I want a credit card...

[Cyclone]

In fact, it's worse than that. Credit cards are simply highly efficient tools for getting into debt. And buying crap that you don't need.

Why on earth do you think you need one?

 

They are also highly efficient tools for making use of section 76 of the consumer credit act when buying something which you don't walk away with.

Anything I buy online I use a CC for, which means if the company goes bust and I get no product, the CC company refunds me.

[mrmist]

Credit cards do have the advantage that they are automatically covered by insurance which you don't get with a debit card. I've just applied for one specifically for internet use but set up so that the full ballance is paid of at the end of every month by DD

 

I'm not quite sure waht you mean here but things you buy on a credit card are not automatically covered by insurance (IE like house insurance). The only real benefit over a debit card is that the initial contract is between card issuer and vendor, so you have somewhat more protection if, say, you pay for something and the seller goes bust, or doesn't send you a product.

 

But automatically covered by insurance, no. Some (few) companies do that. Not all.

[alchresearch]

Egg are rubbish. Introductory rates are good but then once your a long standing customer they don't seem to care and you can't get anything other than the standard rates.

 

Check out http://www.moneysupermarket.com for the best rates and reviews.

[samc]

I have one and I just use it for holidays ( because of the insurance stuff that not given with a debit card) and for all purchases of internet goodies so I can spot any fraud quickly.

 

Thinking of getting one just for buying petrol as my parents and my little sister have both been scammed this year by petrol stations copying their card details.

[MonkeyLover]

Little tip, if your store cards have a balance get a 0% credit card and use them to pay the store cards then close the store cards down and never use them again!!! credit cards have much lower rate of interest than store cards.

 

If you get a credit card set it at a low limit so you do not get to over excited and spend it all.

 

Also use your credit card for all your purchases and pay it off in full to stop paying interest. you have more consumer protecton with a credit card.

 

Just be careful not to get carried away as its a slipper slope:D

 

All this is very true - just what I was going to say. I have a card, spend as much as I can on it every month, pay the whole balance every time, and don't (never have) paid a penny in interest.

Some cards pay YOU a percentage back, either in points or cash!!!

[Clare85]

Don't do it!!!!

[Cyclone]

A lot of the 'do it/don't do it' comes down to whether you can be responsible with it.

I have at least 3 cards, but I don't carry a balance on any of them, I use different ones for different things, and combined if I really wanted too I could spend about 14k, I just don't, because that would be silly.

[Swan_Vesta]

If you're going to pay off your balance on time then they're handy for building up your credit record but if you're the type of person (like I used to be) who'll squander it on crap and ramp up a fat bill then think on.

 

A good tool in responsible hands but in the hands of the unwary can be damaging.

[savbaby]

All this is very true - just what I was going to say. I have a card, spend as much as I can on it every month, pay the whole balance every time, and don't (never have) paid a penny in interest.

Some cards pay YOU a percentage back, either in points or cash!!!

 

also theres the added bonus that the cash you would be spending in the shops is earning interest in your bank account or saving you interest on an overdraft. (can u tell i do sales:hihi: )

[Dozy]

A credit card is handy, as long as you can be sensible and limit your spending to what you can afford. In my younger days, I ended up cutting up my cards on a couple of occasions, because I'd got carried away and could only afford to pay off small amounts each month. That's when the bill really starts to build up, because the interest rates are usually awful.

 

Now I'm older - and a lot poorer - I'm a lot more sensible. I always pay off the card in full every month, so I never have to pay interest. But I wouldn't be without a card - it's handy to buy things when I'm not sure if I've got enough in my current account to cover it. I'd rather keep my money in a deposit account and get a bit of interest on it, than keep enough in my current account for the odd impulse purchase. And I hate going overdrawn and having to pay interest.

 

So - if you can be sensible, it would be a good idea. You could also get rid of your store cards, too, then you'd have a wider range of shops to choose from. I found a store card was more of a temptation to overpsend than a credit card, don't know why!

 

Dozy