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I couldn't manage without a credit card. It is just so convenient and I'm never organised enough to have cash on me. Even though there is an ATM just about everywhere somehow it becomes just one more thing to remember. (Is that just me? :-o) My only tip would be to set up a direct debit to pay the card off in full each month. That one you don't have anything to remember (or forget) and you won't get into debt.
ReplyDeleteI totally agree with everything you've mentioned. For online transactions though, I think there are top up cards that works the same way as credit cards like Pay Maya or something. The primary reason though that I'll get a credit card is for traveling. We never know what happens on the road so we'll need emergency money. Happened to us a few times that we ran out of cash. Good thing my dad has a credit card so we still could eat. We just have to be wary also of our usage both online and offline. Recently, my mom's credit card was charged for FlixBus (Europe) when she was just in Canada.
ReplyDeleteAnyway, I'm thinking of getting a credit card of my own soon for my solo travel.
Me-An Clemente, http://yogoandcream.com
Debit cards work the same way as credit cards so you can definitely use it too but my primary concern that I got one for myself is what if my debit card doesn't have enough funds to pay my online transaction, right? hehe. and yes, it would be best to have your own when you travel. you'll never know what will happen in the road. :)
DeleteI agree with you. For new credit card holders, the challenge is doing away with the instinct of using the credit card. It is for convenience and emergency purposes, nothing else. Unfortunately, many people do not have the discipline and financial knowledge, which results in overspending.
ReplyDeleteI guess a pre-requisite for getting is self discipline. :)
DeleteWhile I do agree that credit card has advantages (one of them is it's easier to book flights), I have decided long ago that I am not getting a credit card anymore. That is because hard as I might I cannot trust myself with it. Owning credit cards had put me through so much debt and in fact I currently have a 5-year loan because I needed to clear my credit card debts before.
ReplyDeleteI think CC is only good for those who have discipline and that person is not me haha...
It's really tough and you have to weight the pros and cons :)
DeleteI know it can be handy to have a credit card but unless you are very disciplined or rich, it is better not to as it can cause a whole load of other problems... I know because I saw how credit card destroyed my parents life...
ReplyDeleteThat's very sad to hear. Self discipline should be there when you get one.
DeleteFive years ago I was deep in debt with 7 credit cards. yes, 7! I'm not sure how it happened. I had lots of work and could pay the first two and then things got out of hand. In the end I owed over 20 thousand dollars in credit card bill. How did I get that incredible debt? From traveling on a whim, from getting my kids the best toys and games on the market, from buying makeup supplies for my business without calculating how much I would really be able to pay pack. that year my parents received an inheritance and my cut went straight to paying those credit cards. I cancelled them all and haven't had a credit card again since then. I don't plan to ever again! I'm doing just fine with paypal.
ReplyDeleteTo each his own. :) self discipline is the key.
DeleteMost of the things you've mention, except the annual fees , is applicable to debit cards. the only difference w/ a debit card is you're working w/in your budget.
ReplyDeleteBut you're 6th reason can be the most compelling reason for someone to get a credit card. applies to medical emergencies too/
Debit cards have been very useful to me.. but just as I mentioned, sometimes my debit card doesn't have enough funds so the tendency is to top it up first before I'll be able to use it. I know it's a problem that's still manageable that's why I still use my debit card more often.
DeleteI used to have 3 credit cards until I started to spend more than I earn. So, I decided to close my CCs and pay everything thru cash. I have to be honest and say that I regretted it a little because everytime I transact online, I have to hassle people to pay in my behalf then, I could just reimburse them. Maybe one day when I practice self control, I will apply for a credit card again. Thanks for this great article.
ReplyDeleteI used to ride in someone's CC too. hehe. Self discipline is the key. :)
DeleteI got my first card 12 years ago. Then i was given another one from another bank. And another again. I do not apply but they give me. I realized that after i open new bank accounts from new banks they sign me up for a card and just recieve it right away until i got 4! Which few years ago made me addictive to ahopping reason for me to cut it and left myself with only 1 card now. Just for emergency purchases. Advise though, just like cash- spend wisely :)
ReplyDeleteThanks for the advice! My preferred payment method is still cash! credit card is for emergency purposes only. nothing else. :)
DeleteThe credit card has been my life since I was 19 years old and able to manage my own finances. I have credit cards, but I never experienced being in debt that much cause I train myself when in comes to spending my hard earned money. This is such a good help for everyone to change their perception about Credit card.
ReplyDeleteThat's good to hear! It really pays when you manage your own cash and you have practiced self discipline. :)
DeleteSuch a good idea, because I get some more jobs now, while blogging. I don't have a good overview always and this is a great idea to have a better overview. I could use the credit card in that case only for my blog and the income for my blog. I'm going to check if it's possible to open a credit card / account for my blog, or if I need to first become a legal company, as now I'm just a hobby blogger.
ReplyDelete