LebGeeks

Cage

Member

Should i get a credit card in Lebanon?

can anyone just explain if its a good idea to get a credit card in Lebanon or if its better not to and it what ways can it benefit me . I am turning 18 after 3 months any advice?

AVOlio

Member

Re: Should i get a credit card in Lebanon?

Are you employed? Do you have income?
If yes, then I wouldn't say no.
But what I would say, always pay back what you spend on the card before the due date, so you won't therefore pay any interest at all.
You can think of it as an emergency card when for example you drain your salary, but you still need to buy or pay for something. And once you get your salary pay the amount right away.

That's what I'm planning to do with the credit card that I'm getting this week.
(coincidentally I DRAINED my salary, and black Friday is coming. So I'll use the credit card and pay back everything as soon as I get the salary of the month).

But, if you don't have income /your own salary, I would still tell you to get it but I would advise you to really be careful on what you spend on it.

Hope that helps.

duke-of-bytes

Member

Re: Should i get a credit card in Lebanon?

Get a debit card ..never a credit card

Cage

Member

Re: Should i get a credit card in Lebanon?

Well i dont have a job yet or any source of income but i maybe i will have one after a few months . Thanks though it helped alot but what do you think of the mini visa cards blom banks are offering ?are they any use?

Last edited by Cage (November 14 2018)

Cage

Member

Re: Should i get a credit card in Lebanon?

Are you employed? Do you have income?
If yes, then I wouldn't say no.
But what I would say, always pay back what you spend on the card before the due date, so you won't therefore pay any interest at all.
You can think of it as an emergency card when for example you drain your salary, but you still need to buy or pay for something. And once you get your salary pay the amount right away.

That's what I'm planning to do with the credit card that I'm getting this week.
(coincidentally I DRAINED my salary, and black Friday is coming. So I'll use the credit card and pay back everything as soon as I get the salary of the month).

But, if you don't have income /your own salary, I would still tell you to get it but I would advise you to really be careful on what you spend on it.

Hope that helps.

so if i spend lets say 400$ using the credit card i should deposit them back before the due date right?

Cage

Member

Re: Should i get a credit card in Lebanon?

Get a debit card ..never a credit card

why? and what are the benefits of it over a credit ? Sorry i am like really ignorant in this subject.

Last edited by Cage (November 14 2018)

AVOlio

Member

Re: Should i get a credit card in Lebanon?

Are you employed? Do you have income?
If yes, then I wouldn't say no.
But what I would say, always pay back what you spend on the card before the due date, so you won't therefore pay any interest at all.
You can think of it as an emergency card when for example you drain your salary, but you still need to buy or pay for something. And once you get your salary pay the amount right away.

That's what I'm planning to do with the credit card that I'm getting this week.
(coincidentally I DRAINED my salary, and black Friday is coming. So I'll use the credit card and pay back everything as soon as I get the salary of the month).

But, if you don't have income /your own salary, I would still tell you to get it but I would advise you to really be careful on what you spend on it.

Hope that helps.

so if i spend lets say 400$ using the credit card i should deposit them back before the due date right?

Yea, usually the period is one month.
If you pay the 400$ within that month, then youll pay 0% interest on it.
But if you pay it past the due date, every bank has its own way of the payments of the interest as well as their own interest rates (usually though 1.5%).

As I said,  get it as an emergency card, if you don't cash and don't have funds in your debit card, you can use the credit card, and always pay it back as soon as you are able to.

@duke-of-bytes
Care to explain your statement a bit?

Cage

Member

Re: Should i get a credit card in Lebanon?

Are you employed? Do you have income?
If yes, then I wouldn't say no.
But what I would say, always pay back what you spend on the card before the due date, so you won't therefore pay any interest at all.
You can think of it as an emergency card when for example you drain your salary, but you still need to buy or pay for something. And once you get your salary pay the amount right away.

That's what I'm planning to do with the credit card that I'm getting this week.
(coincidentally I DRAINED my salary, and black Friday is coming. So I'll use the credit card and pay back everything as soon as I get the salary of the month).

But, if you don't have income /your own salary, I would still tell you to get it but I would advise you to really be careful on what you spend on it.

Hope that helps.

so if i spend lets say 400$ using the credit card i should deposit them back before the due date right?

Yea, usually the period is one month.
If you pay the 400$ within that month, then youll pay 0% interest on it.
But if you pay it past the due date, every bank has its own way of the payments of the interest as well as their own interest rates (usually though 1.5%).

As I said,  get it as an emergency card, if you don't cash and don't have funds in your debit card, you can use the credit card, and always pay it back as soon as you are able to.

@duke-of-bytes
Care to explain your statement a bit?

one more thing do you know how much one should put in his/her bank account so they can own a credit card or it doesnt work that way?

Last edited by Cage (November 14 2018)

duke-of-bytes

Member

Re: Should i get a credit card in Lebanon?

Are you employed? Do you have income?
If yes, then I wouldn't say no.
But what I would say, always pay back what you spend on the card before the due date, so you won't therefore pay any interest at all.
You can think of it as an emergency card when for example you drain your salary, but you still need to buy or pay for something. And once you get your salary pay the amount right away.

That's what I'm planning to do with the credit card that I'm getting this week.
(coincidentally I DRAINED my salary, and black Friday is coming. So I'll use the credit card and pay back everything as soon as I get the salary of the month).

But, if you don't have income /your own salary, I would still tell you to get it but I would advise you to really be careful on what you spend on it.

Hope that helps.

so if i spend lets say 400$ using the credit card i should deposit them back before the due date right?

Yea, usually the period is one month.
If you pay the 400$ within that month, then youll pay 0% interest on it.
But if you pay it past the due date, every bank has its own way of the payments of the interest as well as their own interest rates (usually though 1.5%).

As I said,  get it as an emergency card, if you don't cash and don't have funds in your debit card, you can use the credit card, and always pay it back as soon as you are able to.

@duke-of-bytes
Care to explain your statement a bit?

Debit card : you spend what you have in your account (you can set a limit like 1000$)

Credit card : you can spend what you have in your account and what you dont have (debt)

So a debit is always better financially for personal usage

AVOlio

Member

Re: Should i get a credit card in Lebanon?

duke-of-bytes I'm aware of that!
But you do know that if you pay back the amount that you spent with the credit card within the payback period, then you wouldn't pay any interest right?
So it's just like you borrowed say 400$ from the bank, and then gave it back with no additional charges.
Of course one has to be careful with it and knows how much to spend with it and if he cover those expenses within one month. (that's what I will do, I have ocd regarding stuff like this, I'll always pay within the month, and I I know that I can't pay, I won't use the credit card in the first place).

@cage they will ask you for an income statement from the place of your work (preferably a place that you have work more than one year).
Or if you don't have one, then I guess you need an account with the bank, with some amount of money in it.
You'll get the details from the bank itself.
Or you can ask your parents bank for example to make you a card in relation with their account with them.

Cage

Member

Re: Should i get a credit card in Lebanon?

duke-of-bytes I'm aware of that!
But you do know that if you pay back the amount that you spent with the credit card within the payback period, then you wouldn't pay any interest right?
So it's just like you borrowed say 400$ from the bank, and then gave it back with no additional charges.
Of course one has to be careful with it and knows how much to spend with it and if he cover those expenses within one month. (that's what I will do, I have ocd regarding stuff like this, I'll always pay within the month, and I I know that I can't pay, I won't use the credit card in the first place).

@cage they will ask you for an income statement from the place of your work (preferably a place that you have work more than one year).
Or if you don't have one, then I guess you need an account with the bank, with some amount of money in it.
You'll get the details from the bank itself.
Or you can ask your parents bank for example to make you a card in relation with their account with them.

So lets say i visit anothed country for one month and dont use my credit card alot there i wont have to pay for anything?

duke-of-bytes

Member

Re: Should i get a credit card in Lebanon?

duke-of-bytes I'm aware of that!
But you do know that if you pay back the amount that you spent with the credit card within the payback period, then you wouldn't pay any interest right?
So it's just like you borrowed say 400$ from the bank, and then gave it back with no additional charges.
Of course one has to be careful with it and knows how much to spend with it and if he cover those expenses within one month. (that's what I will do, I have ocd regarding stuff like this, I'll always pay within the month, and I I know that I can't pay, I won't use the credit card in the first place).

@cage they will ask you for an income statement from the place of your work (preferably a place that you have work more than one year).
Or if you don't have one, then I guess you need an account with the bank, with some amount of money in it.
You'll get the details from the bank itself.
Or you can ask your parents bank for example to make you a card in relation with their account with them.

So lets say i visit anothed country for one month and dont use my credit card alot there i wont have to pay for anything?

Cage , dont get a credit card until you finish your college and get a decent work for at least 2 years ... good ?!
when you have finished all this i will help you get a credit card myself

Hybrid

Member

Re: Should i get a credit card in Lebanon?

I use a credit card to collect miles, I always make sure I don't spend more than I have though, I don't wanna pay any interest.

I'm not sure about all banks, but bank Audi asks you how much wwould you like to automatically pay every month, I asked them to be 100%, so in case I forget to pay before the due date, they withdraw them automatically from my account.

I was told by a banker that credit cards are a great business for banks, because around 80% of the people will spend the money and forget to pay it back, and the bank ends up getting interests

Cage

Member

Re: Should i get a credit card in Lebanon?

duke-of-bytes I'm aware of that!
But you do know that if you pay back the amount that you spent with the credit card within the payback period, then you wouldn't pay any interest right?
So it's just like you borrowed say 400$ from the bank, and then gave it back with no additional charges.
Of course one has to be careful with it and knows how much to spend with it and if he cover those expenses within one month. (that's what I will do, I have ocd regarding stuff like this, I'll always pay within the month, and I I know that I can't pay, I won't use the credit card in the first place).

@cage they will ask you for an income statement from the place of your work (preferably a place that you have work more than one year).
Or if you don't have one, then I guess you need an account with the bank, with some amount of money in it.
You'll get the details from the bank itself.
Or you can ask your parents bank for example to make you a card in relation with their account with them.

So lets say i visit anothed country for one month and dont use my credit card alot there i wont have to pay for anything?

Cage , dont get a credit card until you finish your college and get a decent work for at least 2 years ... good ?!
when you have finished all this i will help you get a credit card myself

Deal!