I intend to avail a credit card for myself. But before plunging in, i would like to know if i really need it. Is credit card a boon or bane?
2006-12-16 02:15:54 · 10 answers · asked by Anonymous in Business & Finance ➔ Credit
Credit Cards have tremendously powerful bennefits!
1. Universal Default Provision: This bennefit allows the credit card company to jack your interest rate over 30% no matter what they 'promised' you.
2. Federal Fair Debt Collection Practices Act violations: Due to lack of enforcement by the Federal government, debt collectors run amuck of the law. Should you miss a payment or two your social life will blossom with all the phone calls you'll be getting. You'll feel like you're the star of a mobster movie with the ceaseless drama and endless threats the collectors offer.
3. Pshycological freedom between you and your money. The typical credit card user pays more and buys more than they would have if they had used cash.
2006-12-16 03:15:37 · answer #1 · answered by KC 4 · 0⤊ 0⤋
It depends on how you use it.
I like credit cards. Using them responsibly can help build up a very good credit score that will get you the best interest rates on important purchases (car and home) Sometimes you absolutely need one (liking for renting a car) and it also allows you to keep track of where you spend all your money (I found that when I spend cash, I can never remember where it all went to. When I use my card, it's itemized in my statement)
However, if you don't respect your money and your card, there's nothing worse you can get but a credit card. It can ruin your life by tanking your credit score and having collectors calling you to get their money. However, if this happens it's not the fault of the credit card- it would be your fault. Just make sure you understand everything in the fine print of the credit card offer and pay it off in full every month and a credit card can be your best friend.
2006-12-16 04:11:02 · answer #2 · answered by Vadalia 4 · 0⤊ 0⤋
It could be either. If you handle your credit responsibly then it could work to help build your credit. A credit card comes in handy if you need to rent a car. It prevents you from having to have a lot of cash in your pocket. Frankly, I think it is better to pay cash. A debit card can do pretty much the same thing without the debt. If you decide to get a credit card don't charge more than you can afford to pay for when the bill comes. That will keep you out of trouble.
2006-12-16 03:41:31 · answer #3 · answered by Flyby 6 · 0⤊ 0⤋
In addition to all of the answers given, and all good answers, a card can actually save you money, big bucks.
Suppose you wander the mall, and spot a new pair of Nike's on sale. Legitimate sale. A 50% off sale.
You can whip out your credit card, assuming you need a new pair or will very soon, and save yourself a bundle.
The trap is not paying them off, if full, when you get your statement. If you make minimum payments, the sneakers will be trashed for 3 years before you pay them off.
What's worse, you'll have paid the credit card company interest 3 times what the sneaks cost.
A credit card is a tool, just like a hammer. Use it wisely and it will serve you well for many, many years. But if you take your eye off the target for a second, damn your thumb will hurt like hell.
2006-12-16 03:42:30 · answer #4 · answered by Anonymous · 1⤊ 1⤋
If you use it wisely, its a boon. It becomes a necessity to book yourself into certain hotels and motels, and it can extend the warranty on some of the items that you buy. It is also handy if you have a temporary emergency that is not too extreme and you need a little extra cash that you might not have on you.
2006-12-16 02:20:41 · answer #5 · answered by Paul H 6 · 1⤊ 0⤋
No, my friend never fall into the trap of Credit Card. Credit Card will make you slave of living on tomorrows earning. It will induce you to spend more than your capacity. "Neither a borrower, nor a lender be" said the bard Shakespeare in his "Hamlet". Follow this golden rule and lead a happy life.
2006-12-16 02:27:56 · answer #6 · answered by Brahmanyan 5 · 1⤊ 0⤋
Just use it sensibly. At this time, I have no credit cards (due to not using them sensibly I cut myself off). However, having one for emergency purposes would be nice. If you travel at all, when renting a car, a lot less hassle if you have one. If car repairs or something of that nature come up, it would be nice to have one. Things of that nature.
By the way, 'man', I reported your account moron.
2006-12-16 02:25:00 · answer #7 · answered by Sunidaze 7 · 0⤊ 0⤋
Capital one is the first credit card I was every approved for. I believe they will give you something you can print out having your acct. number on there. Or go to your bank and apply for one of their cards and they should give you a temporary card. Target, Kohls and other departments stores also do this.
2016-05-22 23:15:18 · answer #8 · answered by ? 4 · 0⤊ 0⤋
I like not having to worry about carrying cash around, also not having to go to the bank to get money. Definitely a must if you're shopping online. Some credit cards offer "rewards" when you spend certain amounts. But it does make it easy to spend money you don't have.
2006-12-16 02:21:10 · answer #9 · answered by Mrs_M 4 · 1⤊ 1⤋
a credit card is financial tool that can be helpful if you can manage your money properly. I would recommend a few for emergencies
2006-12-16 02:27:21 · answer #10 · answered by Anonymous · 0⤊ 0⤋