credit cards make me sick

want2bmortgage3

and credit card companies

lets get rid of them and do them out of business

that is all.

pvt

I find them really useful, one can get upto 56 days interest free, and they don't cost a penny to own or use. You get free consumer credit protection by using them. Over the years I have made thousands in cashback and had countless airmiles tickets for my European skiing holidays.

Best thing since sliced bread _party_ _party_ _party_

Atom

Is it because you can't get them or is it because you can't use them sensibly ? Don't blame them - use them sensibly and they are very useful, live like there's no tomorrow then you will be punished

mrsmortenharket

Well if you can't use the card properly of course you will dislike them!

shaymenRup

Use them, but don't abuse them. I used to stooze, but refuse to pay the 3% fee for BT's.

Just get the 15 month interest free loan on purchases and buy the expensive things you want protection for.

I offset the money I would have spent against my mortgage.

Great when you get the CC bill which shows that you are paying the bank nothing in interest for their loan.:T

originalmiscellany

I have just got into them, a 15 month interest free one is just the job! It means I'm able to pay for some bits and bobs around the house, and the summer holiday, and then clear it in a years time. Easy. That said I do think the CC companies have been very liberal in giving credit out to people who don't really deserve it.

pineapple

originalmiscellany wrote: »

That said I do think the CC companies have been very liberal in giving credit out to people who don't really deserve it.

These companies actually prefer people to run up debts. There was a scandal a few years back when people had their cards cancelled - not because they were bad payers - they were too good.

caz_who_loves_a_bargain

cashback credit cards are great if you follow Martins golden rule, and pay off in full every month. I vowed I'd never have one, paid cash for everything but went into Bhs one day and was offered 20% off if I had their card. I accepted got 20% off and intended to then cut the card up, but realised I could be in profit if I used it wisely. in a year just by paying for everyday shopping I had over £100 worth of goods from Bhs.since then, I've had an amex, amazon, barclay cashback and play.com card. I use sensibly, only buy what I would buy anyway, pay off in full every month and try to stick to using one card at a time so I don't get confused. I paid for my sons university accommodation fees with my new Barclay card at double cashback in the first 3 months, and my son paid me back from his student loan and within seconds of making the payment I got a call from Barclays to check on the transaction which i thought was very good security.
Obviously, only get them if you are sensible with money as you can get seriously in debt. This is what they want you to do and then you pay them extortionate interest and default charges, so play them at their own game and make money out of them
my son hates credit cards because he gets into debt by forgetting to pay on time and running up £12 a time defaults.....unfair charge imo, but it's his own fault.
Card co's probably love him and hate me, but I don't care......I've got enough Play.com points built up to buy a new lcd.Tv.dvd for my son for xmas......yipee

bert&ernie

I think we should remember that those who pay nothing for or make money from their credit cards can only do so because others pay the bill. Cardholders who do pay interest and charges effectively subsidise the services provided to those who do not. Most retailers also tend to charge the same regardless of payment method, therefore passing on interchange fees to those who don't even pay by card.

Be careful what you wish for - if everyone followed the advice of the self-satisfied and self-rightous, then everyone would pay.

MoneyWasting_Expert

Debt should make you sick not credit cards. Yeah I have been there were I hated credit cards. Then I got real and stopped blaming others. All are actions are our own responsibility. Blaming credit cards, banks, is not taking responsibility for your own actions. I think with the recession credit cards have proven most valuable. Especially when a shop went bust our a airline and only those that paid on a credit card were able to get there money back. I try not to use cash, I love my credit card now that it is clear from interest debt. Its just easy to manage and be able to leave money in my bank account longer. Then the likes of Barclaycard have some useful money tools to review your spending.

pvt

Myth # 1

These companies actually prefer people to run up debts. There was a scandal a few years back when people had their cards cancelled - not because they were bad payers - they were too good.

Credit Card companies make money out of all their card users, except of course those who never pay them back.

Myth # 2

I think we should remember that those who pay nothing for or make money from their credit cards can only do so because others pay the bill. Cardholders who do pay interest and charges effectively subsidise the services provided to those who do not.

The CC companies get most of their revenue from the margin they charge retailers, not from the goons who pay interest on them. The interest rate on my CC is currently 5.9% pa - they're not going to get rich lending unsecured at that rate.