I've got great credit and have had several credit card offers and reject them all. Do you think it wise not to have one? I have saved tons of $$$ from interest by not having one. What do other people think of this?
2007-03-05 05:41:51 · 14 answers · asked by Anonymous in Business & Finance ➔ Credit
Everyone should have one credit card for emergencies. You can't even rent a car without one or make a reservation over the phone or Internet.
If you have good credit, you should be able to get a card with no fees and very low interest. What does' it hurt if you use it every now and then and pay it off in full. That way you don't pay any interest and it just makes your credit look that much better.
2007-03-05 05:57:46 · answer #1 · answered by ? 7 · 0⤊ 0⤋
As long as you don't have a need for a credit card, don't get one. If you do have a need (it's easier to buy stuff on-line), then make sure that whatever you charge, you pay off the balance EVERY month. Don't ever carry a balance. That's where you get in trouble. If you just want to save on check writing, and pay all your bills with your credit card, then write one check to PAY OFF the whole balance on the card, that's a good use too. Credit is good to have, but every time you open up a new account, your credit score goes down. Having one card, that you pay off every month, makes your credit score stay high, saving you money in other areas that you're not even aware of, like car & house insurance. If you think you need to get ONE card, then read through all the offers. Pick the one that gives you the lowest rates, with no annual fees. Make sure you pay your balance off every month, mailing your payment at least a full week before the payment is due. This is where they hook you. If you're late by just one day, you lose all the great introductory benefits, plus they raise your interest rate. So, play by the rules, give yourself plenty of time to get the payment in, and pay your monthly balance in full. When you do this, you'll save time and money, both very good to have plenty of. <*)))><
2007-03-05 13:56:54 · answer #2 · answered by Sandylynn 6 · 0⤊ 0⤋
Credit should be used as a tool, like a socket wrench when you're changing your oil, or a pipe wrench when you sink leaks. Needs and wants can easily get confused and people start living outside their means. Let me give you an example. You currently have a 27" screen T.V., and although there's nothing wrong with the T.V. you go and get a HD 1080i TV maxing out your credit. Now not only you're paying like $75-100 month for something that you used to watch for free, but now there's interest added on to it. Here's another classic example of how people use credit cards the wrong way. Charging at fast food restaurants. From time to time, I'm even guilty of this myself. How would that BigMac or Whopper taste if you knew that you're paying 9-29% interest on it! Chew on that!
The best way to use credit cards is to use it in emergencies, and if you do use it, pay it off in full each month. The only time you should use it in a non-emergency is when you have the means to pay for what you charged. The key is to key low balances, if not 0 on your accounts.
In closing I'll leave you with this as far as credit cards. It's good to have something that you don't need, instead of needing something that you don't have.
2007-03-05 14:39:43 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I have one and use it all the time. However, I pay it off every month so I also don't pay a cent in interest.
It's way more convenient than carrying cash when I travel and a lot easier to make hotel and airline reservations with one. If used wisely, credit cards are great.
It also can help your credit score as it shows consistent monthly payments.
2007-03-05 13:51:15 · answer #4 · answered by Faye H 6 · 2⤊ 0⤋
I have a Discover card which I use for things like on-line purchases, paying for motels when traveling, and things like that. I pay off the balance every month. Having a credit card and using it gives you a credit history. You can also get things like cash back allowances, airfare mileage.
2007-03-05 13:47:55 · answer #5 · answered by ra63 6 · 2⤊ 0⤋
I cut all my cards up, a couple of years ago. They are all with $0 balance.
Sometimes, however, I want to purchase something, and I can't, because the vendors only work with credit cards. Especially dealing on-line, or by ordering by telephone.
I suppose its their loss, (no sale) and not mine. Feels great to be debt-free, though.
2007-03-05 13:52:40 · answer #6 · answered by John W 5 · 0⤊ 0⤋
having one is good, for emergenicies and to show that you pay your bills on time... if you have ONE credit card it is better on your credit report than having none at all... and a rainy day may come when you need something.
2007-03-05 13:47:01 · answer #7 · answered by Jillary von Hämsterviel™ 7 · 2⤊ 0⤋
I say if you are not interested in buying a home or planning to get an apartment or ever purchase a car, then it is better to get one. A landlord won't lease an apartment to somebody who never had credit.
2007-03-05 14:03:48 · answer #8 · answered by Anonymous · 0⤊ 0⤋
You should have one card, you might want to rent a car or a carpet cleaner some time.
Just don't use it unless you have the money to immediately pay it off
My one card always has a credit balance in it (they owe me money)
2007-03-05 14:04:19 · answer #9 · answered by bob shark 7 · 0⤊ 0⤋
You should have something to build up your credit definately, however yeah credit cards are bad!!! you loose control and you can easily end up in debt! you can get one, but only spend what you can afford ex:
Spend money on thursday when your getting paid on friday and you can pay it back to your card
2007-03-05 13:46:58 · answer #10 · answered by Anonymous · 2⤊ 0⤋