Credit Cards are for MoneyWastingExperts

GlennTheBaker

Heavy night, was it?

Juni_3

Tight_Old_Git wrote:

Local stores are often cheaper than the major DIY chains and therefore do not have to charge the same prices.

The so called benefits and protection you get from credit card companies has to be paid for by someone ie you. This site is supposed to be about moneysaving not making fat profits for banks although I sometimes wonder :wall:

I've yet to see any local store that can match Screwfix's prices. All I care about is the final price I pay, so what if some of it goes to the bank?

highguyuk

Just a note - it costs retailers more SOMETIMES to accept credit rather than cash/debit. They may not pass this charge directly onto credit card users - but in theory prices could be reduced if credit cards spending was reduced.

Tight_Old_Git

Penny-Pincher!! wrote:

Sorry-no offense meant!

Surely though, whether stoozing or spending-credit cards are still being used? The credit card companies dont know that your using the cards for stoozing, so I dont think it would make a difference IYKWIM.

Personally, I find that by using credit cards for everything, I have received much more in way of discounts and excellent cashback incentives;)

As you feel so strongly about Martin promoting useage of credit cards etc, PM him and ask him how he feels about this? Thats what I would do. I have PM'd him alot about matters like this and he don't bite:eek: LOL.

Keep us updated.

PP
xx

Penny Pincher it is usually the other way around in my experience, shops often give discounts for cash not for credit cards but I don't see the so called MSE Martin Lewis promoting cash, maybe he gets a bung from the CC issuers

Anyway respected brands such as Lidl, Aldi and Poundland do not take CC's as it keeps costs down for everyone, if they started taking cards up the prices would go QED

loonee

As someone who runs a small retail business, I would just like to mention that most banks actually charge businesses for paying in cash as well, so we definitely wouldn't reduce prices for paying by cash. Whilst I agree it would be nice if the % the bank took was lower we cannot just increase prices as there is too much competition from internet, mail order etc. Also if most of the payments that we take are credit/debit payments it is much safer than having lots of cash on the premises.

roswell

MMMM Me thinks someone is bitter...

If i buy an item for £100 cash it costs me £100, If i buy an item for £100 with 2% cash back it costs me £98 ..... which should i take ?

If i need a expensive item do i get it on 29% Apr Or 0% CC ??

Yes Missus of Credit cards causes problems for people who dont manage there finances, If used correctly they work in favour of the users.

They are a very nice valuable tool either way, I would say that 99% of the time you can get better deals online than through local stores due to buying power and lack of expences like rent / water / electric / staff.

Does this bother me ? NO because as long as i get the best deal I can for something Im going to buy anyway and Im not giving my hard earned money to somone when i can get it cheaper why should it?

I assume your stoozing is different because your just using available credit to earn you more money ????? This smells of double standerds.

Oh and due to the credit act my credit card gives me more rights / power / insurance over my cash so ill stick to CC for large purchases please.

exel1966

Tight_Old_Git wrote:

Yes for stoozing not spending please get your facts right.

Argh, so stoozing is ok by you, but using your c/card for purchases isn't. Hmmm ! Double standards me thinks.

Why did c/card companies introduce BT fees ? Possibly because they know people are making money from them by taking advantage of 0% offers and by stoozing. How have you helped in that matter? Rather than knock the good avice that MSE has passed onto thousands, it should be congratulated.

Just the way I see it Tight Old Git or should that be Grumpy Old Git

Suewre

Tight_Old_Git wrote:

Anyway respected brands such as Lidl, Aldi and Poundland do not take CC's as it keeps costs down for everyone, if they started taking cards up the prices would go QED

I don't know about Aldi and Poundland, as we don't have any around here, but Lidl definitely DO take credit cards.

Juni_3

Suewre wrote:

I don't know about Aldi and Poundland, as we don't have any around here, but Lidl definitely DO take credit cards.

My Lidl's don't. Perhaps its up to each store?

MSE_Martin

TOG your first post made me smile.... although perhaps its tone was a little harsh, still, let me answer.

First of all lets step back and look at exactly what we're talking about

1. Using credit cards as a means of borrowing
2. Using credit cards as a means of transacting

With option one, there's no argument, if you need to borrow cheaply, using a credit card is the right decision (done correctly) and the cost saving is much greater than the charge credit card companies make on retailers.

2. Using credit cards to transact. If you're paying off in full and using the card to transact only then there is some validity at least to the concept of your arguement. In fact I'm rewriting my cashback card article at the moment and this concept is covered in brief, with (and this is rough draft stage only)

Credit cards companies can afford this as they charge retailers when you pay, and consequently we all pay higher prices, cashback cards let you reclaim some of it.

This is the point. If we ignore borrowing, i encourage consumers to take cashback cards in order to reclaim some of the increased retail prices we all pay due to credit card use.

For me while in theory your argument works ie. if non of us used credit cards except for when borrowing, retailers fees would be reduced, and thus prices would drop - this negates one thing, prices rarely go down. What actually happens is profits increase, by encouraging all to spend oin cashback cards at least this way the consumers get a slice back of this fee.

Now by suggesting i change my recommendation you're also very kindly complimenting me, to suggest that the impact i have on the UK consumer market place is so significant that it'd actually make an impact overall. Sadly I doubt that's true, at the moment we're playing at the margins, this way MSEs gain by following the right technique but the overall impact is still negligible. By suggesting MSEs stop, all that would happen is people would miss out on cashback, nothing else would change

All the best

martin