Using credit card?

theAdviserMe · 12-16-2008, 09:54 AM

With the current global economic crunch affecting all of us, more and more credit companies are clamping on the features of their financial services. Though I am still suign credit card, I am now taking a cautious approach especially these days as I don't want to be burden by debts.

Are you still using your credit card the usual way?

SiteSmart · 02-14-2009, 04:15 PM

I have great credit and have not been affected. I always pay on time. For those that don't, I've heard some pretty crazy stories about their rates being jacked way up or having their credit card frozen without notice.

Gen Jen · 03-12-2009, 11:53 PM

That is a good decision you make, limit yourself from using your plastic, it is really risky this time. We just receive notice from our credit card that they are going to raise their interest rate from 17% to 22% for both existing credit and new purchases.

Jenie0109 · 04-16-2009, 04:45 AM

yes im using it until now. But of course i limit myself to the things i need to buy and not to buy

darryl · 05-08-2009, 03:29 AM

Technically speaking, a credit card is an unsecured loan. This means that unlike a secured loan, which is advanced by a bank/financial institution against a security like property for instance, a credit card is offered without any security.
In a secured loan, if the borrower fails to make good on his principal/interest commitment, the bank/institution can seize the security as compensation. In an unsecured loan like a credit card that is not possible. Hence banks take necessary steps to ensure that only those meeting certain parameters are qualified to use their credit card.
Without getting into how you can qualify for the credit card, let's understand how you must use your card once you have qualified for one. Credit cards have their pros and cons, which explains the good and bad that get reported about them.
Make wise decisions about purchasing items you need versus those you simply want. We’ve all used the word “need” to describe something we really just wanted badly. Using your credit card responsibly means recognizing which things you need and which you just want.

Jenie0109 · 05-12-2009, 03:49 AM

Quote:

Originally Posted by darryl

Technically speaking, a credit card is an unsecured loan. This means that unlike a secured loan, which is advanced by a bank/financial institution against a security like property for instance, a credit card is offered without any security.
In a secured loan, if the borrower fails to make good on his principal/interest commitment, the bank/institution can seize the security as compensation. In an unsecured loan like a credit card that is not possible. Hence banks take necessary steps to ensure that only those meeting certain parameters are qualified to use their credit card.
Without getting into how you can qualify for the credit card, let's understand how you must use your card once you have qualified for one. Credit cards have their pros and cons, which explains the good and bad that get reported about them.
Make wise decisions about purchasing items you need versus those you simply want. We’ve all used the word “need” to describe something we really just wanted badly. Using your credit card responsibly means recognizing which things you need and which you just want.

exactly. Credit cards are not advisable for impulsive buyers

maheshanarine · 10-09-2009, 11:42 PM

I'm using until now.

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merchantaccounts · 11-11-2009, 04:23 AM

yes im using it until now. But of course i limit myself to the things i need to buy and not to buy

chenshuiyang · 12-24-2009, 02:16 AM

I using it too , useful, great!

Wanda · 05-07-2010, 01:25 AM

I don't currently have a credit card, though I have considered getting one to have for emergencies. I do have a draw note, I believe that is what it's called, secured by a larger CD through my bank with very low interest that I keep open with a $3000 limit. I can draw money from it if I need it for emergency purposes. It only draws interest on the money I have drawn at the time.