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credit card (pg. 2)
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| Storyteller |
Well you can't get visa/mastercard debit cards here. At least not the easy way. I rather not spend what I don't have.
Banks of course provide debit cards but they're not as widely accepted. Especially online... |
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| wayfinder |
| quote: | Originally posted by Storyteller
Well you can't get visa/mastercard debit cards here. At least not the easy way. I rather not spend what I don't have.
Banks of course provide debit cards but they're not as widely accepted. Especially online... |
well you guys have ideal for everything so... |
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| Beatflux |
| quote: | Originally posted by Storyteller
Well you can't get visa/mastercard debit cards here. At least not the easy way. I rather not spend what I don't have.
Banks of course provide debit cards but they're not as widely accepted. Especially online... |
Do you use cash or check for everything? |
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| DigiNut |
| quote: | Originally posted by Storyteller
I rather not spend what I don't have. |
Borrowing money is not, from a cash flow/accounting/net worth perspective, equivalent to spending what you don't have. It's simply creating a financial liability; if that's exceeded by your current or projected assets (generally liquid assets, when dealing with revolving credit) then at the end of the month it ends up being nothing more than a balance transfer.
That is, in fact, how you develop good credit - by borrowing money that you do have, but would rather not spend right now or all at once. For most of my adult life I've purchased on credit cards, paid off with a line of credit, then finally paid off the line with cash. Doesn't cost me a cent but allows me to defer purchase costs for 30-50 days, which is pretty useful if you've got more than a penny jar invested.
Businesses do this on a much larger scale, they have several tiers and terms and use them all to defer payments as long as possible with the lowest interest possible. It's not that they don't have the money; Wal-mart uses some bank financing and a massive amount of trade credit. Why be out of pocket now if you're reasonably sure that you can get a ROR that's higher than the financing cost?
And, like clay says, good luck disputing a debit charge or trying to recover a cash purchase from a fraudulent merchant.
You don't use a credit card because you need it, you use it because it's a useful financial tool. If you're saying that you personally would be unable to avoid spending outside your means if you had a credit card, then I guess that's another story, although that would seem to be a pretty irrelevant contribution to an already off-topic thread.
I'm always amused by people who loudly and eagerly proclaim that they don't use any credit. It's kind of someone proudly talking about his abstinence vows or how he never votes or eats meat. Look, it's your life, make whatever choices you want, but you might not want to go around announcing a minor neurosis in mixed company as though it's a vital and well-researched lifestyle choice. Just sayin'. |
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| atxbigballer1 |
| quote: | Originally posted by LoveHate
so yeah i just got my first credit card, im a little bit late on it at 20 years old, but my parents were always against the idea. Now that i have it im curious as to what everyones first purchase was.....porn? Something online? Anything audio production related...? |
My first credit card purchase was a cell phone and chess set from radio shack. |
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| Looney4Clooney |
| I ruined my credit by age 20. Never defaulted but paid when I felt like paying and as a result have the worst possible credit one could have. Sort of angers me as I just paid more interest and made them more money. My Canadian card has a limit of 500$. I mean they don't even start people with no income on that. So I basically have to deposit my own money. I have 5000 usually on it but they won't raise it. ing ridiculous. |
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| tehlord |
| quote: | Originally posted by Looney4Clooney
I ruined my credit by age 20. Never defaulted but paid when I felt like paying and as a result have the worst possible credit one could have. Sort of angers me as I just paid more interest and made them more money. My Canadian card has a limit of 500$. I mean they don't even start people with no income on that. So I basically have to deposit my own money. I have 5000 usually on it but they won't raise it. ing ridiculous. |
Pretty much same here. I was given £3500 of credit when I was 18 as I had a good income then, and of course I wasn't particularly interested in how and when I paid it back.
Fast forward another 15 years and banks were literally throwing money at me because of my income back then. I pulled in £100k of loans in about a week for a business venture without ever having to show proof of income etc.
It's all well and good extolling the theoretical virtues of credit, but banks giving them to 20 year olds in this financial climate is little more than fish hooking.
Probably. |
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| DJ RANN |
First credit card was a Barclay card at age 18.
Absolute cvtns. I cannot tell you how happy I was when bob Diamond (Barclay's CEO's) finally got the chop for one of illegal practices finally catching up with him.
They ruined my credit and I could have fixed it instantly had I bowed to them, but refused to be the victim of extortion by them; They gave me a £400 limit which I maxed out the each month and paid off in full. Did this each month until the 4th month.
Then I send my payment. Barclays takes 4 days (instead of the usual 3) to process my transaction. Arseholes charge me £35 for being "late", add this to my bill which then puts me £25 over my current credit limit so they charge me another £35 for being over my limit.
I vigorously dispute the entire thing with them and they concede they ed up with the late payment, but for some reason they cannot explain, won't remove the charges.
Out of pure principle I refuse to pay the bill until they remove the charges and offer to pay it off in full if they remove them.
Stalemate. Goes on for months, and they are gradually destroying my credit by reporting I'm late.
Eventually, my credit is DOA, and Barclay pass it on to a credit collection agency, at which point I happen off to America and tell both the credit collection agency and Barclays to insert my non working credit card up their backside, while I'm of to live in Cali.
UK credit was wrecked for 7 years (that's how long a default stays on your record) but that now long cleared and maybe once a year I get a call from the 12th collection agency it's been passed along to and have a good laugh at them when I tell them they have no legal recourse to recoup the money in any shape or form. Have great credit in both the USA and UK now.
Moral of the story? Barclays. |
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| Looney4Clooney |
I started my own ponzi scheme with a private loan firm using a multiple of cards for the down payment to finance music equipment. I suppose that counts Asa default but I did pay the collector back which I regret. The damage was done, wasn't that much tho. About 13 000 I paid back in 2 years. I was living with my parents and they paid the loan and that is like owing money to the mafia. My cheques went to my parents. I had to requisition money , state the purpose in writing. I have some I kept that have denied on it. Man my parents are ing insane. The only lesson I learned was to hate and distrust authority. And when I talk to my uncle , my dad was a lot worse. His cousin was a member of the IRA and my dad was like in a terrorist group or at least went to parties. Parents are silly.
But reading your story, the trouble i had after that , which i think wasn't that big of a deal was these small charges that were not legit, the anger i would feel because of them and then i would just not pay on principle. Also, companies could decide you owe them money and send a report to Equifax, the company in canada that deals with credit ratings. You have no power over bogus claims. Well you do but you need to hire a solicitor. I had an internet company that charged me 600$ for 2 months when it was 50$ a month plan. The company said they changed their download policy and that they sent a memo in the mail. Just like that. And when you add in my own sort of waffing on economic issues as it is ...
IT does annoy me that they actually need people to go into defaut. They could not justify their rates if everyone paid. It is a ed up system that will bite you in the ass if you don't toe the line 100% and even then, you could just wind up getting ed. And i know it took me a real long time to grow up. Even at 31, i still do some pretty stupid . |
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| Storyteller |
| quote: | Originally posted by wayfinder
well you guys have ideal for everything so... |
Yea, iDeal is pretty nifty. It's actually being implemented for the whole of Europe due to it's success. Looking forward to it.
| quote: | Originally posted by DigiNut
... |
I haven't been imposing on, or promoting the exhibition of any lifestyle as far as I'm aware of. I've seen 4 of my friends getting their cards abused in the past 2 years alone (might just be their own fault) for up to 10k so I'm a bit suspicious of those things and rather protect myself by getting a credit limit of 0. Unfortunately the card companies don't allow me to do so. I do know those issues get solved by the card company over time but I just don't feel comfortable about it.
Apart from that there are so many services in place here in Holland one really doesn't need one pretty much anywhere in the world (except for shopping online :)). |
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| dj_alfi |
| quote: | Originally posted by Trancelover03591
You should get a debit card (and maybe have 1 credit card for emergency purchases). |
Yeah, or like.. have money in the bank?
But yeah, a credit card hid away somewhere safe and highly inaccessible is not a dumb thing to have. |
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| dj_alfi |
| quote: | Originally posted by Beatflux
Do you use cash or check for everything? |
Im pretty sure hashish is legal tender in the Netherlands. |
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