No announcement yet.

What Credit Card To Get?

  • Filter
  • Time
  • Show
Clear All
new posts

  • #16
    When I was your age ( a very long time ago !! ) I got my first credit card.

    That was the worst move I ever made. Your brain goes into "of course I can afford it, its under the card limit" mode when in fact you can't afford it because you're spending someone elses money. The account got to the point where I couldn't clear the outstanding amount each month so I lapsed into the habit of paying the minimum amount each month. All that does is pay some, but not all of the interest so you're not touching the borrowed amount at all.

    Rule number one of credit card use.....Pay the outstanding balance by the end of the month or interest free period.

    Rule number two..........There aren't any more rules !

    I no longer have a credit card. All my purchasing is done using a debit card which, as others have said is debited direct from your bank account. I know I'm somewhat older than you ( 58 ), I have a mortgage, bank loan, pay bills by direct debit etc. .....yet I have an A1 credit rating thanks to careful money management and not buying what I can't afford !

    Take your time with life. Don't fall for the hype spread by the banks about credit card ownership being the sign of a worthy citizen. Its crap !! All they want is for you to run up debt that costs you shedloads of interest until it becomes obvious that you can't pay any more, at which point they'll foreclose on your debt. That will result in a worse credit rating than if you hadn't had a credit in the first place.

    Remember one simple fact....if you're spending more per month than you can pay back per month, then you're living beyond your means. That will put you into deeper debt which puts you even further beyond your means.
    If it 'ain't broken........ Don't try to mend it !


    • #17
      ^^ Yeah, it's kinda funny... my econ professor was teaching class and was like "you should borrow now and live beyond your means because you'll have a higher income later in life once you get out of school" :rolleyes:

      I rather live within my means and when I do have a higher income actually be able to save some and enjoy my money and do stuff instead of paying off debt for 30 years.


      • #18
        I got a credit card as soon as I turned 18. However it was to save me from overdrafts and my credit limit was only $500.

        After a year they bumped my credit limit to $1250, and they bumped my interest rate to 24%! Needless to say, I have always paid it off every single month and yes, they will be getting a phone call soon to lower the rate.

        Get a credit card you can afford. I have 4 and I'm 19, however the difference with me from most teenagers is I have my own business which allows me to pay off the large amounts I spend on it. Most kids can't even pay off what they rack up with their "teen" job.

        The huge problems of debt among teens come from them buying items they do not need, but they want. They figure a credit card is a way to buy things without having to pay for them. Don't let that be your case, and soon with college you'll realize how much debt you'll be in and if you're smart you'll keep track of it. My goal this Summer is to pay off all my debts and start over next year.

        Be careful.
        Tanner Johnson - Owner
        twenty53 Photography


        • #19
          I'll echo a lot with what has been said here.

          I got a Credit Card also, with American Airlines so I am getting Miles as well. It wasn't the smartest decision either but I was able to pay all my debt off.

          I used it for huge purchases, Don't use it for small purchases like food and such, use it for bills or set payments, I use it for cell phone bill and gas bills because they are stuff I know I can pay off.

          Good way to earn miles, and as they say to build credit.

          YES, My APR is high but as long as u pay it off each month it won't be a concern..

          Now of course since I work for an airline I can fly free, the credit card is "useless" to me in terms of earning miles but I still use it to trade off for hotel points and such.

          My starting credit line was $2,000 dollars.

          Stop Searching. Start Traveling.


          • #20
            If you dad has good credit and has a credit card get him to add you as an authorized user to his account. You will get a credit card in the mail, but your dad will hopefully keep it. Once that account hits your credit report his credit is yours, forever, unless of course you screw it up.

            Do it quick, this loophole ends in like September.
            Tanner Johnson - Owner
            twenty53 Photography