Re: credit cards
 

good point, I have a points based visa & pay it off each month, too.;)

Re: credit cards
 

I didn't think you could get a credit card until you are 18.

Re: credit cards
 

You misread what I meant. When I was 16/17 I said to myself I would never get a credit card as in for the future. :)

Re: credit cards
 

Here's my 2p worth on this thread:

1) The only time you should get a credit card is when you don't need it.

If you *need* the money, you're better off going to your bank and seeing if you can arrange an overdraft. It's generally cheaper in the long run.

2) Credit cards *do* have their uses

For example if you spend over £100 on an item you get the protection of Section 75 of the Consumer Credit Act which makes the card company jointly *and* severally liable if you have problems with the item or if the retailer goes bust.

3) If you're going to get a credit card, pay off *as much* of the balance as you can afford *every month*.

Paying off the minimum just means the debt won't get any bigger. It doesn't get any smaller, though!

4) Be *very* careful with 0% deals on balance transfers etc.

It often turns out in the small print that if you spend money on the card and pay off some of the balance, the money goes to pay off the *transferred balance* first (which is not increasing) whilst the expenditur is *still* gaining interest!

5) The best way to deal with problematic spending on a credit card is to cut the card in half!

If you have debts on the card, don't spend any more. It doesn't help.

6) Credit card companies *may* be willing to do a deal.

If you're majorly "in deep" on a credit card, have a word with the card company and see if you can arrange "easy terms", preferably with an "interest freeze". Go to your local CAB or Debt Counselling Service and they will give you a draft letter which will help you set out your position and determine how much you can pay off each month. If you do this, the card company is more inclined to look favourably on your case.

7) Take advantage of those 0% deals out there. Provided you're careful and check the small print, you *can* make them work for you.

Example: Over 2 years ago now, I took out one of those 0% cards and transferred around £4,500 onto it. Every six months I shift that balance to a new card and the balance is now down to around £3,700 or so.

This means that I've had the equivalent of a £4,500 *interest free* loan for over two years! (Oh, and the money to cover the debt is sitting in an account gaining around 3% interest!!)

Basically credit *can* be good, provided *you* control it and don't let *it* control you!

Re: credit cards
 

i thought plagarizing was using other peoples' ideas without acknowledgement? thats what it means here...:angel:

how did you swing that? is it a special GM thing where they give students $1000 or something? bloody canadians... wish i could find a credit card company who will give me $1000 in 2 years time :eek:

Re: credit cards
 

Hmm lets think about this, loads of small loans equalling an original debt of £26k right?
Each of those loans probably get charged 15%+ interest
Consolodate them into a single loan of £26K and you'll be able to get 6%, hmm, 6% or 15%+, is that too hard for you to see the benifit?
Also you can extend it over more years thus reducing your monthly outgoings.
I suppose you also deplore people re-morgaging to release some of the capital in their houses, because that's basically the same as consolidating.



Jerrek re the GM card, have you seen how crap european GM cars are? Just ask Jeremy Clarkson about the vectra :rofl:

Re: credit cards
 

I'm not giving money to any bloody students...!!

(Ahem, sorry!)

Re: credit cards
 

It's canadian dollars, so that's about £3.80 :rofl:

Re: credit cards
 

yeh suppose. canadain currency eh, useless eh?

:p

Re: credit cards
 

Here it is:-

Discount on a Vauxhall

Ron
:p

Re: credit cards
 

Heh, well, divide by 2.2 to get pounds. Thats about 450 pounds. Not all that much, but still, better than nothing. I mean, lots of people by previously owned cars. I'd rather buy new and have it last me two or more decades.

In the past 8 months of having this card, I've managed to get about $100 (45 pounds) towards a car. I won't be graduating or exercising this option for a few more years, so my goal is to get $2,000 to $3,000 towards a car.

http://www.tdcanadatrust.com/tdvisa/student.jsp

http://www.tdcanadatrust.com/tdvisa/gm.jsp

https://www.cableforum.co.uk/images/...2003/12/18.jpg

Now according to my New Scientist, cars are rather ... pricey in the United Kingdom. In fact, you pay more than double what we would normally pay for a similarly sized car. [img]Download Failed (1)[/img] I.e., my family has a Toyota Echo. Small car, 1.6L, 4-doors, CD, airconditioning, for less than 8,000 pounds.

I'd wager the GM rewards on the card goes a longer way for me than for you guys. If it will cover 20% of the cost of a new car, GREAT! :D

Re: credit cards
 

Oh yeah we get charged way too much for our cars.

Course 20% off a naff car still doesn't appeal to me ( no offence to vauhaul drivers, unless you drive a new astra or vectra in which case you smell :D )

Re: credit cards
 

Nothing wrong with Vauxhall cars (and I can spell it) :p

Re: credit cards
 

What is Vauxhall?

Re: credit cards
 

The brand name that GM cars are sold under in the UK.