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To build credit π
And building credit is useful to set yourself up for future purchases - a condo/house, car, whatever. The whatever here is bigger than it semese, as having a decent credit score can let you finance all kinds of things at a pretty low rate, if not 0% even today. If you're saving any extra money in an investment/retirement account, and can pay off your 0% financing offers in full by the time you would start to owe interest, financing at 0% is a great deal even if you have the cash on hand to pay outright.
Yeah, I don't necessarily agree with the game, but since we're in it, I play it. All of my purchases go on credit cards. But I never spend money I don't have, and I pay the statement balance in full every month so I'm never charged interest. The only time I don't pay the full statement balance is when I buy a new phone since I have the store card with 0% financing. But anything else, never ever ever carry a balance.
It sucks because it's basically a benefit for people who have good executive functioning and financial literacy, paid for by those who don't. It's a benefit I only get because big banks prey on poor people.
I have A+ credit and have never possessed a credit card.
What is A+ credit?
Itβs what the guy at the bank told me each time I bought a car or a house.