Any reason I should keep my credit card ?

evlgmaojr27ypu

So I have had a credit card for few years, but hardly use it. The last time I used it was when I was on holidays and solely used for the hotel deposit. Managed to get by with revolut for day to day use, especially when they don't charge for exchanging currency.

So is there any reason to hold on to a credit card, if I don't plan to use it as a proper credit card ?

I know there are some additional protection when using a credit card when buying stuff online, but other than it.. is there any additional benefits

worker bee

Got rid of mine 4 years ago and have had no problem using visa debit and paypal etc.
Originally got it only for online shopping more than 10 years ago as some sites then would only accept credit card.

Kept saying I was going to get rid of it when the annual fee was taken and eventually got around to it.

Never missed it since.

patmahe

Hiring a car is tough without one and as you mention buying stuff online, I'm guessing you have a Visa debit card or something which should be ok for buying stuff online.

evlgmaojr27ypu

patmahe wrote: »

Hiring a car is tough without one and as you mention buying stuff online, I'm guessing you have a Visa debit card or something which should be ok for buying stuff online.

Is it that most rental company won't accept debt cards ? Even if you had ample funds for their deposit

Definitely worth keeping imo. I use Revolut or my bank debit card for most things but I still have plenty of uses for the credit card:

I travel for work and use my credit car for all of this as I don’t want to spend my own money and once I’m reimbursed I clear the card.

I also regularly use it to spread the cost of more expensive things across two months salary rather than one. This can be done without paying interest as if you purchase at the right time then you have almost two months of free credit.

Also Revolut does fail on some sites and I don’t like using my bank ac debit card online so again credit card is very handy for this.

Car rentals are way smoother with a credit card. Probably some other reasons too which I’m not thinking of.

evlgmaojr27ypu

Nala Obnoxious Helicopter wrote: »

Definitely worth keeping imo. I use Revolut or my bank debit card for most things but I still have plenty of uses for the credit card:

I travel for work and use my credit car for all of this as I don’t want to spend my own money and once I’m reimbursed I clear the card.

I also regularly use it to spread the cost of more expensive things across two months salary rather than one. This can be done without paying interest as if you purchase at the right time then you have almost two months of free credit.

Also Revolut does fail on some sites and I don’t like using my bank ac debit card online so again credit card is very handy for this.

Car rentals are way smoother with a credit card. Probably some other reasons too which I’m not thinking of.

Well I have corporate card from work, so anything work related goes on to it. The only thing I guess is rental cars that might be an issue in the future. I reckon I may just get rid of my own card

if you're not using the credit aspect then rental cars is pretty much the only reason to have a credit card afaik

Chris_5339762

Debit cards work with car hire companies however they take several hundred euros as a holding deposit. On the credit card you never see this happening really, but on a debit, they hold that money and you don't have access it until they give it back.

nsa0bupkd3948x

Chris_5339762 wrote: »

Debit cards work with car hire companies however they take several hundred euros as a holding deposit. On the credit card you never see this happening really, but on a debit, they hold that money and you don't have access it until they give it back.

Depends on the car hire company. Some will flat out refuse to accept debit cards. Same for some hotels. They won't check you in unless you have credit card.

I have a credit card only ever use it for car hire and hotels deposits.

Wheety

You might as well hold on to it until next year anyway. You'll have to pay another €30 stamp duty.

I got rid of mine in March to avoid paying it twice

evlgmaojr27ypu

Yep.. Thanks folks, going to keep it after all.

I might hardly need it.. But still handy to keep for rare occasions.

Delta2113

A Debit card has the same consumer protection as a Credit card in Rep of Ireland.

caviardreams

I also find it handy to have at home in case you lose your wallet and your debit cards and/or need to cancel them for another reason like fraud. You could be waiting up to a week or so for a new card and pin to arrive (as happened me!), and the credit card can be handy to use for purchases if you can't get to a bank to get cash. That's why I leave it at home all the time so I have it if my wallet goes astray.

mistress_gi

I use my credit for all of my day to day expenses. I try to use it for everything unless I need actual cash.
Why do I do this?
When I spend money it's not my money.
Protection of using the credit is much higher than debit or cash.
No interest because I pay for it in full every month.
My credit card has cashback facility, which means I end up making money.

NIMAN

Delta2113 wrote: »

A Debit card has the same consumer protection as a Credit card in Rep of Ireland.

Your debit card is linked to your current account though, and any fraud on the card starts to empty your money. I know, I have experienced it recently. Then they have to cancel your debit card and issue another, and that is a few wasted days.

Its safer to have a credit card with a small limit of say 1k on it, and if that was defrauded then its contained to 1k and they have much more protection and comeback with them.

NIMAN

mistress_gi wrote: »

I use my credit for all of my day to day expenses. I try to use it for everything unless I need actual cash.
Why do I do this?
When I spend money it's not my money.
Protection of using the credit is much higher than debit or cash.
No interest because I pay for it in full every month.
My credit card has cashback facility, which means I end up making money.

This is the ideal use of a credit card, and the companies probably hate people like yourself!

Thankfully for them, most people with credit cards are daft, run up a lot of dent on them and pay the minimum amount each month.

Sleeper12

Having a credit card actually improves your credit rating. That's assuming that you pay it off each month

I get 225 Euro cashback with my CC each year, so €195 net gain per annum.

If you clear the balance each month there's free money to be had.

NIMAN

NIMAN wrote: »

This is the ideal use of a credit card, and the companies probably hate people like yourself!

Not preferred, but definitely not hated. Banks get a cut of everything you buy with a CC.

djan

[Deleted User] wrote: »

I get 225 Euro cashback with my CC each year, so €195 net gain per annum.

If you clear the balance each month there's free money to be had.

If you don't mind me asking, what card is that?

djan

djan wrote: »

If you don't mind me asking, what card is that?

AIB platinum

theteal

I have 5 credit cards, only one of which has an outstanding balance. Maybe it’s different in Ireland but over here in the UK the new customer offers are ridiculous. When ever I have a medium-large purchase I just look for a new card with the longest interest free period. The current outstanding balance is 0% for another 24 months with a DD set to clear the balance in that period. No reason whatsoever to spend my own money with offers like that. I’ll be doing the same for my next car purchase too.

Augme

The fraud issue is only really relevant if you actually use your credit card.

And ultimately that's what it comes down to. If you want to keep the credit card then you should actually use it. Simply having it for the sake of having it is where it becomes a bit of a waste.

seligehgit

theteal wrote: »

I have 5 credit cards, only one of which has an outstanding balance. Maybe it’s different in Ireland but over here in the UK the new customer offers are ridiculous. When ever I have a medium-large purchase I just look for a new card with the longest interest free period. The current outstanding balance is 0% for another 24 months with a DD set to clear the balance in that period. No reason whatsoever to spend my own money with offers like that. I’ll be doing the same for my next car purchase too.

An amazing offer,can't imagine there's an equivalent introductory offer for a credit card in Ireland?

Is the interest rate payable not extortionate with such an offer?

Coz

That's what my research said too. Just cleared it off entirely the first time in years. Was going to cancel it but read how keeping one improves your credit rating. Just lowered the limit.

If you're worried about insurance on larger items or international purchases just put your card in credit

seligehgit

seligehgit wrote: »

An amazing offer,can't imagine there's an equivalent introductory offer for a credit card in Ireland?

Is the interest rate payable not extortionate with such an offer?

Look up Avant card.

green123

seligehgit wrote: »

Is the interest rate payable not extortionate with such an offer?

What do you mean by this ?

Its zero as you have quoted.
He will not pay any interest for 24 months

seligehgit

green123 wrote: »

What do you mean by this ?

Its zero as you have quoted.
He will not pay any interest for 24 months

Post the 24 months what's the interest rate?

Probably simply source a new offer.:D

theteal

seligehgit wrote: »

An amazing offer,can't imagine there's an equivalent introductory offer for a credit card in Ireland?

Is the interest rate payable not extortionate with such an offer?

It's 0%. No clue what it reverts to after the 24 months, it won't be relevant to me, the card will never be used again, sure its stuffed in the bottom of a wardrobe now as it is. It's literally a free loan.

Example - 28 months interest free on balance transfer

Sleeper12

seligehgit wrote:

An amazing offer,can't imagine there's an equivalent introductory offer for a credit card in Ireland?

These were common place in Ireland till 2008. All the financial advisors would recommend anyone in debt to transfer the card balance to a new 0 rate account & then cut up the new card. This gave you 12 to 24 months interest free to try clear the balance.

Anyone in debt wouldn't get a credit card nowadays but 15 years ago they pushed credit on you regardless

josephsoap

[Deleted User] wrote: »

AIB platinum

How much do you have to spend per month to receive that or would one big purchase result in €225 cash back ?

josephsoap

josephsoap wrote: »

How much do you have to spend per month to receive that or would one big purchase result in €225 cash back ?

50k per annum.

evlgmaojr27ypu

josephsoap wrote: »

How much do you have to spend per month to receive that or would one big purchase result in €225 cash back ?

Spend over €5,000 (and up to €50,000) in any 12 month period from your account opening date, we will give you 0.5% of that amount back (maximum award for each 12 month period is €225)*

daheff

Definitely worth keeping

It’s free access to money in an emergency

Done right, your limit is about 1 months take home pay & repaid by dd every month.....so no interest charges.

If something happened where you need cash in a hurry, then it’s quicker than going to a bank(and they could say no).