Mark Cuban Tells The World, “Don’t Use Credit Cards”
Billionaire entrepreneur Mark Cuban didn’t mince words when asked in a recent interview with Inc. to share his best money advice. The answer was simple: “From my dad: Don’t use credit cards.”
Cuban, the American businessman, investor, author, television personality, and philanthropist best known for owning the NBA’s Dallas Mavericks and starring on ABC’s “Shark Tank,” told Business Insider in 2014 that “credit cards are the worst investment that you can make. That the money I save on interest by not having debt is better than any return I could possibly get by investing that money in the stock market… I thought I would be a stock market genius. Until I wasn’t. I should have paid off my cards every 30 days.”
Credit cards typically charge between 16 and 25 percent interest, which, like Cuban suggests, is far above any kind of reasonable or realistic return one would expect via investments. As a result, not paying off your balance in full each month could cost a cardholder a literal fortune over time. Unfortunately, many people today still fall into the debt trap that credit card companies present.
6 Reasons Why Reloadable Cards Are The New Way To Pay
Cuban’s solution is to simply get rid of credit cards, and he’s not the only wealthy person who believes it. Comedian and self-made millionaire Jay Leno prefers cash over credit as well. “I barely use credit cards,” he tells CNBC. “I don’t carry any debt. I don’t write checks at the end of the month for anything… I didn’t buy my house until I had cash… When you own something and you don’t have to write checks every month, you’re just better off.”
So what is the alternative? The answer is reloadable prepaid cards. Unlike credit cards, with a prepaid card you don’t have to worry about interest charges or over-limit fees. You also don’t have to worry about going into debt–you can only spend the money that you load onto a reloadable card, and they can’t be overcharged. You have full control over how much money is on the card. A reloadable prepaid card has all the benefits of a credit card, without any of the hangups.
Make Space In Your Wallet For The Reloadable Card
Have questions or looking to learn more about prepaid cards? Feel free to contact us by visiting our contact page. DCR offers you years of experience and expertise in prepaid card programs — from the launching stage all the way through fulfillment.