Is credit card necessary?
By frosthon
@frosthon (2249)
Singapore
October 31, 2006 12:44am CST
I have friends who owes the bank plenty of money with credit cards. A few even went bankrupt. So is it any good at all?
4 responses
@pinkskies (85)
• Philippines
18 Feb 07
A credit card can work to your advantage if you can control your spending. The golden rule for me is to not pay anything via credit card if I don't have the money to pay for it in cash. The reason I use the card is to save up on rewards points which can be used to claim other items or can be converted to Air Miles.
To avoid banks' exorbitant rates, you gotta pay your credit card bill 100% once it arrives. That way, you don't pay anything on interest and you get to keep a good credit standing.
@howard96h (11640)
• New York, New York
18 Feb 07
Credit cards can get you into a lot of trouble but credit is very important to rent an apartment, buy a house, get a loan, buy a car. It is necessary. The important thing is to try and control what you charge on the card.
@ssh123 (31073)
• India
23 Nov 06
If one is businessman, he will have daily cash turnover and no need to use the credit card. Salaried persons need credit cards to make immediate purchases and the salary will be taking place after a week or a fortnight.
My experience is credit card charges exhorbitant interest rates. Because it is instant cash, people get tempted to utilize it. these cards are pushing people to debt traps.
