Credit card ?

[dannyd]

I didn't want to hi-jack Woodies thread. I was curious to know if when I get older do I need a credit card. most of the time I hear about a credit card someone is in det. I also keep hearing how interest rate keep going up. So as I said are they something you need when you are on your own?

 

[jetmechG550]

It depends, alot of people would say no. IMO though yes you need one, and you have to control it. When you have one and your young it's really easy to go buy something and go wow, no money actually left my hands, then the bill comes and you go, wow, I don't have to pay for it all at once. Honestly, a good card from a reputable bank will do you good if you use it right and it will also build your credit score up. You also never know when you'll be driving along out of state some unexpected maintenance comes up on the car and you don't have the cash on you. Heck you can't rent a car without, or buy airline tickets

 

[4u2nv]

My credit card has done wonders for my credit score, but it is VERY easy to lose control on one. I'm still paying for Tmaxx parts, and I havnt had my Tmaxx in years. Best thing to do is just put small stuff on it and pay it off right away. I know after I get mine paid off ($2000), I'm not getting another one.

 

[dannyd]

So its a yes and no right? So I need one to do certain things but not for all things then. How many credit cards is a good number to have or can I just have one and get by?

 

[Karl M]

Jet is right, the world revolves around your credit score. If you use a card wisely it can really help build up your score, it can also get you into deep trouble if you get out of control. Find one with a low interest rate, don't buy anything unless you already have the money to buy it. Pay the card off as soon as possible, if you carry a balance the interest can kick in fast. Never have more than two cards, that's my personal opinion, having too much credit available to you can also hurt your score. Bottom line is you should get one, don't use it unless you have the money to buy in the bank or emergencies.

 

[SMaxxin]

you have to control it.

When it comes to a CC truer words were never spoken! I wouldn't say I have to have one but it does offer some comfort in certain situations. I always carry one but rarely use it, if I do use it I make sure it gets paid as soon as the bill shows up. This avoids interest all together

My credit card has done wonders for my credit score.

Same here, once I crawled out from uder my cc debt my scores went very high.

 

[dannyd]

Oohh I get it. Ok thanks guys.

 

[robmob]

The key to a credit card is to spend within your budget and get a card with some sort of bonus reward like air miles, gift cards or cash back. The interest rate is irrevelant since you will be paying the card off each month and not accrue any interest charges.

The wife and I use our credit cards for just about every purchase including groceries and gas. The cards get paid off each month and boy do we rack-up the bonuses. We also have not paid a dime worth of credit card debt in over 10 years.

Remember, spend within your budget and pay the card off every month.

 

[jetmechG550]

Oh yeah, if you end up with a job like mine, make sure you get one with good perks (airline miles, hotel stays, etc), I bang out between $1000-$5000 a month in work expenses, really gets up there with the Euro travel but I haven't really paid for a family vacation in the last 5 years!

 

[speedticket75]

a credit card is good for emergencies or when your on a trip like vacation & run low on funds.....just be sure not to use more than you can pay off come bill time at the end of the month........intrest & late fees on it add up quickly......i use mine about 5-6 times a year.........

 

[BazzYboY]

ill bounce that I'm 18 and havea credit card but I'm very careful with my spending, occasionaly i splash out by break it into 2 payments.

And i think a credit card is a must have sometimes, some places i shop wont take debit cards :/

 

[digger]

Like the other guys said. A credit card is great if you use it wisely.
We usually rent a car to go on vacation. You can pay cash after you turn it in, but you need a credit card to get it.

I don't pay mine off every month, but I try to be careful with it. Worse thing a person could do would be to pay the minimum payment.
Got a Lowes card I hadn't used in about 10yrs. Just put 3 grand on it. It's 0% financing for a year.
Here is how they screw ya on that:
They are figuring the interest the whole year. Than at the end of the year if it isn't paid off the all of the interest is added to the bill. I plan on having it paid off.

A credit card is a great thing to have, almost a necessity (sp). Use it wisely and it will be a good thing to have.
Use it beyond your means, and it could ruin your life.

 

[FastEddy]

All god advice....

If you want to get a card but dont know if you are able to control yourself or want to make sure you dont go into debit you can get a card with training wheels. A beginners card.....

Several banks offer a "Secured" card. You put $500.00 or whatever the minimum required amount is into a savings account. Your limit will be about 75% of the amount you deposit. You will use it like a regular CC and pay your bill just like you would with a normal card. If for some reason you default on the payments they will close your CC and take the cash from your savings account.

Yes it will mess with your credit score but you will not be in debit for the next 10 years trying to pay it off and you will have learned a good lesson.


We use our CCs for everything and pay them off in full every month. With my business it offers a 30 day float, accurate reporting and yes.... Airline milage. Top this........ We get from 50K-90K miles per month for free on one card and a check back from the other card every 3 months for 3k-5k. I haven't paid a dime in interest on CC for over 10 years. They set the rules, I play the game.

 

[dannyd]

THanks guys for the excelent advise. I think I can control my self if I were to get one in the future. I think if I am able to walk around Manhaton With alot of money on me and not buy the first thing I see then I can have a credit card and not go crazy.

 

[Monkey Wrench]

A credit card is good to have, just get one with a lower limit.

Actually, though, the best thing you can get is a check card. It acts like a credit card but is tied to your checking account, so you're pulling money from your account rather than charging against a limit. I use mine way more than my credit card. You can use it anywhere they accept Visa, MasterCard, etc. Mine is a MasterCard check card, but it's issued through the bank we use.

Besides the check card, I carry one other credit card and that is it! Many years ago (before I was even married) I bet I had six of those stinkers! CC companies show up on college campuses like sharks around a wounded seal! It's so easy to get a credit card at that point in your life, and it'll end up burying you in debt so fast you won't know which way is up! It took almost three years, THREE FLIPPIN' YEARS to pay off a mountain bike I bought while at Ohio State!

Man, it cannot be stressed enough. CC's are tempting little nuggets in your pocket. They are great tools, if used properly, but even a hammer can hurt you if you're not paying attention!

Personally, check card and checking account would be my first choice.

 

[dannyd]

A credit card is good to have, just get one with a lower limit.

Actually, though, the best thing you can get is a check card. It acts like a credit card but is tied to your checking account, so you're pulling money from your account rather than charging against a limit. I use mine way more than my credit card. You can use it anywhere they accept Visa, MasterCard, etc. Mine is a MasterCard check card, but it's issued through the bank we use.

Besides the check card, I carry one other credit card and that is it! Many years ago (before I was even married) I bet I had six of those stinkers! CC companies show up on college campuses like sharks around a wounded seal! It's so easy to get a credit card at that point in your life, and it'll end up burying you in debt so fast you won't know which way is up! It took almost three years, THREE FLIPPIN' YEARS to pay off a mountain bike I bought while at Ohio State!

Man, it cannot be stressed enough. CC's are tempting little nuggets in your pocket. They are great tools, if used properly, but even a hammer can hurt you if you're not paying attention!

Personally, check card and checking account would be my first choice.

Wise one I think thats what my mom uses. She lets me use it when I buy something on line. Thats I want to get if I do end up getting one.

 

[Plaidfish]

mine will only work towards my credit score if I tell them to charge instead of Debit the purchase.......but the money still comes right out of checking...

 

[FastEddy]

A HUGE word of caution against Debit card Visa and M/C.
If someone gets your number they can drain your checking account. Some banks will cover it for fraud but most banks wont. If you get hit, you are not only out your money but are responsible for all the bounced check fees your bank will charge not to mention the late fees for your rent and any other fees the company that gets your bounced checks will charge. You will never get your money back and have no dispute rights.

Debit card is the worse possible risk you can take with your accounting practices.

 

[jetmechG550]

Ah yes, good point Eddy! One other thing, I have two cards from the same bank, basically one acquired the other. No big thing, one is personal (I've had for about 10+ years) the other is strictly for work. Well they have both my bank accounts on file for online billing since I have a seperate checking account for work and home. Well, stupid me paid my work CC with my home account, problem was didn't have the $9K sitting in my home checking account. Before I realized what happened I bounced like 14 checks and debit card payments. Son of bitch did that sting. My bank worked with me a little but their policies sucked. I had the funds there just didn't realize which account was the default and forgot to change it.

 

[FastEddy]

Banks are blood sucking thief's!
I use them less and less as time goes on. I still recomend a Credit Union if you have one that is local. They are still banks but offer a little better policies and service.