They often appeared to be puzzled and sometimes annoyed when I refused to pay with my card. They argued that by doing so, they could help me earn points or get discounts for using my card and promised to pay me back with cash later.
No doubt on the surface I will only stand to gain, but my dear friends certainly have overlooked the consequences that come along when people are not careful in using their credit cards. Here's my reasoning:
- I do not like to exceed my fixed monthly budget for credit card spending as I want to keep my debt management as manageable as possible (credit card spending is a form of debt f.y.i.).
- It may be true that money will be returned afterwards. However, money in the wallet is always easily gone. The amount from your card bills together with the amount spent from your wallet can result in a significant amount.
- Although one can argue that the money returned can always be put back into the bank. But as a matter of fact, very few people will actually do so especially if you are a busy person like I am. I'm sure you definitely won't.
- Remember spending is a habit. If you pay too often with your card, you will simply keep using it unconsciously.
Speaking from personal experience, it is always difficult for the other party to see your reasoning when they are not the ones paying with their cards. Hence, you will have to take your initiative to monitor your own expenditure and make your own decisions when someone ask you to pay first.
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