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I didnt know where else to post this so i will post it in here.
I was just wondering can someone give me info on credit cards, how they work? etc... as i might get one and would like to know these things first?
Preferable i would like a reply from someone who has a credit card.
I was just wondering can someone give me info on credit cards, how they work? etc... as i might get one and would like to know these things first?
Preferable i would like a reply from someone who has a credit card.
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Credit cards.
Debt is bad. If you don't pay it off on the card as soon as it arrives, it multiplies like frisky rabbits in the '60s.
Not quite, but since most places, including online stores, will take switch/solo, which leaves your account far sooner, they let you have a bit more certainty when you check your bank statement. With cards on the other hand, when you check your account balance, you always have to think about what else you owe. That's my main reason not to use credit cards.
Still, they are useful. Some uk based internet companies still don't take switch, and foreign ones will almost certainly need credit card details. Also, it's good for emergencies.
Unless you plan on getting into debt with your card, which i strongly advise against if possible, that's how i'd recommend you use your cards.
Hope it helps.
Debt is bad. If you don't pay it off on the card as soon as it arrives, it multiplies like frisky rabbits in the '60s.
Not quite, but since most places, including online stores, will take switch/solo, which leaves your account far sooner, they let you have a bit more certainty when you check your bank statement. With cards on the other hand, when you check your account balance, you always have to think about what else you owe. That's my main reason not to use credit cards.
Still, they are useful. Some uk based internet companies still don't take switch, and foreign ones will almost certainly need credit card details. Also, it's good for emergencies.
Unless you plan on getting into debt with your card, which i strongly advise against if possible, that's how i'd recommend you use your cards.
Hope it helps.
Insane Bartender wrote:
> erm, you pay interest on the outstanding balance - which includes the
> interest you have paid on previous months - not just what you have
> bought.
Fair enough - said I wasn't sure.
Confusedissue for me, as I have some balance transfers where the interest rules differ slightly from the main card interest.
> erm, you pay interest on the outstanding balance - which includes the
> interest you have paid on previous months - not just what you have
> bought.
Fair enough - said I wasn't sure.
Confusedissue for me, as I have some balance transfers where the interest rules differ slightly from the main card interest.
funkygamer wrote:
> Those of you paying interest at astounding rates, think what else you
> could have bought with that money over the course of your life. That
> money should be earning YOU interest!
That's fair enough, but it doesn't always pan out that easily.
Cards have allowed me to get things that I simply couldn't afford in one month, and was unable to save for because they were urgent.
> Those of you paying interest at astounding rates, think what else you
> could have bought with that money over the course of your life. That
> money should be earning YOU interest!
That's fair enough, but it doesn't always pan out that easily.
Cards have allowed me to get things that I simply couldn't afford in one month, and was unable to save for because they were urgent.
I got a debit card last month and put all my money in the world in it:
£100
However, I hate shopping and I'm scared because I don't know how to use it.
Hmm
£100
However, I hate shopping and I'm scared because I don't know how to use it.
Hmm
erm, you pay interest on the outstanding balance - which includes the interest you have paid on previous months - not just what you have bought.
I have a credit card. The only thing I ever bought on it was Credit Card protection against theft / fraud.
I'm on a fairly decent wage, but I only use my debit card. That way, I only buy things I can actually afford. The credit card companyies will do all they can to make it easy for you to get into debt, then rock solid to get back out of debt. Same with store cards. Look at the interest theses places charge! For crying out loud, get a loan instead!
The only credit I've ever had was 6 months interest free to buy my PC, plus my mortgage. That's it. If you want to buy something, either save up for it before hand, or get it on interest free credit whilst you save up for it.
If you think you can "afford" something just because it doesn't make you break your credit card limit, then you have fallen for the rubbish that these credit card companies spoon feed us.
Those of you paying interest at astounding rates, think what else you could have bought with that money over the course of your life. That money should be earning YOU interest!
I'm on a fairly decent wage, but I only use my debit card. That way, I only buy things I can actually afford. The credit card companyies will do all they can to make it easy for you to get into debt, then rock solid to get back out of debt. Same with store cards. Look at the interest theses places charge! For crying out loud, get a loan instead!
The only credit I've ever had was 6 months interest free to buy my PC, plus my mortgage. That's it. If you want to buy something, either save up for it before hand, or get it on interest free credit whilst you save up for it.
If you think you can "afford" something just because it doesn't make you break your credit card limit, then you have fallen for the rubbish that these credit card companies spoon feed us.
Those of you paying interest at astounding rates, think what else you could have bought with that money over the course of your life. That money should be earning YOU interest!
Be careful with these as well, here is a little story about mine and this is to do with the interest.
Had a card with approx £350 outstanding balance which I was paying off slowly. I was getting charged about £6 or £7 per month in interest.
Someone asked me to build a computer for them which I knew I'd make a bit of money on and could use this to pay even more off of my credit card.
Spent £850 on the said components and this then took my balance the next month to about £1300 with other spendings that month. I charged the person £1150 for the computer and paid some additional money off of the card, leaving me with what I thought would be a balance of £170.
When I received my next statement my interest charge was £23 for the month!
Phoned the credit card company and asked why my interest charge had gone from £6 per month to £23 they said that it was charged against the full amount ie £1300 balance and because I didn't pay the full amount off the interest was worked out on the full amount.
After then spending the next 10 mins complaining they waived the interest charge in full, I think I was lucky but just bear this in mind if your thinking of making large purchases.
Had a card with approx £350 outstanding balance which I was paying off slowly. I was getting charged about £6 or £7 per month in interest.
Someone asked me to build a computer for them which I knew I'd make a bit of money on and could use this to pay even more off of my credit card.
Spent £850 on the said components and this then took my balance the next month to about £1300 with other spendings that month. I charged the person £1150 for the computer and paid some additional money off of the card, leaving me with what I thought would be a balance of £170.
When I received my next statement my interest charge was £23 for the month!
Phoned the credit card company and asked why my interest charge had gone from £6 per month to £23 they said that it was charged against the full amount ie £1300 balance and because I didn't pay the full amount off the interest was worked out on the full amount.
After then spending the next 10 mins complaining they waived the interest charge in full, I think I was lucky but just bear this in mind if your thinking of making large purchases.
Thanks
will there be interest added on the £403 next month?
will there be interest added on the £403 next month?
Interest is only added to the current balance.
So if you have £500 on it and pay off £100, interest is only charged on the remaining £400.
You don't pay interest on interest, so if the interest means that the £400 becomes £403, you still only pay on the £400. You only pay interest on what you've 'borrowed'.
At least that's how I understand it.
So if you have £500 on it and pay off £100, interest is only charged on the remaining £400.
You don't pay interest on interest, so if the interest means that the £400 becomes £403, you still only pay on the £400. You only pay interest on what you've 'borrowed'.
At least that's how I understand it.
WòókieeMøn§†€® wrote:
> Anyway, hope that's helped!
Yeah it has many thanks. I have one question though.
When you are paying interest on the amount is interest added to the ammount each month for example
If you have say £500 and you pay off one payment then interest is added, on the following month do you pay interest on the ammount from month before that has already had interest on it if you get what i mean?
> Anyway, hope that's helped!
Yeah it has many thanks. I have one question though.
When you are paying interest on the amount is interest added to the ammount each month for example
If you have say £500 and you pay off one payment then interest is added, on the following month do you pay interest on the ammount from month before that has already had interest on it if you get what i mean?
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