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Purple Materia July 25th, 2013 11:39 PM

The mighty and all-encompassing CREDIT CARD!
I'm thinking about getting a credit card.

I'm almost 19 and I'm currently a community college student. I get financial aid in the form of a grant every semester.

I was thinking about getting a credit card, simply because credit is very important, and I figured I might as well start building it as soon as possible.

Is there anything I should know before jumping in?

Belldandy July 25th, 2013 11:48 PM

Do not use cash back. Pay on time.

Follow those rules and you'll never regret or get screwed over.


Sweets Witch July 26th, 2013 3:54 AM

It should go without saying, but don't spend more with it than you can pay back. Keep a very, VERY close eye on how you use it and do your best to pay in full as opposed to making the minimum payment. It's also best to not impulse-buy anything and to set a budget. If you plan out how much you'll spend with it every month, then you can make sure that you have the money to pay it off as soon as you can.

Purple Materia July 26th, 2013 4:31 AM

There's no monthly/yearly fee on them?
If I make payments asap, will I have to pay anything extra? (say I buy something with a credit card that cost $20.34, if I make a payment for it, will I be charged exactly $20.34?)

Cordelia July 26th, 2013 4:40 AM

If you pay it off at the end of the month, you will not be charged interest because there is no actual financing.

Kura July 26th, 2013 4:45 AM


Originally Posted by Mac (Post 7753312)
If you pay it off at the end of the month, you will not be charged interest because there is no actual financing.

And your credit gets bumped up if you pay your monthly payments ontime too! I say get one from your bank and just have the one. Don't sign up for any others that stores offer as there are sometimes hidden fees and things.

Noah Ridgewood July 26th, 2013 5:43 AM

I highly recommend you get one, but only if you know you're going to be responsible with it. Its very important to start building credit at this age, but its also very important to start on a good note and pay your debt on time. I know you probably don't need to hear that because you know already, but you'd be surprised. Only use your card for simple things that you know you can pay off. Try not to spend anymore than $100 altogether.

But that's assuming you get approved. If your primary -- and, from the looks of it -- only source of income is from grants, I don't think you'd get approved directly from any banks, and that's where I highly suggest getting your card from.

Mana July 26th, 2013 6:07 AM

I've never really understood credit cards, just seems like added hassle and the risk of screwing up and ending up in debt.

Your payday should last til the next one anyway, so getting a credit card doesn't fix it (as you're then using your payday to pay off the previous months credit card)... eventually it won't work out.

Belldandy July 26th, 2013 6:59 AM


Originally Posted by Patchisou Yutohru (Post 7753372)
Try not to spend anymore than $100 altogether.

I got my bank credit card when I was eighteen or so (one and a half years ago) from my bank. It has integrated SPC and one Air Mile for every 20$ spent on the card. I now have around 750 or 800 Air Miles amounting to about 12,000$CAD in purchases over the last year and a half.

My first purchase was about 350$ - this small Acer computer and a laptop bag on Clearance at Staples. I also bought a RAM upgrade that I did in-store (to the awe of the employees lol)

But you're right. Never buy more than you can purchase through cash/debit, and always keep an eye on that balance. It's very easy to overspend on a credit card without even realizing it simply because you can't see that balance and may misjudge how much you've actually blown already.

There was a month I was almost in trouble. My credit limit had been boosted to 1,000$ because of an error in payment that left me broke for four days (I had paid the 500$ in my bank account and for some reason, it took four days to go through. It never does that so it was hard to plan around it). I had purchased to make and food to buy so I had to boost my limit. That somehow led to spending another 700$! I think I bought some furniture, but it was risque and I almost couldn't pay it all back on time lol So just be very careful because even the best budgeters can get caught in the trap :P

You have about 21 days from a statement to pay it back in full before interest tacks on.

Also, on another note, I use my credit card mainly for online purchases but also because my debit card has a per-month transaction limit of thirty that I typically use just through bank transfers and bill payments. Mastercard wants you to spend so they don't limit your transactions per month, which means I can avoid any sudden 1$/transaction fees for going over my limit.

:) Just be smart, and as someone else said (Mac?), don't spend more than you actually have on-hand. If you can't pay it with cash or debit, don't buy it.

Esper July 26th, 2013 3:52 PM

Ideally, you'd want to get a card from a credit union (or bank, but credit unions are better) that has easy to use online banking. As soon as you use your credit card on anything, go online and make a payment. It may take a few days for the bank to get the charge from the card, but if you know exactly what you spent you can make a payment in advance and it'll all be covered and you'll have no worries. Or you can check the same day every week and pay off what you owe. Or you just do what works for you. But doing this means you can't spend what you don't have. Well, I mean, you can, but if you've got a system in place and you stick to it you'll always have a good idea of how much money you have.

Nick July 26th, 2013 5:45 PM

I wouldn't recommend getting an actual 'credit' card. Credit cards are pointless to both parties if you pay it off on-time, and a means of profit for the bank if you don't.

Just use a debit card - it's logical to spend money you have already than go into debt and pay it off in three weeks. And with a debit card, you can't go spiraling into debt, since its not credit! :D

Jinx July 26th, 2013 6:50 PM

credits cards are so dangerous. i just have a debit card that keeps my money from my job that i use.

Shiny Celebi July 26th, 2013 8:27 PM

Establishing credit is important for buying things in the future like cars and homes. While, yes, you can overspend and get into debt, if you're responsible you'll have good credit in the future. I personally don't have one cause I'm unemployed and I probably wouldnt be approved, I just use my debit card. I'm not opposed to getting one in the future when I can afford to.

Noah Ridgewood July 26th, 2013 9:07 PM

Also, don't delude yourself into thinking spending more and paying more raises your credit more. Overspending tends to lower credit scores and also highly increases the likelihood of not paying off the debt. Just something I picked up.

Kirby July 26th, 2013 9:14 PM

The best thing you can do when you find yourself in the hypnotic grasp of the almighty plastic money dispenser is not live above your means. Having a credit card means being responsible, able to prioritize, and having a firm grasp on your financial situation. It's real easy to become disillusioned by the power of invisible money.. but as long as you play by their rules and keep a tab on everything, you'll be fine.

There's also a lot of benefits to having a credit card. Like, 1% cash back on your electric bill bwaha. >:3

The Dark Avenger July 26th, 2013 9:17 PM

Credit Cards scare me. All of my friends and family use them. I would only use one if there was an emergency, other than that, I will stick with a debit card.

Noah Ridgewood July 26th, 2013 9:19 PM


Originally Posted by Fenneking (Post 7754445)
Credit Cards scare me. All of my friends and family use them. I would only use one if there was an emergency, other than that, I will stick with a debit card.

What about developing credit for future big purchases that you will more than likely need to borrow a large sum of money from a bank or credit union for?

nimbo July 27th, 2013 6:45 AM

I'm getting one, just so I can start building credit. I was thinking of going to Victoria's Secret and starting one there. I think they start you off with $250 and then you're bumped up every month if you pay it all off. I don't think I'd use mine all that often though, I have a debit card already.
I think as long as you're responsible with one, get it!

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