I don't own a credit card. Should I be worried?

Discussion in Credit Cards started by johnnear • Jul 9, 2014.

  1. Aree Wongwanlee

    Aree WongwanleeActive Member

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    I have a verified Paypal account. I also had a bank account which I hadn't used for many years. I recently found that the bank had shut down my account because of inactivity. Then I found that I could not use Paypal for paying money online because it has to be linked to a credit card. So I had to open a new bank account just to get a credit card. Is this the same for Paypal users everywhere?
     
  2. rz3300

    rz3300Active Member

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    Well I am sorry to hear this, but I am just curious, did they alert you about this a certain amount of time beforehand? I would like to think that there are some consumer protections in place, and it has always been something that I have worried about with my bank. I still use my accounts, but there are times when one of them just kind of sits there, so I am never sure what could happen. I am sure it varies with where you are, and that might be a good thing or a bad thing.
     
  3. djdontpay

    djdontpayActive Member

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    Yes, banks will close accounts if there is no activity on the account for sometime. Although, one particular bank actually kept my account going by charging me fees and deducting it from the small amount of money that the account had, because banks don't really want accounts closed.
     
  4. hades_leae

    hades_leaeActive Member

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    I remember when I was 18 or 19, I began applying for credit cards, and I always got denied, now I get pre-approved for them, and I don't need them. I just wanted the money. People say they are food when you are in a tough position, save your money, and if you do get one, use it to pay for as many bills as you can, and then take your cash money and pay the company back within 30 days to get no interest, and this will help your credit.

    You don't need more than one credit card, they will help your credit, but when you get one, you are expected to use it.
     
  5. Aree Wongwanlee

    Aree WongwanleeActive Member

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    I really can't remember whether they did nor did not alert me about it beforehand. I was out of the country for a few years. Anyway, I don't think I have lost anything. My account had hardly anything in it. Now I have opened a new account with another bank. This new bank has a faster service for interaction with Paypal so I am good.
     
  6. luckycharm

    luckycharmActive Member

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    Having a credit card in your wallet is something like you carry a pre-approved loan with you. You can take emergency loan from your credit card directly through an ATM. It is instant, but sometimes attracts high interest rates and it will worsen the situation if you fail to repay it on time. But in times of emergency like unforeseen hospitalization, it is a blessing. I was already in situations like that in the past. Then you don’t have to look for somebody to borrow money but just go to your nearby ATM and withdraw money. It is as convenient as that. But a debit card would not allow you to spend more than what you have in your bank account.

    But a credit card with somebody who doesn’t know how to control his spending could be a disaster. He may end up buying more than his budget and would get a shock when finally bank sends the monthly statement of account to him. So in short it all depends on how wisely you use this facility.
     
  7. Jasmin Cottontail

    Jasmin CottontailActive Member

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    I also don't own a credit card and I guess there's nothing to worry about. I do own a debit card as well and I do online transactions via PayPal and my debit card. Having a credit card is a good thing though because you can purchase things that you need and pay for it later (in your bank). However, it's advantage can also be it's disadvantage especially if the person gets tempted easily with material things, they tend to swipe their cards feeling they have all the money in the world and will become problematic with credit card bills later on.

    Having a credit card is actually pretty cool and will be a lot of help especially during emergencies but it also comes with responsibility.
     
  8. James-M

    James-MMember

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    Credit cards don't have to be bad, but in the wrong hands they can be. It's important to use credit cards responsibly, especially if you have dreams of owning a house or your business later in life.

    The crucial thing that credit cards do is build credit. Without credit, you're unlikely to get approved for a mortgage, auto loan or small business loan. Bad credit can be even worse, and occurs when you miss payments, default on accounts or file for bankruptcy.

    That said, there's no more lucrative or rewarding way to pay (literally) than with a credit card. That's because they offer cash back or points rewards for the purchases you plan on making anyway, which is an offer you certainly won't find from cash or debit.
     
  9. Alexandoy

    AlexandoyWell-Known Member

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    A credit card can afford you to spend beyond the money you have in your wallet and in your bank. In other words, using a credit card is like taking out a loan that you have to pay with interest. However, I admit that I have a credit card although I use it for specific purposes like gasoline for the car and groceries. My wife said that it is easier to keep track of our regular expenses when using the credit card instead of cash. But another advantage for using a card is so we do not have to carry large cash. Our country is not that safe and bringing along big cash is a risk for holdup or snatchers.
     
  10. ACEP

    ACEPMember

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    No. Credit card is not really a must have. Having a credit card may lead you in debt while having a cash on hand can save more money.
     
    #50Oct 7, 2017
    Last edited by a moderator: Oct 9, 2017
  11. Shine_Spirit

    Shine_SpiritActive Member

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    Well... I wouldn't say you should worry about that (for now), but you should begin to rethink this idea because it's only a matter of time before the printed money falls into disuse. ;)
     
  12. Krissttina Isobe

    Krissttina IsobeWell-Known Member

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    To me if you don't need a credit card don't get it. If you're doing fine without a credit card, don't have worries for any emergencies that may arise and you might need hundreds to thousands at a time and if you are quite comfortable without a credit card for expensive emergencies, you don't have to get one. Do whatever is right for you and your future and finances always. Not having a credit card, you won't have to pay interest which will save you money. Lucky you, for you don't need a credit card!
     
  13. Liezeliezel

    LiezeliezelNew Member

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    I don't have a credit card either and I'm perfectly fine. I don't feel the need of having it and besides, I'm saving money so having a credit is a big no for me. A credit card might be useful for some people, especially when buying home appliances or car, but for me, it is like an extra baggage when you have it you keep thinking on how or where to use it, you can easily buy something that you don't really need.
     
  14. bomb2060

    bomb2060Member

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    If I were you, I will be happy for not having a credit card. Don't go for a credit card. You will end up buying things you cant afford. Just because you have a card and can take them on credit. Also, you will need to be very careful not to be lured into taking it by bank agents. Now that you are already thinking about it. It always starts by thinking about it. Then eventually you will want to try it out.
    Always buy things you can afford and are within your means. Credit card will give you an extra muscle that doesn't belong to you.
     
  15. NinetyEighty1

    NinetyEighty1Active Member

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    You really shouldn't be too worried about not having a credit card. It is a good thing that you don't, what every you spend the money on is money you will eventually have to payback one day. It is much better to only spend money that is truly yours and you don't have to pay back.
     
  16. Kieranlewix

    KieranlewixMember

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    Having a credit card is the best thing ever. You have to know where you will get the cash to pay off your loan before you even think of using your credit card to buy items with money you don't have. This is where many people err. The faith that somehow you will be able to pay off your debt even though you don't have any money coming in may lead you into a bind. It is better to hope for the best yes but at least have some portion of the money ready in case your plan backfires. I believe credit cards should be used only by people with jobs because they often appear to be curses in disguise for jobless individuals. They are very attractive on the on set but when it comes to paying it's another story altogether.
     
  17. mdbree17

    mdbree17Member

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    I do not have a credit card either and I'm not worried at all. I just don't like the idea of it. It may be helpful to some, but for me, I just don't want to have that lavishness. I know my finances, I know how and where to invest the money. There's no need for it. That's my stand about it.
     
  18. overcast

    overcastActive Member

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    I don't think there seems to be anything to be worried about. You may have to consider about the credit score though. Some people make use of the credit cards to establish a credit rating. And that gives them option with the credit card or some loans. So I think you can make use of that option if you want. If you choose to not get the credit card then that would also be one thing to consider as well. That's what I have learned.
     
  19. Vinicius Souza

    Vinicius SouzaMember

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    It depends. I see a debit card like an advantageous in several situations. For example, you do not need to take an high amount of money with you when need to go out. I strongly recommend to get a debit card for special situations.
     
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