zorra's life question #2

[zorra_chiflada]

should i get a credit card?
will it make me feel grown up?

[ToucanSpam]

Don't.


You'll have a huge debt with interest at the end of every month?

[TurdBerglar]

just get a debit card

[jabumbo]

just get a debit card


i think turd and i are almost the same person


a debiit card is nice since you can't spend more than you have, and debt is a shitty thing

[ericlee]

I never had plastic and pay for everything in cash. Maybe it's fear of going in debt but at work, there are contractors that are in their 60's working overseas just to pay off big debts. Mostly of which are credit cards.

[zorra_chiflada]

ok.
the banks like signing up people who don't have much money for credit cards, so they'll never be able pay it back and then the bank makes money.

[Kid Presentable]

ok.
the banks like signing up people who don't have much money for credit cards, so they'll never be able pay it back and then the bank makes money.

That's it.

I use a credit card for some stuff, but only because I can't be arsed getting a debit card.

Actually, I don't think they have them here. I had one in the U.K. :confused:

[Rancid_Beasties]

You need a credit card here for things like credit ratings when it comes to buying a house or other items. Its also very handy for buying things online and for signing up to ebay etc. Plus I just got one the other day so that I can get a mobile...they wouldnt let me go on a contract unless i had a credit card as backup.

[zorra_chiflada]

Actually, I don't think they have them here. I had one in the U.K. :confused:

i'm not sure if they do.

[tracky]

i havn't got a credit card, but I have got a visa card. It's a debit card. It works for what I need it for, which is nothing really.

[jabumbo]

You need a credit card here for things like credit ratings when it comes to buying a house or other items. Its also very handy for buying things online and for signing up to ebay etc. Plus I just got one the other day so that I can get a mobile...they wouldnt let me go on a contract unless i had a credit card as backup.


since i didnt have a credit rating at all, verizon said i had to pay a $400 deposit to sign a contract with them for a phone

i said fuck that!

[Kid Presentable]

i havn't got a credit card, but I have got a visa card. It's a debit card. It works for what I need it for, which is nothing really.

Word to that, I wonder why I bothered getting one if all I'm doing is buying Cartons with it.

[Tzar]

i got a teen scheme card. it's just a debit card with less features.


OH FUCK!! i forgot!! i gotta hand in a thing to bankwest about changing cards now i'm 18 :(

[Kid Presentable]

i got a teen scheme card. it's just a debit card with less features.


OH FUCK!! i forgot!! i gotta hand in a thing to bankwest about changing cards now i'm 18 :(

If you want to travel, quit the Bankwest. Their eftpos cards aren't part of the global network (Cirrus and all that).

[Tzar]

If you want to travel, quit the Bankwest. Their eftpos cards aren't part of the global network (Cirrus and all that).
yeah i suppose so. but mum works for them so.... hmmm....

[Monsieur Decuts]

if you want to build a credit rating, but don't want to dive into potential debt do to the obvious potential with a credit card....companies offer secured credit cards, which are in essence a debit card.

You give them 500 bucks, they give you a full on credit card..with a 500 dollar limit.

that'll build your credit without ruining it...and probably keep you in check.

you will max out your first card...its as sure as pubic hair

[Medellia]

If you do get a credit card be very very careful with it so that you don't have severe financial problems later. And don't make the minimum payments! You'll be stuck paying it off longer if you do that. Paying more each month will be harder at first, but it will pay off in the long run.

[jabumbo]

my mom is amazing with the credit card. she pays the exact amount every month, so there are never any interst charges...it boggles the mind

[icy manipulator]

rancid pretty much summed up what i would've said. C#$T!!!! :p

[Loppfessor]

Get one to help build your credit but get something like American Express that makes you pay the full balance at the end of each month. If you get a normal one cut it in half and never use it.

[TonsOfFun]

Yeah, I was once about £11,000 in debt with credit cards. Evil stuff, paid it off now but I still have one and pay the full limit each month. One of the reasons I'm 25 and living at home.

They are great if you want an advance on your wages and they help online shopping for things liks concert tickets for extra security as you generally get some free insurance - which has come in handy more than once for me. The down side is the company will keep putting your limit up each month.

I would say get one but be carful, get a low limit and if they put it up, call them and ask them to put it back down. Also don't be scared to cut it up when you ask yourself the question should I? Even if you aren't that much behind but scared you might - cut it. If you need it back you can call them and you'll have it back within days. They are also great for travelling as a back up. Especially in todays travelling worries.

[kezz]

im still paying off my holiday from 2 years ago. they come in handy, but you can get into a bit of strife. St george has a good debit card thingy. my sister has it. its a visa card, but you have to have the money in your account to use it- there isnt an overdraft. and if you're a low income earner, a lot of banks wont issue them.

dont go with the commonwealth bank. they're crap [i know this from experience]. and this whole "rewards points" scheme is a crock. i have spent maybe $9000 on my card and i have JUST earned enough points to get a $50 HMV voucher. whoop de do

[TonsOfFun]

A lot of banks do 0% interest. If you have debt, use these to get your debt down and then switch when the rate goes up to the next 0%.

You can actually make money on credit cards. You need money to do this but worth it if you can be bothered. For the sake of two or three phone calls you can make about £150 but keep an eye on it. And you have to be a saver and not a debter for it.

So; if you got a credit card with a £3000 limit with a cheque facility - most companies do these but don't automatically send them so just ask. You could write a cheque for £3000 to yourself, pay it into an ISA and you'll start gaining interest right away. So instead of putting money into your savings account, you've already saved for that year you can just pay it off each month during the 0% offer. So say if that lasts 9 months, make sure you change your remaining balance to another 0% before that 9 months ends. So if you was going to save £250 a month into an ISA and you make 12 £250 payments on 0% credit cards you've made about another £150 interest.

The same way can work if you have car loans or other loans. If you get a cheque book you can just pay off your loan with the cheque onto a credit card balance. If it is 0% then you are no longer paying interest on your loan and as long as you keep it with different cards at 0% you have flexibility in making less or over payments on what was your loan and no interest. So that way you are saving money.

You can tell I used to work for a bank.

[zorra_chiflada]

im still paying off my holiday from 2 years ago. they come in handy, but you can get into a bit of strife. St george has a good debit card thingy. my sister has it. its a visa card, but you have to have the money in your account to use it- there isnt an overdraft. and if you're a low income earner, a lot of banks wont issue them.

dont go with the commonwealth bank. they're crap [i know this from experience]. and this whole "rewards points" scheme is a crock. i have spent maybe $9000 on my card and i have JUST earned enough points to get a $50 HMV voucher. whoop de do

can you get one from a bank you're not a member of? i've got a commonwealth bank account, so i thought i could only get a credit card from there. shit, i know nothing about this :confused:

[TonsOfFun]

^yes. Anyone gives you credit. Or they do in the UK. Scary really.

[ms.peachy]

A lot of banks do 0% interest. If you have debt, use these to get your debt down and then switch when the rate goes up to the next 0%.

You can actually make money on credit cards. You need money to do this but worth it if you can be bothered. For the sake of two or three phone calls you can make about £150 but keep an eye on it. And you have to be a saver and not a debter for it.

So; if you got a credit card with a £3000 limit with a cheque facility - most companies do these but don't automatically send them so just ask. You could write a cheque for £3000 to yourself, pay it into an ISA and you'll start gaining interest right away. So instead of putting money into your savings account, you've already saved for that year you can just pay it off each month during the 0% offer. So say if that lasts 9 months, make sure you change your remaining balance to another 0% before that 9 months ends. So if you was going to save £250 a month into an ISA and you make 12 £250 payments on 0% credit cards you've made about another £150 interest.

The same way can work if you have car loans or other loans. If you get a cheque book you can just pay off your loan with the cheque onto a credit card balance. If it is 0% then you are no longer paying interest on your loan and as long as you keep it with different cards at 0% you have flexibility in making less or over payments on what was your loan and no interest. So that way you are saving money.

You can tell I used to work for a bank.

I dunno about all of this advice. I mean yes THEORETICALLY what you are saying is true, but one would have to be extremely attentive and disciplined for it to work out. And, never ever ever have any sudden unanticipated expense, like an injury, layoff, or major car repair.

I'd be especially wary of that 'switch everything to 0% and keep transferring' business. This is the number one way that people get themselves into huge pits of debt, because it can all get out of control quite quickly.

[TonsOfFun]

Yeah, I wasn't advising it, just saying you can make money out of what is normally something that takes money out of you. And you can start with lower totals if you did do this. Works on any scale. I've used this method and as long as you use it as a money making thing then do it. Also, you always have the money there to pay back what you have drawn out if you do not spend your savings.

I also forgot to add, cut up the cards before you even use them cus you don't need them doing that.

[cj hood]

[TonsOfFun]

credit cards often go up to 12 months with 0%. A loan would probably be arounf 6-7% internet but then USA have a lower interest rate so you should be crazy cheap.

Banks sometimes give large over drafts if you make an agreement to pay it back within a few months - like 3.ish. But YOU HAVE to pay it back in that time otherwise they'll be fining your childrens children

I started to train as a fincial advisor but never really got into it cus I felt like I was selling out. So I an NO WAY an advisor. k?

[kezz]

can you get one from a bank you're not a member of? i've got a commonwealth bank account, so i thought i could only get a credit card from there. shit, i know nothing about this :confused:

yeah, you can. i got mine thru the c/wealth, only cos i was a member and needed it in a hurry. but the virgin credit card looks ok. or the citibank one.

[Kid Presentable]

I gotta pay for a buncha kids to eat Happy Meals yo.

I'll take a keyboard...

:mad:

[wanton wench]

should i get a credit card?
will it make me feel grown up?
nooooooooooooooooooooooooooooooooooooooooo!
hell no!
no! dont do it!

[enree erzweglle]

If you do get a credit card, get just one and use it like cash.

In other words, only charge something if you could have paid cash for it right then and there. And then set that cash aside for when the bill comes in.

Pay the balance in full each month--don't get tricked into paying just the minimum payment.

I don't care what anyone says about how it's healthy to run a balance. It's only healthy for the creditors.

[guerillaGardner]

should i get a credit card?
will it make me feel grown up?

Don't get one. They are legalised robbery.