The PerkStreet community is truly one of the most anti-credit card groups I’ve ever encountered, and for good reason. They understand that you don’t have to go into debt to get great perks. I find that I’m just as fired up as they are, and will never own a credit card again. Why? These 4 reasons:
1. I Don’t Like Paying High Interest Rates
Why would anyone sign up for a card that has 12.99% APR? Some credit cards have even higher rates! Gross!
Want to know my secret for not going into debt or paying high interest rates? I don’t own a credit card. That’s right! I don’t even have one in case of emergency. For that, I have an emergency fund.
2. I Don’t Like Reading Fine Print
Have you ever seen a credit card’s terms and conditions? Talk about small print! And all of that fine print is written in legal mumbo jumbo. Are you sure you know and understand all the terms and conditions of your credit card?
On the other hand, PerkStreet’s fees are straightforward and designed to be almost nonexistent for active customers. No small print there! Even PerkStreet’s fine print is easy to understand (see the bottom of their website).
3. I Get Perks Without Going Into Debt
PerkStreet has a stellar perks program that gives me 1% cash back on all my purchases. In some instances, I even earn 2% cash back! It’s a great deal and when I swipe my PerkStreet Debit MasterCard, I know that I’m spending responsibly. We’re currently earning over $300 a year by using our PerkStreet card. That’s pretty exciting.
While there are credit cards out there that are offering more cash back than PerkStreet, many of those customers will accidentally go into debt and pay higher interest, negating all their extra rewards. PerkStreet forces me to spend less than I earn, and I love that.
4. A Debit Card Forces Me to Closely Watch My Budget.
I remember when I had credit cards I wasn’t closely monitoring a budget. In fact, I don’t know if you could call what I had a budget! I knew that having credit cards would “save me” if I got into a pinch, so I handled my finances through guesswork and occasionally looking at my bank account.
Not smart. I’ve even overdrawn my bank account because of my lack of budgeting. When I got rid of my credit cards, everything changed. I saw the need for a strict budget, started saving money, and made sure I had a solid financial plan.
If you’re struggling with your budget, you might want to try a StreetSense course on budgeting.
Those are my reasons why I’ll never own a credit card again. Is PerkStreet’s Debit MasterCard enough for you? Leave a comment and let us know!
John Frainee is a Customer Columnist here at PerkStreet, and the webmaster and a writer for the ever-growing blog, The Christian Dollar. John enjoys exploring how faith and finance interact, spending time with his wife and family, and meeting readers from all over the web. He has a Bachelor of Science degree in Bible and Christian Counseling and loves encouraging others in their financial pursuits. You can also find him on Facebook and Twitter.