I used to use a capo on my 12-string. on the second fret, and tune all strings a full step low. The logic behind this, I had been led to believe, was to be able to play in the standard tuning, but lessen the tension of the strings on the guitar. The last 15 years or so, I have not been using the capo at all. I have also used lighter gauge strings, especially for those tuned higher. I have not noticed any significant difference in either the sound or the wear on the guitar or strings.
I don’t play much electric guitar, and don’t see any reason to use a capo, unless it is to use a specific voicing for chords, especially the highest note.
As far as a “cheapy”, as long as it bars the strings on the fret without damaging the back of the neck, I say what’s the difference? I’ve never purchased a capo online, and would hesitate to do so without some sense of how it feels and sounds.