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Forums - General - What's your credit card and why is it best for you?

dandd on 23 December 2013

For those that don't have credit, remember even slightly bad credit is better than no credit at all.

Its not dumb to take out some credit that you can pay off on time and establish yourself.



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ICStats on 23 December 2013

Having good credit is important for buying a home, or to buy cars with best rates (i.e 0% rates).

Most used is simple Amazon credit card that gives 3% cash-back on Amazon purchases and 1~2% on other things.



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the2real4mafol on 27 December 2013
MoHasanie said:
the2real4mafol said:
MoHasanie said:
the2real4mafol said:

Yeah debt from university tutition fees is bad enough on its own. £27,000 from 3 years of study! 


WOW, that's so expensive! :O That's more than $40,000! Are you paying domestic student fees? 

If you are then tuition in the UK is so much more expensive than Canada. 

In the last 3 years, the arsehole government decided to increase tuition fees to £9000 per year (it was £3000 per year before that). We have 30 years after i graduate to pay it before it goes void but like 99% of people i think it should be free. Nevermind!

So i guess it costs more than Canada 

That's a huge increase. I think I remember the protests that occured when the govt. decided to increse fees. On the bright side, UK universities are all world class institutions, and for them to keep ranking so highly, they need more money so they can do more reasearch and stay competitive with the North American and other Asian universities that also rank highly. 

In Canada tuition varies for different programs, but the average tuition is $8000-$9000 a year (£5500)  at a big universitiy. Of course medicine and some other programs are much more high. So you guys had much cheaper tuition compared to here before they increased tuition fees. 

Wow, that's crazy! Your parents must have been so lucky to go to university for free! 

I'm the first in my family to go to university so unfortunately they never had the chance.

Anyway, i don't think they need that kind of money since they have always been world class and some of them give you tuition fee waivers if you excel in your degree. And whos to say they are spending the extra money on new facilities, they might be lining there own pockets first. Probably are. 



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Cobretti2 on 27 December 2013
Kasz216 said:
the2real4mafol said:
The credit free life.

But seriously, i won't get a credit card because i don't think they are worth it. It's so easy to get into debt with that bit of plastic. I would rather use my own money thanks.

Not like it matters now, but i'm from London, England.

Problem with that is... if you don't get a credit card, you don't build up a positive credit hisotry.  Which if you don't have a credit history you may as well have a shitty credit history.

Then your stuck unable to get a house loan at a good rate... if at all.


I have one credit card that i use for bigger purchases, and i pay it off in full at the end of the month.

isn't renintg, paying other utility bills factoried into all this? Here your credit rating is check to see if you are in debt or not and if you have missed payments and had debt collectors after you.

 

On topic I don't use one as I have no need for one.



 

 

Robbie2010 on 27 December 2013

I am currently in the USA. I use my Discover for fuel and online shopping(besides Amazon) because i get 5% back. I use my Amex at Costco cause they don't take anything else, i get 2% back in a yearly voucher for Costco only and 1% cash back for use anywhere else for a total of 3% cash back. Finally i use my Amazon visa for Amazon which nets me 3-6% cash back and i use it wherever the other two are not accepted. Also i use my Corporate Amex anytime i travel on business or go out on the company's dime.



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Kasz216 on 27 December 2013
Cobretti2 said:
Kasz216 said:
the2real4mafol said:
The credit free life.

But seriously, i won't get a credit card because i don't think they are worth it. It's so easy to get into debt with that bit of plastic. I would rather use my own money thanks.

Not like it matters now, but i'm from London, England.

Problem with that is... if you don't get a credit card, you don't build up a positive credit hisotry.  Which if you don't have a credit history you may as well have a shitty credit history.

Then your stuck unable to get a house loan at a good rate... if at all.


I have one credit card that i use for bigger purchases, and i pay it off in full at the end of the month.

isn't renintg, paying other utility bills factoried into all this? Here your credit rating is check to see if you are in debt or not and if you have missed payments and had debt collectors after you.

 

On topic I don't use one as I have no need for one.


One way street.

Being in debt and having missed payments does count against your credit score.

However not having missed any payents on rent and utility bills does NOT count towards your credit score.



Cobretti2 on 27 December 2013
Kasz216 said:


One way street.

Being in debt and having missed payments does count against your credit score.

However not having missed any payents on rent and utility bills does NOT count towards your credit score.


Here we don't really have a credit score but more of like a negative credit report. Your credit rating only reports the bad things about you and nothing on the good.

So if u miss payments that is what it will say on there. If you pay on time then the report is blank.