Credit Cards - worth it in the long run?

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credit cards are fine as long as you pay back the bill in full at the end of the month.
the APR is very high, and as such they should not be used to borrow money. don't spend money you don't have! :p

you'll be fine as long as you don't start buying everything you see. CCs are a good idea as long as you have the funds to cover them
 
I use my credit card for pretty much everything. As long as you pay it off in full every month, there's no reason not to. You get extra protection with it, you may as well take advantage.
 
Credit cards are sensible in the right hands. Choose one for your lifestyle and you could benefit (money off fuel, cashback, air miles).

As soon as you don't pay back the full amount each month, it's no longer worth thinking they're doing you a favour.
 
If you spend a lot of money on a monthly basis you could get up making money from credit card offers like cash back.
 
There's no reason not to use a CC, due to the added protection.

Everything else, the cash back, various benefits etc are just little bonuses but better than a slap in the face eh :)
 
I would absolutely get one. I put a fair amount each month on mine, I get the peace of mind should something happen, and get a nice fat cashback payment at the end of the year. Win/win!
 
Get yourself a low credit limit and as one of the posters above said, pay it in full each month. They work with self discipline only, but you sound like you know that. Personally I prefer cash.
 
Visa Debit cards have some protection, via the Visa Debit Chargeback. Any bank that issues a Visa debit card has to comply with the scheme, you can claim money back if the goods you buy are damaged, or the product or services are not delivered.
 
Get one with cashback and pay on time every month.

I put 1000-1500 quid through mine each month and get 0.5% back on all purchases, thats up to £7.50 back each month, not much but better than nowt.

Some cards pay 1% but i think this is mainly American Express which isnt taken everywhere.
 
I have an Egg Money card and it gives me 1% cashback and 4% interest on any money in credit on it. When I get paid at the end of the month, I deposit a chunk of money onto the card (e.g. £600) and this puts my card into £600 credit. I spend the £600 over the following month until I next get paid and repeat ad infinitum. Any money in credit is free to withdraw from any bank cash machine and if I need to make a big purchase, I'll let it slip into deficit (i.e. like a normal credit card) and pay it off at the end of the month with the next payment.
 
DIABLO said:
As the above poster said, a visa debit others the same protection as a visa credit card.
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Not quite the same level of protection, but almost - the protection offered by using a credit card is afforded by the Consumer Credit Act (section 75 to be precise) whereas the Visa Debit Chargeback scheme is a voluntary service run by Visa and your issuing bank, and importantly it is not legally binding should you be unhappy with the outcome of a claim.

However, saying that, it is better than a kick in the teeth... which is pretty much what Mastercard offer their debit card customers.
 
jon86 said:
I have an Egg Money card and it gives me 1% cashback and 4% interest on any money in credit on it. When I get paid at the end of the month, I deposit a chunk of money onto the card (e.g. £600) and this puts my card into £600 credit. I spend the £600 over the following month until I next get paid and repeat ad infinitum. Any money in credit is free to withdraw from any bank cash machine and if I need to make a big purchase, I'll let it slip into deficit (i.e. like a normal credit card) and pay it off at the end of the month with the next payment.
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thats a good deal! i only get 0.5% back.

What is the deal you have with them? does it have a name or is just standard card? Last time i checked i think egg were only 0.5%
 
For me, credit cards went wrong. I ended up with £6,500 of debt before I turned 19. Thankfully paid it all off within 18 months. I am much more sensible with money now :)
 
thought said:
Get one with cashback and pay on time every month.

I put 1000-1500 quid through mine each month and get 0.5% back on all purchases, thats up to £7.50 back each month, not much but better than nowt.

Some cards pay 1% but i think this is mainly American Express which isnt taken everywhere.
Click to expand...

I do the same as this, but with the Shell Citicard you get 1% on purchases and a whopping 3% on all Shell fuel purchases (i get through a LOT of fuel).

£30+ per month in cashback for using a different bit of well protected plastic is well worth it. I pay the balance just before it us due each month via my on-line banking, after checking the bill which is also available in pdf format on-line.

Very easy secure setup, and i actually profit by around £30pm. Everyone should use credit for everything ideally.
 
Jez said:
I do the same as this, but with the Shell Citicard you get 1% on purchases and a whopping 3% on all Shell fuel purchases (i get through a LOT of fuel).

£30+ per month in cashback for using a different bit of well protected plastic is well worth it. I pay the balance just before it us due each month via my on-line banking, after checking the bill which is also available in pdf format on-line.

Very easy secure setup, and i actually profit by around £30pm. Everyone should use credit for everything ideally.
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This is what I am going to set up tomorrow, or at least apply for. I use my debit for everything and I fear that with my traveling with work that I am going to get stung on personal purchases made whilst out and about. Plus any money back on fuel is a positive thing.
 
Jez said:
...Everyone should use credit for everything ideally.
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No, no, no! I'm terrible with credit and should never be allowed near it. Wasted a good 3 years of my life dealing with credit debt... never again. Only have a small amount available on my CC nowadays for online purchases. Every thing else is cash-in-hand.
 
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