A while ago I had reason to change my bank for one nearer home. When I opened my new account I stated specifically that I did not want a credit card. I have never liked credit cards, I resent paying an annual fee for the privilege of spending my money. Call me old-fashioned but if I can´t afford a large purchase I will usually save up for it, and I use a debit card for payments. I have had credit cards in the past, I must admit, but always cleared them every month, it was just for convenience. I can understand how they may be important for others, though, it is a personal choice.
However...my new bank is really unhappy that I am cardless and keeps sending me messages several times a week. Apparently I will be happier, more fulfilled, stress free and full of the joys of Spring if I accept a credit card...their insistence only makes me wonder how much of their profit relies on charges and interest for said cards.
Photo by Thalia Karr
I have a credit card but very rarely use it apart from payments for holidays. In that I did not take a holiday for two years because of Covid lockdowns I stopped using my card and the credit card company got in touch with me to say that the card was being withdrawn. I spoke to them and asked to keep it for travel. They have renewed for only one year and told me it will have to be reviewed annually. Over the past few years credit card companies in Britain have been withdrawing cards that are not used or where the full balance is paid off every month. They want customers they can earn money from. Annual fees have not been around for a number of years. I use a debit card for almost everything and a few years ago I never used a debit card at all.
ReplyDeleteI agree that a credit card can be useful for travel, although when I go to Spain to walk the Camino I use my debit card and draw cash from an ATM as my outgoings are very low, 300 Euros will last me a couple of weeks for food and accommodation. Here in Brazil the annual fees for credit cards can be quite high, they are only free if you have loads of savings in the bank, which I don´t...
DeleteStick to your guns, you are the customer. I have a Tesco credit card which I stopped using ages ago. For some reason they keep sending me letters telling me what the current interest rates are if I should need to do a balance transfer. The letters have the heading Tesco Bank. I don't have a bank account with them. I feel they are trying to bully me into having one.
ReplyDeleteI certainly shall stick to my guns, thank you Ilona.
Delete