crystal
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I'm 34 and I have never had a credit card.I've never believed in credit cards.Too much of a temptation.Get a debit card instead. |
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STEVE B
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i had a credit card and a girlfriend who had expensive tastes. unfortunately the two dont go well together and i now find im in quite a bit of debt.
however if you can control your spending and keep up with the repayments they can be a blessing.
Many people today look down their noses at people who dont possess a credit card ie; hotel staff in particular. There is also the bonus of being able to purchase goods from the internet far more easily if in the possession of credit cards.
But please,please take my advise and use them wisely. On no account should you apply for store cards without firstly reading the small print and understanding the terms and conditions and interest rates of such cards. good luck |
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greg h
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Don't get one, they screw ya in the end!! |
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dee
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NONE . there is no 'real' advantage of getting a credit card.
its 'temporary pleasure' . you enjoy now and pay the prices later and wth INTEREST !
I once held 6 different type of credit cards .
every month barely having enough to pay the minimum amount required .i felt stuck , stuffed and stressed .
however NOW i use NONE ! and i have paid all my debts and i am a beliver in a debt free life ! life is more fullfilled , i am self expressed and walking a free woman !
now i m starting on wealth building ! |
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adam
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Well it provides you with ready finance,Useful when short of money,comes handy in case of a money emergency read some credit articles |
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RUTH M
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Credit cards are handy, but I wish I'd never got any, it's too easy to overspend on them. Then you are charged for protection cover, for drawing cash and you pay fees for using them in some shops and paying for holidays etc. Once mine are paid off I'm cutting them up. |
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Euphojim
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A credit card is better if you want to buy things now and pay for them later. A savings account is better if you want to save up first and buy when you can afford it. |
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HiFi
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I'd say go for it. Purely because it's not my money you'd be spending!!!!
Seriously though, go for it ONLY IF YOU THINK IT THROUGH. Credit cards can get you into some serious trouble, and not just financial. It is easier (technically) to get into debt without even using your card. People can use your ID (card number, etc.) and claim to be you. This way, they run up thousands of pounds worth of debt in your name.
The best advantages are that many companies ask for your credit card details in order to give you lots of great offers. Probably because you won't be able to afford them once you get your card through!!!! |
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vanessa s
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Get a savings account instead, as this gives you money, not take it off you. Shop around at different banks though as they all have different interest rates. |
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Topshopcitybeachbabe
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you can the freedom to be a spend thrift and spend as much as you like . the down fall is DEBT anc purt letter and baliffs |
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Azalea
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You can get a debit card, which is much better, because you are less likely to get into debt. |
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Neil
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A credit card and a savings account are completely different things - I can't see how you can say one is better than the other. A savings account is better for saving. A credit card is better for buying things on credit.
If you cannot tell this difference easily, then you do not have the financial knowledge necessary to use a credit card responsibly.
I use a credit-card with cash-back, and pay the balance in full each month. This way, I get up to 6 weeks' free credit on anything I buy (i.e. I buy it now, but don't actually pay for it until 6 weeks later), I get back a (very small) percentage of everything I spend (paid once a year), and I get the additional buyers' protection provided by the Consumer Credit Act, for no charge.
If you don't pay the balance in full each month, generally you pay a high rate of interest, so a credit card is not an efficient way to borrow money.
When I buy things the cost of which I can claim back from my employer as expenses, a credit card has an additional advantage - my employer generally reimburses me before the credit card bill is due to be paid, so I'm never actually out of pocket.
Credit cards can also be used on-line, by mail and over the telephone, which cash cannot, and are easier and safer to carry than large amounts of cash (but share these advantages with debit cards).
Don't get a credit card unless you are sure you will not spend on it more than you can pay, and understand the possible charges and the terms and conditions.
For more information see
http://www.fool.co.uk/
http://www.moneysupermarket.com/
http://www.moneysavingexpert.com/ |
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manikally
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don't get one, it's way too easy to get into debt with these.
just pay cash instead, it's better that way.
you pay interest on the monthly payments and sometimes they're more than the actual repayments. You'll be paying it back forever.
even if you pay the full amount back each month, you may as well just buy your product with the cash. |
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wave
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NONE, don't bother, learn to manage your finances properly like people have been doing for thousands of years. |
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hobby
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Get one. Pay it off monthly. Buld your credit history.
Credit cards have better protection against theft and loss. Some even add warranties to items you purchase with the card. You can also earn rewards with some cards.
Credit cards and savings are NOT the same thing.
Get a credit card. Pay it off monthly.
Open a savings account. Contribute to it monthly. |
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honey lugs
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Don't do it! I'm a "sensible", mature person and when I had one of those dreadful things, I got into all kinds of trouble with it. A little bit here a little bit there soon adds up to thousands. Please don't get one. |
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angelo26
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Credit cards are ok if you keep in control of your spending.It is oh so easy to get carried away when you go on a shopping spree. If you use it wisely and pay the repayments on or before the due date then they can be very useful indeed. |
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thespecialone
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THERE IS NO ADVANTAGE WHATSOEVER ITS NOT YOUR MONEY, IM NEVER GETTING A CREDIT CARD AGAIN |
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homeschoolmom
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A savings account will ALWAYS be better than a credit card. Look at it this way. You want someting that costs $100.
Using a credit card at 13%, paying the minimum payment (we'll say about $10 per month) - in one year, you'll pay 127.41
Using a savings account at 3%, saving $10 per month, you'll have the $100 plus a little more (interest) in 10 months. Keep the money there for a full year and you'll have over $120 (including interest, which you get to keep).
The great thing about savings is that by the time you save the money, you often realize you don't want or need what you were saving for, but keep saving anyway, because it has become a habit. Whereas, with a credit card, you buy what you don't really want or need and continue to pay for it LONG after you have lost interest in it. |
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wazup1971
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The advantange is for people who travel a lot, you can always get rental cars or hotel rooms with them better than with cash. You can pay a lot of services or products online.
Bad thing: you can get into debt because you often don't check the balances.
My advice is to get one ONLY IF you pay the balance in full every month. I know people who does that in order to get flight miles. |
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sling it bird
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I call it (my credit card) my magic money, you pass the card over at the shops and then forget about it, it feels like you don't have to pay!!
And then the bill comes!! |
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paul
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It enables you to budget and, provided you settle at the end of each month, you can get about a month's interest-free credit on purchases you make. Some credit cards have special offers that tend to be gimmicks.
The drawback is if you use it as a way of borrowing money the interest rate charged is high (they have to pay for the interest-free credit they're giving others).
It can't really be compared with a savings account as, as far as I know, interest is not paid on credit balances although you can overpay a credit card (useful if travelling for a long period). Credit cards can also be a source of emergency cash.
If you can handle money I think you'd find a credit card very useful. However if you find it difficult to balance books and are frequently overdrawn then I'd suggest that you avoid a credit card. |
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Alan
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Goods:-you have money when you want it, its easy to use
Bads:-You get in debt easy
Do whatever you think
My mum has one but she only uses it for small things every so often |
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viole
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If yoy pay off the balance at the end of each month then a credit card can be a good thing. You have additional rights when purchasing with a card. If goods are faulty the credit card company will deal with it because you are considered to have bought the goods from them. This is useful for expensive electrical items. If the firm that you are purchasing goods from goes bankrupt, you get the complete money back. For instance I ordered an expensive 3 piece suite from a major firm who went bankrupt in the interim period. Only those who paid by credit card got all of the money back.
You do need to be very disciplined and never go over thedate when interest accrues. It is definitely not instead of savings and cannot even be considered as an option |
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tracey20gleave
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I have a credit card but under principle I only use it for emergencies if I have no other option but I always pay it off on my next payday. |
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blackrod
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A credit card is a useful tool,especially when you've locked yourself out of the house! |
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BigB
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if you are making a large purchase you can have up to 9 months interest free credit on a purchase credit card and in addition you have section 75 rights therefore if anything should happen to the product ie. most commonly you buy an expensive product that becomes faulty or you do not receive the goods and the company goes bust (you would be surprised how often this happens) you are covered under the consumer credit act and your card issuer must reimburse you. this counts whether you pay for the whole thing using your card or just use it for a deposit. in addition if you pay for a holiday solely using you card the same applies - or if your flights are cancelled / delayed or you have an accident abroad many card issuers insure you for this as standard and you will receive compensation. refer to the consumer credit act for more on this. PS use sensibly or you will end up with huge bills and mounting interest!!!!! |
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Joanne A
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If you are very careful with your money, and pay off your debts within one month, then credit cards are OK - but if you think that you are the type to think "I have a credit limit of £5000 so I will spend upto that amount and then think about paying it off whenever" then do not get one.- Credit cards can get people into alot of trouble and the deeper you get in the harder it is to get yourself out again. If I were you,, I would stick to a savings account and then when you can affort something, buy it with cash - It could be a much better option for you |
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gonetotallymad
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don't!!! unless you have excellent self control it's too easy to get into debt beyond what you can pay back. |
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Steve C
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it allows you to buy things now and pay later - i.e. pay at the end of the month.
If you do not pay it off in full at the end of the month you can pay it off in intallments but you pay interest every month the card has balance outstanding on it.
I keep my credit cards mostly for emergencies as I use my debit card more - this takes money straight out of your bank account in about 2 or 3 days. |
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<º))))><.·´¯`·.
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I will go for a credit card card, and pay the bill even if i have money in my savings account. No need to carry cash, you get time to pay the money. But do keep up with your budget. |
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