Credit Cards

[derek.haines]

So how about those credit cards? Do you use them, and if so, how much debt do you have on them? Or do you refuse to touch the evil little things?

I have one, but luckily it has a fairly low credit limit so I can't go completely insane with it, lol. My thinking on the matter goes something like this: I would rather buy something that I need, and have it to use while I pay it off, rather than need it the entire time while I save up the money to buy it.

How about everyone else?

 

[Reyairia]

My parents have absolutely no debts, apparently that's very rare nowadays.
I don't have a credit card yet, but I'll make sure not to go insane with it: I'm probably one of the only girls who have ever been upset at losing weight because that meant shopping for clothes.

 

[Mini Mic]

Don't worry Reya, I'm cutting your hands off remember we had this discussion the other day. Then you won't be able to buy anything! Problem solved.

 

[Reyairia]

Don't worry Reya, I'm cutting your hands off, remember we had this discussion the other day. Then you won't be able to buy anything! Problem solved.

 

[Mini Mic]

I'm not going to have to take the feet too am I?

Funny how we manage to turn just about every topic into the Mic and Reya discussion forums.

Oh yes credit cards, hmmm well I don't have/ need/ want one so I am of no use here. -leaves-

 

[Mic_128]

I perfer to spend my own money, so just bank cards for me.

Also, love the location Mic

 

[Sporkman]

Prefer debit cards myself. Rather pay for something straight away and see how much money I have (left) immediatly as opposed to possibly paying more for something and having a false idea of how much money I have available.

That's how they get ya.

I'd only get one to buy stuff online.

 

[derek.haines]

The problem for me comes down to when I genuinely need something, such as a new hard drive. While it's true that I could survive without it, I'd certainly prefer not to, but the money in my bank account wouldn't be sufficient for that and all of my other expenses. So it's just more responsible to use a credit card than to go broke until next payday over something like that.

 

[Eriatarka]

I've always had a zero-tolerance thing about going into debt, just for myself. If I didn't totally stop myself from going into debt, I couldn't trust myself to set a limit. It's a lot safer, plus even though it mean you go without for a while, it's just the price I pay life in the financial comfort zone.
Plus it means you're not paying interest or whatever, so you come out more in the green than you would otherwise.

 

[Crimson King]

I have a credit card and a debit card. I have a weird OCD thing where I can't get below the nearest hundred, rounding down. I freaked out when I dropped below $800. I use my credit card for all my purchases, then pay it immediately. Reason? To build credit. I have a 720 or so as my credit score, which is great for a college student. I also have a ton of money in savings accounts, and I can budget quite well.

 

[degreekelvin]

Ditto. The only reason I have a credit card is to build credit. You youngsters don't realize how many things you can be denied as an adult for having "no" credit. That's not bad credit, just the absence of it altogether.

I got one of those Citi Bank Shell Gas credit cards. I can use it on anything, but I get a small discount on my gas when I use it, and I just pay the balance online as soon as I get home.

 

[Crimson King]

There are other ways to build credit if direly necessary, but a credit card is the easiest and safest way. The methods are:
1. Take a loan out for a lot of money, then pay it back the next day. Every time you pay off a loan, you get credit, so by paying the loan off with the money you borrowed with = free credit.

2. Finance EVERYTHING. - Need a new bed? Put it on layaway. In fact, all stores will have a finance program for things over a set value, so if you need, say a Playstation 3 or XBox 360, finance it, then pay it off immediately. Same as the above principle.

 

[Evil Eye]

I have a Visa. I should have been approved for like 3K but I got 1500 instead, which makes all kinds of no sense given my income, but whatever.

Word to that, Haines. I'd have like this card when I was getting my laptop, or my 360. Took a lot of scrimping (well not THAT much, but a drastic reduction of spending) to get those the old fashioned way.

 

[derek.haines]

I'm all for building up credit, that was my whole purpose in getting my card in the first place. I should probably check my credit score at one point or another...

 

[Mini Mic]

I perfer to spend my own money, so just bank cards for me.

Also, love the location Mic

Agreed, I have quite a significant amount in my savings plus I never buy anything.

And thanks, Nintendo of Australia can go to hell.

Don't tell anyone but you're my favourite mod

 

[Livvers]

I prefer credit over debit. You build credit score, and there's never any worry of overdrafting. My friend forgot to check to see it the bank had processed her check(big mistake), so when she used her debit card to pay multiple bills, she got charged overdraft fees like crazy. I wouldn't want to make the same mistake somehow.

I'm the kind of person that doesn't like spending money I don't have, anyways, so credit cards aren't a problem for me.

 

[Crimson King]

I prefer credit over debit. You build credit score, and there's never any worry of overdrafting. My friend forgot to check to see it the bank had processed her check(big mistake), so when she used her debit card to pay multiple bills, she got charged overdraft fees like crazy. I wouldn't want to make the same mistake somehow.

I'm the kind of person that doesn't like spending money I don't have, anyways, so credit cards aren't a problem for me.

Oh my god, the same thing happened to a girl I know. She paid some money for a hair cut, the person didn't cash the check for like a week, then she was overdrawn when she bought a pack of gum and got charged like $32. Worse still, her bank charges $5 every day she is overdrawn. Within a week of spending, she had -$230.

 

[Reyairia]

Oh my god, the same thing happened to a girl I know. She paid some money for a hair cut, the person didn't cash the check for like a week, then she was overdrawn when she bought a pack of gum and got charged like $32. Worse still, her bank charges $5 every day she is overdrawn. Within a week of spending, she had -$230.

Oh, she got one of those scam credit cards? Those that like to prey off university students? Yeah, I've heard of those. Tell her to change it.

 

[Crimson King]

No, it's a debit card. That's actually a common thing among banks if you get overdrawn.

 

[Livvers]

Yeah. My friend deposited two checks. One for $100 and another for $500. For some reason, they ONLY processed the $100 one. I've known to be wary about that kind of crap since it happened to my ex.

My mom goes to a credit union, and apparently she has overdraft protection. You can overdraw to a certain amount. I'm not sure if you put money aside specially for that, or if it's something where you have to put money in within so much time after the overdraft.

 

[derek.haines]

I've got it set up with my bank that if I ever overdraft then they automatically take $100.00 from my credit card and stick it in my checking account, simply so I don't get any fees for the overdraft.

 

[Crimson King]

Still risky because it adds to your bill. Best bet? Do what I do and make a finance journal. I got one of those mini-composition books and filled it with my current balance. Does WONDERS and curbs my spending.

 

[Cat Fight]

I use credit over debit. In fact, I don't even know if my debit is even activated since I haven't used it once yet. I actually get checks from social security ($640 a month) so it's pretty easy to pay off any bills I have on my credit card.

I think I owed $340 from late last month/early this month, and I just paid it off yesterday. :"D

I don't know anything about financing or layaway, really.

I just build credit score by buying things and paying them off with SS checks, heh. Originally my limit was $500 but now it's $1,500 - woo!

 

[Zankoku]

Credit is definitely a better choice in the long run. Credit score is always good, and debit is typically annoying to work with in certain places, like PayPal. Also, my debit card seems significantly less resistant to wear and tear than my credit card - it's been falling to pieces.

Overall, I like using the credit card for certain things 'cause I always tend to lose coin change, so it's more convenient than cash, and I don't usually spend much money anyway so there's no problem of going on some insane shopping spree.

 

[Crimson King]

How old are you to get social security?

Anyone with good credit, I suggest applying to the Amazon credit card, you get $30 off your purchases + you get 3 points on Amazon and 1 point everywhere else for every dollar.

 

[Cat Fight]

How old are you to get social security?

Anyone with good credit, I suggest applying to the Amazon credit card, you get $30 off your purchases + you get 3 points on Amazon and 1 point everywhere else for every dollar.

I'm 18.

And the Amazon credit card sounds pretty nice. Might have to look into that. :"O

 

[MarsFool!]

I have two credit cards. One from Bank of America and one from Capital One. Both with a 500 dollar limit. Capital one card sucks -_-

Debt wise let's net get into that, Im a college student >_>;

 

[derek.haines]

I'm 18.

And the Amazon credit card sounds pretty nice. Might have to look into that. :"O

Don't you have to be 65 to collect social security?

 

[Ganon007]

Don't you have to be 65 to collect social security?

Not really. My friends dad died and she receives like 550 a month from SS for "school expenses" and what not. When i get my credit card, I'll follow the advice here and pay it off as soon as possible. I'm glad i looked at this thread! xD

 

[derek.haines]

Huh. Shweet.