Why Use Credit Cards?

londonuk2008

I know could'nt have put better myself!
Thank's.

bathgatebuyer

Why use credit cards? Work expenses. Flights to London, airport car parking, other incurred expenses to be reclaimed within 28 days.

Paul_Herring

littleowl wrote: »

I do wonder, though, how much longer credit card companies will continue giving high credit limits - especially to those people who use them carefully and, therefore, earn the companies no profits?

If people are actually using them (carefully) for purchases, then the companies are earning profits. They collect up to 5% of the purchase price: http://musicshop.straightnochaser.co.uk/my-store/info.php?p=fees

Jennifer_Jane

There are (or were) some countries where it would dangerous to carry (and be seen to be carrying) cash, and where there were no debit cards - I lived in South Africa for 26 years, and only recently have debit cards come in. The credit card was an excellent place for savings as it traditionally attracted a high rate of savings-interest - 13% when I was living there 10 years ago - I realise that you don't get interest on a credit balance in the UK).

When I returned to the UK, I was unable to get a credit card for 3 years, and I felt very vulnerable - no emergency fund. Now I use the credit card for all purchases (Egg Money for cashback; and other cards for stoozing). It's thanks to this forum giving good information about credit cards and other financial matters, that I am probably about £1500 better off since October 2006.

I dislike it when people criticise the forum - it's been a blessing to me, and I don't believe it glamourises debt, I believe it shows you how to control and manage your finances to make the most of what's available.

Sammy_Girl

Thank you to Tribulation for posting for support of the Sub Prime Thread.

I am a member of this thread, and I think Mr P, Clio, Darcy plus all contributors have made this thread one of the most informative personal finance pieces I have read in years.

Without this thread I would not have had the nerve to apply and get my Cap 1, Vanquis and MBNA. I use these to my advantage. I purchase items and clear my balance in full each month. To me these are credit builder tools and protection - nothing more nothing less.

From the knowledge that I have gained on the Sub prime thread, I like to think that I can somewhat advise others who are in the same position that I was 6 months ago. You'll be hard pressed to find someone on that thread who treats their sub prime card like they did when they were in debt. Everyone on there is now very reponsible and knows how to use these sub prime cards to their advantage.

So leave the Sub Prime thread alone. It doesn't have 4000 post for nothing!! If you don't like credit cards, then don't have one - simple as.

canardo

I have both a credit and debit card

Use the credit card for most things where possible just to earn extra airmiles never spend more on it than is in my current account

Worthwhile in my opinion though have seen friends who have used them as the banks would like with the dire consequences