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Post Reply Your First Credit Card ?
Ejanss 
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Posted 12/1/16 , edited 12/1/16

AnimeAddictANN69 wrote:

I just got a credit card this summer. I got approved with 1,100$. I mean I still feel iffy with credit cards. But I'm trying too have a good credit score. I only use it too fill my car with gas.


it has no annual fee right?

just use it like debit card-- only charge what you can pay off in full each month

if you have cash back then that's even better-- you get money back for spending without paying annual fee or interests if paid in full each month


"No annual fee" is distinctly different from "No interest". (Or even "No interest for the first 6 months", which, of course, won't last forever.)
One you get charged once a year for, the other you get charged once a month for.

Ever wonder why most CC bills always address back to Wilmington DE or Sioux Falls SD?
The explosion of credit cards in the 80's (before Visa, there were only bank-chain issued cards, like Bank Americard) came about because of a Supreme Court ruling that said that the bank's home-company state could establish the local loan-interest rate for out-of-state transactions.
And DE and SD both tried to improve their banking by removing old established "Usury" laws that put a max cap on loan interest--Banks see credit as a "loan", and in some states, now allowed themselves to charge as much as 20% interest, as they see fit. You did check that three-page pamphlet of rules to see what interest your purchases were being charged?--Or was the tiny print TL;DR?
And once a few states started lifting the ceiling on loan-sharking, guess where every company flocked...
(It's also been reported that they used to deliberately address paper-mail bill envelopes to a third-party mail drop in another state, to increase the likelihood that your bill might not arrive on time, and incur late fees.)

It's not paranoia to say that banks DO NOT WANT you to pay off your credit balance. They want you as a customer for life.
If you take out a loan for a house or car, that'll be paid off in five years, but a new credit-card loan, with interest, happens every day at the stores. Especially if companies can offer incentives to fritter your balance away on otherwise common debit-card purchases, eg. "Double points back on gas and groceries!", if they can't persuade you to buy an airline vacation to Europe.

By trumpeting your happiness with "Building credit!" and "I'm getting a couple of bucks cash back on all that interest they're socking me with!" you are practically being the ultimate ideal ventriloquist-dummy sucker for what credit PR wants you to believe...
Moving past "Pity" to "Obnoxious", but still a sucker.
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Posted 12/1/16 , edited 12/1/16
Yep you should start building credit asap. Of course you should know thyself. Some people are not made to have credit cards.

My first card was a bank issued Visa with a $500 limit that went up to $1500 after the first year or something. Back then they tried to push credit cards onto everyone who came in to open a checking account.
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28 / F / SC
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Posted 12/1/16
never had one
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Posted 12/1/16

Ejanss wrote:
.



i will spend a lot during the holidays season.

they will always have those offers like giving you $50 promotional gift on your purchase if you apply for this card..

for $150 if you spend $500 in in the next months.. etc..

which is a pretty good deal-- since i saved up for the stuff i want to buy on black friday so i have the money in the bank to pay in full

so i'll sign up for these cars to get thei promotiona credits + 5-6% cash back.. and pay off the balance in full at the end of the month

keep the credit cards with good benefits if not close it and will open new ones

they always have those promotion going on.

it will affect your credit score if you open too many credit cards but 1-2 every 2-3 years should not be a problem.

i got some banks closed down my credit card because i didn't use them at all for 1+ year..

credit cards are not as bad as people thingk they are if you "use it wisely"

no annual fee and pay off in full and start making money of credit card companies instead
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27 / M / United States
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Posted 12/2/16
I still don't have a credit card to this date. Only debit here.
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Posted 1/5/17
you have to read the fine print of the benefits they are offering

http://www.consumerreports.org/credit-cards/hidden-credit-card-benefits/

https://www.cardbenefits.citi.com/

i use the price rewind mostly.. have yet to use damage/theft protection or 90 return..

but then again.. video games are one of the exceptions..








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Posted 1/5/17

Humms wrote:
1% cash back on all purchases, 4% Cashback on groceries and gas.:

What card is that? I want 4% on groceries :O. I get 4% on gas with my costco card

My first card was some flex perks card I got while i was a freshman in college. It's my oldest card, has no annual fee and it's good to keep around for credit history.

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22 / F / Dominican Republic
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Posted 1/5/17
I first had a debit card. Then I got my first credit card that I'm still using.
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26 / M / Leanbox, Gameindu...
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Posted 1/5/17 , edited 1/5/17
Credit cards are pretty useless unless you are traveling and want to protect your savings account, at least for most young people.

What I mean by that is that I have over a 800 credit score, despite only using my credit card once to make a $20 purchase. This building credit nonsense can be disregarded entirely if you have regular student loan payments. Try to never miss a bill, minimalize debt, pay it off as fast as possible and the rest will take care of itself.

For all the stupid perks and what not, sure they are fine if you want to pay off the balance at the end of every month, but for me its one more hassle I'd rather not deal with. With interest rates ranging from 15-30% I don't see the point other than in cases of emergency or if you need added theft protection on a given purchase.
Posted 1/5/17 , edited 1/5/17
I got my first credit card my freshmen year of college. I didn't even use it the first year I had it

Now I just use it to make payments every now and again.
Posted 1/6/17
I think it was Capital one card I carry 3 cards one just for gasoline.
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26 / F / NJ, United States
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Posted 1/6/17

AnimeAddictANN69 wrote:


M-chann wrote:

I just got a credit card this summer. I got approved with 1,100$. I mean I still feel iffy with credit cards. But I'm trying too have a good credit score. I only use it too fill my car with gas.


it has no annual fee right?

just use it like debit card-- only charge what you can pay off in full each month

if you have cash back then that's even better-- you get money back for spending without paying annual fee or interests if paid in full each month


It's also good to keep in mind that you should try to never use more than 40% of your credit limit. It doesn't look well if you do.
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Posted 1/6/17 , edited 1/6/17

if it's months after months then it might have an effect on your credit score.. but if it's just a few times a year it's not a problem

i spent up to my credit limit before.. but only for 1-2 months..

but the longer you have the cards the higher your credit limit will be.. it's hard to get to to 30% on my cards now a day... unless you are spending on things that are outside of your means..

i had these cards so long that i can pay a new card in full (if there's a dealer who will accept credit cards for a full amount)..


no annual fee, cash backs. and bonuses.. it's hard to beat a good credit card


only spend what you can pay off in full each month.. so you can make money of the credit card company instead of they making money of you..

it doesn't matter what the interests are.. if you paid in full each month.. there's no carry over balance to charge interests on..


this holiday season alone.. i got $400-ish cash back (6% cash back + bonuses) for my purchases.. and yes.. i already paid of the balances in full..

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Posted 1/6/17
I got my first credit card 2 years ago, I was 18 years old... just because I want to build my credit score it has 1% cash back on everything, 2% on grocery, and 3% on gas. And +10% when I redeem my cash back. It also has $7000 limit which we thought was pretty weird because I never had a job, and it's higher than my dad's limit xD
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Posted 1/7/17

jhanna_12 wrote:

I got my first credit card 2 years ago, I was 18 years old... just because I want to build my credit score it has 1% cash back on everything, 2% on grocery, and 3% on gas. And +10% when I redeem my cash back. It also has $7000 limit which we thought was pretty weird because I never had a job, and it's higher than my dad's limit xD


probably because you didn't have a lot of debt or anything negative on your credit history

applying for a credit card is really easy now aday.. all you need is that person's social security and basic info.. and you can qualify for a card within 2-3 minutes! you can even use the card (virtual number) right a way too..

this is the reason why identity theft is such a problem now a day..
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