Do you have a Credit Card?

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globus
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Re: Do you have a Credit Card?

Post by globus »

The protection under the Consumer Credit Act is not to be sniffed at.
boringperson12
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Re: Do you have a Credit Card?

Post by boringperson12 »

Yes. I'm in my early fortys.

Use it for online/major purchases, but pay it off as soon as I see the transaction in my account. The extra protection a card offers purchases is not to be sniffed at. Can't remember the last time I paid interest on it - possibly 8 years ago when I moved house and had a few expensive months sorting stuff out. Every year they reduce the amount of credit on it... It was 3k... Now 2k...
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Saint
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Re: Do you have a Credit Card?

Post by Saint »

I have two

One I use in the UK, and wherever possible purchase EVERYTHING through it. This racks up points = prizes, in this case money back vouchers

The other I use for all of my international expenditure. This has a "clean" exchange rate with no transaction charges

Both are cleared completely by monthly direct debit. The trick to living this way is to be fairly clear about how much you spend (i.e. don't allow yourself to be sidetracked by impulse purchases) and make sure you have enough spare cash in your current account to cover the bill if you've lost track somehow.

Just had a look at the combined limits on them though and holy shit. Will be on the blower to them on Monday to get them cut down a bit
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Bullettyme
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Re: Do you have a Credit Card?

Post by Bullettyme »

Yes I have two. They're both handy to have for big purchases like flights etc.
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PCPhil
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Re: Do you have a Credit Card?

Post by PCPhil »

globus wrote:The protection under the Consumer Credit Act is not to be sniffed at.
I find myself in agreement with you. This is concerning.

I have one. Set up for full payment by direct debit every month.
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happyhooker
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Re: Do you have a Credit Card?

Post by happyhooker »

Saint wrote:I have two

One I use in the UK, and wherever possible purchase EVERYTHING through it. This racks up points = prizes, in this case money back vouchers

The other I use for all of my international expenditure. This has a "clean" exchange rate with no transaction charges

Both are cleared completely by monthly direct debit. The trick to living this way is to be fairly clear about how much you spend (i.e. don't allow yourself to be sidetracked by impulse purchases) and make sure you have enough spare cash in your current account to cover the bill if you've lost track somehow.

Just had a look at the combined limits on them though and holy shit. Will be on the blower to them on Monday to get them cut down a bit
Indeed. When I first got a credit card, they gave me another one on my business account. I can spend a lot on that card buying materials and quite soon the available limit on both that card and the personal card were sky high. I didn't mind the business one, but I don't need nearly 6 figures credit on one personal card. Getting them to drop it without dropping the other was a nightmare.
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HKCJ
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Re: Do you have a Credit Card?

Post by HKCJ »

I still have my credit card from Singapore. Get double air miles for expenditure in the UK then pay it off with my mates there who love to buy gbp so happy to do it at better than mid. Win win
Spyglass
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Re: Do you have a Credit Card?

Post by Spyglass »

Our company policy allows you to use a personal CC for travel so I get air miles from the airline and the CC. It's a very convenient way of paying, offers certain purchase protections and like most others on here, I pay the balance each month. Couldn't manage without it.
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BlackMac
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Re: Do you have a Credit Card?

Post by BlackMac »

I can't understand whu anyone would not have one if the are making online purchases. If your CC is compromised, so what, it's not your money and unless you have been incredibly stupid you will not lose out. Not so with debit cards.

Also wondering how people who do not have one manage when staying in hotels etc and asked to provide CC detail because I know most hotels won't accept a debit card.
bimboman
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Re: Do you have a Credit Card?

Post by bimboman »

BlackMac wrote:I can't understand whu anyone would not have one if the are making online purchases. If your CC is compromised, so what, it's not your money and unless you have been incredibly stupid you will not lose out. Not so with debit cards.

Also wondering how people who do not have one manage when staying in hotels etc and asked to provide CC detail because I know most hotels won't accept a debit card.

Spot on.
backrow
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Re: Do you have a Credit Card?

Post by backrow »

Credit cards, if used properly , are great

They build credit score
They accumulate points / miles etc
They have protection
They are handy
They have 29 months interest free
And back in the day, you could balance transfer at zero cost

They do need to be used in a disciplined way though, am lucky enough to clear the balance each month and I always keep track of what I buy.

I have my day to day one that I clear each month and get points with, and a couple of others that are just paying off big items such as new roof and windows for a flat, on 29 months interest free credit.
After the min is paid off each month on these , I put extra into a savings vehicle so that I earn interest rather than have to pay it, and they rate I save is enough to fully pay off the balance at the end of the interest free period.
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Wilson's Toffee
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Re: Do you have a Credit Card?

Post by Wilson's Toffee »

Seldom use them, just car rentals etc. which do not happen often these days. And flight tickets.
But I earn healthy interest on the positive balances ...
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Duff Paddy
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Re: Do you have a Credit Card?

Post by Duff Paddy »

backrow wrote:Credit cards, if used properly , are great

They build credit score
They accumulate points / miles etc
They have protection
They are handy
They have 29 months interest free
And back in the day, you could balance transfer at zero cost

They do need to be used in a disciplined way though, am lucky enough to clear the balance each month and I always keep track of what I buy.

I have my day to day one that I clear each month and get points with, and a couple of others that are just paying off big items such as new roof and windows for a flat, on 29 months interest free credit.
After the min is paid off each month on these , I put extra into a savings vehicle so that I earn interest rather than have to pay it, and they rate I save is enough to fully pay off the balance at the end of the interest free period.
I am very interested to hear more about that savings vehicle
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Bogbunny
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Re: Do you have a Credit Card?

Post by Bogbunny »

backrow wrote:Credit cards, if used properly , are great

They build credit score
They accumulate points / miles etc
They have protection
They are handy
They have 29 months interest free
And back in the day, you could balance transfer at zero cost

They do need to be used in a disciplined way though, am lucky enough to clear the balance each month and I always keep track of what I buy.

I have my day to day one that I clear each month and get points with, and a couple of others that are just paying off big items such as new roof and windows for a flat, on 29 months interest free credit.
After the min is paid off each month on these , I put extra into a savings vehicle so that I earn interest rather than have to pay it, and they rate I save is enough to fully pay off the balance at the end of the interest free period.
This, use them right and they are a useful tool.

Keep them away from weak willed women. :nod: :nod:
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Duff Paddy
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Re: Do you have a Credit Card?

Post by Duff Paddy »

Yeah credit card companies only make money from women and everyone in this thread clears their balance in full each month. Me hole.
backrow
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Re: Do you have a Credit Card?

Post by backrow »

Don’t have the details to hand, but it’s something like 16k debt, 100 a month min auto payment, and 300and something into a cash isa earning massive 1% or something miserable , for the 29 or 34 months or whatever it is. It’s on a spreadsheet someplace and all done by direct debit so I’ve kind of forgotten about it really as it’s all through a business account of mine I don’t touch regularly.

If I’ve done my sums right , it should be under a grand left on the last interest free month , once I’ve moved all the cash isa money over. Whatever is left I will just clear in full as £1k I usually do have lying around, 16k I don’t

At the end, I should be up a couple hundred quid of interest from the ISA
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Jeff the Bear
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Re: Do you have a Credit Card?

Post by Jeff the Bear »

When I lived in the UK, I had a Tesco one, which used to give me points when I shopped, and more points when I shopped at Tesco. I'd shop at tesco anyway, and there was one with a petrol station near my office...suffice to say, over the course of 5-10 years, I managed to rack up enough points to get a TV, a pram and a cheapo flights to Egypt.

If you pay it off every month, you'd be mental not to take up that kind of offer.
Bayern
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Re: Do you have a Credit Card?

Post by Bayern »

goose81 wrote:
Bayern wrote:Not sure if things have changed but it used to be very difficult to rent a car (for example) without one.
my last 2 experiences of renting a car, Belgium and England you cant unless you have a credit card. Well you can but you have to pay a large non refundable deposit. I think they wanted to just put a hold on the credit card in England but with the debit they wanted 250 GBP deposit that wasnt going to be refunded for a 2 day hire

Yes very much in line with my experiences renting cars overseas.

Also whilst living in Germany in 014 I needed to renew my NZ passport which are actually issued in London, there are/were no facilities in Germany to issue them, in fact I believe there are only three places in the world where they are/were issued, London, Sydney and Welly. From Germany (which was issued in London as explained) there was no other way to apply and pay for except by credit card. Forget every other method including bankers cheque, credit card or bust. That may have changed since, it was four years ago. I wouldn't be without one.
Tez
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Re: Do you have a Credit Card?

Post by Tez »

20 years ago I knew someone who had at least 6 credit cards who juggled paying of debts with one card against the other. He was in his 30’s at the time and on an average salary and seemed to come out ok but obviously was treading a very fine line.
Basically I think they are a great convenience, with benefits, if you are not cash poor but if you go into debt and play their game you’re screwed.
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lorcanoworms
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Re: Do you have a Credit Card?

Post by lorcanoworms »

Suited me to have one especially when in the property market, snap up bargains in paint and furniture.
Same with boating, no card now and not missed.
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BlackMac
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Re: Do you have a Credit Card?

Post by BlackMac »

Jeff the Bear wrote:When I lived in the UK, I had a Tesco one, which used to give me points when I shopped, and more points when I shopped at Tesco. I'd shop at tesco anyway, and there was one with a petrol station near my office...suffice to say, over the course of 5-10 years, I managed to rack up enough points to get a TV, a pram and a cheapo flights to Egypt.

If you pay it off every month, you'd be mental not to take up that kind of offer.

Yeah, use my Tesco credit card for just about everything and build up Clubcard points. It's not as good as it used to be, and I mainly use the 3 X deals for Uber nowadays, but back in the day we have had four or five holidays with very little effort.

I remember one of the best deals was a 99p single microwavable chicken portion which gave you 250 clubcard points. The 250 points converted to £10 of holiday vouchers. I bought about 60 of the things.
Nolanator
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Re: Do you have a Credit Card?

Post by Nolanator »

Bayern wrote:Not sure if things have changed but it used to be very difficult to rent a car (for example) without one.
O recently rented a car and had to pay for the extra few quid per day insurance because I didn't have a credit card. Didn't have enough in my bank account to cover the security charge they usually place on the credit card.
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Joost
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Re: Do you have a Credit Card?

Post by Joost »

I’m early 30s and have had one since 28 - put most of the wedding expenses on it and took advantage of a year’s interest-free credit and use it for holidays and big purchases for the house etc (ie stuff where the protection is worth having)

They’re fine as long as you live within your means and are disciplined about paying them off; pretty easy to do that with internet banking and real-time updates on how much is on them.
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SASP
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Re: Do you have a Credit Card?

Post by SASP »

Never had one. Don't see the point.
goeagles
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Re: Do you have a Credit Card?

Post by goeagles »

I have 2. Unless you are really unable to control your spending, it's insane not to have them. The perks and points are too good to pass up. I got the Southwest Companion Pass (designated companion flies free with you for the rest of the year plus the following year in which you earn it) from putting a combination of personal and business expenses on my Southwest credit card this year.
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JPNZ
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Re: Do you have a Credit Card?

Post by JPNZ »

BlackMac wrote:I can't understand why anyone would not have one if the are making online purchases. If your CC is compromised, so what, it's not your money and unless you have been incredibly stupid you will not lose out. Not so with debit cards.

Also wondering how people who do not have one manage when staying in hotels etc and asked to provide CC detail because I know most hotels won't accept a debit card.
This exactly. I don't know about Europe but majority of people have them in NZ. I'm 38 and have two, One for my work expenses which I earn cash rewards on ($1 for every $75 spent) already earned over $250 in cash back the last 3 months. The other has 24 months interest free I use for larger purchases furniture, appliances etc.

Never pay any interest and build up rewards on each, I cannot understand why you wouldn't have one...
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deadduck
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Re: Do you have a Credit Card?

Post by deadduck »

The Millennial lack of self control and need for instant gratification probably worries them into not getting one.

They're really not that hard to manage
rageagainstthemachine

Re: Do you have a Credit Card?

Post by rageagainstthemachine »

Have one for renting cars. No good to me otherwise.
Dunnikin Diver
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Re: Do you have a Credit Card?

Post by Dunnikin Diver »

bimboman wrote:
BlackMac wrote:I can't understand whu anyone would not have one if the are making online purchases. If your CC is compromised, so what, it's not your money and unless you have been incredibly stupid you will not lose out. Not so with debit cards.

Also wondering how people who do not have one manage when staying in hotels etc and asked to provide CC detail because I know most hotels won't accept a debit card.

Spot on.
At least in the States this is no longer true - at least in my experience - only used my company debit for last few years and no issues.
Hire cars maybe less enlightened, but isn't that to do with the protection credit cards offer both customer and vendor?
Quite surprised folk choose not to have one simply because of the airmiles and the other points options that are available. Seems somewhat silly to be coughing up the same price for your weekly shop in Tesco as someone with a BA Amex, but Tesco is handing part of what you spend over to the other customer to fund their next holiday.
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Luckycharmer
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Re: Do you have a Credit Card?

Post by Luckycharmer »

Duff Paddy wrote:Yeah credit card companies only make money from women and everyone in this thread clears their balance in full each month. Me hole.
You do realise that the Retailer pays commission any time a credit card is used?
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Leinsterman
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Re: Do you have a Credit Card?

Post by Leinsterman »

I have a MasterCard and clear it every month. I only use it for work expenses though.
Anything personal I use the debit card from my personal account.
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Leinsterman
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Re: Do you have a Credit Card?

Post by Leinsterman »

It's actually free money!!!
Wilderbeast
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Re: Do you have a Credit Card?

Post by Wilderbeast »

deadduck wrote:The Millennial lack of self control and need for instant gratification probably worries them into not getting one.

They're really not that hard to manage
Nailed it.
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nardol
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Re: Do you have a Credit Card?

Post by nardol »

No need for credit. Rubbish interest rates I'll just used whatever is in the account. What's the fixed cost for a CC 10 a year? Plus the 2.50 tax in Ireland.
Not worth it.
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Leinsterman
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Re: Do you have a Credit Card?

Post by Leinsterman »

EverReady wrote:
Leinsterman wrote:It's actually free money!!!
I have gone online and there is a actually a company called Wonga and they just give you the cash and I'll be honest I am more of a two cash in the bush is worth more than one in the backpack
They're called Wonga and Wonga is slang for dosh so they're obviously legit.
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nardol
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Re: Do you have a Credit Card?

Post by nardol »

Leinsterman wrote:It's actually free money!!!
Until you lose your job (woosh parried)

Hint ... That's the real reason they don't have credit cards... Came of age in uncertain times so are more risk averse due to circumstances.... Unlike their their elders who caused the greatest recession since the one that spawned ww2
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Leinsterman
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Re: Do you have a Credit Card?

Post by Leinsterman »

nardol wrote:
Leinsterman wrote:It's actually free money!!!
Until you lose your job (woosh parried)

Hint ... That's the real reason they don't have credit cards... Came of age in uncertain times so are more risk averse due to circumstances.... Unlike their their elders who caused the greatest recession since the one that spawned ww2
Alternatively, loads of the little shits are loaded anyway and have their lifestyles funded by mummy and daddy to the extent that they don't need credit to be extended to them.
grievous
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Re: Do you have a Credit Card?

Post by grievous »

Banking industry is still in the 60s in Ireland, I recall no reward schemes for cc when there obviously hasnt changed.
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nardol
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Re: Do you have a Credit Card?

Post by nardol »

Leinsterman wrote:
nardol wrote:
Leinsterman wrote:It's actually free money!!!
Until you lose your job (woosh parried)

Hint ... That's the real reason they don't have credit cards... Came of age in uncertain times so are more risk averse due to circumstances.... Unlike their their elders who caused the greatest recession since the one that spawned ww2
Alternatively, loads of the little shits are loaded anyway and have their lifestyles funded by mummy and daddy to the extent that they don't need credit to be extended to them.
Yes, home ownership amongst wealthy millennials is the story of our times.
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lorcanoworms
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Re: Do you have a Credit Card?

Post by lorcanoworms »

nardol wrote:
Leinsterman wrote:
nardol wrote:
Leinsterman wrote:It's actually free money!!!
Until you lose your job (woosh parried)

Hint ... That's the real reason they don't have credit cards... Came of age in uncertain times so are more risk averse due to circumstances.... Unlike their their elders who caused the greatest recession since the one that spawned ww2
Alternatively, loads of the little shits are loaded anyway and have their lifestyles funded by mummy and daddy to the extent that they don't need credit to be extended to them.
Yes, home ownership amongst wealthy millennials is the story of our times.
There's another recession on the way, is that the old geezers fault this time?
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