Anyone not use a credit card ?

86JR

86JR

86JR

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And manage ?

Personally i just use debit accounts, i have been offered numerous "student" credit cards and always declined.

And, is it a rumor or a fact that if you use a credit card and always keep on top of payments, your credit rating goes up, vs using debit card only and never going over OD limit or borrowing money at all ?
 
I got one, in fact, I for quite deep into debt, minimum payment each month was over £120. I kept paying bit and bit and my limit skyrocket, and i got further into debt.

Oaid it all off this year and not used it since but they are good for getting good credit rating...which i suspect i have by doing what i did.
 
Having a credit card that you simply make purchases on and pay off each month will give you a better credit worthiness with probably every single lender in the world versus not having an overdraft or borrowing any money at all.

When a lender decides whether to offer you credit they need to assess what risk of defaulting you pose. A history of not defaulting and having credit available is better than a history of not having credit.
 
Raymond Lin said:
I got one, in fact, I for quite deep into debt, minimum payment each month was over £120. I kept paying bit and bit and my limit skyrocket, and i got further into debt.

Oaid it all off this year and not used it since but they are good for getting good credit rating...which i suspect i have by doing what i did.
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That was my problem. I cut mine up while I had the chance too. It's all paid off and I won't be getting any more.
 
While you're a student there is no real need for a credit card, in fact aside from foreign holidays the only reason people may need them is when they buy a house.

Saying that I have friends who are reluctant to use debit cards, they will withdraw money from the hole in the wall to pay for things such as a car service to car purchase.
 
Yup

I use it for all online and most shop purchases, then just pay them off in the same week, or like with my PS3, just pay it off over a few months

I get 1% back in vouchers with that popular DVD selling site
 
You friends sound quite odd aproctor!

One of the best ways to spend money is using a credit card. Making purchases using it:
  • Usually gives you a period anywhere from ~30 days to 1.5 years before you have to pay any interest on the amount (only the minimum payment which is commonly ~5%).
  • Can increase your consumer protection in the event that what you purchase doesn't materialise or you have problems with the contract.
  • Can earn you real money if you use a cashback or voucher card - up to 1.25% in the case of high-spenders with an American Express Platinum card.
  • Builds a history of successfully managing credit.
Credit cards are an absolutely fantastic device for those who use them well.
 
Never felt the need for a CC. To me, its more a psychological thing, spending somebody elses money only to have to pay it back. There seemed no point when I can just pay for everything with a debit card and avoid getting into somebodies "debt".
 
I still use it for big online purchases, and transfer money over.

I basically save up in my current account and buy it on me credit card, where before it was be buy now pay later.
 
physichull said:
Never felt the need for a CC. To me, its more a psychological thing, spending somebody elses money only to have to pay it back. There seemed no point when I can just pay for everything with a debit card and avoid getting into somebodies "debt".
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Then you have probably overlooked the points in my earlier post - interest free debt is a great thing when we have price and wage inflation, cashback and vouchers are a bonus and you have increased consumer protection to boot! Only the very worst credit cards are as you describe!
 
I couldn't live without a credit card, when you're running up £3K a month in business expenses there's no other option.
 
PMKeates said:
Then you have probably overlooked the points in my earlier post - interest free debt is a great thing when we have price and wage inflation, cashback and vouchers are a bonus and you have increased consumer protection to boot! Only the very worst credit cards are as you describe!
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I didn't overlook it, only just seen your post.

I'm no financial expert (very little CC knowledge at all so please excuse my ignorance!) and I usually judge things with "if something looks too good to be true, then it probably is". CC's have an associated interest rate, which I would rather not pay.
 
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IF you manage your CC use they are a good asset to have, and can clock up not only credit rating but some have decent cashback/airmile/etc... offers on them. They're a good option if you're sensible and go abroad regularly too.
 
I haven't had a credit card yet but I've been seriously thinking about it due to the security of them.
 
I've had mine since I was 19 (a proper one though, not a student one). I use it for more-less everything instead of my debit card.... apart from cash machines obviously!

I've got one golden rule though, pay it off every month in full. So in a way I'm using it just like a debit card - but I've got all the consumer protection that comes with it being a credit card.
 
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