Crdit Card Good or Bad

Good and Bad but depends on how you use it and manage your purchase and payments.

however ... credit card is god send when u are on the go travelling. Since you are very limited how much cash you could carry safely.

Credit card is bad for people who use it badly .... and Good for people who use it in a professional way as mentioned in my above post ;-)

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same here/// BAD BAD BAD

Remember one thing, the bank is giving you a credit card so the bank can make money out of it !!! They are not interested in your welfare or your purchasing power !

Credit Card - BAD! BAD ! BAD !

I know, because I have two of them...

well i waited for 2 months to get my CC i dont know why it took thats long any way i dont spend more than i have and actualy i'm saving more because i just use it in emergencies so good for me.

The word CREDIT mean to lend money ... and once you lend money to someone you should not ask for additional money which is called Interest in bank language since majority of the people are stuck in this scam does not know how to use credit cards ....

There are advantages and disadvantages of CC.

Advantage is when you use the CC and pay back within the time frame set to you then you are free of interest. Good banks rewards you with points system which has lots of benefits such as Citibank Emirates Credit Card where one can earn skywards points to redeem Emirates Airlines Tickets worldwide depending on the points collected. Also one can pay Electricity/ Telephone and other bills thru internet without any hassle and lots of other benefits.

Disadvantage, if you don't pay on time there is a Interest and late payment fee which adds up to your credit, so instead of reducing the credit amount, one is increasing his credit with the bank due to his neglect and ends up in disaster and the credit keep up adding to account and the monthly payment gets double month by month.

So it's upto the person how he uses the card, that's all ;-)

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Our Barclay CC just being introduced 'trailing interest' ... so even you pay your credit card bill plus interest in full amount. You still pay the interest for the next month. What the hell ...

Seven Credit Card Secrets Banks don’t want you to know

1. Your grace period may be shortened -- or eliminated.

• Usually a credit card bill is handled this way: You buy an item with your credit card. The store reports the charge to the credit card company or bank. The credit card company then pays the store and "posts" the charge to your account. If you do not pay off the account within the 25-day grace period, interest is charged, beginning on the date that the charge was posted to your account.

• However, some banks have shortened the grace period to 20 days -- only if you pay off your account in full each month! This amounts to a penalty for customers who always pay off their credit card debts.

• Some credit cards have eliminated the grace period entirely. You must pay interest on everything, from the day you buy it, even if you pay the full balance each month.

2. Low monthly payments have a high price tag.

• You may think it is beneficial to have a card that only requires a monthly payment of 2% or 3% of the balance. It is just the opposite. The longer you carry out payments, the more of your money the bank stands to collect in "finance charges." Your best bet is to pay off your entire balance each month. If you cannot do that, pay off as much as you can afford.

3. You may pay interest twice in one month.

• If you paid off your full balance in January, but then failed to pay the total balance in February, some credit cards will bill you for two months' worth of interest. This is called "two-cycle billing."

4. Cash advances cost you extra.

• Most credit card issuers impose both a finance charge and a transaction fee on cash advances. Interest starts from the day of the advance, and the transaction fee is often 2.5% of the amount taken.

• Even credit cards that advertise "no finance charges" usually charge transaction fees.

5. The real deal is in the fine print.

• Don't fall for a "teaser" credit card offer. If you are offered a new credit card with a low introductory rate, such as 6%, read the fine print: When the introductory period ends, your entire balance will probably be subject to a much higher rate such as 28%.

• Your new credit card may also come with benefits such as a free lifetime warranty, discounts on travel, or protection if a purchased item is lost. But if you sign up, be sure to read all notices of changes in the terms of your account. Credit card companies normally withdraw the special features while raising the interest rate and finance charges.

6. It may look like a credit card . . .

• Some MasterCard and Visa cards have payments deducted directly from your checking account. These "debit cards" look exactly like credit cards, but they offer less consumer protection:

o You don't have the same right to "charge back" problem purchases.

o If you miss payments, the bank may be able to withdraw funds from your checking account without your approval.

o If the card is lost or stolen, you must report the problem within 60 days or be liable for all purchases made with the stolen card.

7. You can negotiate a better deal.

• If you are getting a bad deal on your credit card -- such as an "annual fee," finance charges of 18% or more, no grace period, and "two-cycle" billing -- you can contact the credit card company and demand new terms. These fees are not necessary costs of doing business, and you can request that they be reduced or eliminated.

• Or switch to a lower-cost credit card and transfer the outstanding balance.

Life’s……...[img_assist|nid=61048|title=...|desc=|link=none|align=left|width=|height=0]TRUE BLUE

drim, Are you sure about the 2nd point. The Charges seem to be very high

Well they are bad ofcourse no doubt. But u ned to know how to use it.Few details..

1)Make sure the Billing dates for your credit card from the bank..ie if its 1st of every month or 15th each month..This is important because for example if its 1st of month...U use ur CC on 31st u will be charged by the bank starting form the next day until u pay ur dues..But if you use ur CC on 2nd u will not be charged untill the next 1st of the month.

2) Never withdraw cash from your CC..U have daily about 3-4% interest in it untill you pay your dues..so be careful..Eg u withdraw 100 riyals. and pay your due next month you will be chrged total 220 riyals.

so did you say goodbye to CC or not?

huh... i think only me having problems with credit cards.... is dat so