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credit cards. i want one but worried. share your experience.

DGrayson

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Dec 5, 2017
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Even if you can get $170 a year, that's free Gamepass. Now stop buying games day one and you're basically playing games almost for free.

I'm surprised they haven't come out with an Xbox credit card honestly that does this automatically. Lots of people would go for it.


Real Estate Meme GIF by hero0fwar





But in all seriousness if you made it to 32 without any serious financial issues, chances are you are pretty responsible and you should look into what kind of benefits having a credit card could get you, like cash back, travel rewards, points and other things like that.

If you were 20 I would recommend against it, but I dont see it as a big risk in your case. Just pay it off each month and you are fine.
 
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6502

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lmao

you can quickly tell which people in this thread have actual control over their lives and which do not

hey guys i dont own a hammer because i dont want to be tempted to put holes in my drywall

i dont own kitchen knives because i dont want to be tempted to stab someone

i dont own a car because i dont want to gta pedestrians and hookers
You show you have little life experiance, wit or intelligence.

I am debt free, have a £400k house and two cars on the drive whilst raising a family.

Life isn't always easy and there are pitfalls along the way. I am sharing the benefit of my experience.

Perhaps you could not attack people advising caution and just state your case, instead of insulting people and championing one view a on serious matter like it was your favourite video game.

Bloody peasant.
 
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6502

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Then you were going to struggle to afford to pay those bills anyway. So you had a choice and chose to use the credit you had available. No one forced you to. You chose to go into debt rather than default or not get the repairs.

If you have a rainy day fund/savings you are willing to dip into, then if you are keeping track of your spending (which you should be), then putting unexpected expenses onto your credit card too should not be a problem. You simple transfer enough money to your current/chequing account that your credit card draws from each month. The end result is exactly the same.

Due to the pitfall of being able to get into debt, it really should only be those who do have good grip on their finances who should get a credit card. Of course credit companies target people who don't and those people's interest payments is where a lot of the money that funds the rewards comes from, but such indirect exploitation of people is so ride in modern society that I'm not sure it's worth worrying about.
Agree with a lot of that. But it isn't "financially illiterate" people who are solely affected and the issue is not just hitting limits. I was mortgage free in my 20s, did a lot of property developing etc... I was fine at one point utilising 90% of my credit but got hit hard when I had already got it down to 50%. It was not out of control spending it was charges and interest changes that stung - banks were no longer willing to offer 0% balance transfers. And that was that.

It is like working overtime, you can start to live within higher means that might not always be there. The rules (well expectations) can change mid game.


Plus with families you take on other peoples welfare and finances. Credit delays pain and allows accumulation of debt beyond your norms. The big issue is that you are not in control when the banks or some report unilaterally decides you are a bad egg - even if you have considerable wealth in assets.

What you say re a rainy day fund is true. But thinking of life before, during and after credit cards, mine was perfectly fine before, is great since. Thinking of the issues during... I personally just don't feel points or rewards ever compensated for the hassle. In the UK credit for fraud or large purchase protection makes sense, so it is not all evil.

But cash is king in my view. (Other views my vary).
 
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I’m somewhat like you, op; I’ve always been wary of getting one so I only have a credit card from my bank. However, I just got one from Best Buy to buy a new big ass gaming tv; I’d say go for it as long as you’re never late with your payments!
 

RoboFu

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Oct 10, 2017
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Honestly not a lot of people can handle credit cards. You can very quickly get out of control and it takes YEARS to pay off.

but…. If you can use it like a debit card and put the money back each month you can build points and get a lot of good deals on stuff.
 
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Tams

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Agree with a lot of that. But it isn't "financially illiterate" people who are solely affected and the issue is not just hitting limits. I was mortgage free in my 20s, did a lot of property developing etc... I was fine at one point utilising 90% of my credit but got hit hard when I had already got it down to 50%. It was not out of control spending it was charges and interest changes that stung - banks were no longer willing to offer 0% balance transfers. And that was that.

It is like working overtime, you can start to live within higher means that might not always be there. The rules (well expectations) can change mid game.


Plus with families you take on other peoples welfare and finances. Credit delays pain and allows accumulation of debt beyond your norms. The big issue is that you are not in control when the banks or some report unilaterally decides you are a bad egg - even if you have considerable wealth in assets.

What you say re a rainy day fund is true. But thinking of life before, during and after credit cards, mine was perfectly fine before, is great since. Thinking of the issues during... I personally just don't feel points or rewards ever compensated for the hassle. In the UK credit for fraud or large purchase protection makes sense, so it is not all evil.

But cash is king in my view. (Other views my vary).
Honestly, that does sound like you were financially illiterate.

At the interest rates that credit card companies charge, being in debt to them any more than you have to beyond 0% interest (read: only for absolute emergencies) is insanity.

Using your credit limits beyond the month of 0% interest is absolutely living beyond your means. You never had that money and if you couldn't pay it off you weren't going to any time soon.

I can't speak for anywhere but the UK and Japan, but in the UK the banks scrapped bank transfer charges for personal accounts years ago (whether those costs got added on elsewhere is debatable) and in Japan while some banks do charge a small fee, many do offer a few free transfers per month (and that's not including direct debits).
 

Tams

Member
You show you have little life experiance, wit or intelligence.

I am debt free, have a £400k house and two cars on the drive whilst raising a family.

Life isn't always easy and there are pitfalls along the way. I am sharing the benefit of my experience.

Perhaps you could not attack people advising caution and just state your case, instead of insulting people and championing one view a on serious matter like it was your favourite video game.

Bloody peasant.
They put it rather immaturely, but they weren't wrong; you are irrationally fearful of a tool that does no harm if used responsibly. It's no different to someone going T-total because of the risk of becoming an alcoholic. Sure, there absolutely are some people who do need to be that extreme, but for most people that's not the case and they can enjoy the odd drink.

Now, I'd hedge a guess that you don't really need the minor benefits that credit cards offer and that you've never had to deal with someone trying to con you. Lucky you.
 

6502

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Jan 25, 2021
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Honestly, that does sound like you were financially illiterate.

At the interest rates that credit card companies charge, being in debt to them any more than you have to beyond 0% interest (read: only for absolute emergencies) is insanity.

Using your credit limits beyond the month of 0% interest is absolutely living beyond your means. You never had that money and if you couldn't pay it off you weren't going to any time soon.

I can't speak for anywhere but the UK and Japan, but in the UK the banks scrapped bank transfer charges for personal accounts years ago (whether those costs got added on elsewhere is debatable) and in Japan while some banks do charge a small fee, many do offer a few free transfers per month (and that's not including direct debits).
No, balance transfer etc still very much exists between cards in the UK, and the zero % is often time limited.

I am getting the sense here that the message to OP (from many) is "get a credit card for small purchases and pay off immediately" which has practically zero benefit (imo) outside of protection on purchases. It is not how these things will work for most working people for the entirety of an active life with the end game for all of this for the banks is increasing limits and having you borrow more. A lot of expendature will not be luxury items (a large bill and a couple of white goods failing is not beyond the realms of possibility in a month), having used credit to cover such things going without is now preferable to going into debt on a card to me.

I do object to the inference that only illiterate people will have an issue. I have been successful in business, life and wealth (I also got out of the bind with the cc but it was no thanks to the system) had I not had a good base and past success it could have been life alteringly awful instead of irritating; as I explained there are issues outside of your control and the credit cards can become a hinderance; no offence but I think I am offering a broader view, not saying it is not possible to use as you describe.

OP If you intend to get on in life perhaps your parents have some good insight that should not be readily dismissed because some guys on a videogame forum never had a problem paying £100 of game purchases off a month. It won't kill you to have one, no. If you do go for one my advice is limit the use to cover unexpected events and refuse increases or lower any credit limit beyond a month of income.
 
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Meicyn

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Jan 22, 2010
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You show you have little life experiance, wit or intelligence.

I am debt free, have a £400k house and two cars on the drive whilst raising a family.

Life isn't always easy and there are pitfalls along the way. I am sharing the benefit of my experience.

Perhaps you could not attack people advising caution and just state your case, instead of insulting people and championing one view a on serious matter like it was your favourite video game.

Bloody peasant.
lmao its not my fault that you give bad advice

telling people they should treat credit cards like smoking is grade a stupid

the caution part wasnt what i had issues with because credit cards are not for everyone

i definitely have issues with bad analogies like yours

also lol at listing your assets as if that would put me in my place
 
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6502

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lmao its not my fault that you give bad advice

telling people they should treat credit cards like smoking is grade a stupid

the caution part wasnt what i had issues with because credit cards are not for everyone

i definitely have issues with bad analogies like yours

also lol at listing your assets as if that would put me in my place
No, assets are to show your list of "I can't be trusted with knives so I don't have a kitchen" etc was false in that you made large and inaccurate assumptions about my ability to function with money. Again, as if only idiots can have a bad run - showing you have a very narrow pool of experience (your own or peers).

I am not saying credit cards will give you cancer, I am saying that if you live fine without them, you really don't need to start. Advice weighs the risk and rewards and sharing of experience. Others disagree without launching into assaults.

Grow up a bit, you come across juvenile attacking a guy for disagreeing with your view. You sound like a teenage boy.
 
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