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Is There Any Sense In Treating A Credit Card Like A Current Account?

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Is There Any Sense In Treating A Credit Card Like A Current Account?

Postby eston » Fri Oct 06, 2017 5:29 am

I'm looking into getting a credit card, this one to be precise - http://www.barclaycard.co.uk/barclays_landing/platinum2822i.html. What I want to know is whether or not there is any sense in treating it like a regular Current Account i.e. have my salary paid into it, do all my grocery shopping with it, have all my bills/rent etc on standing orders etc. I should point out that I budget meticulously so the risk of over spending and my salary not covering it is quite minimal and limited to very extraordinary circumstances.


I'm all too aware of the perils of credit cards and over spending on them. I've weighed this up already based on negative experience of my own so I'm not interested in hearing about this. If you have any advice though on the above I would love to hear it.


My main reasons for looking into this is to build a good credit profile and to reap the benefits the card has to offer.
eston
 
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Is There Any Sense In Treating A Credit Card Like A Current Account?

Postby hakim » Fri Oct 06, 2017 7:44 pm

Answer to question No you can't put your wages into it and you can't do standing orders either you need an account to pay your CC bill

What does Barclay's card give you,

like with tesco card you get points for every £4 you spend outside of tesco, you get points at Sainburys if you shop there and nectar points on that card too or theres M&S points towards clothes

Then theres cards that give cash back

Just remember to pay the bill
hakim
 
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Is There Any Sense In Treating A Credit Card Like A Current Account?

Postby Duriel » Fri Oct 06, 2017 9:13 pm

Credit cards always end up costing you more than they earn in benefits, or else the credit card companies would be out of business instead of very profitable.


I don't believe you can have your salary paid into a credit card--a debit card account, yes, but not a credit card.

Not all companies accept credit cards as payment.

Long ago I gave up all my credit cards and now only have a debit card.
That way, if the money isn't there I won't spend it.
I have gotten car loans and mortgages without a credit card.
And the best benefit you can get is the interest earned by putting all that money into savings or money market accounts.

Anything you can get with a credit card you can get wish cash, if you save your money.
Give your money to yourself and not to some credit card company, and get interest and avoid bank fees.
Duriel
 
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Is There Any Sense In Treating A Credit Card Like A Current Account?

Postby Kalfr » Sat Oct 07, 2017 8:31 am

The best thing to do is to get a debit car instead of a credit card. I know you didn't want to read that, but...
Kalfr
 
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Is There Any Sense In Treating A Credit Card Like A Current Account?

Postby Leith » Sat Oct 07, 2017 2:54 pm

As the others have stated, you cannot put money into a credit card. But what you can do is keep a journal of purchases just like you would with a checking account. If you know how much you will have available to spend, put that into a journal and subtract every purchase you make from that balance. At the end of the month when your bill comes, you should have the money available.

Credit cards with bonuses/cash back are great as long as you pay the balance all the time and the benefits outweigh any cardholder fees. If you ever start carrying a balance the 8-20% interest destroys any card rewards.
Leith
 
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Is There Any Sense In Treating A Credit Card Like A Current Account?

Postby Auhert » Sun Oct 08, 2017 4:30 am

A credit card cannot be used as a bank, it's just there for you to use to borrow money at quite a high rate of interest..the platinum one is difficult to qualify for, you wont get it unless you have a well-paying professional job...and another credit card somewhere else.
Auhert
 
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Is There Any Sense In Treating A Credit Card Like A Current Account?

Postby Ainsley » Tue Oct 10, 2017 10:48 am

A credit card and current account are two entirely different things and you can't treat one like the other.
You can't have your salary paid into it or set up direct debits etc, Its not a bank account!

if you want to build up a good credit profile - get the card and yes spend on it, but say just put your petrol on it each week or your grocery bill - things that you would spend normally each week.
BUT MAKE SURE YOU PAY IT OFF IN FULL EACH MONTH.

Don't be tempted to use it spend money you don't have, on things you don't really want or need. Set up a direct debit with your bank to pay off the FULL amount each month.
That way you aren't tempted to overspend and you know the full amount spend on that card each month, will come out of your current account !
Ainsley
 
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Is There Any Sense In Treating A Credit Card Like A Current Account?

Postby Creedon » Tue Oct 10, 2017 7:52 pm

You cannot get direct deposit into a credit card.
Can't be done.

I have not met a landlord yet that accepts credit cards.

Credit cards can be good if you pay them in full each month.

Otherwise they can easily destroy your credit and your financial future.

You would still need to keep your checking account to pay your credit card bill.
Creedon
 
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Is There Any Sense In Treating A Credit Card Like A Current Account?

Postby Peirce » Wed Oct 11, 2017 4:07 am

Credit cards do not act like bank accounts.

You cannot have your salaried paid into it.
You can set up some pre-pay things with it BUT only if whoever you are paying accepts credit card payments.
I doubt whoever collects your rent would.

So to answer your question - no, there is no sense because it cannot be treated that way.
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