Credit Cards Are Good

Discussion in Credit Cards started by JulianWilliams • Jan 25, 2016.

  1. JulianWilliams

    JulianWilliamsMember

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    I think credit cards are good, as long as you use them properly. I mean, you get free access to money whenever you need it with no questions asked, assuming you already have the credit card. As long as you use them for emergencies instead of buying everything with them and paying them off in time they are a great tool to have at your disposal.
     
  2. Onionman

    OnionmanActive Member

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    Intrinsically, I don't see them as good or bad. It's really about how they are used. Unfortunately, most people misuse them, which is partly down to the way they are designed - high interest rates, difficult to understand APRs, too easy to get in many ways. When they are used well they can be a great tool, but too many people misuse and don't understand them for them to be intrinsically good.
     
  3. Krissttina Isobe

    Krissttina IsobeWell-Known Member

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    I think credit cards are good too, because they mostly help and not hinder. It's a loan that you can repay in time too, so it's convenient too. Credit card's are safe to use and have too. Cash invites too danger why even wearing good jewelry can get you robbed as my Aunt who has very nice jewelry found out when she stopped to use the phone and got knocked down and robbed of her jewelry she was wearing! Credit cards are very good.
     
  4. tasha

    tashaActive Member

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    I think that any form of credit is a bad idea and it should be a saying that if you cannot buy for cash then don't buy at all! Credit is good to get credit so that you have a record when you need to buy a house or get an account but why cant we save and pay cash
     
  5. Jeff Y

    Jeff YNew Member

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    I would tend to disagree with that. Yes, credit cards are good for building credit, but they can and should be used on a regular basis as well. Many credit cards come with additional benefits. For example, my AMEX card has extended warranty, cashback and dedicated customer service. Consumers need to learn not to abuse their cards, and exercise restraint.
     
  6. xTinx

    xTinxWell-Known Member

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    Yep, that is correct. If there is one thing I have learned about credit cards is that you should always pay beyond the minimum monthly fee so that they won't take advantage and charge you with exorbitant interest rates. Another thing is that you should always pay in advance. Do not wait for the bill to arrive and keep all your receipts just in case they fail to keep track of your payments. Credit card companies and banks are not all that honest. That's a fact.
     
  7. tasha

    tashaActive Member

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    it always gets maxed no matter how many times you have paid it off and thought I will just keep it for emergencies. once you have paid it off GET RID OF IT! the interest is stupid and if you cant buy something cash then don't do it at all.
     
  8. Denis Hard

    Denis HardWell-Known Member

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    Depends entirely from which perspective you look at them. Using credit cards encourages people to spend money they don't have. And this is the reason why most people are in debt. If you can't spend money you don't have you'd be less inclined to buy things you don't need.
     
  9. Rosyrain

    RosyrainActive Member

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    I was one who used to misuse my credit and I am still sort of paying for it to this day. I just now was able to get my balance down to the less tHan 20% utilization to hopefully get my credit to start rising. I also am finally almost done paying off a card I used to have years ago that at one time had a 5K balance on it. Proud to say that card now has a 90 dollar balance remaining. Keep a card, but only use it in the event of an emergency.
     
  10. GemmaRowlands

    GemmaRowlandsActive Member

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    If you're clever, they can be very good indeed, but the temptation is always going to be there to use them in the wrong way, and that's what you have to avoid. For example, I had a card that offered points every time I spent on it. I did ALL of my spending on there, but then paid the balance off every single time, so I never paid so much as a penny of interest on any of it, which was great. I could use the points for free days out or meals, and I use it to take my mum out for a nice meal perhaps every two months, and to be able to do that for free - just for spending some money - is absolutely amazing I think!
     
  11. gmckee1985

    gmckee1985Active Member

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    Debt is bad. It is slavery. But credit cards can be a useful tool at times. Such as if you have a car breakdown and need a major mechanical expense. But the goal is to eventually be in such a good financial position that you won't need credit cards and will be able to pay cash for everything. I tend to not like credit cards, but they can serve a useful purpose.
     
  12. remnant

    remnantActive Member

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    Using credit cards depends on one's discipline. There are many credit card wrecks around the country. However using credit cards depends on one's discipline and sense of judgement. There is an almost compulsive predisposition to misuse credit cards in situations they wouldn't normally use them. As for my case, I use debit cards since my money habits are unpredictable. Good luck.
     
  13. Lushlala

    LushlalaWell-Known Member

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    I totally agree, @remnant@remnant....credit cards can certainly be a very useful tool. Well, providing they're used wisely, never exceeding the limit, using them mainly for bulk purchases/ on holiday/ online purchases, and ensuring you always settle the full amount in full at the end of each month, are some of the best ways of using credit cards. Sadly, a lot of people don't and are tempted to overspend and increase their debts.
     
  14. davos

    davosActive Member

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    Credit cards are good. And not only for emergency but to buy anything you can afford with your wages, you need to perform purchasing activities to keep cash flowing. Everyone that is elegible for a redit card should know already that their affiliate bank is not giving out free money, is providing in advance with the money they are going to spend in a nearby future anyway.

    Is eventually more expensive to buy stuff with credit card instead of cashout though.Therefore you have to ponder first whether is worth to buy right now or wait up until you have enough cash.
     
  15. Jamille

    JamilleActive Member

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    Credit cards are good for people who know how to use them. They don't charge interest if you can pay your bill in full. They offer rewards for buying stuff that you would buy anyway even if you don't use your credit card. Some credit cards allow 3% discount on fuel or 50% off on restaurant bill or plane ticket/accommodation. Credit cards can help build your credit rating fast and give you more access to low interest credit lines that you can use to start a business or buy a home. If you lack discipline and financial maturity, however, credit cards can ruin your life.