Advice from Nashville's Financial Guru Dave Ramsey
Dave Says
By Dave Ramsey
Author of Financial Peace and The Total Money Makeover
8/7/2006
"Any good reasons to keep a credit card?"
Dear Dave,
I'm a youth minister in Texas, and often I'm out on the road with the kids going to and from events. I have one credit card with a zero balance and would love to destroy it, but started thinking maybe I should keep it for emergencies or car rentals. Is there any good reason to hold a credit card?
Chad
Dear Chad,
You can use them to scrape the frost off your windshield in winter …
No, there's NEVER a good reason to hold a credit card! Get a debit card. You can use it for virtually anything a credit card will do like get a hotel room, buy stuff online or rent a car almost anywhere. A few rental car companies do have pretty silly requirements for debit card use or only accept them in certain parts of the country, but those guys are too expensive anyway!
With a debit card, you're using YOUR money instead of borrowing it from someone else. The borrower is ALWAYS slave to the lender, Chad.
- Dave
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