Author Topic: Are Credit Cards Good or Bad For GAS? (Read 4160 times)

agentx44 · « **on:** August 16, 2006, 12:01:13 PM »

I'm waiting on an application for a credit card which i plan to use for (among other things) buying gear. Did I make the right move or will this be the last nail to my coffin? Medyo skeptical ako at hesitant to get one kasi kaso it seemed (at the time I applied for the card) that it was the best way to go about it. I need honest opinions coz I don't want to end up in something I can't get out of.

PRSMan · « **Reply #1 on:** August 16, 2006, 12:05:17 PM »

rule #1 -- never buy something that you can't pay-off immediately if you needed to. siyempre exception to this rule would be bahay, kotse, etc.

don't develop the mentality that most americans have -- they only think about the minimum monthly payments or what their monthly budget will be. they don't think about what they'll end up paying over time. and by only paying the minimum, nababaon at nababaon lang sila sa utang.

however, there are smart users of credit cards. daming credit card companies will offer 0% financing promos for X months. if you are sure to pay your balance by the end of that period, sige, avail of the free use of money. but don't forget rule #1.

Al_Librero · « **Reply #2 on:** August 16, 2006, 12:08:37 PM »

a credit card is only as good or bad as the discipline of the person using it.

farseer · « **Reply #3 on:** August 16, 2006, 12:14:00 PM »

tama si al....

pero para sa akin- BAD

agentx44 · « **Reply #4 on:** August 16, 2006, 12:14:23 PM »

Quote from: Al_Librero

a credit card is only as good or bad as the discipline of the person using it.

Thanks, Sir Al!

I actually got into an argument with my dad over this issue.

SDMF · « **Reply #5 on:** August 16, 2006, 12:19:02 PM »

Actually for me, maganda pag may credit card instead of cash or checks, kasi hindi real time ang paglabas ng pera. Delayed ang bayad kaya mapapa-ikot mo ung savings mo.

mon116ph · « **Reply #6 on:** August 16, 2006, 12:34:12 PM »

I have two credit cards

CITIBANK and PSBANK

Ok sya pero pls be aware with OVER CHARGING ng CITIBANK..

Grabe ang INTEREST CHARGE kapag nag lapse ka ng PAYMENT sa DUE DATE na ibinigay sayo...

Nakaka GAS talaga yan..

In summary..CREDIT CARD are good for those person who can settle their obligation PROMPTLY and ON TIME.

PRSMan · « **Reply #7 on:** August 16, 2006, 12:42:12 PM »

Quote from: agentx44

Quote from: Al_Librero
a credit card is only as good or bad as the discipline of the person using it.

Thanks, Sir Al!

I actually got into an argument with my dad over this issue.

having discipline is absolutely required, and also you need to understand the implications of incurring debt. if your plan is to pay the minimum monthly payment, then you're screwing yourself in the long run.

actually, i'm a big fan of taking advantage of credit card promos if it makes sense. case in point: i received a card promo that allowed me to transfer up to $X to any account (card, savings, etc.) at a rate of 3% until the balance is paid off. at the same time, i had access to an investment vehicle that guaranteed me a return of 18%. so what i did was i "borrowed" the maximum $X and reinvested it. without any cash out, i'm now earning 15% on $X. and if for some reason i wanted to pay off the debt (maybe just to get it off my credit profile), i can easily pull out my investment and pay-off the balance.

Kulas · « **Reply #8 on:** August 16, 2006, 12:46:37 PM »

credit card = constant GAS torment!!! beware!!!

plugzzzz · « **Reply #9 on:** August 16, 2006, 01:07:03 PM »

BAD yan u end up buying things that you really dont need tapos yung interest pa. creditcard is good if you know what to buy and you buy those things kasi kailangan na kailangan and disiplinado ka u know your limits.

Boosted · « **Reply #10 on:** August 16, 2006, 01:20:23 PM »

BAD! and going to guitar stores is bad as well.. for g.a.s that is..

jericojuliolab2 · « **Reply #11 on:** August 16, 2006, 01:42:06 PM »

CREDIT CARDS SHOULD BE USED FOR CONVINIENCE ONLY. IF YOU DONT' HAVE THE CAPACITY TO PAY DON'T USE IT.

I have plenty of cards but am using only one ( just to earn PAL mabuhay miles ) while the rest are just for emergency ( with cash advance facility ). Still has two more but am not activating it cause talo lang sa annual fee.

I learned my lesson few years back when I opted to avail of the minimum balance payment. I ended up paying more.

MAKE SURE WHATEVER YOU BUY THRU CREDIT CARD THIS MONTH YOU ARE CAPABLE OF SETTLING IT ( WHOLE AMOUNT ) BEFORE YOUR DUE DATE NEXT MONTH.

BE PRUDENT

pjrodz · « **Reply #12 on:** August 16, 2006, 01:52:59 PM »

for me mas ok pag cash....makaka discount ka pa at some music stores!

vegetablejoe · « **Reply #13 on:** August 16, 2006, 01:59:00 PM »

I've said this before: SSS Loan...

P21,000+ proceeds from a maximum P24,000 loan
payable in 24 monthly installments
4-6 weeks to process application

but of course, you must be gainfully employed to qualify.

kanshooter · « **Reply #14 on:** August 16, 2006, 03:10:15 PM »

swipe, swipe, swipe

superoxy · « **Reply #15 on:** August 16, 2006, 03:20:20 PM »

Swiper no Swiping!

titser_marco · « **Reply #16 on:** August 16, 2006, 03:36:19 PM »

Question about credit cards (yeah, im a noob):

1. If I pay only say, a bit above the minimum monthly due, and then I pay whatever balance is remaining before the NEXT billing date, will I incur extra charges and/or interest?

pallas · « **Reply #17 on:** August 16, 2006, 05:43:38 PM »

beware pre, yan lang

pallas · « **Reply #18 on:** August 16, 2006, 05:43:49 PM »

naulit

ferdie · « **Reply #19 on:** August 16, 2006, 05:58:07 PM »

Walang Pambayad = BAD
Meron Pambayad = GOOD

Hirap sa credit card pag di na mkabayad di ka tatantanan ng tawag ng mga "Law Office" kuno. Dami ko kakilala ganyan...

vegetablejoe · « **Reply #20 on:** August 16, 2006, 06:33:22 PM »

Quote from: titser_marco

Question about credit cards (yeah, im a noob):

1. If I pay only say, a bit above the minimum monthly due, and then I pay whatever balance is remaining before the NEXT billing date, will I incur extra charges and/or interest?

Best to call your credit card company and ask them directly. Some are more lenient than others.

In my experience with BPI cards, if I pay my balance 1-2 days after due date, I have not been billed extra interest charges. Beyond that little leeway, for sure meron extra interest to be added to your next bill; computed for the total number of days your bill remained unsettled. But I'm guessing here... each bank has its own nutty, convoluted computations.

extreme16199 · « **Reply #21 on:** August 16, 2006, 07:36:58 PM »

Quote from: titser_marco

Question about credit cards (yeah, im a noob):

1. If I pay only say, a bit above the minimum monthly due, and then I pay whatever balance is remaining before the NEXT billing date, will I incur extra charges and/or interest?

yes, you will incur interest (+/- 3.5% per month depending on your kind of card) on the unpaid amount. not worth it if you ask me. this is worse if you pay only the minimum amount every month. dyan nababaon sa utang ang mga hindi marunong gumamit ng credit card, sa kababayad ng interest.

my rule of thumb for credit cards is - pay on time and in full.

tripnotic · « **Reply #22 on:** August 16, 2006, 07:46:00 PM »

imho credit cards are pretty convenient to have specially for emergency situations where you dont have cash. and kung merong item kang nakita na matagal mo nang hinahanap. basta make sure you pay for it on time so as not to incur interest.

thortured · « **Reply #23 on:** August 16, 2006, 08:13:14 PM »

be responsible nalang , use it when you need it ,may priorities naman tayo. bayaran muna bago utang na naman

greasykid · « **Reply #24 on:** August 16, 2006, 09:02:29 PM »

Pang delay lang ng payment hindi pang-increase ng purchasing power.

Wag na wag uutangin ang pang-GAS. Para kang naghukay ng sarili mong libingan niyan.

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Author Topic: Are Credit Cards Good or Bad For GAS? (Read 4160 times)