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Credit Cards (pg. 2)
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| monishb |
| quote: | Originally posted by Sasha
credit cards = biggest scam! |
totally the banks cashing in easy interest. |
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| me@t k@tie |
I have a Mosaic Mastercard. It is pretty wikkid. I have a premium account, but I don't have to pay for it because my mummy works at the bank. Yayayayayaya.
And I get lots of Air Miles points with it. w00t! |
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| Jem_hadar |
| quote: | Originally posted by Sasha
credit cards = biggest scam! |
| quote: | Originally posted by monishb
totally the banks cashing in easy interest. |
I agree its easy interest for those that build up balances. but there doesnt have to be ANY interest attached to using one, if you are in charge of your ing spending and can manage yourself (restraint is possible)...
and its the ONLY way one at 18 often has to start building up his or her credit record, which is very important and should be done, imo.
one can use it for a transaction, then immediatley transfer money to bank to pay off the amount, if somehow paying it off monthly ends up being a situation that likely would get out of hand.
building up your credit is important. it benefits u later on. helps get u better rates later on in life on larger, much more important loans/lines of credit/mortgages/etc. |
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| exstasie |
| quote: | Originally posted by Sasha
credit cards = biggest scam! |
..only if you have problems managing your money.
I have never paid any interest! (well, once..about $5 but I was in Europe, and I had no money in my bank account haha and was kind stranded...but thats a different issue).
Economically, CC is the only way to go. You make a purchase and don't have to pay for a minimum 20 days - 50 days. Therefore, you earn interest on the extra 20-50 days that you wouldn't otherwise have gotten.
Add that to the fact that you can earn rewards, ie. free trips, goods, benefits and the Credit Card companies will be losing money on you!
This is coming from an employee who works for Canada's Debit Card Network :P |
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| FunkyCrew |
| quote: | Originally posted by exstasie
..only if you have problems managing your money.
I have never paid any interest! (well, once..about $5 but I was in Europe, and I had no money in my bank account haha and was kind stranded...but thats a different issue).
Economically, CC is the only way to go. You make a purchase and don't have to pay for a minimum 20 days - 50 days. Therefore, you earn interest on the extra 20-50 days that you wouldn't otherwise have gotten.
Add that to the fact that you can earn rewards, ie. free trips, goods, benefits and the Credit Card companies will be losing money on you!
This is coming from an employee who works for Canada's Debit Card Network :P |
you are a perfect target for credit cards' marketing teams, way to go Jeffy :D
Sasha IS right - credit cards are pretty much one big illusion that you have all this money, when really you don't
Economics 1000 - credit cards are accumulation of debt
not everyone is good with managing their debt and paying before the deadlines etc., it does take some degree of organization to be able to handle CC's without any loss to your other bank accounts
i know people who would get 4-5 cards from dif companies and blow it all through online stores - now one girl is in massive debt, with OSAP on top of it |
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| exstasie |
| quote: | Originally posted by FunkyCrew
you are a perfect target for credit cards' marketing teams, way to go Jeffy :D
Sasha IS right - credit cards are pretty much one big illusion that you have all this money, when really you don't
Economics 1000 - credit cards are accumulation of debt
not everyone is good with managing their debt and paying before the deadlines etc., it does take some degree of organization to be able to handle CC's without any loss to your other bank accounts
i know people who would get 4-5 cards from dif companies and blow it all through online stores - now one girl is in massive debt, with OSAP on top of it |
I guess its a matter of will power. I see stuff all the time I want to purchase, but if I don't have the money for it in my Savings account...then i'm not buying it!
I really can't comprehend how difficult that is. I'm a person who has everything they could ever need haha (except for my Porsche :(...i wonder if I could by that on my Credit Card) |
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| FunkyCrew |
| quote: | Originally posted by exstasie
I guess its a matter of will power. I see stuff all the time I want to purchase, but if I don't have the money for it in my Savings account...then i'm not buying it!
I really can't comprehend how difficult that is. I'm a person who has everything they could ever need haha (except for my Porsche :(...i wonder if I could by that on my Credit Card) |
spoiled brat <3 :)
it can be difficult for sure, especially when people think if they spend more then can pay back, and it will eventually sort itself out
the best example are Shopaholic books, she hid her visa statements under her bed :D |
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| patpicos |
| quote: | Originally posted by exstasie
..only if you have problems managing your money.
I have never paid any interest! (well, once..about $5 but I was in Europe, and I had no money in my bank account haha and was kind stranded...but thats a different issue).
Economically, CC is the only way to go. You make a purchase and don't have to pay for a minimum 20 days - 50 days. Therefore, you earn interest on the extra 20-50 days that you wouldn't otherwise have gotten.
Add that to the fact that you can earn rewards, ie. free trips, goods, benefits and the Credit Card companies will be losing money on you!
This is coming from an employee who works for Canada's Debit Card Network :P |
plus using your CC, you dont get charged for usage fees on ur debit card! |
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| patpicos |
ohh and i love those cards that give u 1yr free ride on purchase of x amount..
at the end of the yr, move the debt to a line of credit if not yet fully paid. (like id pay 28% on a home depot card...right!) |
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| FunkyCrew |
lol you guys :)
all those cute little perks is just a way to get you to spend more! |
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| exstasie |
| quote: | Originally posted by devnull
ohh and i love those cards that give u 1yr free ride on purchase of x amount..
at the end of the yr, move the debt to a line of credit if not yet fully paid. (like id pay 28% on a home depot card...right!) |
If you were smart and finacially motivated...
You would sign up for one of those credit cards where you pay 0% interest for 1 year, you could transfer your balance from your other credit cards onto it or do a cash advance, transfer the balance over, and invest the cash advance into a 1 year GIC or something like that. |
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| Zentac_75 |
The day I officially got myself out of debt was one of the happiest days of my life, seriously.
Building adequate credit ratings is important. But it is equally important to avoid debt with crippling interest rates.
Start saving at an early age to prevent the future necessity for CCs.
My friend worked for M/C. Those companies make Billions of interest rates. Majority of people end up paying them at some point in their life. |
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