Should I get a Credit Card?

[AlphaMan]

lol all this beatup from zoom because he, his friends and family not financially responsible.

zoom bai, you can keep braying about credit cards being a con every chance you get. that'll show em.

Son, use as many CC as u like.

I value my financial freedom and its why I retired at a very early age in my life. Guys in the their 40s, 50, and up to 70s still paying back banks and CCs

I owe no one except Jah.

How did you retire early? Care to Gove an age?
What investments did you make?
What did you avoid? Alcohol, parties, traveling?
Are you married?

[INDAVID WORKSHOP]

I'm thinking about getting a credit card. I'm young and not really sure about the pros/cons of getting a card. Opinions on the matter would be nice along with answers to a few questions I have.

1. I was reading online that a credit card can help build your credit score and a good credit score can help you get loans for buying a house etc. The articles were american, so I'm not sure if the whole credit score thing applies locally. So would the credit card help in that aspect?

2. I'm not sure exactly how the interest on the card is calculated. In a lot of articles, they mentioned that if you pay off the amount on the card every month, then you aren't charged interest on the purchase? Is that true?

3. If number 2 is true, then basically you can use your credit card as a debit card, once you don't spend more than your pay check can handle. That means you'd get points for free in a sense once you purchase everything through the credit card.

4. Are the point earning system thing a gimmic? Because I was looking at some cards from rbc and you basically get 20 cents on every 20 dollars spent, which is quite low IMO. Can one expect to get realistic returns from earning points?

If anyone has any more info on the pros/cons or catches of owning a card, it'd be really appreciated and help me make my decision.

Thanks for the help.

Bro,
My advise is to have a Credit Card with a low limit that you can easily pay off every month by the 13th then use it again from the 16th to 13th the next month.

I have a USD 500 per moth Credit card that has worked for me over 15 years now without issue or unnecessary interest
payment.

[triniterribletim]

Credit cards are useful if you want to move your TTD capital abroad, and can't get USD/GBP/EUR. Just use your credit card and pay it down with your savings account.

[paid_influencer]

Credit cards are useful if you want to move your TTD capital abroad, and can't get USD/GBP/EUR. Just use your credit card and pay it down with your savings account.

yes, even works in Guyana for those of us who don't have green card

abandon ship

[triniterribletim]

Credit cards are useful if you want to move your TTD capital abroad, and can't get USD/GBP/EUR. Just use your credit card and pay it down with your savings account.

yes, even works in Guyana for those of us who don't have green card

abandon ship

Are credit cards widely accepted in Guyana? When I went to Suriname, virtually everything was cash only. Only the duty free at the airport accepted cards. Everywhere else, even places like KFC didn't take credit cards or only the local bank debit cards.

[zoom rader]

lol all this beatup from zoom because he, his friends and family not financially responsible.

zoom bai, you can keep braying about credit cards being a con every chance you get. that'll show em.

Son, use as many CC as u like.

I value my financial freedom and its why I retired at a very early age in my life. Guys in the their 40s, 50, and up to 70s still paying back banks and CCs

I owe no one except Jah.

How did you retire early? Care to Gove an age?
What investments did you make?
What did you avoid? Alcohol, parties, traveling?
Are you married?

All over tuner I explained how I invested. Just search

[zoom rader]

I'm thinking about getting a credit card. I'm young and not really sure about the pros/cons of getting a card. Opinions on the matter would be nice along with answers to a few questions I have.

1. I was reading online that a credit card can help build your credit score and a good credit score can help you get loans for buying a house etc. The articles were american, so I'm not sure if the whole credit score thing applies locally. So would the credit card help in that aspect?

2. I'm not sure exactly how the interest on the card is calculated. In a lot of articles, they mentioned that if you pay off the amount on the card every month, then you aren't charged interest on the purchase? Is that true?

3. If number 2 is true, then basically you can use your credit card as a debit card, once you don't spend more than your pay check can handle. That means you'd get points for free in a sense once you purchase everything through the credit card.

4. Are the point earning system thing a gimmic? Because I was looking at some cards from rbc and you basically get 20 cents on every 20 dollars spent, which is quite low IMO. Can one expect to get realistic returns from earning points?

If anyone has any more info on the pros/cons or catches of owning a card, it'd be really appreciated and help me make my decision.

Thanks for the help.

Bro,
My advise is to have a Credit Card with a low limit that you can easily pay off every month by the 13th then use it again from the 16th to 13th the next month.

I have a USD 500 per moth Credit card that has worked for me over 15 years now without issue or unnecessary interest
payment.

Very few people have the discipline to do that.

[sachin]

Anyone knows what’s the usd limit with cibc bank?

[AlphaMan]

Credit cards are useful if you want to move your TTD capital abroad, and can't get USD/GBP/EUR. Just use your credit card and pay it down with your savings account.

Where do you move the capital to?
A foreign bank?

[triniterribletim]

Credit cards are useful if you want to move your TTD capital abroad, and can't get USD/GBP/EUR. Just use your credit card and pay it down with your savings account.

Where do you move the capital to?
A foreign bank?

No, I use it to pay my day to day expenses. Moving any substantial amount of cash out of the country is a fool's errand unless you're the 1%. It's the only way a regular person will ever be able to get rid of TTD abroad.

[The_Honourable]

For all those Idiots who say they use CC and pay off my bills and get free flights ect .

Watch the clip

https://youtu.be/hR8ul1CIKVo?si=6ErIMvDgZThRMscO

No son,

The credit card companies never loose.

They are insured if u don't pay. That's why they use a scoring system to see if they can get insurance when u take out a CC or loan. They always cover their looses


Watch the vid

https://youtu.be/bua07BbeJC0?si=XpcPO9-W_q-_8oSG

Again the credit scoring system is another con job designed to Streer u in a direction of using CC and taking out loads. Banks came up with scoring to make money

I advise all on tuner to watch the clip

https://youtu.be/QNa-4LSuN-s?si=uwjYy7RZm4UZWuRK

Appreciate the youtube links zoom.

[AlphaMan]

Credit cards are useful if you want to move your TTD capital abroad, and can't get USD/GBP/EUR. Just use your credit card and pay it down with your savings account.

Where do you move the capital to?
A foreign bank?

No, I use it to pay my day to day expenses. Moving any substantial amount of cash out of the country is a fool's errand unless you're the 1%. It's the only way a regular person will ever be able to get rid of TTD abroad.

So basically you use your credit cards in Brazil and pay it down with your tt dollars in your account?
How do you earn tt dollars to pay down the debt if you're in Brazil?

[st7]

Credit cards are useful if you want to move your TTD capital abroad, and can't get USD/GBP/EUR. Just use your credit card and pay it down with your savings account.

Where do you move the capital to?
A foreign bank?

No, I use it to pay my day to day expenses. Moving any substantial amount of cash out of the country is a fool's errand unless you're the 1%. It's the only way a regular person will ever be able to get rid of TTD abroad.

So basically you use your credit cards in Brazil and pay it down with your tt dollars in your account?
How do you earn tt dollars to pay down the debt if you're in Brazil?

he doesnt. he stated he has TTD capital, so he's just using his TT CC to make purchases in brazil.

[redmanjp]

is still good to get a cc now than later- look what happen to vtms -they started with no longer issuing new cards, then moved to no longer renewing expired cards. if the forex situation get worse - the next step is stopping issuance of new credit cards. they done already reducing limits on them - the writing on the wall for all to see

[triniterribletim]

Credit cards are useful if you want to move your TTD capital abroad, and can't get USD/GBP/EUR. Just use your credit card and pay it down with your savings account.

Where do you move the capital to?
A foreign bank?

No, I use it to pay my day to day expenses. Moving any substantial amount of cash out of the country is a fool's errand unless you're the 1%. It's the only way a regular person will ever be able to get rid of TTD abroad.

So basically you use your credit cards in Brazil and pay it down with your tt dollars in your account?
How do you earn tt dollars to pay down the debt if you're in Brazil?

With the money I have in the bank locally in Trinidad and Tobago. I couldn't get more than 5K USD to go up and that was because the manager and I was good friends for many years and she pulled some strings for me with a special request. Had to make it a whole year in advance, almost thought I wasn't getting it, but I got it after 10 months. Collected in January, flew out in March 2022. Blessings be upon her and her house.

[triniterribletim]

is still good to get a cc now than later- look what happen to vtms -they started with no longer issuing new cards, then moved to no longer renewing expired cards. if the forex situation get worse - the next step is stopping issuance of new credit cards. they done already reducing limits on them - the writing on the wall for all to see

Get it while the getting is good. You never know when even more austerity measures might hit.

[snatman]

TIL I'm a deadbeat credit card user.

---
What Is a Deadbeat?
Deadbeat is a slang term for a credit card user who pays off their balance in full and on time every month, thus avoiding the need to pay off the interest that would have accrued on their accounts.
They'll get this derogatory name by being a potentially less profitable customer for a credit card company than someone who carries a balance from month to month.

By not carrying a balance, a deadbeat does not incur any interest charges, and by paying on time, they don't incur any late fees.

Deadbeats often reap the rewards from credit card programs without having to pay high fees or interest due to regular and full payments on their cards.

Deadbeats Can Still Generate Revenue for Credit Card Companies
Why would a credit card company want a deadbeat as a customer if they do not earn interest or late fees from them?
Because credit card companies still earn money from deadbeats. One way they make money is that merchants pay about 3% of each credit card transaction in fees to the credit card company.
-----

Yay me. Deadbeat for life!

Folks, if you're financially disciplined, having a credit card is 100% win.
If you're not, stay far away.

Investopedia

[DMan7]

Yes I do the same thing, pay off the balance on the credit card to avoid paying interest rates. Then again I came from international debit card like RBL VTM card where the money on the card is 100% mine and I used to maintain a close to zero value on the card once I'm not in need of buying anything. Most people with credit cards come from a background requiring money on loan and would carry the balance from month to month thereby resulting in incurring high interest rates to pay back.

[AlphaMan]

What the hell people buying with credit card so that they always have debt to their name..

[Dizzy28]

Everything!!!

What the hell people buying with credit card so that they always have debt to their name..

[st7]

Everything!!!

What the hell people buying with credit card so that they always have debt to their name..

only cause it must go

[MaxPower]

What the hell people buying with credit card so that they always have debt to their name..

Car parts hoss

[bluefete]

So in meh old age I am trying the credit card for the first time. Will pay off the balance within a couple days of using it.

No points though. That is the bummer. I think 0.8% cash back or something so.

[pugboy]

just find out your statement due date and pay it week before
or the bank can auto debit each period to pay it off

So in meh old age I am trying the credit card for the first time. Will pay off the balance within a couple days of using it.

No points though. That is the bummer. I think 0.8% cash back or something so.

[bluefete]

just find out your statement due date and pay it week before
or the bank can auto debit each period to pay it off

So in meh old age I am trying the credit card for the first time. Will pay off the balance within a couple days of using it.

No points though. That is the bummer. I think 0.8% cash back or something so.

Thanks. Will get the card in a couple weeks.

[Damien]

If you're a gambler no, if not get as many as you can

[pugboy]

which bank?
some banks now want to do all kind of interview like is a big favor they giving customers
real nonsense

Thanks. Will get the card in a couple weeks.

[bluefete]

which bank?
some banks now want to do all kind of interview like is a big favor they giving customers
real nonsense

Thanks. Will get the card in a couple weeks.

RBC - Pre-approved. They invited me. I did not apply.

The first offer was insulting so I ignored them. Then they upped their game and I decided to give it a try for one year. After one year, card charge is $265.00. I might give it up then. LOL.

Years ago Scotiabank used to be sending me invies every month and I never took them on.

[bluefete]

If you're a gambler no, if not get as many as you can

LOL. I good with one. After one year those card renewal charges will add up.

[pugboy]

they must be find you have too much money sitting in the bank and want you to start spending
sometimes them preapproved cards have very high interest rates

RBC - Pre-approved. They invited me. I did not apply.

The first offer was insulting so I ignored them. Then they upped their game and I decided to give it a try for one year. After one year, card charge is $265.00. I might give it up then. LOL.

Years ago Scotiabank used to be sending me invies every month and I never took them on.