Zilvian Center for kids who can't finance good: & Finances, Credit, Card, Score

[cbeuglas]

The other credit issue is a check card is in no way going to help you build credit. I refuse to use check cards as you have little protection from the bank. If there is a a charge you did not make with a check card the money is already gone, and you have to fight to get it back. I some cases if it takes too long you will not pay your other bills as you are waiting for the bank to return your money. Late bill payments = hurt credit score.

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[240meowth]

Originally Posted by cbeuglas

The other credit issue is a check card is in no way going to help you build credit. I refuse to use check cards as you have little protection from the bank. If there is a a charge you did not make with a check card the money is already gone, and you have to fight to get it back. I some cases if it takes too long you will not pay your other bills as you are waiting for the bank to return your money. Late bill payments = hurt credit score.

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This is not a true statement; check cards with visa/master/etc. logo on them gets the same security as credit cards.

There is a movement out there backed by a finance guru named Dave Ramsey who argues you should never use a credit card because you fall into a trap of paying up to 25% interest and hell.

However, I do agree with you that check cards are not the best way to go about. Credit cards can sometime give you perks such as cash-back; whereas check cards do not. Just don't ever carry a balance!

Do keep in mind: many people, myself included, tend to spend more than they want on credit card because "oh i get 1% cash back". This is the same mentality as "oh, rota wheels are 90% off i'll buy 50 of them in case one breaks". You don't spend money on things you don't need just to "save money".