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Do you used your Credit card regularly?





johans
what is your credit card? How cheap/expensive your yearly subscription on your credit card?
standready
My credit cards have no annual fee. If they did, I would drop them.
johans
standready wrote:
My credit cards have no annual fee. If they did, I would drop them.


Really? -- well, all credit card are free for first year.. perhaps they charge you monthly.. you should check on that... or perhaps you used prepaid credit card.
Cosmoslayer
I don't have a credit card but I do have a debit card. I use it to buy online for video games or pay for subsciption like my domain names through Paypal. Very Happy
andro_king
I don't have a credit card either but i have a debit card.. I will use it regularly because i have plenty of online shopping habit.. Surprised
deanhills
I have a credit card. I paid no charges on it for the first year, then have an annual charge once a year. I also have to pay an insurance fee on it. I very rarely use it. Only for air tickets, making reservations for accommodation and for buying the occasional software or books online.
Ryox
My card is through Huntington and Its a CC, I have no charges either! Smile
Afaceinthematrix
In the U.S., there are so many credit cards and so much competition between them that paying an annual fee is only necessary if you have bad credit and are left with no other options. If you even have decent credit, you'll be able to find a credit card that has no annual fee although it will probably have a higher interest rate. I have a couple of credit cards but I do not use them. I keep them for emergencies. Every once and a while I will charge something small to it just so that the company doesn't automatically close the account (some companies will automatically close the account if you never use it) but then I will pay it off in full that month so that I don't have to pay interest...
johans
Ryox wrote:
My card is through Huntington and Its a CC, I have no charges either! Smile


i found it very interesting.. some has no yearly charges.. how does the bank get profit if there are no charges... I have HSBC and SABB credit card open on other countries but they have annual charger or the charge it monthly to cascade the charges in yearly..
jesta
standready wrote:
My credit cards have no annual fee. If they did, I would drop them.

Mine neither. I keep switching from company to company and enjoying their first 1 or 2 years free of fees.
ankitdatashn
I don't have my own credit card, had one earlier but it got locked Very Happy
inuyasha
RMB¥ 10 per year~ I use it quit frequently. My campus is far away from downtown area. Shopping online, as you can imagine, is popular here~ Besides, there's always a long line in front of the auto teller machines and I don't bother to draw cash from my card very often.
TurtleShell
I assume the credit card companies that don't charge a fee make their money by charging vendors per transaction, which is why some vendors have a minimum purchase to use a credit card. Because it costs them money...so they have to make it worthwhile or they don't make money.
watersoul
I haven't had a credit card for over 10 years, I have a Visa debit card for my current account which I use for online/phone purchases, but apart from that my day to day life runs on real cash.

Cash gets cheaper deals with small businesses and sole traders, plus I like the security of having paper in my wallet which doesn't depend on a computer network to buy things.
I've been in stores a couple of times when the payment system has crashed and I was the only customer able to make a purchase because I had cash.

There are pro's and con's either way (security etc), but as far as credit cards go, nope, not for me, I save regularly and dip into that if I have to in an emergency or whatever.
TurtleShell
watersoul wrote:
I haven't had a credit card for over 10 years, I have a Visa debit card for my current account which I use for online/phone purchases, but apart from that my day to day life runs on real cash.

Cash gets cheaper deals with small businesses and sole traders, plus I like the security of having paper in my wallet which doesn't depend on a computer network to buy things.
I've been in stores a couple of times when the payment system has crashed and I was the only customer able to make a purchase because I had cash.

There are pro's and con's either way (security etc), but as far as credit cards go, nope, not for me, I save regularly and dip into that if I have to in an emergency or whatever.


wish i made enough money to save. that would be nice!
watersoul
TurtleShell wrote:
wish i made enough money to save. that would be nice!

Even saving a small amount is better than paying monthly interest on borrowed money.
I'm not rich, I just take a critical and honest look at the differences between needs and wants in my life.

Example: My car is 10 years old and cost me the same as two months payments for my friends new car (£500).
It takes me to the same places as my friends and having few electronic parts I can usually fix things myself very cheaply. Reliability isn't really a problem anyway compared to my friends new car, and I have auto-rescue the same as him for unexpected breakdowns.
The only benefit I can see of the new car bought with borrowed money is the status symbol - which I don't care about so I end up with more expendable cash each month than my friend.

Another example: My Android Samsung phone does everything (I need) that my friends iPhone does.
His phone costs £60 per month whereas mine is just £15 - there's another £540 saved over the year.

I could go on with more but the bottom line is I'd rather go for the functional cheaper option, or wait to buy 'used' than borrow money on a credit card or bank loan - that alone saves a lot of money Smile
cybersa
I did not have one.
But got one for my Android project.
standready
johans wrote:
standready wrote:
My credit cards have no annual fee. If they did, I would drop them.


Really? -- well, all credit card are free for first year.. perhaps they charge you monthly.. you should check on that... or perhaps you used prepaid credit card.


I have had the same cards for years and none charge me any type of fee.


johans wrote:
how does the bank get profit if there are no charges...

As TurtleShell suggested: Vendors pay a transaction fee. Look at any merchant account setup like PayPal to see what they pay for allowing you to use a card (Credit or Debit). Of course those fees are actually passed along to all consumers in the form of higher prices.
Here in the states, some gas stations charge more per gallon of gas if you are paying with a card. These is also a bill in Congress to allow retailers to do the same most likely as a percentage of your total bill.
inoshi
johans wrote:
Ryox wrote:
My card is through Huntington and Its a CC, I have no charges either! Smile


i found it very interesting.. some has no yearly charges.. how does the bank get profit if there are no charges... I have HSBC and SABB credit card open on other countries but they have annual charger or the charge it monthly to cascade the charges in yearly..


In the US they usually charge interest on a monthly billing cycle, but not an annual fee. It's tantamount to usury anymore, but most folks just accept it.

So, I use them. I have separate cards for business and personal, and from my bank they're combo credit / debit in one.

Rolling Eyes

Inoshi
TurtleShell
watersoul wrote:
TurtleShell wrote:
wish i made enough money to save. that would be nice!

Even saving a small amount is better than paying monthly interest on borrowed money.
I'm not rich, I just take a critical and honest look at the differences between needs and wants in my life.

Example: My car is 10 years old and cost me the same as two months payments for my friends new car (£500).
It takes me to the same places as my friends and having few electronic parts I can usually fix things myself very cheaply. Reliability isn't really a problem anyway compared to my friends new car, and I have auto-rescue the same as him for unexpected breakdowns.
The only benefit I can see of the new car bought with borrowed money is the status symbol - which I don't care about so I end up with more expendable cash each month than my friend.

Another example: My Android Samsung phone does everything (I need) that my friends iPhone does.
His phone costs £60 per month whereas mine is just £15 - there's another £540 saved over the year.

I could go on with more but the bottom line is I'd rather go for the functional cheaper option, or wait to buy 'used' than borrow money on a credit card or bank loan - that alone saves a lot of money Smile


My car is an '01. I have the old Iphone, which i got for free because I signed a contract with ATT. I read used books, shop at thrift stores for clothes, and entertain myself at home by brewing my own beer and baking my own bread. I really don't have like...a crazy lifestyle. My mistake isn't buying the most expensive stuff, it's that I majored in art and get paid badly as a result:)
watersoul
TurtleShell wrote:
My mistake isn't buying the most expensive stuff, it's that I majored in art and get paid badly as a result:)

You are not what you majored though, you are what you want to do in the moment now!
I studied environmental chemistry and now I build stuff with bricks n blocks n concrete n timber, with no benefit ever really gained from my 3 years at university.
...I've had many lean times but even then I've avoided borrowing money on a card because a few substandard night shifts through an employment agency have usually fixed whatever life-needs-issues I've wanted to raise cash for at any given time Smile
Afaceinthematrix
You know, sometimes buying the most expensive stuff isn't a bad idea economically. I blend many of my meals. I put all sorts of fruits and yogurts into my blender with ice and make things like that. I could have bought a $20 blender - which was the cheapest. But since I use it every day that cheap piece of junk would have broken in a month and I would have to go out and buy another one. Instead I paid $70 and I have been using it for quite a long time and I expect many more years out of it. My philosophy is to buy it right the first time or else you'll keep buying it. With things such as clothes, I'll shop at a thrift store or a clearance rack because that t-shirt will be the same across the board. With shoes, I'll pay for more expensive ones. I've worn through $25 shoes in just weeks because I am constantly on my feet, walking around in rough terrain, having to climb stuff, etc. yet the pair of shoes that I have now were $50 and I am going on three years and I have at least another year on them.
rjraaz
Truly, I do not have any credit card and also not like to have or use any.
spinout
most banks have the e-card - so no need for a card in general...
BigGeek
It is unfortunate but I use my Credit Cards all the time, the problem is that with the drastic reduction in pay that I have experienced, I am continually short on a monthly basis, so I end up putting groceries and gas on the cards to make it until the end of the month without over drawing the checking account.

It is a bad spiral to be in, and I keep pushing to come up with money from alternate sources other than my job, in order to get the Credit Cards paid off, and salvage my finances.

I pretty much only use them for emergencies and necessities, but that comes up a lot more than I care to admit. Like this month I ended up charging $250.00 on them for doctor visit and co-pays for my gallbladder surgery.

It seems like every month something like this comes up and creates a extra expense that I have to put on a card because I can't afford to pay for it without it.

A pay raise would be nice......but can't count on those any more Shocked
_AVG_
I actually prefer to use debit cards since I'm quite frugal and in addition, I prefer not to have a credit statement looming over my head Smile
So whether at shops or online, I usually go with debit cards.
pauline123
O only have a debit card. I do not own or plan to get a credit card anytime in the near future. Sometimes they are tempting but it is usually the interest that is the problem. I would think about one to improve my credit, but to do that you need to let the interest hit on a small amount each month. This would also allow one to repair their credit if they were still eligible for a credit card, and one needs to have some pretty bad credit not to be approved for any credit cards. Usually if your credit sucks when you appply for one the interest rate will suck as well, but hey repair that credit and switch cards and all will be better.
coolclay
When I was younger I swore I never would get a credit card, because I believe in the philosophy of not buying something if you don't have the money.

However once I learned that I can make money with credit cards I have altered my thinking! While I certainly still don't buy things with money I don't have, I can use the banks money to make money for myself.

Exhibit A: I just took out a subsidized college loan for $5000 even though I didn't need it, and invested it into Lending Club where I am earning an average rate of 10%. Once my 2.5 years of 0% interest is up I will repay them, while being $1250 richer!

Exhibit B: In the US there are literally thousands of no fee reward credit cards. The one I have had the longest is from Cabela's (an outdoor outfitter store). They give you 1% back in free merchandise, it may not sound like much but if you were going to sped $1000 anyway (food, groceries etc.) you might as well earn $10 in free stuff. I also buy things for others, and have them pay me in cash. I never carry a balance, and hence have earned around $500 in free stuff over the years.

Exhibit C: I just signed up for my second no fee credit card. It's from Capitol One, they offer an instant bonus of $100 cash for signing up, and 1% back in cash, then at the end of the year they double your earned money. On top of that they offer a year of 0% interest, so I will be maxing out the card and investing half the money at Lending Club (10% remember) and half in silver bullion. And for the first time in my life I will carry a balance, but promptly pay it off when my year is up. So I should make a minimum of $300 from this deal and possibly $400-$500 depending on the silver market, all in the first year.

All this while building my credit history!

As long as credit cards are managed properly (aka paying your balance every month) and you don't buy things you can't afford, then credit cards can be real money makers!!

Of course this applies to the US only I didn't realize other countries always charge fees? If you don't mind me asking what country are you from Johan?
Helios
coolclay, thanks for those interesting points. I've actually never thought about using a credit card and loans in such ways. Interesting stuff indeed. Very Happy

I have a VISA credit card which I use extensively, whether when buying from ebay or within the country. My employer has cut a deal with the credit card company and I receive some nice discounts (up to 10%) and I also don't pay any fees (usually there's a 4.3$ monthly fee for my type of credit card).
There's also a nice savings plan which works like this: every time I buy something, it rounds the sum up and places the difference into my savings account. For example, if I buy something which is worth 9.3$, I will pay 10$ but .7$ will be transferred to my savings account.
pll
I almost never use my credit card. I took it just tp get a good name and be able to buy a house later.
Or in an emergency case (I know I have it).

When I want something, I prefer to get all the money before I get it. Because if I pay with my credit card, I will need to pay tons of interest on my purchase.
deanhills
I have an interesting scenario with my Visa card in the UAE. Every time I make a purchase, whether locally or overseas, I get a call from my bank call center. If I don't answer the call, they freeze my card. So I'm always careful when I make my purchase to make sure I have my phone with me and not on my way to sleep. I once got a call at 5:00 a.m. for a purchase on the Internet that had only gone through at that time. Any way, after I'd got over the shock of this, I realize it's for my safety. Only drawback is when I go overseas. As it's much too expensive to have a phone with roaming on it. And they don't do e-mails. So even with notification to the bank that I will be away, and take responsibility for all my purchases, my card still got frozen when I checked into a Hotel in England. Sort of embarrassing, except fortunately I had cash for back-up and the UK still think highly of cash.
coolclay
Yea, I've had that happen a few times too. It is a real pain in the tush, but it's good to know they've got you covered. You would think that they would learn where you live though, or at least travel to a lot, and stop freezing it for commonly visited locations. They say you can call before a trip and let them know, for me that works (because I don't travel out of country much), but for people like you who travel all the time for work, it would certainly be annoying!

PLL, good for you, the world would probably be in a much better place if other people lived like you, within there limits!
Afaceinthematrix
When I travel out of the country, I just call my bank and tell them the country(ies) and dates and let them know. They put a note on my account and it is all good. My sister traveled to Canada a couple months ago (she lives in the States) and tried withdrawing money from her account with just her debit card and her account was frozen. She had to call the bank and get it sorted out; it took forever. Luckily, her account was only frozen and she immediately called and told them to not do the same to her husband's card and so they were still able to use money. I was in Europe a few months back and I met an American who was trying to get his bank information sorted out because his account was frozen. If they don't know that you're leaving the country then it looks like fraud when you use the account. Before I went to Europe and Africa I called my bank and told them the dates and countries. I'll be going to Japan in three months and I will do the same. The annoying part about my sister was I even WARNED her that it might happen. I told her, "That happened to people in Europe. I would call your bank before going to Canada." She didn't listen to my warning and make a three minute phone call and she suffered the consequences.
deanhills
Problem is that I did let them know. It's also not a case of just phoning the customer call service. One actually has to go through the hoops of going to a bank in person and presenting them with a written instruction that you will be away for X period to X period in X country/ies. My bank is situated quite a distance from where I live and work, as I live and work outside the city area. So that took me completely out of my way. So when my account got frozen in spite of all of that effort, it really got me irritated. One good thing with these screw ups, and there have been a number with issuing cards, etc. is that all of the customer agents seem to know me. That for me has some security written in it. I've also got to the stage of even recognizing their names and voices, so that's like having friends at the Bank looking out for me.

Anyway, I'm due to travel to Canada and Ecuador in September, so will make a big case of it when it gets closer to the time. Canada may be a challenge although it should not be as I've paid in advance for my accommodation to get a cheaper rate. They still need my credit card for identification however, so hopefully if it is frozen, it won't create problems for my accommodation. Ecuador I'm a little concerned about, so think I'm going to work on cash as much as I can. Rates are very low any way, so won't require a lot of cash. All my air tickets have been paid in full, so hopefully no worries there either.
linux1993
Only when conducting big dealing will I purchase with my credit card. Because I don't dare to use it in small shop of market where I might lose privacy.
grofet
when i need a creadit card for payment i just buy a virtual credit card and buy reload to add money to the card. i dont like credit cards since creadit card is very easy to used by other people. so now i only have debit card to use in atm (automatic teller machine). it's more save since its have somekind of password to use it.
johans
pll wrote:
I almost never use my credit card. I took it just tp get a good name and be able to buy a house later.
Or in an emergency case (I know I have it).

When I want something, I prefer to get all the money before I get it. Because if I pay with my credit card, I will need to pay tons of interest on my purchase.


you can get interest if you will pay all your bills after the billing period.. well, it all depends on how you manage your financial life.
RosenCruz
Online and daily. I use it to deposit, withdraw and shop Wink
Radar
I have a credit card, but I never use it as such.

A friend of mine once told me never to spend money you don't have. Simple advice, still sounds good.

The other phrase I've people use is debt is slavery. Sounds harsh, but maybe. Although if you consider debt slavery, you really consider a lot of things to be slavery.
denishwilson83
I am using credit card regularly but i am also take care of it When you sign up for a credit card, you are entering into a legally binding contract, so it’s important that you understand the terms and conditions.

Credit card applications from federally regulated financial institutions must have an “information box”’ that outlines key features of the credit card like interest rates and fees. But don’t stop reading there. Review the complete terms and conditions so you’re aware of other important details.
darthrevan
I use to have a credit card, though no longer. It is the usual story. Went into debt with it and got behind :s. Wish it never happened but can't change the past though.
masterekat
I've had one since shortly after I turned 18. I've been doing really good with them so far because I saw how much trouble they got my parents into (I'm 23 now). I'd been doing one of the things that coolclay says he does, I got a credit card with no annual fee that earns me reward points. I'd used it for essentials like gas and groceries and just paid it off at the end of every month, so I'd earn a $25 Amazon card after every six months or so. But lately I've been getting into a bit of trouble with my card. I'm getting married this month, and my fiance and I have basically had to pay for our entire wedding and honeymoon on our own. So much of that has gone onto the credit card. It's always been my motto to not spend money I don't have either, but marriage is really important to me and my family because of their religion and the way I was brought up. And that combined with my current living situation, it really wasn't feasible to put off getting married any longer than I already have. And I only plan on getting married once, so I think I'd really regret if I didn't plan on having a nice wedding and honeymoon. We're not going crazy or anything... for example, his mom is making the dresses, so I only had to pay for material and patterns, and we're having party trays as food instead of a whole meal. And the honeymoon will be a cruise, which does sound sort of expensive, but we looked into it and its all inclusive, so the price of the entire cruise with food, room, and entertainment ended up being cheaper than the hotel room alone would've been for a road trip we were going to do before we changed our minds.

I'm rambling lol, but the point is that I don't plan on doing this a lot, and I've already started to come up with a plan to pay everything back over the course of the next year. Yeah, I'll be losing a lot of money on interest, but I feel like it's worth it for all of the memories I'll get out of this.
deanhills
I wonder how many credit cards get maxed out on weddings, but that usually happens to the credit cards of the father and mother of the bride. Looks as though you are very responsible however and it will be sorted out soon any way. I'd say a wedding is worth it! Wish you a wonderful wedding Masterekat.
RosenCruz
I m gonna cancel them all but the on PayPal. I do not use that often at last months
deanhills
I'm quite good with my credit card, although it's a bit complicated to use. Just wonder whether one could find an international credit card as all credit cards seem to be linked to the banks of the country one is resident in. I may be leaving the UAE towards end of next year and would like to have an international banking service sorted out before my departure.
Peterssidan
I don't have a credit card, but I have a debit card. I like to pay with real money so I mostly use it to withdraw money from ATM machines.
rx9876
I pay with credit card to get the credit card bonus,
but if there are discount for cash, I will pay by cash.
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