Dan

"I really like it, but I don't think it brings out the really bad side to credit for some people. It can be an addiction."
--Terri

"I get some really great ideas from this newsletter that help me solidify my resolve to get out of debt. Thanks."
--Anonymous

--End--

 

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