Woolworths Credit Card

Sly21C said:
Why not use a debit card? Why a credit card?



Just trying to understand, why not use a debt card (money you have) instead of a credit card (money you don't have)?

I use my credit card to buy things online because they don't accept debit cards, and I then settle immediately.
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to start with, there's effectively one and a half times your average monthly spend you can put into your home loan (or an interest bearing account). Excellent fraud detection, travel insurance and ebucks. Lots of ebucks.
 
Sly21C said:
Why not use a debit card? Why a credit card?



Just trying to understand, why not use a debt card (money you have) instead of a credit card (money you don't have)?

I use my credit card to buy things online because they don't accept debit cards, and I then settle immediately.
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Also, just because one is using a credit facility doesn't necessarily mean you don't have the money.
 
there are a few reasons why one would use a credit card:

1) banks want to to spend money that you don't have, so reward programs are structured to encourage this behavior. as a result: rewards for buying with credit card > rewards for buying with debit card. this is also the case for FNB and ebucks, which is wat motivated this thread.

2) it could benefit your credit rating. some credit providers favor a history of using credit and repaying on time over just having a largely dormant credit account. indicative of the ability to manage the use of credit

3) credit cards work practically everywhere. in store, online, overseas. this is not always the case for debit cards (even though these limitations are falling away). if i had to carry only one or the other, I would take the credit card.

im sure there are more reasons, these are just what came to mind
 
as well as the excelent points made by Speedster: interest management, fraud detection and travel insurance
 
The whole debit vs credit card boils down to discipline and self control. I never ever pay interest on the money I use
I use the credit card for rewards, credit rating ease of use. The moment you use it for credit its a slippery slope
 
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I second what Snyper564 says. I get concerned when I pay for groceries and the cashier asks if I want to pay on budget or straight, and the amount is say R200. Interestingly, that has never happened to me at Woolworths. Different clientele, perhaps, or maybe the staff are trained differently.
 
Marsie27 said:
I second what Snyper564 says. I get concerned when I pay for groceries and the cashier asks if I want to pay on budget or straight, and the amount is say R200. Interestingly, that has never happened to me at Woolworths. Different clientele, perhaps, or maybe the staff are trained differently.
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I feel exactly the same way will never forget waitering 12+ years ago and the guy asked to put R200 on budget for 6 months...
 
Sly21C said:
Do people really buy food from Woolworths using their credit card? Do they buy the food because they have no money? Or because their money works for them in some investment vehicles and the interest of paying for the credit card is less than the gains in whatever they invested in?
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It's a Woolworths branded credit card, you can use it anywhere that accepts Visa.

If you have self discipline, you can use a credit card to earn yourself interest. You hold onto your cash and accrue interest and then pay the credit card off in full, so pay no interest on it.

On my Virgin Money credit card I get 25 to 55 days interest free. That averages to 40 days of interest earned on my normal monthly purchases.
 
Sly21C said:
Do people really buy food from Woolworths using their credit card? Do they buy the food because they have no money? Or because their money works for them in some investment vehicles and the interest of paying for the credit card is less than the gains in whatever they invested in?
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30-55 days extra of interest and investments that you can earn on your money. Pay off what is due to them in time, and never pay out interest
 
What's the transaction fee for doing an eft from the credit card?
 
Snyper564 said:
Can officially confirm my limit can pretty much be changed to anything this is after 10 days not 10 working days. :)
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How do you change your limit, do you have to call and request it? I'm still capped at R5000 per day.
ebrahim786 said:
How long does it take for your new limit to show after changing it? Thanks
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Awesum said:
What interest? There is no interest if you settle your balance in 55 days.

I only use my credit card to buy stuff.
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