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eddie j | Can some one explain the good and bad points of owning a credit card please ty? |
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 |
 
golden
 |
GOOD for scraping ice off the windscreen
BAD High interest rates,easily ripped off,Debt,Debt and endless Debt BAD BAD BAD |
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adam k
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A credit card is like fire. Do you control it, or does it control you. If you're not in control you'll burn the house down.
Don't own a credit card if you're not disciplined or if you use it because you can't afford to pay for what you want to purchase. It'll put you in the poor house and eat you alive.
Use a credit card if you're willing and able to pay the full balance within the grace period, thereby avoiding the usury interest rates.
End of story. |
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claimbankchargesback
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One of the best points of the cards is that you are protected by fraud, or if something breaks soon after using it. You get extra protection from the credit card company who will compensate you.
Its also safer than carrying around cash, as if you lose you card or get mugged, you won't lose your money (but make sure its cancelled straight away).
The main bad points are:
Its all too easy to get into debt. Whereas when you run out of money, you`ll wait until you get paid again, with a credit card its all too easy to put it on the card and tell yourself you`ll pay it back when you get paid. Which you don't :-)
Also the interest rates can be quite high, and if you pay the minimum amount each month you're really just paying off some of the interest, and loans of a few hundred pounds can end up costing thousands before the card is paid off.
Its very easy to spend money on a card, as your detached from the process. If you have to hand over physical money, you stop and think "do i really want this". With a card you hand it over, and you forget about the actual money being spent.
In the end its down to you as a person. If you are well organised with money and have strong will power to stop yourself spending, you`ll be fine. If your not its all too easy too get into debt. You fill up one card, then get another just in case of emergencies, and before long thats up to the limit too! |
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qman
 |
Bad: Promotes spending cash the you don't have
Good: Nothing |
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siyah
|
Good points:
- If you use it responsibly, your credit rating with gradually improve as the years go by so that eventually when you apply for a big loan (house or car), you will get accepted for it.
- In practice, credit cards exist to make profits for the issuers. In an ideal world (i.e. if you always pay on time and therefore never pay interest), credit cards are a convenient access to payment whenever you need it anywhere in the world.
Bad points:
Today's culture has made it seem perfectly normal and ok to get into debt and to pay interest. I find this incredible, there ca be no more stupid waste of your money than paying interest on your spending!
My advice: Get a card only if you set up a Direct Debit to pay it off every month, and you pay off the full amount and you never exceed your 'disposable income'. Never go into debt with it and you'll be ok. |
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Jen
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The good points are that you can buy things you want today and pay for them later. This includes renting hotel rooms, renting a car or going on vacation.
The down side is that you need to be able to pay the bills in full each month (or in a short period of time) otherwise your interest will end up costing you more than the item originally cost.
Yes, sometimes you need something right away (car repairs perhaps) and you don't get paid for 2 weeks, this is when a credit card is great, but living by credit only gets someone into long term financial ruin. |
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STEVEN F
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Good points = NONE. You can use a DEBIT card for anything you can use a credit card for.
Bad points = DEBT. The ONLY thing you can do with a credit card is BORROW money.
PS: YOU can't OWN a credit card. The issuing bank ALWAYS owns the card. |
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barbienightmare
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good if you need to pay out for something that you couldn't arrange part payments with ......IE, wedding photographer at short notice.............
good if your clever and on the ball with transferring 0% from card to card regually ........
bad if your not in a potition to afford to pay it off , bad at remembering too and likely to get over excited with the card ...
personally I prefeer to not own debts if I can help it . its a lot easier on the mind . |
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iqbsrob
 |
Good points - They can be used to improved your credit rating when all payment a made within the pay periods.
They are necessary when booking events such as travel, car rentals, etc.
When stolen, most cards protect and you will not be charged for unauthorized purchases made on your card.
Bad things:
If you miss or are late on a payment; your interest and credit rating will go into a downward spiral quick, fast and, and in a hurry.
Most people with credit card spend more money than they make.
Since credit card is completely computerized, it is unforgiving on those who are late a minute or a day. You have to call and hope the customer service agent is having a good day even though they should forgive first time offenders.
You can pay as much as 35 % of your hard earn money on interest if you’re a repeat offender.
I suggest you live within your means and keep a card for emergencies. Pay back any expenses in full. They can be very useful when used properly. |
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heybulldog
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nothing good about a credit card.
stay away from them and dont obsess with your credit ( I Love Debt ) score. Pay as you go and you will win with money.
Debt Free is Definitely the way to be! |
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Milton Fung
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+) credit cards allow you to establish a credit history, which will ultimately allow you to get better pricing on interest rates if you buy a house or car.
+) Its like a free one month loan from the credit card company if you pay the balance in full at the end of the month.
-) Without due diligence you might miss payments or charge more than you can afford which will hurt your credit score.
Basically it can be good if you are responsible. |
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Kell S
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Good point = you are protected when you pay for good s with your credit card.
Bad point = it is VERY easy to get into debt very quickly. Even people who are very sensible about most things can get into difficulty over payments.
Be sure you can afford to have a credit card and check out the best deals and rates before committing yourself. |
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Pleasant Peter Perkins
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Having someone elses money to spend...good.
having no money of your own to repay it...bad. |
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L.J. Watcher
 |
Your question indicates that you have not had a C-Card in the past, and that is good. Please be very careful if you decide to get one.
I will try to answer your question without standing on a soapbox...take it as you will.
Like anything else we deal with, credit cards can be a good thing. You can pay for almost anything with it. Have a record of every purchase you make, and protection from fraud. Before the next billing cycle, you can pay off the entire balance, and then you don't pay any interest on the money you used. You can actually make money on it by floating your cash in an interest bearing account.
I have been in the mortgage business for over 10 years, and in consumer lending for 10 years before that. I have seen more poor credit reports due to credit card debt than all other reasons combined.
Everyone thinks that they can do something like I described above, when they get their first CC. The problem is the C-card companies want you to pay interest. To insure that you do, they have on their staff 'behavioral psychologists' that do nothing but study human nature. They know that after a short period of time, with the right motivation, you will go out of your plan.
Some of us can make it for a while; 3, 6, 9 months or even a year. But during that time, we (human beings) get used to having that card at our beck-and-call. We like the convenience of swipe and go, pay at the pump, on-line shopping and the list goes on.
During this time, the offers start coming in. The C-Card sends you a letter telling you that you are a valuable customer, and that your GOOD credit with them (a whole 3 months of paying off your balance every month) has earned you the privilege of an increased line of credit.
Those offers will continue until you start to carry a balance; and that's the idea. Once you start to carry a balance each month, they've got you. In fact, though every CC Exec in the country will deny it, they really want you to be about 15 days late on a payment.
All bets are off when this happens. You have now violated the original contract by being late. Now they can raise your rate to 29.90%APR; plus late fees, over balance fees, and just because fees.
You have to be very disciplined with credit cards (in fact, any revolving account). You have to spend no more than you normally do. Your payment should be made, not only on time, but a few days early each month. You have to be aware of the fact that the credit card company is a business, and they want to make a profit from you. If your credit gets destroyed in the process, well thats not their concern.
If you choose to get one, be aware of the pitfalls.
Hope this helps you!!!
Good Luck :) |
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karen282
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There are no good points - if you don't own one, you can't use it, then can't get into debt with it! |
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Phoenix
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There are no major benefits unless you are abroad and need to buy something urgent it's an option but interest rates on credit cards make them extortionate avoid if possible. |
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