What are your views on credit cards?

Question

Are they beneficial or just a waste of time and money?

Answer 1

Beneficial if used responsibly - unfortunately they get a lot of people into serious debt.

Answer 2

Easy to get, easy to spend, hard to pay back,get into debts, bad credit et,al. If you are a first time user please use my advice...DO NOT BUY ON IMPULSE...simple: If you have a tv and you want an upgrade to maybe a "flat" screen tv, don't buy it cuase the card is avaible, down the road u get bored with it the "crazed" is now a "fazed" and now what u got stuck with a credit debt to be paid.Use wise when short on cash or let's say you got a utility bill u pay half in cash the rest on credit, that way u will easily able to track your credit spending, also always keep a note pad on hand to jog down what u have spend on the card. Bottom line when you have low payment ratio and good spending habits you'll be able to stay out thr red and focus on paying of those high interest rates, which is where the main squeeze is.

Answer 3

A threat to the undisciplined user. An excellent way of doing business but there should be a better means of protecting the card holder. No card should be able to be used without use of a PIN number and maybe a biometric read of the user. Companies that pressure consumers into using credit cards and make credit so easy should share the responsibility for those who lack the discipline to properly manage a credit card account. I would almost equate their tactics to entrapment!

Answer 4

They're great for me because I only get paid once a month. So if something comes up in the middle of the month and I don't have enough to pay for it, I can just put it on my credit card and pay it off the next month. They're a waste of money if you max them out and are charged really high interest rates.

Answer 5

I'd rather have a Debit card in the future..that way I don't owe any bank anything and I'll know what money I put in the card and what I'm spending.Credit cards can be a waste when used carelessly..depending on one's limit. According to my father (who happens to be a banker) they are beneficial,especially when you need to buy something urgently and you don't have the money at the time.But i'll still stand my grounds..as I don't really believe in them.

Answer 6

They are a waste of time I am 37 and have never had one If i want something that bad i save up and buy cash I think credit cards get a lot of people into a lot of debit

Answer 7

they can be benifical so long as you don't abuse them.
sometimes things go wrong and normally when something breaks there always something that follows . you might have enough money to by the first item but what about the fridge /freezer that just broken down in the middle of summer don't get paid for another three week .what would you do .
put on the credit card set up standing order for the payments to go straight out of the bank every month when you get paid and forget about it . you can set upthe payment so it finishes when the balance is clear you can set up th epayment for weekly ,monthly what ever you want.

just don,t go above what you can afford ,get a small balance.
just for those little emergencey

Answer 8

Great as a way to get all your payments together so that you can pay them once a month. BUT you need to know that you are a naturally responsible spender. If you are not they are a trap because the interest rates are very high compared to almost any other way of borrowing.

They are convenient and relatively cheap as a way to pay for things when you are abroad but your debit card may do the same things for you when you travel, if you have the right one.

Answer 9

If you pay off the balance every month, they are perfect for free credit for up to 56 days, if you get cash back or points, you get the additional perks just for buying what you would have bought anyway!

Also, if the company you buy from messes you about, you can go after your credit card company to get your money back.

However, if you have to pay interest because you're not paying your balance off monthly, the cost can be incredible! You're better off getting a loan then for a fixed period.

Answer 10

They are very beneficial and very dangerous.

They are a nice way to clump all your expenses into one medium. Also, its a lot easier to carry a card than a lot of cash. If you lose your card you can simply cancel it without harm down, whereas with cash you'd be out the money.

However, if you don't pay them off monthly, they can cost you.

Answer 11

I have 3 credit cards. One is for repair emergencies, and the other 2 are for dept. stores that I only use when it gets me an extra discount. Since I pay them off every month, they do save money.