Pre-paid Credit Cards

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Originally Posted by stormy

A credit card is a medium. It should have no bearing on your spending and earning habits.

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It most certainly should have bearing.

I can pay for now what I have earned but not yet been paid. I effectively get paid early. And my money is free for 2-6 weeks.

I've been thinking of getting a credit card or two for a small business that I'm thinking about starting. I'd like to use it to buy needed materials and tools required to fill orders (as its hard to get people to pay cash advances).

I don't really know shit about them. Stormy, whats your advice?

LOL, I sure learned a lot in that personal finance class I took. lol, college.

Credit cards have a very high interest rate if you're not paying it off in full every month. If you're not sure you'd have the money by the time the bill comes then I wouldn't use the credit card. Maybe look into a small business loan. The safest thing is just to start saving for your tools till you get a good chunk of money. What are you thinking of making?

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Originally Posted by stormy

The safest thing is just to start saving for your tools till you get a good chunk of money.

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Cash on the barrelhead. Always the best route. Take it from Stormy, credit cards are a great way to get fucked.

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Originally Posted by buttcheeks

I've been thinking of getting a credit card or two for a small business that I'm thinking about starting. I'd like to use it to buy needed materials and tools required to fill orders (as its hard to get people to pay cash advances).

I don't really know shit about them. Stormy, whats your advice?

LOL, I sure learned a lot in that personal finance class I took. lol, college.

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Small business loan for sure. Buying on credit hoping for a cash flow that will be erratic as best is a terrible idea.

If you don't have any credit cards already, you also won't get much credit to begin with.

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Originally Posted by PaCrappa

Cash on the barrelhead. Always the best route. Take it from Stormy, credit cards are a great way to get fucked.

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The men in suits will get you while you sleep. It's best to stay off the grid.

See what I'm sayin? Stormy gives poignant advice all the time!

Get a credit card with a 1,000 limit and use it to fill up your car whenever you need gas (and that's it). Like it or not you need to establish some kind of good credit rating, and you're not doing yourself any favors by tippy-toeing around the market because you're scared of accruing charges. Like others have said already.

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Originally Posted by PaCrappa

Ah, how I love that story.

I have two vehicles, one of which is my all time dream machine, both of which I paid cash for (totalling $8800). Four years ago when the oldsters that used to own this house said they were going to sell it I shopped around for a loan with my shitty down payment and banky loaner people were lined up and chompin at the bit for my business. I realize it's different scene nowadays but I had outright bad credit when this was all taking place. BTW, I let somebody else buy the house but I still live in it.

Don't be fooled by the debt mongers. Do what you want. Get a credit or debit card if you really think you need one. But remember the two big questions before you step into the abyss : "Who gives me work?" and "Why do I do it?" I personally prefer not to work toward the payment of interest and/or banking/card fees. I got better shit to do.

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Do you rent or buy? And don't you own your own business?

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Originally Posted by Drewbacca

Do you rent or buy? And don't you own your own business?

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You quoted the answer to the first one. And I've had several on the books businesses over the years. Nothing right now though. When you do the whole DBA, city business license, federal tax number deal it's like you're saying "YES! I'd like to do and think about the same thing over and over for a longass time until I go mental!" I've tried it and I can't do it. Obviously the only way for me to go is to do my own thing and I've been very successful (ie: I do what I want when I want to) not having a regular job. But until I figure out a sweet way to do anything I want to and call it a legitimate business, I'll stay on the DL.

What do you do anyway? Like your businesses back then and now.