Judy
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Yes, credit cards are great.
You can actually establish near perfect credit, just by using credit cards wisely. That means never, ever carrying a blance and paying your bill in full the day it comes in. Not 2 days before due date.
Open up a checking account, and ask them to issue you a visa/debit card as a start. It will take the money directly out of your checking, but it will teach you to not spend what you don't have.
Cards can give you cash back. Go to bankrate.com to find one of these. Their interest rates are high, but you wont ever have to worry about interest, since you will never pay it. If you pay your bill in full, you will never pay interest.
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Ralfcoder
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A credit card is not good or bad. It is just a tool. How you use it determines if it's a useful tool or a dangerous one. So your first question should be, "Am I smart enough and disciplined enough to have a credit card?"
If you have the discipline to use it only when you need it, and to not use it when it's for a frivolous reason, or at a time when you can't afford to, then you could get one. You should also have the discipline to pay the bill in full when it comes, if possible. If you can't do that, you should pay MUCH more than the minimum payment. Five times is a start - ten times the minimum payment is much better.
You should be smart enough to realize that the credit card industry charges horrendous rates on some cards, and you should shop around to find better rates, and better deals on cards. |
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Robby
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they are good at getting you into debt |
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New Yorker
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Credit cards are good if someone else is paying the bill.
To save money don't have a credit card. |
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Paul
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If you want to save money credit cards are no good.Too easy to get into a lot of debt. |
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I am Man
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They are good for a number of things
?
1-buying things when an emergency happens (The washing machine just went deep south)
2-Impressing your date with that over price dinner one Friday nite
3-Getting the fear of opening your mail come first of the month to see what this months min. payment for that Smasher Credit Card is
4-Getting you in debt to the point that you can not even pay that min. $550 min payment every month and making you get another credit card to exist on
5-Lastly making you come to Yahoo Answers and ask question like
Are Credit cards good?
Sure as hell not good to save money only CD or other investments are good for
that not buying that thing on sale an charging it and having to pay 12% interest till it that credit card balance is almost but never paid off
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steve
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Credit cards can be put to good use only if you have strong self discipline but if not then they can get you into bad debt with them. Some people take advantage of them with their introductory offers of 0% to save them from paying interest but it needs plenty of thought and reading of the small print.
The best place that you can go to on the web is http://www.moneysavingexpert.com/ for good advice and forums all relating to finances. In this site they do tell you all the ways that you can make the cards work for you and some people actually make a profit from the 0% interest cards.
If you are not sure if you can resist temptation of using them without paying them off fully each month then I would advise you not to get one. |
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jackson
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In this day and age you don't really "need" a credit card as long as you have a debit card with a visa logo or whatnot on the front. It works the same as far as use and you can spend more than you have.
And as others said using credit cards can easily spiral out of control. But if used wiely they can be a very good thing.
You have to use credit to get credit. A good score can save much later. With that you can save thousands on things like car insurance. Later much on car loans, buying a house, bank rates and such.
You just have to play it smart. |
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old know all
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Credit cards are for spending money. It's good if it's your money, bad if it's the bank's money (they'll want it back). Spending and saving are very different things whatever it says on your card. |
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robbier00
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Credit cards are fine if you spend within your means. When I got my first job I had to clear my student and credit card debts but as well as doing that I made sure I transferred small amounts of money into a savings account, and if I couldn't afford something I didn't buy it.
Now I have worked for many years, and I don't have any credit card debt, student debt or other loans. Only a mortgage. And I still put a little bit into savings every month so when i need a new car I can buy it without a loan or a credit card!
I was once told to buy "short term" items with short term finance. So buy your groceries with a credit card (and pay it off at the end of the motnh) but don't buy a car!! |
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carman e
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there are pros and cons in getting a credit card. if you are a frequent traveler, credit card is good for you because it is dangerous to bring cold cash from one place to another so if you need to buy something or pay something you might want to use your card rather than bring cash to pay. negative side is that if you can't control using your card you can be into serious problem of paying your bills. so before applying for a card, ask yourself first if you can control yourself from using your card to buy thing that you don't need or beyond what you can afford. if you have the ability to control then go on and get a credit card but if not then it is wise for you not to have a credit card. |
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Snakeman !
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They're okay IF you use them wisely ! Pay off any purchases before the end of the month, and you'll not get charged interest !
I've only ever had a debit card - that way - I only spend what's in my account ! |
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Jonathan D
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erm well all your doing with a credit card is buying something and paying it bak later but for more than u needed to pay for it credit cards should be avoided if u want t save money .... however if some1 will pay ur bill or u use ur partners credit card that seems to be ok with you ladies haha |
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Lady Carole.
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Credit cards are good if you like paying up to 30% extra ! I myself don`t see much joy giving somebody else my money just for them lending me theirs. I`ve seen credit cards advertising "only" 29.9% ARP. |
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sunshinegirl
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They are really good if you know how to manage money.
Some cards have very nice rewarding system and you can actually get some nice gift cards or points.
I used a discover card to buy groceries and other living expense, but I manage well. It is good to raise your credit score. But, do not borrow more than you can afford.
I do not know how you can save money by using credit cards, but you can get some benefits by using them.
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cherylgaskell
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A credit card is good if you are sensible i have two credit cards both with 1,000 on now im in 7,500 worth of debt my advice stay away from the plastic and save, use the money that you can see and what you have earned. |
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