is it worth having a credit card?

anoncol

GTR_King wrote: »

yeah but i have never had one & felt I don't need one.

but is it worth getting one?

All our daily transactions are done on our 123 cc, then paid off in full each month. We then get cash back on fuel super markets dept stores. £100+ cash back a year, so yes it's worth it for us.

anoncol

GTR_King wrote: »

So you need a credit card to boost your credit score up??

I know that if you use it responsibly it will work but if you keep missing payment etc it will affect your credit score.

I have done buy it now pay 12 months later on my macbook/ipad & paid them off in full within the 12 months

You need some form of credit whether it be a credit card or loan to prove you can manage your finances. Paying utility bills on time doesn't do that.

Do you have a mortgage? That is often when people find having a credit card would have helped to prove the money management.

anoncol

GTR_King wrote: »

ok thanks for info..

I see your right there.

I do have enough money in my Accounts/savings for me to feel like I don't need a credit card at all

You don't need cash back?

lisyloo

If you don't want one then don't get one.

There are many benefits - like protection when companies go bust.
It's also useful for booking hotels, hire cars which would otherwise require a large deposit in case you do damage.

If you don't care about any of that then that's fine, but bear in mind you could lose out if a company goes bust.

Maelwys

GTR_King wrote: »

is it worth having a credit card??

Yes.

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[In fact, it's worth having [I]several[/I]. Because you get better Free Stuff from certain cards for certain things. Like high cashback on Petrol and Groceries on CardA, moderate cashback on other purchases on CardB, an excellent foreign exchange rate on CardC and 0% on all purchases for X months on CardD. Not to mention the opportunity to build up your Credit History, Section 75 cover and ability to pay bills in emergencies if you don't have quite enough money in the bank account.]

Paul_1977

I spend more money a month now I have a credit card, compared to when I did not have one. I don't have a big wage, its below 21k.

Don't get me wrong, I don't live off a credit card or make big purchases, but its small spends every now and then which soon add up.

Its easier to spend with a credit card, you think, oh, I will just put that on the card, and at the end of the month you owe £200. And if your still spending with your debit card and you have bills to pay as well, that's £200 less you have so you end up spending more.

Some people cannot handle credit cards, and you need to make sure you can control your spending. If they give you a 5k limit some people go out and burn that money straight away. I have seen people do it. Its different controlling your debit card spending, not the same as controlling a credit card.

Credit cards in my view should only be used for emergencies or protection as others have said. I may well put mine away in a draw.

anoncol

Paul_1977 wrote: »

I spend more money a month now I have a credit card, compared to when I did not have one. I don't have a big wage, its below 21k.

Don't get me wrong, I don't live off a credit card or make big purchases, but its small spends every now and then which soon add up.

Its easier to spend with a credit card, you think, oh, I will just put that on the card, and at the end of the month you owe £200. And if your still spending with your debit card and you have bills to pay as well, that's £200 less you have so you end up spending more.

Some people cannot handle credit cards, and you need to make sure you can control your spending. If they give you a 5k limit some people go out and burn that money straight away. I have seen people do it. Its different controlling your debit card spending, not the same as controlling a credit card.

Credit cards in my view should only be used for emergencies or protection as others have said. I may well put mine away in a draw.

You sound in the danger zone tbh. You should really be careful. Dont spend on your credit card what you cant pay off in full that month.