Anyone not use a credit card ?

I have one purely for credit boosting purposes, I just use it for stuff I would buy anyway, and its paid off in full every month automatically.

Otherwise I wouldn't have one. That said, it has helped me out of a spot once or twice. And there's the benefit of more security on purchases.
 
Use my CC for pretty much everything, keep a couple of notes in my wallet for emergencies but only pay in cash maybe once a week.
 
Everyone should have a credit card - for this reason if no other:

If your debit card gets stolen - your money is spent.
You have to go through a claims process to get the money back.
In the meantime- you don't have this money.

If your credit card gets stolen - the bank's money is spent.
You don't have to worry about it.
 
I have an AMEX and Egg Visa I both use like a charge card (i.e., full balance due paid each month). They're great. I can't think of anything I put on a debit card.
 
PMKeates said:
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.
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Westyfield2 said:
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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Pretty much what I wanted to post.

I sometimes think people misunderstand the whole thing about credit. The truth is, it's not the credit card that gets you into debt, it's yourself. People are like "no way no way steer 500 miles away from a credit card".
Just don't spend what you can't afford, if you have the attitude of buy now then pay later then yes; you might begin to enter the in debt territory. The only exception if you have a 0% card but have the money anyway as if you was to pay with a debit card. If you spent that reserved money for that purchase for example, then it's really your fault then.

Like westyfield said - pay it off in full! :)
 
Yeah I'm looking to buy a flat within the next year or so, currently trying to use my credit cards as much as possible, have them set up to take full payment out of my bank account every month so don't pay an interest and can hopefully build up some extra credit history before I apply for a mortgage.
 
The people acting like a credit card is a one-way trip to a lifetime of debt need a bit of a reality check. It's perfectly possible - and very easy - to have a credit card and be responsible with it. I use mine for expensive purchases or buying things from international websites etc, it's been very useful. I'd rather have it than not. Solely using a debit card doesn't prove you're more responsible with money; far from it.
 
I only use a debit card but should get a credit card really. However, I don't really want the temptation of spending money I don't have.
 
I have several credit cards and use them extensively. I have different cards for different purposes - I do it because I want the protection afforded to me under the Consumer Credit Act, I like the additional benefits and I enjoy travel, for which a credit card is almost essential.

They all have a direct debit for the full amount each month.
 
The same two arguments in favour of credit cards appear repeatedly, based on the idea that if you pay them in full each month:

i) Using credit cards enables you to have other people pay for various benefits to you, subsidising your banking.

ii) You'll improve your credit rating.

(i) is undoubtably true, but (ii) seems a bit implausible to me. If you repay in full each month then the credit card company is making a loss on you. You're obviously not going to remain in debt up to your eyeballs for years on end, so you're not the cash cow that lenders want. Why should they increase your credit rating when you're not the most profitable type of customer for them and you've been costing them money for years?
 
I dont use one, Had 1 in the past, and when I became unemployed unfortunately it gradually became used more and more, and paying it off wasnt easy.

Since paying it off, I cancelled it and have not had one since.

Several bad spouts of credit abuse have left me with bad credit, so a credit card would be great right now, as i could rebuild my rating! Unfortunately, My credit is too bad to get one now. Past antics have now caused me problems at present and in future. :(
 
Angilion said:
(i) is undoubtably true, but (ii) seems a bit implausible to me. If you repay in full each month then the credit card company is making a loss on you. You're obviously not going to remain in debt up to your eyeballs for years on end, so you're not the cash cow that lenders want. Why should they increase your credit rating when you're not the most profitable type of customer for them and you've been costing them money for years?
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Because your credit worthiness 'score' is just that - your credit worthiness, not your potential profitability. It tells a lender how likely you are to repay any debt, not how much profit you'll make them in the process.

They use other criteria to assess that. Besides, many credit products generate profit for the lender even if you do pay on time - what about a personal loan for example?

Paying off a credit card regularly will increase your credit rating.
 
rpstewart said:
Yep, if you pay the whole thing off by the date it says on the statement you don't get charged interest.
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I think there are a lot of people who don't realise this! I use a credit card for all online purchases and anything over £20 really. I also have a direct debit to pay it off in full.
 
Angilion said:
The same two arguments in favour of credit cards appear repeatedly, based on the idea that if you pay them in full each month:

i) Using credit cards enables you to have other people pay for various benefits to you, subsidising your banking.

ii) You'll improve your credit rating.

(i) is undoubtably true, but (ii) seems a bit implausible to me. If you repay in full each month then the credit card company is making a loss on you. You're obviously not going to remain in debt up to your eyeballs for years on end, so you're not the cash cow that lenders want. Why should they increase your credit rating when you're not the most profitable type of customer for them and you've been costing them money for years?
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They still make money, just not in interest. If you buy something on a cc a slice (I believe ~2%, but stand to be corrected) of the purchase value goes to the cc company, not the retailer which can be shared with the POS provider as a fee for providing payment processing services to the retailer/whoever you are buying from.

The amount you pay is unaffected and if you pay it off in full each month you pay no interest, but get all the protection as discussed. And, the longer you hold a cc, the more likely statistically you'll buy something and not pay it in full and then they get the interest too. If you are in any way rational as far as not spending beyond your means goes and buy stuff online it makes massive sense to use a cc - the same goes for petrol stations which are notorious for cloning.
 
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