Credit card conundrum…
// January 15th, 2009 // Blogs, Decisions, Guinness World Records, Nature
So on a completely different note, I need some advice about the dreaded credit card.
I’ve never even been vaguely tempted to get a credit card because I like only spending money that I have, and debit cards work just fine for that thank you very much.
But the fact remains that credit cards are very handy, especially when trying to do transactions online or when travelling, and maybe the time has come to Take The Plunge and get one. I’m very good with money, so I’m not worried about that, there’s no chance I’ll go diving into debt. I just don’t know anything about them. Help!
So! Any advice? Which is a good one to go for? Stick with a bank or go for something like a Clicks credit card? Any horror or success stories to steer me in the right direction? Help!
5 Responses to “Credit card conundrum…”
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- Jo said: I shall give it a try - looks awesome!...
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Hi
My advice would be to go for a card with a good loyalty program associated with it (i.e. cashback etc.) and the best long-term rate that you can find (I appreciate that you probably won’t be keeping a balance from month to month but you never know!).
Many cards are promoted with a low/zero interest rate which will be absolutely useless to you if you are good with money anyway.
Neil
Thanks Neil! Shows how much I know.. what is a good long-term rate?
Thanks again!
Hey Bridget, I have a Virgin Money Credit Card which I really use as a savings account. The interest on a positive balance is better than most credit cards out there. I also really like their design, but that’s just me being a girl…
HI B
I have a standard bank credit card linked to my accounts.
This way i can put money into it while doing internet banking. Just get your credit limit set really low, so you don’t get into trouble and your money cant get wiped out if your card is stolen (bankers will want you to set it real high, even if you dont have money). I like it cause you dont get charged for swiping it, your credit rating should be good and you can buy things off the net.
My Mastercard has served me well for years (Standard Bank). Why? Because I NEVER let it go into negative. A negative balance means whopping interest; on the converse if you have a positive balance you earn healthy interest. The golden rule is – use it for convenience, not for credit. DO NOT SPEND MONEY YOU DONT HAVE. if you want to use the card – eg for buying online- just make sure you have enough cash on the card in order not to go into negative. I use online banking, so its easy to carry cash from one account into the other.
G