1. Welcome to Religious Forums, a friendly forum to discuss all religions in a friendly surrounding.

    Your voice is missing! You will need to register to get access to the following site features:
    • Reply to discussions and create your own threads.
    • Our modern chat room. No add-ons or extensions required, just login and start chatting!
    • Access to private conversations with other members.

    We hope to see you as a part of our community soon!

The wonderful world of credit cards. Honest version.

Discussion in 'Consumer Affairs' started by Nowhere Man, Jun 28, 2017.

  1. Nowhere Man

    Nowhere Man Bompu Zen Man with a little bit of Bushido.

    Joined:
    Mar 7, 2009
    Messages:
    23,578
    Ratings:
    +8,794
    Religion:
    Zen Buddhism
    Enjoy.

     
    • Like Like x 4
    • Funny Funny x 1
  2. Muslim-UK

    Muslim-UK Well-Known Member
    Premium Member

    Joined:
    Jun 23, 2017
    Messages:
    1,361
    Ratings:
    +493
    Religion:
    Islam
    This is why charging Interest is forbidden in Islam.
     
    • Informative Informative x 1
  3. Thief

    Thief Rogue Theologian

    Joined:
    Apr 12, 2009
    Messages:
    41,455
    Ratings:
    +3,340
    I recently received a credit rating of '0'

    I have always paid my debts on time by check or cash
    no credit cards
    debit only

    Equifax has no record of debt in the past half year
    they have no means to calculate a rating

    therefore '0' rating......no credit

    I'm thinking about suing them for defamation of character
     
    • Like Like x 1
    • Funny Funny x 1
  4. Eliab ben Benjamin

    Eliab ben Benjamin Well-Known Member
    Premium Member

    Joined:
    Nov 29, 2014
    Messages:
    1,000
    Ratings:
    +703
    Religion:
    Jewish
    Thank goodness, i became wise enough to not use them.
     
    • Like Like x 2
  5. LuisDantas

    LuisDantas Aura of atheification
    Staff Member Premium Member

    Joined:
    Oct 2, 2008
    Messages:
    45,702
    Ratings:
    +14,300
    Religion:
    Advocate of letting go of theism. Buddhist with an emphasis on personal understanding.
    I learned to pay mine in full every month.
     
    • Like Like x 3
  6. Nowhere Man

    Nowhere Man Bompu Zen Man with a little bit of Bushido.

    Joined:
    Mar 7, 2009
    Messages:
    23,578
    Ratings:
    +8,794
    Religion:
    Zen Buddhism
    In spite of the many negative images involving Islam and Muslims these days, I would prefer Islamic banking practices and policies over any other type or style of fair banking presently in operation in the world in the manner of how the system itself is structured.

    One of the few good things out of the Middle East these days where people can lead by example. Sadly fair banking and fair credit practices are in short supply in the world.
     
    • Like Like x 2
  7. Muslim-UK

    Muslim-UK Well-Known Member
    Premium Member

    Joined:
    Jun 23, 2017
    Messages:
    1,361
    Ratings:
    +493
    Religion:
    Islam
    This is one of the reason, why some wish to force democracy and secularism around the world. Another 1+ Billion people enslaved to Interest would equate to Trillions of $ over the years.

    In the West, go back 100 years, people lived simple lives, knowing this was a stepping stone to the next World. The Devil attacked Christianity and made it dwindle in power and influence, today we have a secular, almost Godless Society that pays interest for decades, then people retire to sell their home, so their care home fees can be paid. Forget children looking after their parents, they'r too busy working to earn enough to keep up with their neighbours. It is modern slavery, but most people can't see it as they unwrap their latest contract smart phone.

    The greed of some dictates the need for another Billion people to be enslaved in a similar system, but first you have to knock down their religion, brick by brick.

    rant over.
     
  8. Valjean

    Valjean Veteran Member
    Premium Member

    Joined:
    Nov 25, 2004
    Messages:
    21,557
    Ratings:
    +9,308
    Religion:
    Vedanta (reform)
    Good video.
    I've always found cash quicker and easier anyway.
     
  9. Brickjectivity

    Brickjectivity Veteran Member
    Staff Member Premium Member

    Joined:
    Dec 8, 2012
    Messages:
    25,526
    Ratings:
    +8,015
    Religion:
    Liberal Christian
    Leave Katy out of this!
     
  10. Araceli Cianna

    Araceli Cianna Active Member

    Joined:
    Aug 9, 2016
    Messages:
    260
    Ratings:
    +159
    Religion:
    Witchcraft
    I do not use credit cards and never plan to.
     
    • Like Like x 1
  11. The Holy Bottom Burp

    The Holy Bottom Burp Active Member

    Joined:
    May 12, 2017
    Messages:
    760
    Ratings:
    +516
    Religion:
    None
    I admit to owning two credit cards ( :eek: crazy man right?). Seriously, I see nothing wrong with them as long as you a)pick one with a sensible interest rate, under 20% and b) pay the debt back quickly, not just the minimum amount every month, as you will lose out big time as the man in the video pointed out. If you cant get one at a decent rate of interest, or cant afford to pay more than the minimum, credit cards aren't for you. Simple fact.
    You pay a premium interest rate, compared to cheap personal loans for example, for the convenience. I can spend a few thousand at the drop of a hat without having to fill in a four page form asking me detailed questions on how much I earn and how many liabilities I have. Credit makes the world go round, nothing wrong with it as long as you make the effort to keep a track on how much debt you have in relation to your income. Do your homework, don't be lazy and you wont get stung!
     
    • Winner Winner x 1
  12. DavidFirth

    DavidFirth Well-Known Member

    Joined:
    May 11, 2017
    Messages:
    6,811
    Ratings:
    +1,320
    Religion:
    Christian
    Do Islamic banks lend money?
     
  13. Muslim-UK

    Muslim-UK Well-Known Member
    Premium Member

    Joined:
    Jun 23, 2017
    Messages:
    1,361
    Ratings:
    +493
    Religion:
    Islam
    Yes and there's information here on how they work:

    Explainer: how does Islamic finance work?

    Most banks claiming to follow the Islamic ethos are not compliant with God's Commands and use other methods to disguise 'Interest' payments. When you let outside forces drive up the price of land and building costs, then you push people to taking on huge debts, that only serve the Banking Industry.
     
  14. YmirGF

    YmirGF Bodhisattva

    Joined:
    Nov 21, 2005
    Messages:
    29,091
    Ratings:
    +14,868
    Religion:
    Beyond the Light
    I use debit card only and do not own a credit card but that is no reason to go insane and adopt Muslim financial practices.
     
    • Like Like x 1
  15. Akivah

    Akivah Well-Known Member

    Joined:
    Oct 9, 2013
    Messages:
    3,666
    Ratings:
    +1,789
    Religion:
    Judaism
    They do. Although they don't charge interest, they do charge for loans in other equivalent ways. Islamic modes of banking & finance included Mudarabah (Profit and loss sharing), Wadiah (safekeeping), Musharaka (joint venture) and Ijar (leasing).

    Islamic banking and finance - Wikipedia
     
  16. YmirGF

    YmirGF Bodhisattva

    Joined:
    Nov 21, 2005
    Messages:
    29,091
    Ratings:
    +14,868
    Religion:
    Beyond the Light
    Indeed, they don't charge interest, but they just roll a profit margins into the contracts up front. All because Muhammad didn't like the idea that people made a profit on his inability to repay his loans.
     
  17. Akivah

    Akivah Well-Known Member

    Joined:
    Oct 9, 2013
    Messages:
    3,666
    Ratings:
    +1,789
    Religion:
    Judaism
    This is in accordance with Dave Ramsey's principles, he is anti-debt. Once you eliminate debt and pay everything with cash, then your credit score will drop to zero. And as credit isn't used for purchases, then the credit score become irrelevant.
     
    #17 Akivah, Jun 28, 2017
    Last edited: Jun 28, 2017
  18. Akivah

    Akivah Well-Known Member

    Joined:
    Oct 9, 2013
    Messages:
    3,666
    Ratings:
    +1,789
    Religion:
    Judaism
    Credit cards are not bad. It is people's irresponsible use of credit cards that is bad. If a person charges more than they can pay off each month, then they are charging too much and using their card irresponsibly.

    Used properly (i.e. paying entire balance each month), credit cards are a convenience, protects one from robbery, and could earn benefits. Paying the balance each month eliminates any interest and fees, while earning benefits.

    With my credit card, I earn about two free restaurant meals per month. I recently ran a new car purchase through the credit card and earned about ten meals. Since I had already saved 100% of the car price, I simply paid the balance of the card off that same month.
     
    #18 Akivah, Jun 28, 2017
    Last edited: Jun 28, 2017
  19. sun rise

    sun rise "Let there be peace and love among all"
    Premium Member

    Joined:
    Apr 28, 2014
    Messages:
    36,760
    Ratings:
    +13,754
    Religion:
    Love
    As I remember, Islamic banks in the US were not in trouble during the great banking crisis about a decade ago.

    I do have a couple of credit cards but learned from my parents (and my wife from hers) that one does not spend money one does not have and pay off the cards every month.

    Even cars should not be bought with credit if at all possible - save the money every month keeping the old clunker until you have enough to buy a new one. The only exception is a house. Most can't go that far, but the principle is good.
     
    • Like Like x 3
  20. suncowiam

    suncowiam Well-Known Member

    Joined:
    Sep 25, 2014
    Messages:
    5,601
    Ratings:
    +2,223
    I make money from credit cards.

    Cash back, traveler miles. I've made lots of money from credit card.

    It's simple. I don't accrue debt by actually paying the entire balance on time. If anything, credit card companies have lost money from me because they lend money to me without interest.

    Go figure.
     
    • Like Like x 1
Loading...