Credit cards | A scam or a tool? - page 4.

Fredomago

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Quote from: Quidat on November 23, 2021, 06:33:25 PM

Quote from: Ultegra134 on November 23, 2021, 12:07:59 PM

Quote from: Lotus on November 23, 2021, 02:57:59 AM

Quote from: Ultegra134 on November 21, 2021, 11:56:39 AM

Undoubtedly, they are convenient when purchasing something of value, an expensive TV or bicycle for example, in cases where paying in advance is out of the question

That sounds like the wrong reason to use it in most cases! Unless it's interest-free, you're almost always better off just waiting and saving up to make the purchase.

I only proceed to use installments when an interest free option is offered. I'm not willing to pay 10-15% surcharge just to get installments. Likewise, I'll rather wait and pay in advance. I've never used it to buy something I couldn't afford, and wasn't offered with interest-free payments. It's just not worth it.

Buy only on what you can afford and able to pay and this should be your main priority or need to follow when it comes to financial handling because you couldnt really able to resist on spending
if you do know that you have something in your pocket or wallet that could possibly able to buy things on point on using your card and we know that interest is really that high whenever you
do past due into your payment thats why if you dont like to put yourself into trouble on paying up huge fees then better to be considerable in every actions you would make.

You will end up feeding the CC company when you failed to pay those overdue, it's really important to control yourself each time you use your CC, always check and balance if you really need the items that you'll going to purchase, most of the time, it's best to use your CC in every emergency, things like you've got short in balance but you have some expected funds to fill it up.

If you miss-manage your CC, expect that there many consequences that you will going to face, Roll Eyes

It's you who can determine whether it's a tool or a scam that will suck your finances. Grin

Quidat

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Quote from: Ultegra134 on November 23, 2021, 12:07:59 PM

Quote from: Lotus on November 23, 2021, 02:57:59 AM

Quote from: Ultegra134 on November 21, 2021, 11:56:39 AM

Undoubtedly, they are convenient when purchasing something of value, an expensive TV or bicycle for example, in cases where paying in advance is out of the question

That sounds like the wrong reason to use it in most cases! Unless it's interest-free, you're almost always better off just waiting and saving up to make the purchase.

I only proceed to use installments when an interest free option is offered. I'm not willing to pay 10-15% surcharge just to get installments. Likewise, I'll rather wait and pay in advance. I've never used it to buy something I couldn't afford, and wasn't offered with interest-free payments. It's just not worth it.

Buy only on what you can afford and able to pay and this should be your main priority or need to follow when it comes to financial handling because you couldnt really able to resist on spending
if you do know that you have something in your pocket or wallet that could possibly able to buy things on point on using your card and we know that interest is really that high whenever you
do past due into your payment thats why if you dont like to put yourself into trouble on paying up huge fees then better to be considerable in every actions you would make.

doomloop

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Quote from: bakasabo on November 23, 2021, 04:40:47 AM

How can a credit card be safer and secured than a debit card, if they are issued with one and the same bank? They both have same magnetic strip, where all data is stored. Same device is used to write data on it.

The only advantages of credit cards I know - they give higher % on cashback (but this % banks get back through credit usage fees, so basically it is not that significant), and sometimes you get discounts in shops (but that is a bait to force you to spend).

There are debit cards which are printed by some weird companies that you could fill with crypto, that could be one of the reasons why credit card is safer. Nobody really thinks that same bank offering same card but different purposes could be any different in security, if X bank gives you credit card and debit card, there are now some that literally does it with same card so you could either choose to pay with credit or debit with the same card.

This is why I believe that the person you replied to probably talked about different debit cards, there are so many like I could literally get 100 bucks filled debit card, use it, and then throw it away, it is purely digital and it really works but is it secure? Not as much as a credit card issued by banks.

Ultegra134

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Quote from: Lotus on November 23, 2021, 02:57:59 AM

Quote from: Ultegra134 on November 21, 2021, 11:56:39 AM

Undoubtedly, they are convenient when purchasing something of value, an expensive TV or bicycle for example, in cases where paying in advance is out of the question

That sounds like the wrong reason to use it in most cases! Unless it's interest-free, you're almost always better off just waiting and saving up to make the purchase.

I only proceed to use installments when an interest free option is offered. I'm not willing to pay 10-15% surcharge just to get installments. Likewise, I'll rather wait and pay in advance. I've never used it to buy something I couldn't afford, and wasn't offered with interest-free payments. It's just not worth it.

iv4n

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It's a scam, but when you live in fucked up country with a very low salary credit card comes in handy when you are buying more expensive things! I get that part "it's better to save every month and buy what you need when you have the whole amount", but when you need something for the house immediately, like water heating, stove, if you need something fast and you are short with cash (or you can't allow yourself to spend bigger amounts) than credit card is a good option!
Of course, a credit card is like a loan, and people should know their limits when taking a loan, and always have a plan on how to return it! In my case, I have a regular job, even with some small salary I always have for that, if not I always have some coins to cover myself, and I am not worrying too much... it's better for me to use a credit card and pay little every month than to sell coins!

Storytellers

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If you use it wisely it could really be an advantage, but its still up to you if you will deside if you will use this method of getting money right now or in time.I personally have the opinion that all banks are one big money machine for withdrawing peoples' money.I dont trust any bank ! thanks for reading my opinion

bakasabo

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Quote from: Rufsilf on November 23, 2021, 04:23:19 AM

I see credit card as more of a tool for me, my obvious reasons is to help myself track my spending habits and it's more safer and secure to use than the debit card.
Also, there's quite a lot of advantages that credit card may offer if you use it smartly like avoiding frauds that may hurt you financially, save you some interests when buying a house or car but this may vary and depending on your credit score if credit card is used, and ofcourse it can give you many rewards if you can always pay on time. But if your unwise, you may be trapped in stacked debt if you didn't pay on time and that will result to a poor credit score.

How can a credit card be safer and secured than a debit card, if they are issued with one and the same bank? They both have same magnetic strip, where all data is stored. Same device is used to write data on it.

The only advantages of credit cards I know - they give higher % on cashback (but this % banks get back through credit usage fees, so basically it is not that significant), and sometimes you get discounts in shops (but that is a bait to force you to spend).

Rufsilf

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I see credit card as more of a tool for me, my obvious reasons is to help myself track my spending habits and it's more safer and secure to use than the debit card.
Also, there's quite a lot of advantages that credit card may offer if you use it smartly like avoiding frauds that may hurt you financially, save you some interests when buying a house or car but this may vary and depending on your credit score if credit card is used, and ofcourse it can give you many rewards if you can always pay on time. But if your unwise, you may be trapped in stacked debt if you didn't pay on time and that will result to a poor credit score.

Lotus

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Quote from: Ultegra134 on November 21, 2021, 11:56:39 AM

Undoubtedly, they are convenient when purchasing something of value, an expensive TV or bicycle for example, in cases where paying in advance is out of the question

That sounds like the wrong reason to use it in most cases! Unless it's interest-free, you're almost always better off just waiting and saving up to make the purchase.

Ultegra134

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Quote from: famososMuertos on November 20, 2021, 05:45:37 PM

Quote from: Ultegra134 on November 13, 2021, 04:34:15 AM

...//,,,
The trick on credit cards is to use them wisely, not spending more than you can afford, always pay in time, otherwise you'll get a huge interest on your balance, while at the same time, you're building a credit score.

Not really.

The good use of credit cards makes the credit limit increase the higher your payment capacity is, that is normal, it is how it should be seen, not because of the ability to borrow.

Your purchasing power does not have to be distorted by using a credit card, this are an immediate solution to a payment that due to "x" or "y" circumstances requires the use of the Credit cards or extra money that they do not have today but you must have the total payments at the end of the month, that is the key, it is a financial tool to support your ability to pay immediate.

So if you do not have how to pay the total debt in a minimum term, avoid using them, the amortization of capital is a way to reduce debt but in this type of credit it is the key for banks to subdivide the debt into payments tentatively accessible.

Well, you are right, it's a little of both. I meant that buying something extremely out of your price range and then paying it off in 50-60-70 installments isn't a wise thing to do.

Quote from: qwertyup23 on November 20, 2021, 07:55:49 PM

Quote from: Ultegra134 on November 13, 2021, 04:34:15 AM

The trick on credit cards is to use them wisely, not spending more than you can afford, always pay in time, otherwise you'll get a huge interest on your balance, while at the same time, you're building a credit score.

What's your take on this? Are you against credit card usage?

Credits cards were issued in order to purchase something that you cannot pay in one transaction and divide it into multiple transactions that has to be paid monthly or annually. Credit cards are not the problem- people are. The fact that most people purchase a product mean that they must comply with its terms. If they cannot pay it due to insufficiency of their funds, then it would definitely affect their credit score.

Most credit cards company do a background/job check before they issue their cards. Again, the problem is not the credit card itself but the people who purchase products who knowingly knows they cannot afford to pay it.

Undoubtedly, they are convenient when purchasing something of value, an expensive TV or bicycle for example, in cases where paying in advance is out of the question. I'm not implying that it's the credit cards are the issue, in most cases they are not handled properly, and that's what banks are taking advantage of.

pantek talacuik

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Quote from: TelolettOm on November 17, 2021, 06:58:57 PM

Quote from: Ultegra134 on November 13, 2021, 04:34:15 AM

What's your thought about credit cards? Do you consider them a banking fraud, just to trick you to spend money you don't have, or a useful tool if used correctly? Do you have one yourself?

For myself and maybe most people, credit cards may be a trap. Yess, although it is not easy to get a credit card, but in fact, once we have credit cards, we may turn to a different condition. Sometime, it will trap us to spend more and more money by using the credit card until reaching the limit. And this will influence k how we pay later. Crrdit cards, sweet at first, bad in last and impact.
We must be smart, wise, and careful when ysing a credit cars in order to to drive unconsciously to spend so much money through this

A trap that may mislead you but at least a credit card helps you to buy what you want even though you will pay it off in installments. I'm not saying credit cards are a bad thing but at least you can achieve your dream of buying what you want in installments. Wink

This has two thoughts that may take advantage of and some will be a loss for the next few years.

so98nn

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Credit Card is scam for those who are careless to use it and it's miracle for those who just know how to use it. I have seen friends who has downgraded their CIBIL score which defines the credibility of the user and based on which they get loans, repayment options etc. So credit card is harmful if not used properly. Though CC gives out 45 days of credit to the user, it's very less if the money is used for investing in the trading or crypto. Many of them has the bad habit of investing CC money in the crypto currency also. They forget that they need to repay the full amount of CC and then only they can earn the ROI's on the same "IF" the crypto ever gives them what they invested in.

Well richest person like Warren also stated once, CC is the way to lure peeps and deceive them in the financial circle.

TimeTeller

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Quote from: qwertyup23 on November 20, 2021, 07:55:49 PM

Quote from: Ultegra134 on November 13, 2021, 04:34:15 AM

The trick on credit cards is to use them wisely, not spending more than you can afford, always pay in time, otherwise you'll get a huge interest on your balance, while at the same time, you're building a credit score.

What's your take on this? Are you against credit card usage?

Credits cards were issued in order to purchase something that you cannot pay in one transaction and divide it into multiple transactions that has to be paid monthly or annually. Credit cards are not the problem- people are. The fact that most people purchase a product mean that they must comply with its terms. If they cannot pay it due to insufficiency of their funds, then it would definitely affect their credit score.

Most credit cards company do a background/job check before they issue their cards. Again, the problem is not the credit card itself but the people who purchase products who knowingly knows they cannot afford to pay it.

Very true. It depends on the credit card holder how he will take advantage of the benefits of it.
If you are not good with your financials, you will end up being in deep debt, as your charges keep on piling up.
This is why these credit card companies can generate good income from these people.
If you know your limits, your credit card will be your savior at times of your need.

qwertyup23

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Quote from: Ultegra134 on November 13, 2021, 04:34:15 AM

The trick on credit cards is to use them wisely, not spending more than you can afford, always pay in time, otherwise you'll get a huge interest on your balance, while at the same time, you're building a credit score.

What's your take on this? Are you against credit card usage?

Credits cards were issued in order to purchase something that you cannot pay in one transaction and divide it into multiple transactions that has to be paid monthly or annually. Credit cards are not the problem- people are. The fact that most people purchase a product mean that they must comply with its terms. If they cannot pay it due to insufficiency of their funds, then it would definitely affect their credit score.

Most credit cards company do a background/job check before they issue their cards. Again, the problem is not the credit card itself but the people who purchase products who knowingly knows they cannot afford to pay it.

famososMuertos

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Quote from: Ultegra134 on November 13, 2021, 04:34:15 AM

...//,,,
The trick on credit cards is to use them wisely, not spending more than you can afford, always pay in time, otherwise you'll get a huge interest on your balance, while at the same time, you're building a credit score.

Not really.

The good use of credit cards makes the credit limit increase the higher your payment capacity is, that is normal, it is how it should be seen, not because of the ability to borrow.

Your purchasing power does not have to be distorted by using a credit card, this are an immediate solution to a payment that due to "x" or "y" circumstances requires the use of the Credit cards or extra money that they do not have today but you must have the total payments at the end of the month, that is the key, it is a financial tool to support your ability to pay immediate.

So if you do not have how to pay the total debt in a minimum term, avoid using them, the amortization of capital is a way to reduce debt but in this type of credit it is the key for banks to subdivide the debt into payments tentatively accessible.

dimox

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Quote from: Fredomago on November 18, 2021, 06:04:09 PM

Quote from: Stedsm on November 18, 2021, 02:19:46 PM

I'd advice anyone to use credit cards only when they are in their worst emergency or need immediate money for any important purposes. Other than that, thinking of it as a toy to meet your anytime needs is stupid because once expenses are occurred as well as interest gets charged, you'll then be stuck in such a mess you won't be able to come out easily from.

Personal Experienced, I often used my credit cards to pay my groceries. Having another 30 days to save with a lesser interest is doable, but buying unnecessary things for your luxurious lifestyle, that stupidity. Once everything comes out and you can't pay it at the right time, the worse things will start to come, those penalties will suck your money.

You can't do anything, as banks can easily sue you. There's nothing left for you but to pay or be tagged and unable to get another one.

Worse, you can go to jail because of your debt. It's a tool if you know how to properly use it up and if you have good control when dealing
with your cards.

yeah, never use credit card unless you dont have anything to pay with, but you have income in next week.
bank or the other platform try to lead people use credit card, with discount or casback, or the other convenience. when people try pay it cash, they will force to use credit, or they just accept payment with credit card. what they want is wait until due date, because they eat all your money from that thing.

Ultegra134

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I try to be ultra careful when dealing with my credit card, meaning that I've never missed paying a single dose on time, while I try not to get too overboard. As I've already mentioned, I mostly use it to get fuel, due to its high cashback, and to pay bills in installments. However, this is the second time I'm paying the same monthly bill, twice.

I don't know how I'm forgetting that I've already paid for the month and end up paying again, now I have to call the bank to reverse the payment.

stomachgrowls

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Quote from: Stedsm on November 19, 2021, 01:53:46 PM

Quote from: Oilacris on November 18, 2021, 06:11:11 PM

Im handling out my cards well similar to this on which i do make use only for emergency or for simply on groceries or simply with needs.

I never ever consider on making out some purchases which arent really that needed or simply with your wants because this would really fucked you up in long process.

Interest rates are really that big which you should not really forget to pay in due date or else then high charges would be next in line.

Worst is when you've utilised all your credit limits and an emergency arises later. What would happen is, you'll need to use your cash for that emergency to save yourself/your family/your friends, etc. (any type of emergency you're stuck in, you'll think of getting out of it at first), it's the cash that you were going to pay banks against your credit card usage bill. That's where life sucks as you get badly stuck in the trap banks have set for you, and that's the huge interest rate. Not just that, they start visiting your place, insult you by calling your relatives and sending them messages and even personally. This is why I'd never keep a credit card with me until I'm really in need of one, because when a gun is given in the hands of a monkey, he simply shoots anywhere just for fun (that's what people do with CC).

Most of the time people are having this kind of mindset when they do get a hold of credit cards but we know that getting one wont really be that simple yet lots of CI would really be done or verification and banks would really ensure that you are capable of on paying up some debts whenever you do make use of their cards which is just a typical move to be done but it wouldnt really be an assurance for
a holder that could really pay off yet lots of instances which could really affect that kind of decision on paying back.

When you dont know on how to handle out these things then this is where big problem starts.You wouldnt really able to realized when you dont able to experience for yourself on paying up
huge interest because of delays.

Stedsm

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Quote from: Oilacris on November 18, 2021, 06:11:11 PM

Im handling out my cards well similar to this on which i do make use only for emergency or for simply on groceries or simply with needs.

I never ever consider on making out some purchases which arent really that needed or simply with your wants because this would really fucked you up in long process.

Interest rates are really that big which you should not really forget to pay in due date or else then high charges would be next in line.

Worst is when you've utilised all your credit limits and an emergency arises later. What would happen is, you'll need to use your cash for that emergency to save yourself/your family/your friends, etc. (any type of emergency you're stuck in, you'll think of getting out of it at first), it's the cash that you were going to pay banks against your credit card usage bill. That's where life sucks as you get badly stuck in the trap banks have set for you, and that's the huge interest rate. Not just that, they start visiting your place, insult you by calling your relatives and sending them messages and even personally. This is why I'd never keep a credit card with me until I'm really in need of one, because when a gun is given in the hands of a monkey, he simply shoots anywhere just for fun (that's what people do with CC).

Oilacris

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Quote from: Stedsm on November 18, 2021, 02:19:46 PM

I'd advice anyone to use credit cards only when they are in their worst emergency or need immediate money for any important purposes. Other than that, thinking of it as a toy to meet your anytime needs is stupid because once expenses are occurred as well as interest gets charged, you'll then be stuck in such a mess you won't be able to come out easily from.

Im handling out my cards well similar to this on which i do make use only for emergency or for simply on groceries or simply with needs.

I never ever consider on making out some purchases which arent really that needed or simply with your wants because this would really fucked you up in long process.

Interest rates are really that big which you should not really forget to pay in due date or else then high charges would be next in line.

Topic: Credit cards | A scam or a tool? - page 4. (Read 1221 times)