[MacDEF]

Quote:

Quick, call Todd at HeadRoom.

Danny, you are pure evil

 

[coolvij]

Great first purchase!

*mutters*(just a few more years, vij......a few more....)*/mutters*

 

[raymondlin]

When anyone goes to University and opens a student account, they automaticly get a Credit card. I had one and didn't use it the first year but now after a year at work (year out), the credit limit has gone up to $3000! (started at $750), and I didn't even ask it to go up!

You do have to be careful about using it, I don't feel like I am spending money sometimes. with cash, you can see it, with credit cards, it's just a number and sometimes you can be blind and don't realize how much it really its. I've spend so much that when the yearly £10 subscription fees came I didn't have to pay it because I've spent enough to get the fee pay off for free!!!

One thing is good with credit card is that with mine, they give me a automatic insurance on anything bought on the net (everywhere in fact). So it's a extra security for me just in case the item doesn't arrive or arrive broken and they refuse to replace it, if that happens, I don't have to pay it, the credit card company will deal with it.

 

[JMT]

Might I recommend to those who are just establising credit.....

If you have a checking account, check with your bank about obtaining a debit card. A debit card has a VISA logo and is accepted wherever VISA cards are (especially HeadRoom), but the money comes directly out of your checking account. No money, no purchase. Some banks might charge a nominal fee for each transaction, but it is a great way to develop "plastic discipline." Just FYI

 

[Hamsta]

OK Gorgon, here's Dr Hamsta'a Financial Breakdown in Credit Cards.....

1) Credit cards are GOOD, as long as you use them and they don't use you! You can defer payment for up to 55 days on stuff which means the $$ stay in your bank account for longer. With most accounts in NZ that means less bank fees and a happier bank manager. Transaction fees are charged to the retailer, not to you. You can easily buy stuff from overseas retailers without messy and expensive cash tranfers. They can help you get a good credit rating so financial institutions smile at you when you go asking for loans or mortgages. They also work really well with revolving-credit mortgages, but that's another story.... In this part of the world they often also have incentive schemes to earn you rewards like air points, etc.

2) Credit cards are DANGEROUS if you don't use them carefully. Most cards start clocking up interest at around 17-18% if you don't pay you account in full. When you consider that most mortgage rates are at about 7% at the moment, that's sheer highway robbery! And the worst part is that as soon as that happens you get NO MORE FREE CREDIT. As soon as you buy anything more it starts accumulating interest FROM DAY ONE, no 55 day stand-down. This is where A LOT of people get themselves into deep financial SCHTUK. In the same way as a credit card can give you a good credit rating, it can also completely ruin it if you aren't careful.

My Basic Rules are:

1) NEVER pay for anything on your card that you don't have the money in the bank to pay for. This helps stop you from spending beyond your means.

2) ALWAYS pay your account IN FULL on the day the balance is due. That way you avoid paying interest.

3) If you are constantly paying interest on your card you are being ripped off! Cut up the card, pay off the remaining balance asap, and close you credit card account! Learn to live more within your means, and maybe later when you're more financially secure you can think about a card again.

Credit cards can be really useful. I use mine almost exclusively for day-to-day stuff like groceries, gas, bills, etc. It clocks up the air points and I avoid the transaction fees each time I make a purchase, plus my bank manager loves me! BUT I ALWAYS PAY THE FULL AMOUNT OWING ON THE DUE DATE!

Remember, money paid to the credit card company in interest is less money to spend on headphones and CDs!

Have fun, but hey, "Let's be careful out there!"

Hamsta (aka "Dad")

 

[coolvij]

Thanx, "Dad"

I'll keep that in mind.......

 

[chych]

Heh, I got my Mastercard earlier this year when I got my liscence... I never buy expensive things without permission though, since my credit card is linked to my mother's account (and the money I earn goes into my mother's account for some reason I do not know about... hmm I think I should open up my own account one of these days....)

Funny thing is, my mother had a credit card under my name for several years now... only recently she gave it to me...

What was my first purchase... Oh yeah, I remember, some eye glass cleaner at sunglass hut

What was my first audio purchase without telling the parent... ah yes my $10 isolation pads for my CDP

 

[wilbur]

Quote:

Originally posted by JMT If you have a checking account, check with your bank about obtaining a debit card. A debit card has a VISA logo and is accepted wherever VISA cards are (especially HeadRoom), but the money comes directly out of your checking account. No money, no purchase. Some banks might charge a nominal fee for each transaction, but it is a great way to develop "plastic discipline." Just FYI

Check your bank's small print carefully. You may have a very difficult time to reverse charges with a debit card or, even worse, get any money back when your checking account (including overdraft) got wiped clean by some malicious individual. As a rule of thumb, never shop online with a debit card, always use a credit card with well-defined protection measures.

 

[MikeR17]

I second JMT's recommendation for anyone interested in getting a credit card. I turned 16 earlier this year and I opened my own checking account and received my very first debit card. So far it's been a piece of cake to use. Works just like a credit card, except that you can never overspend, so you don't have to worry about those ridiculously high interest rates on credit cards. I'm sure I'll eventually get a credit card, but for now, I'm very happy with my debit card

Mike

 

[JMT]

Quote:

Originally posted by Wilbur You may have a very difficult time to reverse charges with a debit card or, even worse, get any money back when your checking account (including overdraft) got wiped clean by some malicious individual. As a rule of thumb, never shop online with a debit card, always use a credit card with well-defined protection measures.

Absolutely, one must always exercise caution and discretion when giving out any kind of personal financial information, especially on-line. Definitely check with your bank to find out what their policies are but:

1) If you use your debit card on line, you are essentially using it as a VISA card (note the VISA logo) subsequently, you are covered under the Consumer Credit Protection Act for any dispute that arises with the merchandise purchased with that card.

2) If someone rips you off and cleans out your account as a result of unauthorized use of your debit card, you are covered under Regulation E, which addresses all electronic funds transfers. Depending on when you report the unauthorized use of your card, you may only be liable for $50.00. But the institution is required not to charge you fees for insufficient funds that occured as a result of the unauthorized use.

3) Usually a debit card is also your ATM card. NEVER keep your PIN with the card.

Ok, I'll stop now.

 

[jeremymayf]

congrats gorgon,
actually you are doing just fine restraining yourself,
When i got my first credit card my first purchase was a thousand dollar surfing-kayak, a student has to have priorities

 

[gorgon_123]

thanks for all the great advice

I've actually decided to wait until the new year to buy that MG Head. Too much $$$ and xmas is creeping up. Which means if I use my credit card at all it will be for small items like CDs, books etc, if I use it at all. I usually have a good amount of cash hanging out in my bank account so I shouldn't be getting in over my head

Amazing.... I feel somewhat elated ever since i decided not to buy the MG just yet. With the exchange rate, shipping, +taxes it will cost ~$550 Canadian. For that same amount of money I can buy ~30 CDs!!! So I'll have to be happy with my 370, Beyers and cmoy for the time being

 

[coolvij]

Oh......gorgon....that just.....sucks.

 

[chych]

Hmm I just bought a little ART DI/O upgrade today with my CC (ratshack 3400ma psu).. I feel.. a little guilty I suppose... for not telling anyone...

Oh well, audiophilism is worse than..... anthrax, so... I'm screwed forever

Gorgon, why don't you look for a used MG Head? Might be cheaper... if I ever get a new amp (which may be within the next month or 2) I will probably be selling my MG Head, which might be just in the right time for you...

 

[gorgon_123]

chych - definately

be sure to keep me posted !