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MoneyWise with Rob West & Steve Moore

5 Credit Card Myths

June 2, 2020

You need a credit card to build credit, right? Or to rent a car or to buy online? Most people believe this to be conventional wisdom. But what if that “wisdom” is wrong? What you don’t know about credit cards could get you into financial hot water! Credit cards can be a handy thing to have, but it could be a double-edged sword. Today, financial planner and teacher Rob West tells you how way too many people sign up for credit cards for the wrong reasons.

•          The first myth is that a credit card will rescue you if you have a financial setback (like a job loss or the need to replace an expensive item). Thinking this way prevents you from saving up an emergency fund.

•          The second myth is that you need a card to shop online or to rent a car. Once upon a time that was probably true for renting a car but it has never been the case for buying online. The fact is, in most cases, a debit card will work just fine for those things.

•          Credit card myth #3: you need a card to earn rewards. No doubt it’s nice to get 1 or 2% back with your card’s purchases (as some cards even offer as much as 5% back for certain purchases at certain times). But do the math—if you’re paying 28% interest on your balance, who exactly is getting the reward? A credit card is only useful if you pay off the balance fully every month.

•          Myth #4 is that you need a store credit card to save money when you buy things. Stores love to give you bonuses and discounts when you sign up for one of their cards, but is that so you can save money? No, it’s because they know most people will carry a balance.

•          Finally, it’s not true that you need a credit card to build credit. You can build a credit history just by paying your bills on time. Depending upon your income, you can even qualify for a mortgage by paying your rent, utilities, and car loan on time every month. Check with your landlord about having your payments reported to the credit bureaus. They won’t necessarily do it, but they do have that option.


On today’s program we also answer your questions:


•           I just got out of high school and have been working for a few summers now. What options are there about types of investments for a period of 4 years? I’d use the funds as a possible down payment on a house.

•           In today’s episode of MoneyWise, there are several listeners’ calls related to the receiving of the COVID-19 stimulus check. Each caller has a different situation needing to be addressed.


Ask your questions at (800) 525-7000 or email them at Visit our website at where you can connect with a MoneyWise Coach, purchase books, and even download free, helpful resources.

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About MoneyWise

MoneyWise is a daily radio ministry of MoneyWise Media. Hosted by Rob West and Steve Moore, the program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

About Rob West & Steve Moore

Rob West is the host of the nationally syndicated radio programs MoneyWise and The MoneyWise Minute heard on more than 900 radio outlets each day. Rob also serves as the President of Kingdom Advisors, an international community of financial professionals who are specialists in delivering biblically wise financial advice. Rob serves as primary spokesperson for the organization and gives leadership to organizational strategy.

A radio veteran, Rob previously co-hosted a live, call-in, financial radio program with his father from 1998 through 2008 at WAFG, Fort Lauderdale, FL. Rob has dedicated his professional career to working at the intersection of faith and finance having led a successful faith-based financial services firm, serving as the host of several radio programs on a biblical approach to finance, and speaking frequently on the topic. Rob and his wife, Julie, live in Marietta, GA with their four children.

Steve Moore
joined Larry Burkett at Christian Financial Concepts in 1985. The radio network grew from two hundred to over twelve hundred stations in just a few years with "How to Manage Your Money and Money Matters" being recognized with a number of national awards. Steve remained as co-host and Vice-President of Broadcasting through the CFC/Crown merger in 2001 and Larry Burkett’s death in 2003. He then hosted the Money Matters program with Howard Dayton until 2007.

In the spring of 2011, Steve and Howard Dayton felt the time was right and that God was directing them to once again start a daily radio call-in program that would help people find practical and biblical ways to manage their resources.


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