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Getting a credit card - is there much point?
BillieTheBot
Posts: 8,721 Bot
Was talking to a friend of mine this morning and we ended up talking about legal downloads. He told me that in order to get any of the legal downloads, you need a credit card and he suggested that I get one.
Is there much point me getting a credit card just to purchase songs? I'm unlikely to use it for anything else.
Is there much point me getting a credit card just to purchase songs? I'm unlikely to use it for anything else.
Beep boop. I'm a bot.
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Seriously, every time you read about someone being taken to court over this the media are ver careful about their wording. The crime is always "file sharing", with some mentions of "illegal download sites" (any site that offers the music in this way is breaking the law, not the downloader). The only reason people still believe this myth is because the music companies aren't exactly in a hurry to correct people over it.
EDIT: A further example of this oh-so clever wording is things like iTunes advertising their services as "legal downloads". That may very well be, but downloading music from torrent sites, KaZaA, SoulSeek, LimeWire and everywhere else is perfectly legal too.
If you're sensible they can be useful to get the benefits too though. For example buying with store cards can give you a discount but if you don't pay it off at the end of the month you can get stung with 25+% apr
Don't get one if you think that you're going to be tempted to use it too much though.
if you live in the UK you can get civil penalties for downloading.
Source? This stuff was part of my uni course when I started a few years ago. Unless the law has changed in the past couple of years (and they strangely haven't informed us), it's not illegal to download music.
Which is what I'm worried about. I'm just as bad now...
As said by others, get one to buy stuff on and then pay it off straight away. That way you can start building up a credit rating. If you've never had credit before then when you do want some, the banks/lending companies don't know whether to trust you or not.
Also some sites and stuff where they may take credit cards but not debit ones.
Which is what I heard/read somewhere.
I don't have a debit card either. Currently, the only card I have is the one for an under 19s bank account.
http://news.zdnet.com/2100-3513_22-5100441.html
As it stands, what's right and what's wrong regarding music downloading is a grey area depending entirely on semantics.
Or you could just use your credit card wisely and not spend more than you know you can pay back that month
I think getting one could be a good idea if you have enough brain power to use it wisely. Building your credit is a very helpful thing. As Malajusted and Loopi said, Having no credit can often be as bad as having bad credit. Companies won't want to take a chance on you either way. I remember having to pay $200 when I first got my own cell phone because I had no credit to my name. And I wouldn't even be able to think about taking out a loan for a car or house or anything else.
Plus, alot of credit cards give you kickbacks. I've got one from a gas station where I get 3% back on all puchases from them and 1% back on everything else. Buying gas where I can get it almost a dime cheaper a gallon sure makes me happy. Much better than my 1/4% with the debit card. I never use that. THe main thing is just not to spend more money than you have.
I know I can comfortably pay back x amount each month, so no matter what my credit limit is, I won't spend more than that personally set amount. And if something happens where I need to, then I would use the debit card. Imo, credit cards can be useful, helpful and benificial as long as you have the sense to use them sensibly.
What does she mean, masking a big mistake? I don't get that. I have 2 credit cards and a store card, but the only debts I have are my student loan.
Having a credit card does help your credit rating loads. There are plenty of places that you can get free credit checks from now and they will also tell you how you can improve things as well. Here is one place perhaps you should have a nosey and see what you think afterwards.
maybe she knows her daughter and doesnt think that she is responsible enough with money
just because you have credit cards and store cards and manage them well, maybe sofie wont so her mum has advised her not to get one
sounds sensible to me
(p.s sofie...i'm not implying you're crap with money x)
Having said that, I did get a gold card when the bank offered me, I figured I could use it in emergencies, if I ever needed to just run away and buy a flight ticket. But recently Lloyds TSB wrote to me and said they were going to start charging me for my credit card (as I had never used it) so I cancelled it.
I would advise against credit cards.
But for those who are exceptionally good with their money, they can buy things on credit, get the benefits (credit score, 'points', discounts etc. etc.) and then pay them back without the interest charge
Of course, the thing with credit is that if you have planned to pay back £500 when you get paid, but then a direct debit doesnt go through or whatever, then you may end up with £400 cash and £500 debt, so next month you have (£500 on groceries / stuff) + £100 * interest = more debt, and it quickly spirals out of control.
Which makes the bank happy because it gets to a point where you're basically just paying interest whilst the capital is stuck, so bit like protection money really. 'Pay or we'll make you bankrupt'.
Which is why it's all the more suspect eople who have had debt problems in the apst are all too easily offered credit as an easy way to get out. If people aren't goo with their money dno't make it easier for them to lose it all.
:yes: And I do know what you are trying to say to me.
It helps though.
if you can't afford it, WAIT, the letter I got today said "you pay your bills, then your car breaks and need to fix it, this card will allow you too" well if you need to fix it, wait, use a bus or train
thats my views anyway, I hate Credit cards, I've seen what they can do to people.
If you're not sure of the source, it'd be less risk to you to use a credit card (Obviously better to buy from trusted sources though).
If you're sensible, it can allow you to control your finances.
Managing one can improve your ratings.
They can be handy if you suddenly need to get something you haven't planned for.
It's plainly obvious that mis-managing a credit card will get you into a financial mess, but that's the same with a lot of things. If you're a dullard and can't manage to know what you can and can't afford, then don't get a card. Otherwise you have nothing to fear - they are just a piece of plastic after all.
My girlfriends mum uses hers for christmas and holidays so she can pay them off over 3 months rather than all in one go. In an ideal world you'd save up but they seem to manage fine.