Lisa Vanderpump Doesn't Have A Credit Card

Lisa Vanderpump Doesn’t Have A Credit Card

Published: December 8, 2018

Obviously we talk a lot about credit card rewards on this site, because one of the best ways to save money on travel is with points. It allows us to have experiences we probably couldn’t otherwise afford. At a minimum, credit cards can save us money on every purchase we’d make anyway.

However, not everyone should use credit cards. For example, if you’re someone who knows you won’t be able to use credit cards responsibly, you absolutely shouldn’t use them. What you’ll pay in financing charges will far outweigh any rewards you’ll earn.

But when I talk to people about credit card rewards, there’s a whole group of people out there who seem to be opposed to using credit cards for reasons I can’t wrap my head around.

Lisa Vanderpump, star of Real Housewives of Beverly Hills, and owner of West Hollywood’s tackiest restaurants, had an interesting interview with InStyle, in which she said the following:

“You’re not gonna believe it, I don’t even have a credit card. I have a debit card, and it comes out of my account. Because if I had a credit card, I would never pay the bills. I just wouldn’t remember. Pandora says, ‘With the amount of money you spend, you should have a credit card so you can get points.’ But I like to know where I stand.”

No, no, no, no, no. Just no. Where do we even start?

If Lisa is concerned about forgetting to pay her bills, she could set them up on auto-pay; it will literally be no less convenient than using a debit card
Credit cards have significantly better purchase protection, which, given how much Lisa talks about buying stuff, could come in handy
You don’t get rich by making dumb decisions and leaving money on the table, and at a minimum she’s giving up 2% cash back by not using a credit card, which is just so silly; she talks about buying a $20,000 dress, so if that’s the case, she could have at least gotten $400 back

C’mon Lisa, it’s time you get a credit card!

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DC Guest

December 10, 2018, 3:22 pm

...who is Lisa Vanderpump

‼ 0

Emily Guest

December 10, 2018, 3:19 pm

@Robert Hanson - exactly the reason I am citing. Berkshire has investments in American Express, Wells and BoA last I checked. The three make significant income from charging interests to CC holders. It would be in his best interest to promote the usage of credit cards, but his personal and corporate philosophies differ greatly. So yes, "Even Warren Buffet" recommends against usage of credit cards, whenever possible. As for the credit industry in the US - it has always been a dicey industry one way or another and I don't want irresponsible loan holders from defaulting with detriment to the greater economy. Therefore, I strongly advise against usage of credit cards until one's expenditure to income ratio reaches 1:7.

Robert Hanson Diamond

December 10, 2018, 2:04 pm

"Even Warren Buffet".... Warren Buffet recommends whatever makes a profit for him. He's against oil pipelines because he owns railroad companies that transport oil by rail car. He opposes tax cuts because he owns insurance companies that sell life insurance as an investment and tax avoidance scheme. Just because he's a financial genius at guiding Berkshire doesn't mean his public recommendations are altruistic good advice. Qu contraire. ;) As for the majority of folks who have poor financial management skills, I both feel sorry for them, and also am quite grateful to them. Without those millions of people carrying balances at 19%, and paying late fees every time they miss a payment date, I wouldn't be getting 70K/100k miles/points sign up bonuses every time I get a new cc.

December 10, 2018, 9:30 am

There is no harm in the usage of debit cards over credit cards. It's a choice. Even Warren Buffet discusses the usage of credit cards limited to emergency situations. I understand that this may be against the fundamental philosophy of your blog, but the choice to use a debit card is a good idea, especially in the US where a large fraction of people have poor financial management skills.

JoePro Diamond

December 9, 2018, 12:32 pm

@Paul: I saw no real ignorance on Lucky's part. He explained his reasoning and people have shared their counterpoints. To the point of "no such thing as a free lunch" -that could be viewed as ignorant, given that you're making an across the board statement. This whole website is derived on the concept of "free lunches". So just because it doesn't work for you, doesn't mean it doesn't work for anyone else, either ;-)

Lisa Vanderpump Doesn’t Have A Credit Card

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