Credit Cards
- Thread starter Phate
- Start date
[TW]Fox;12829243 said:
PHATE, take note
£180 is a lot to pay just to meet your bank manager. You can sit down at home or infront of your pc with your internet banking open and calculate your incomings and outgoings, really isn't that hard, and the only additional effort is a little bit of your time. I know that £180 in my back pocket would be much more useful.
But I also made a financially bad decision by spending £2.5k on a HSBC CC to buy my tv. But it is something I wanted, and have calculated that with the amount I can save up over the 12months interest free on purchases period, I can pay it all off just before the 12months end. I knew that if I didn't buy this tv, I would fritter the money aay rather than saving, so it has effectively forced me into learning how to budget my expenditure over the course of the year. It has worked a treat
Phate just get the damn citicard, its the best credit card at the moment assuming you use petrol which i know you do!
Re the bank account, I am surprised that you can even be bothered to go and see the account manager once per month, what do you even talk about? I will have over half a million pounds passing through my current account this year i would estimate, yet online banking still more than suffices? The only times i ever see bank account managers is to talk about loan's and mortgages.
EffBee, you are talking rubbish mate, there is no need to scare him off. Credit cards are excellent products, the benefits of my citicard will make me some rather large savings and offer me full protection. The alternative is to pay full price for fuel and splash a debit card with access to my whole current account around dodgy petrol stations willy nilly.
Re the bank account, I am surprised that you can even be bothered to go and see the account manager once per month, what do you even talk about? I will have over half a million pounds passing through my current account this year i would estimate, yet online banking still more than suffices? The only times i ever see bank account managers is to talk about loan's and mortgages.
EffBee, you are talking rubbish mate, there is no need to scare him off. Credit cards are excellent products, the benefits of my citicard will make me some rather large savings and offer me full protection. The alternative is to pay full price for fuel and splash a debit card with access to my whole current account around dodgy petrol stations willy nilly.
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Ahh - the arrogance of youth
Not really, I agree with him entirely. There is absolutely nothing wrong with credit cards other than the people using them. They are, in many situations, much better than a debit card due to the additional regulations and security surrounding them. Interest is only a problem if you make it one, or if you're stupid enough to forget about it or to refuse to accept that it's part of the package.
Credit card companies may make money out of individual failure, but it's still down to the individual to manage their money. Credit card companies do not encourage people to spend money recklessly, they just offer them the option to do so. It's entirely down to personal responsibility whether it's done or not.
Hmm - it seems many people who bothered to reply don't see my point of view.
This makes me a little sad.
I know that a significant number of people reading this are going to get into serious trouble with debt - credit cards, overdrafts, loans, HP and mortgage at some point in the next 10 or twenty years. The worst part of their problem will be the unsecured, high interest nastiness of the credit cards.
You can't financially manage your way out of, for instance, being made redundant in the middle of a financial downturn if you are up to your neck in credit card debt. All these debts are fine when things are going well, but unexpected life altering events happen.
This makes me a little sad.
I know that a significant number of people reading this are going to get into serious trouble with debt - credit cards, overdrafts, loans, HP and mortgage at some point in the next 10 or twenty years. The worst part of their problem will be the unsecured, high interest nastiness of the credit cards.
You can't financially manage your way out of, for instance, being made redundant in the middle of a financial downturn if you are up to your neck in credit card debt. All these debts are fine when things are going well, but unexpected life altering events happen.
Where are the people in this thread who have recommended getting into large debt on a credit card?
No-one has recommended such a thing, in fact all those who have encouraged obtaining a credit card have also been quite clear about the need to use it responsibily.
There are far, far more people who use credit cards responsibily than there are those who get into serious trouble with them. The default rate on a credit card is around 2%, the fact that you were (from your previous posts) in that 2% does not mean that everyone else here is.
![[TW]Fox](/data/man-of-honor/2009.png){kind=avatar}
This is not assumed.
I agree with Fox, Jez etc.
I currently have an American Express cashback card which I try to use as often as possible. The balance is paid off in full via direct debit at the end of every month. The balance on the card is also never above the amount I have readily available in my current account.
There are no negatives to this. It offers me more protection, and come February I will be receiving a nice amount of cashback.
I keep meaning to look into the Shell Citicard as it seems another good way to save a bit.
I currently have an American Express cashback card which I try to use as often as possible. The balance is paid off in full via direct debit at the end of every month. The balance on the card is also never above the amount I have readily available in my current account.
There are no negatives to this. It offers me more protection, and come February I will be receiving a nice amount of cashback.
I keep meaning to look into the Shell Citicard as it seems another good way to save a bit.
Same position, I got one just before buying car insurance, tax and other big spends. I have also had a Barlclays mastercard since I was 18. Never had a late payment either. And thanks to buying computers on a credit card, twice I have managed to get barclaycard to pay me back when the sellers (i) went bust and could not honour the warranty and (ii) refused to refund me for an item not delivered.
Soldato
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How long have you been with your bank? I get financial reviews periodically (or sooner if I need one) for free. My bank doesn't try to make me spend extra money on "services" such as a "premier" bank account. Actually at my last review I got two free wills saving me quite a bit especially as they are stored at the bank for gratis.
Debt in itself isn't bad. Unmanageable debt is. Internet Banking + something like iBank is all you need. Managing your own finances isn't rocket science especially if combined with a periodic free review from your bank.
Credit Cards
Simple. If you don't have good willpower, understanding of how they work or reasonable financial management skills avoid otherwise they are very useful. Right now I have a debt on a 0% APR credit card giving me time to shift a debt at no cost whilst giving me the advantage to afford a new bike in the sales despite not having the cash at that time. As long as it is paid off before the APR reverts it is a free loan.
The bonus of the citicard is also that its a mastercard, and thus has wider acceptance than amex.
Soldato
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- 18 Oct 2002
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- 11,701
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- Cheshire
Why does it matter? Just dont use it the extra.
I just can't understand why people cannot grasp this. One of my cards now has a credit limit of something utterly ridiculous like £8k - at one point I nearly bought a car from BCA on it - but that doesnt mean I now have to go around maxing it out to £8k then wondering how I am going to pay the bill.
Why do people not grasp this?
What?
Surely even if you drive an S Class Mercedes a full tank is a maximum of 80 quid, how did a 'tank problem' push you over your 'self imposed limit' and cause you issues?!
Your credit card company could give you a £10m limit - why does it affect you? It's up to YOU how much you spend.