Poll: How many of your non-essential purchases are bought on credit?

How many of your non-essential purchases are bought on credit?

  • Credit?

    Votes: 25 21.2%

  • Rich

    Votes: 93 78.8%
  • Total voters
    118
b0rn2sk8 said:
Typically moving money to a balance transfer card isn’t free though, normally they charge a fixed % of the balance for the pleasure of doing so. I’ve seen more 0%/0% offers recently but I can’t see that lasting if rates go up.
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yeh im only talking about 0% fee ones. Wouldnt do it if there was a fee or interest.
 
dLockers said:
I'm not sure if you are deliberately missing the point on this one, but it is quite simple:

1. Have cash
2. Buy thing on 0% purchase card
3. Put cash in savings
4. When 0% purchase period ends, either
4a. Cover CC bill with amount in savings
4b. BT to another card

If the answer is 4b then:
5a. Find a BT card with a cashback offer to cover the % charge
5b. Do the maths on whether the interest on savings is offsetting the credit card charge

It is absolutely no different to spanking a rewards credit card, other than you need a bit of a "longer term" view of value. Making 1% now or making (depending on the purchase price) several more percentage is a no brainer.

As you rightly said though, the free cash flow is helpful if disciplined in not drawing down on it and not paying it back.
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This ^

and then once the balance has been transfered to a 0% fee and interest card, then buy purchases on a reward card :). best of both worlds.
 
uber soldat said:
Credit? Isn't that what poor people that lived in slums in Glasgow in the 70s used to buy alcohol?
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It is what rich people use to gain more wealth and exploit opportunities (that need quick liquidity) whilst poor people use coins and bank notes to stick it to the man and their mission to control our lives.
 
Paid off all debt when I left the forces with my payout most of which was divorce settlement. Not had any debt since although I have a credit card for internet purchases for the added protection which is paid off when it shows.
 
I have credit cards but always pay off every month.

If I want to purchase something, I'll save for it or of there is a interest free option will look at that. Oh other than the mortgage.
 
If it's zero percent...I'm all over it! I always make sure I can buy outright but I love the slower trickle of money going out rather than the one big bite.
 
I sometimes make a large purchase that I pay off over a few months that gets put onto a low interest CC but for the most part it’s paid off in full at the end of every month.

I do pay interest on a mortgage and car though.
 
I don't tend to use credit, aside from paying monthly on my car insurance - but I did stick a recent high value car related purchase on PayPal pay in 3 (0%, no fees) just because it made my finances easier to manage without having to move money around.

I begrudge every moment I have to think or do something about money so will spend a bit more than I have to sometimes for the convenience factor.

EDIT: Actually that ended up the opposite of credit anyhow - as I won £25 in the PayPal Christmas draw and that was the only payment AFAIK in the qualifying period - so yay being lazy with my finances or something.
 
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Holst1981 said:
I no longer own a credit card.

Those of you who use it for the extra protection online... Have you ever needed it?

If I have misgivings about a online purchase I'll use PayPal but mostly use a debit card.
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Yeah, I purchased an in-person course over the phone, and used a brand new 0% card for the protection, didn't use the card for anything else at all and suddenly the fraud squad phoned me up asking if I'd been buying petrol 100 miles away from my home, so it paid off for me on the added protection, brother has had similar too.
 
I'm same as others, CC everything but paid off in full. I'm saving up for a new car, but not looking to buy a new car for 2yrs i guess, not because that's how long it'll take me to save,but just because it's best to future plan such a life requirement.
 
I'm not rich but I buy nothing on credit. House obviously on mortgage, car on allowance from employer but they are in the essentials category. Everything else is from money in the bank and savings.
 
Car on PCP and every now and then if it's an option we'd take BNPL, even though we can pay for it straight away.
 
For those on PCP, make sure you take the red pill when your settlement comes. Don't let shiny shiny new car distract you from bank loaning and paying off the GFV.

PCP one of the most acceptable yet ridiculous debt cycles I've ever been stuck in.
 
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