Credit Cards
- Thread starter Phate
- Start date
The fact still remains that you need exponentially increasing debt for the system to stay afloat. This is why banks up credit limits without you asking.
People think that it's an ideal scenario if no-one has any debt, but that't not the case at all.
It had more benefits than the one you do pay for, and is called 'Premier'. Sounds like one to me. I'm damn sure you do pay for it in some fashion - nothing's really free, there's just no nominal fee.
![[TW]Fox](/data/man-of-honor/2009.png){kind=avatar}
Have you thought about saving money by being less careless? I mean what on earth do you do with them all? Do you treat all your stuff like crap or something?
Debt that cannot be serviced is not good debt.
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Soldato
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[TW]Fox;12831388 said:
I insure it because I can, and it doesn't cost me any more than if I didn't. I've got an iPhone and it would cost me significantly more to purchase again than it does to insure it for the life of the contract.
The main things are the AA and the travel insurance.
It's a phone, and as I said it's the only thing I carry around.[TW]Fox;12831693 said:
Once it got stolen on a packed nightbus getting back from a nightclub, one time I was drunk and accidentally stepped into a canal and when I got out it had gone and the other time it got left on a nightbus somehow. Although, I wouldn't expect you to empathise with any of the above, because it's certainly not a sensible approach to life, bloody good fun though and some cracking stories which I won't go into.
I had an expensive phone, I seem to have a knack of losing them combined with living in London being a relatively high risk of crime, therefore based on my own risk/cost assessment, it was entirely sensible to get phone insurance. As it happens, seems like a good decision.
Soldato
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As said, I think it is essential to have a credit card to maintain a good credit rating.
I've set mine up as a kind of charge-card so it DD's the total monthly balance, and use it for loads of things now.
It's handy for me as most of my non-bills money isn't in my current accounts.
I've set mine up as a kind of charge-card so it DD's the total monthly balance, and use it for loads of things now.
It's handy for me as most of my non-bills money isn't in my current accounts.
Soldato
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Not really. He has a point. Nearly all insurances (excluding car & home and you really do need them!) tend to not be worth it in the long run.
I too have an iPhone and before that an expensive (at the time LOL) Nokia. Had I have paid the insurance I'd be out of pocket. By being careful I have saved money. If somebody steals my phone then I'll buy another. Given how many years I have had a phone even if I had to buy a new iPhone I'd still be better off!
Same with the so-called "premium" bank accounts. Same with understanding how credit cards work (as in it doesn't matter how big m limit is I don't have to use it)
Fox is right on the money in my opinion and as usual tells it like it is.
Soldato
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Dont flatter him. Its programmed into his BIOS, its not a concious decision like the rest of of us can make on a bad day
It's more not being a fool with money.
I plan to get a credit card as soon as I turn 18 in order to build up a credit rating; it's plain common sense.
Nope it's a month by month thing.
I bet the premium
ayout ratio on phone insurance is considerably lower than, say, home contents or motor insurance. This ratio is a good indicator of whether an insurance policy is a good idea.When all the people that were useless with their money were hit with bank charges and with the subsequent court case, we were told that it could be the end free banking.
Bearing that in mind, some people made the case that it is rather immoral for people to have free banking off the back of the financially useless. I thought about it and agreed so took up a pay account so I dont mind paying the fee and getting RAC and holiday insurance etc is certainly a bonus.
Soldato
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If you are responsible you should definitely get a credit card, I used to pay for almost everything with cash / Switch / cheque / BACS for years (until I was about 26), then I saw the light and starting taking advantage of credit cards.
Them two sentences just do NOT make sense.
If you only spend what you know you can afford, why on earth are you going into your bank ever month? Surely a quick log into online banking from your home computer will show you all you need to know?
I've always thought credit cards were such a bad idea, i've never looked at them. But since reading this thread it seems they can be a great idea (used correctly)
I think i will look into one in the future. I'm very good with saving and paying off by bills. At the moment i move all my wages into an online savings account, then putting the months bills into my current account just before the DD date so they all go out. I also currently use my debit card to pay for everything.
If i understand this correct. Say i earn 1k a month. I can use my credit card to buy everything (not exceeding 1k) then pay it off with my 1k wages every month via DD? I use my card to pay for everything, i never carry cash, so the extra protection of a credit card interests me!
Soldato
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[TW]Fox;12831693 said:
Why insure a car, Ive spent thousands without having to claim
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The key point IMHO - they are superb for emergencies.