Topic: Credit cards | A scam or a tool? - page 6. (Read 1221 times)

The value of a credit in any institution / bank should be no unreasonable fine if we obey the rules (due)

It's going to be a two-eye knife. when we know the order the provider will judge us and they will be loyal

And so it is. If told to choose at this time I have no need for more and a strong reason to use finance like this. Credit cards are the same. A post-payment service can be used for any transaction. I'd rather save than use a credit card for unexpected needs in the future.

Do we all think this is bad? Of course not.
Will suply funds be safe? Because of long-term funds and owned by various banks around the world? I think the credit card will stay durable and serve its customers. Do you think there's anything cheaper than a credit card?

I have but only pay for yearly invoice which is less than $10, because i rarely to use my credit card if not for something urgent and i can't reach my cash or debit. I think it is ok although only pay that because when i want to use it, i can use it anytime in case something in my first sentence happen. It is all depends on the users, use money from credit card for what. If they only fullfill that they want, and not what they need, it can be something really bad.

it is never a fraud instead the Credit cards are a test on how we can handle the expenses in right manner.

It is like someone has Lending you a Money when you don't need it right away , but since you have a spending habit then you will be tempt to take the loan and spend this in not so needed things.

credit card are just like that because admit it or not, in some cases this is very Helpful like what you said having a Bicycle for your girlfriend when the budget is really tight .

I say useful tools if you use correctly besides how do you spend money you don't have with a card! Because AFAIK an empty card won't suddenly generate the money you don't have, without cards it is almost impossible to shop online or offline, I know with crypto that has changed, credit cards are still a useful tool to many including me.
It is up to people to learn to be prudent in spending and know their limits.

Credit cards are a debt trap and completely not secure at all. Here is a good short explainatory video on the security of credit cards: https://www.youtube.com/watch?v=yDOtENyOxyA

I would not call it a scam but rather a tool, for the banks to push you into a hole of unending debt. Why else would they combine integrated loans with banking services? Obviously its an easy way to lure people into taking loans with high interest rates and why? Because its convienient. Especially for people who don't understand how loans work and see credit cards as a magic piece of plastic that gives you free money.
 

This is real, and I know many peoples still facing serious issues just because of these credit cards because they use them very aggressively and now facing after shocks with some good debit in their side and banks and relative authorities having some stick policy against this all.
Sometime back we have good hype in our country due to these cards and many peoples having these without any good use case to they take these cards and used them for mostly fun and having nothing to do with better way after sometime when burst ups came people's scare, and now it's almost end but peoples those enter this still having issues even few lost their biggest savings and other things in this all.

Credit card is not the real option when u need something but your money so limited, they make you spend your money unwisely to think you have money but actually you didnt. Credit card is a thing that I really avoid from what must I have cause it's give me huge interest rather than borrow some money from my friends  . I have friends who got credit card and feel sad to him cause every month he need to pay his credit card loan

Seriously, giving up on credit cards is the best thing that anyone can do for themselves. These credit cards are going to put you in a debt that would be very difficult for you to come out from. I have been in a situation like that and it wasn’t an easy thing for me, because the interest kept on increasing and I had to keep paying the interest all the time,so that made it very hard for me.

Every new income that comes into my account is going into paying debts, and then I end up also taking extra credits and it keeps on multiplying. Luckily for me I was able to get past this situation, and I have some how not to gotten back into it again, and I’m going to do my possible best to stand on that. It was a hell of an experience.

This is true!

If you do know on how to handle your finances well then I don't see credit cards to be that harmful.Ive seen lots of people wrecking out their lives because of debt on using up credit cards which they do have a hard time on getting rid of those which is really a very common problem if you don't handle it well and
spending it just like theres no tomorrow. When you do actually had able to get that bad experience then this is the time you would really considering on making some budget and making good use of it because you had learned enough back in the past.

This is false. If you dont really have that much cash saved in your account then banks wont issued any credit cards for you. Even if by any chance if you manage to get one then the credit limit on that card will be pretty small. The complimentary reward is not what makes people want to apply for a credit card, some people are aiming to increase their credit score to increase their credit limit


Well its a common sense to pay back what you owe. There is no harm in using a credit card if you got the cash to pay for it

I know some people are against the whole fiat system and surely many people are against credit cards. In theory, whenever you open a credit card account from a bank and charge your account you don't have your money anyone because whole your money will be converted into digital credit. now if you try to transfer some money you don't transfer any money but you only send a request to transfer the credit that's also can be called digital credit. that's why many people are thinking credit cards are scam tools created by banks. While in my own idea even credit cards are useful in a good place.

I have credit cards for how many years but it didnt end up with sad story which it would really just vary on how you do make use of it whether on a moderated manner or you do spend out without any proper plans which would really ending up on a disaster.

It would really just depend on how well you do make use of your finances and come to think always that you could really able to pay those credits or
money that you had borrowed.

Just like me, whenever i do make use of my cards then i do really obliged myself on prioritizing that i should pay it off to avoid some problems
when it comes to charges and interest.

This is the truth, the interest rates in credit cards are incredibly high to the point that if you go to see a money manager to get their advice one of their first questions they will ask to you is how much balance you have on your credit cards and how many credit cards do you have.

And if you have too many credit cards or a balance that is too high not only they will recommend that you pay that balance as quickly as possible, but that you get rid of the credit cards and you cancel them, however most people never go see a money manager which is why they make the mistake of misusing them, costing themselves money over the long run and in the most extreme cases they lose years of wages as their credit card debt reaches unmanageable levels.

It's not a scam at all, it's essentially a loan you take out at every transaction that is due each monthly billing period. You could technically have a crypto related service based on credit cards, instead of fiat currencies the entire system would be based on bitcoin. Any merchant that accepts bitcoin could also take payment through credit card, and receive payment in crypto by the issuer, and the consumer repays the crypto at the end of the month. If you don't like credit cards, no need to use one.

I was only offered a free subscription of one year, one year later, I decided to cancel my card, approximately 2 months before it expired. However, when I went to the bank, they wrote down my details and told me to call their support center. A few days afterwards, I was called about a private offer from which I'd receive a 10% cashback on any purchase, for around 20 days. Shortly after, they proceeded to charge my card the subscription for the upcoming year, 2 months earlier.

I still have the card, which came in handy quite a few times (Got interest free installments on some ferry tickets, car insurance etc.), I do not believe they're a scam, but you do need to be careful.

In our country there are no such thing as credit score, and your life does not depend from your overall score (of course there are credit scores, but they dont pay much impact on your loan, percentage and etc), so credit cards are not quite popular.

Two times I was offered a free credit card by bank representative in one of our malls. In first case, I've signed for it, but few days later the bank called me and said that they cant offer me a card with 1,000 EUR limit, because it was something like "too much for a new customer". I did not need at all, so I reacted with "ok, bye".

Second time I've signed for a card, because the girl promised that "everything will be free, I dont have to worry about anything and bla-bla-bla". She so cute, so I've accepted it. I thought that it would be just a piece of plastic and I would throw it away as soon as it expires. It was "everything free, dont worry about anything" after all. I've got my card and never used it. After first month, my credit balance decreased - I was charged monthly fee, same happened next month, and next month, and next month - this "everything free" happened during whole year. Until a bank called me announcing that I am a "hard-core defaulter" and they want to connect debt collectors with my case. I've paid my debt and closed that card.

For me credit cards are scam. Thanks God there is cryptocurrency nowadays.

I get that not many people like to use credit cards because usually that entails stuff that you buy for yourself. However, my uncle has been managing a grocery store (a small town version, very tiny) and always buys everything with his credit card to stock up, then he sells those things and makes a profit, and THEN he pays for them. That way he literally profits before he pays a debt, sure there is interest involved but that interest is lower than the profit so he considers that as a cost as well.

This is just one way of using it, you could use it in a million different other ways and that should give you the idea on how you could use credit card smartly if you want to instead of buying the latest iphone or a big tv.

The convenience provided by credit cards often ends in sad stories, the promised limit makes it easy for anyone to get stuck with debt, when it's due then they give large interest so it's increasingly difficult to pay, the easiest thing is to immediately stop the credit card and switch to investment the best is bitcoin or other cryptocurrencies.

If one can properly use a credit card, meaning if someone can utilize them only when completely necessary, pay off their balances as close to zero as possible or only use a balance when necessary ( perhaps letting other assets grow that offset the credit card fee ), then yes they can certainly be a tool. But for many people, maintaining a credit card balance is very difficult. If you have spending troubles at all then it's likely not worth getting.

Credit cards are actually a gift for the rich and debt trap for the poor, credit card is somewhat helpful in many ways even we get rewards along with complementary things which depends on our membership. Before applying for the credit cards you need to know theor terms and its actually non collateral loan so interest rate will be higher when we default it.