[Aristocrat]

Ah, credit cards. These can be a great tool to build reward points or a tool to financial destruction. What do you have for a credit card? Do you prefer debit cards instead? I'm astounded this topic wasn't on here. I'm placing a wager the yanks on here owe thousands in credit debt! I personally only have one card and pay it off each month.

[ZoomZoom]

Hooray for Credit cards...
<nevermind>

[Chunkyman]

I use cash, never used a credit/debit card before.

[finn4life]

Credit cards don't make much sense to me , if you cannot afford it don't buy it, especially on terms that are very far from being fair on you.

To answer the question and you may have already guessed... I use a debit card.

[Otter]

If you're responsible, it's great for your overall credit to have a credit card. But if you're not, then you're f*cked.

[oysterbarron]

Dont have a credit card or current account. Only have a savings account. Still paying off debts from store credit and loans from 7 years ago so im never getting a credit card.

[sivispacem]

I've got two, three if you count my business credit card. One with a very low credit limit that I keep should I ever need emergency transport or for other emergency use, one with a higher credit limit I use solely online or for any purchases where credit cards are easier to obtain refunds from the bank than debit or cash. The business one gets used to travel, transport, hotels, food and business phone contract, and that's it.

[Irviding]

I have two, a Discover More Student Card which I use for all my every day purchases and pretty much everything, and a Capital One Journey card which I save for emergencies. The rewards on the discover are great, I make like 60-70 dollars cash back a month when the rotating categories suit me. I just put netflix on the capital one thing so that they don't cancel the card for nonuse.

I'm also an authorized user on my dad's Hyatt and Chase Freedom card but I don't carry those around. He has credit limits in the 50 thousands on each of them and I don't like keeping them in my wallet. He has me put my school expenses like books, beer, and drugs on those but other than that I never really use them. I'm considering keeping the Hyatt one in my wallet though because it's so f*cking cool looking.

[TUBBSthezombie]

Its not that hard to use a credit card correctly. Read the terms and conditions. use the tools the banks provide to your full advantage. For example i have both mobile apps and both websites for both of my cards. and i check them daily.

It takes responsibilty to run a credit card correctly. And I should know seeing as i've worked at a credit card company for over a year now.

[Irviding]

QUOTE (TUBBSthezombie @ Sunday, Jul 22 2012, 03:30)

Its not that hard to use a credit card correctly. Read the terms and conditions. use the tools the banks provide to your full advantage. For example i have both mobile apps and both websites for both of my cards. and i check them daily. It takes responsibilty to run a credit card correctly. And I should know seeing as i've worked at a credit card company for over a year now.

Yup, the key is, unless you have 0% APR on a new card for either a balance transfer or a big important purchase, you should be paying in full each stayement.

[oysterbarron]

Credit cards aren't really needed if you can be responsible with your own savings. The only reason you should need a credit card is if your a sales rep for a company or hold other high positions.

[Outcast]

I've got a couple credit cards but only one debit card. got a massive credit limit but everything is paid back in full. also perks including lounge access with my amex and birthday gifts from the banks. credit cards are pretty essential to me as I travel a lot and I need them for car rentals etc.

[nightwalker83]

@ Otter,

You must go through a lot! Max out one card, chop it up, get another, repeat current steps.

QUOTE (finn4life @ Sunday, Jul 22 2012, 17:06)

Credit cards don't make much sense to me , if you cannot afford it don't buy it, especially on terms that are very far from being fair on you.

Same here! I use a debit card.

This post has been edited by nightwalker83 on Sunday, Jul 22 2012, 08:23

[TUBBSthezombie]

QUOTE (Irviding @ Saturday, Jul 21 2012, 23:58)

QUOTE (TUBBSthezombie @ Sunday, Jul 22 2012, 03:30) Its not that hard to use a credit card correctly. Read the terms and conditions. use the tools the banks provide to your full advantage. For example i have both mobile apps and both websites for both of my cards. and i check them daily. It takes responsibilty to run a credit card correctly. And I should know seeing as i've worked at a credit card company for over a year now. Yup, the key is, unless you have 0% APR on a new card for either a balance transfer or a big important purchase, you should be paying in full each stayement.

Exactly. you'd be surprised how many people think its the entire balance too. As long as its not a charge card you can pay the statement balance and its considered a full payment.

[_____]

I have a debit card that I use to purchase stuff online. Credit cards seem like too much of a hassle to me. I actually got my debit card for free but I guess most banks do that nowadays.

[sivispacem]

QUOTE (oysterbarron @ Sunday, Jul 22 2012, 08:59)

Credit cards aren't really needed if you can be responsible with your own savings. The only reason you should need a credit card is if your a sales rep for a company or hold other high positions.

Not quite true, IMO. You need to demonstrate a good credit history to get a mortgage or large loan, and the fastest way of building good credit is using credit cards. So they're pretty vital if you ever want to own a house. Also, because of the Consumer Credit Act, you have greater rights to refunds or reimbursment if something goes wrong, as the card company shoulders a proportion of the risk when it comes to fraud or failures to deliver goods/services. For instance, you'd be mad to book flights or take ot insurance on anything other than a credit card as that's the only way you have any real protection.

[Rebel]

QUOTE (Otter @ Sunday, Jul 22 2012, 06:40)

If you're responsible, it's great for your overall credit to have a credit card.  But if you're not, then you're f*cked.

100% agreed. My mum went through the whole speech about how amazing credit cards are if you live within your means with them, but you are totally f*cked for ages if you can't pay back. Not to mention you have a safe guarantee if you buy a big purchase and something isn't right with it.

I have used a debit card since I hit 16 and I love it, I got a credit card about a year ago after a good talk since they are a good way to build credit when I get older to help buy a house or a car or something along those lines.

Nearly used my limit up on the card atm, but I have a 15 month interest free so I can pay it back. And before that runs out I'm just going to switch to an interest free transfer rate for 21 months after that so I can continue paying off the old card without any interest on that too. Its a great way to make the most out of your money if you have the time and patience to just remember to switch over cards or pay it off in time.

[Gareth Croke]

I don't have a Credit Card anymore after my credit card company screwed me over big time, yeah I had a big balance which I was steadily paying off until my financial situation improved and I would have payed it back in no time, but then they screwed me twice. First by doubling my interest rate, which I bartered them down a little after a lot of hassle, and then changing the way minimum payments were calculated which basically put me back in the same position as the interest rate hike.

I've got the account stopped and I'm paying back a set amount now, but at the same time they're a bunch of cowboys anyway. The whole Credit system is screwed anyway, that's why we're in the mess we're in now.

[oysterbarron]

QUOTE (sivispacem @ Sunday, Jul 22 2012, 09:09)

QUOTE (oysterbarron @ Sunday, Jul 22 2012, 08:59) Credit cards aren't really needed if you can be responsible with your own savings. The only reason you should need a credit card is if your a sales rep for a company or hold other high positions. Not quite true, IMO. You need to demonstrate a good credit history to get a mortgage or large loan, and the fastest way of building good credit is using credit cards. So they're pretty vital if you ever want to own a house. Also, because of the Consumer Credit Act, you have greater rights to refunds or reimbursment if something goes wrong, as the card company shoulders a proportion of the risk when it comes to fraud or failures to deliver goods/services. For instance, you'd be mad to book flights or take ot insurance on anything other than a credit card as that's the only way you have any real protection.

That's fair enough! but alot of banks in the case of fraud will give you your money back. I just don't understand it why when people have money in the bank they will put it on there credit card then pay it off strait away it just seems like an extra unneeded step!

i'm in the same situation Croke apart from mine was loans and overdrafts! o well my re negotiated amount will see me debt free when i'm 80!

[sivispacem]

QUOTE (oysterbarron @ Sunday, Jul 22 2012, 12:52)

That's fair enough! but alot of banks in the case of fraud will give you your money back. I just don't understand it why when people have money in the bank they will put it on there credit card then pay it off strait away it just seems like an extra unneeded step!

Possibly but the law favours those who purchase on credit. The advantage being that at the time of purchase the money is essentially lent to the consumer by the CC company and therefore the consumer is not held liable for fraudulent activity.

I would not be comfortable putting, say, the deposit required for the purchase of a car, or the costs of insurance or rental on anything other than a credit card. There's no protection if the hire company goes under, or if the purchase falls through, or if a company chooses to place additional charges on your card. Paying for hire car rental with a credit card saved me €1200 when they tried to charge me for damage done to a vehicle that I pointed out on my initial assessment, which they conveniently "lost". Because I paid on credit, I just got the bank to cancel the claim against my card whilst I settled the dispute. If I'd paid on a debit card, I'd have had no comeback.