Credit Car?


DannyMechanist's avatar
So as I posted in the complaint forum the banking system in Pakistan sucks and the only way to make online purchases is by credit card.
The issue is I've never had one and fear getting one would actually do more harm than good. what's your opinion on credit cards and how do I economize my mark-up and stuff if I get one?
Comments19
anonymous's avatar
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Pho-Kadat's avatar
Not sure about your locale but if you pay your credit card bill off in full by the due date, you'll never be charged interest.  
shadee's avatar
You could ask if one of your local banks issues credit cards with low limits. Those are handy because you can't charge more than a certain amount to them.
DannyMechanist's avatar
that's a nice idea... thanks
PoultryChamp's avatar
I have a few friends in Pakistan, but I'm not quite sure how credit cards work there. I know it's against Islam to charge interest.

Credit cards are a tool. If you use them wisely, they will ultimately benefit you. But they can be dangerous and swallow you whole in a mountain of interest charges and account fees. Be careful.
DannyMechanist's avatar
how do I use them safely... I am a complete novice at this stuff
CeloTheImpossible's avatar
I i can't say much about credit cards, but there are some gift cards for different credit card companies (For example, I use Visa Gift cards) that are viewed as credit cards and thus can be used online for however much money is placed on the gift card. It's how I was able to renew my premium membership last year. :)
DannyMechanist's avatar
Unavailable in Pakistan because the banks wont allow it
ImperialNokhtis's avatar
Credit cards are an essential in this world because they give you a credit score which is needed for virtually  everything. All you do with a credit card is borrow money. You go online once a month and you give the money back. Or you pay it back in installments until it's paid off. This is normal pocket sized amounts of money to a couple hundred, maybe a grand at the most for most people.

 Interest is only accumulated when you are paying installments and are relatively small if your borrow amount is lower, to be honest even with high interest rates- I have a school bill of like 600.00 I'm paying off with my upcoming tax refund and I only get like $20.00 in interest if I'm not paying double or triple payments. That's an example. 

 If you pay the entire thing off by the end of the month or with in a short time, lets say like 3-6 month you don't accumulate it (or much of it). But it's good to because interest make the company money and it gives you a better score.  Of course in moderation. 

 You only put on it what you can realistically pay off. Example- using it for your groceries or gas and paying the money you had sitting in the bank on it or example my school bill because even with out my refund I could pay it off in 3 paychecks. 1 paycheck a month means it's gone in three months.

It's a necessary evil- and if you don't use it, you're not paying anything for it. except a one time a year fee which is like- retardedly cheap. They come in real handy in hard times (like when you live paycheck to paycheck or there's something you desperately need or a bill to pay but you can't at the moment and work when debit cards machines are down) . It's good to have one, maybe two tops.
DannyMechanist's avatar
I'm still skeptical about them since from what I hear credit card debt can become a huge problem. but thanks for the info... it helps a lot
ImperialNokhtis's avatar
debt of any kind is a burden, debt is debt and must always be handled responsibly.
PuzzledHeartBox's avatar
I've MasterCard. It's handy and easy to use. And I've not had a single problem with it.
I only use it when no other option of payment is available.
DannyMechanist's avatar
I'm most concerned about mark-up and credit card debt.
pyrohmstr's avatar
They work fine if you have the money and pay the bills on time. Do they even charge interest in Pakistan? Isn't that against Islam?

If you are going to get a credit card, you might as well get one that gives you points or miles towards rewards.
DannyMechanist's avatar
Yes it is against Islam but tell that to a bank system that bars all internet transaction on VISA debit cards and also bans PayPal =P

I'll keep that in mind
pyrohmstr's avatar
Do they still charge you interest on the cards you're allowed to use?
DannyMechanist's avatar
Not sure but I am guessing yes