Should I get a credit card? How do you choose the best credit card?
January 17, 2010 by admin
Filed under Bad Credit
I just finished college, and work full time. I have a debit card, and building excellent credit from paying off loans. A lot of people have been telling me to get a credit card, but I wonder if it really is necessary. Please give me some excellent reasons to get a credit card additional than building excellent credit. The only additional advantage I know about is those point-system/rewards credit cards, that earn you miles or additional equipment. And what is the best credit card to get for a first time credit card holder? The number of choices are a small overwhelming. How did you choose your first/main credit card?
get one from orchard bank or chase..
If you haven’t needed a cc up until people have been telling you that you need one, don’t worry about it. You really don’t ‘need’ one. The only reason that I got my cc (aside to help with my credit score!) was for emergiencies-and that was at my hubby’s suggestion. I finished up applying for a card through my bank/federal credit union. They will be simpler than any additional place, especially if you have been with them for a while. Make sure you have NO annual fee. Aside from that, pick and choose.
Well, let me be the first to tell you that a credit card can be a “safety net” in the event that you’re in a crunch in between paychecks, and especially renting cars. Contracted, you can use your debit card, but you better have the money on it, becuase credit and debit cards work completely uncommon in that respect. But even if you just make small payments that you pay off in full every month, it’s another way to build credit, which you can’t build alone just by paying off loans. Credit and the scoring system is designed to where you should show that you can handle uncommon types of credit both installment(car,furniture,appliance,personal signature, and mortgages) and revolving (credit cards and line of credit). An example of a balanced mixture of credit is 3 credit cards (2 major and one department store card) and either one paid or currently paying installment tab.
Now while it is a excellent thing to have a credit card in the event of emergencies that may come about that could potentially wipe out your checking tab if you use that, it’s vital to know the right meaning of needs vs. wants. Credit cards are not terrible, it’s the judgement of some people that use them. They easily confuse the 2 and that’s where the problems arise. As long as you keep your priorities honest, and use credit like it’s supposed to be used, then you should be ok.
A credit card you should look for, ideally is one without an annual fee and a low or 0 introductory interest rate. But my advice is to keep the balance no more than 30% of your total available credit to minimize the interest anyway.
Chase, Bank of America, and Citi all offer honestly excellent cards
I hope this answer helps out,
Excellent luck!
I would highly suggest getting a credit card.
If you’ve been using your debit card to pay for equipment, consider substituing with a credit card. Just use your credit card to pay for everything, then write one huge check at the end of the month. This is so much simpler when it comes to balancing your checkbook. You don’t have to keep track of all the stuff you bought with your debit card. You just look at your credit card statement and write one huge check, it’s simple.
The rewards are a fantastic way to get cash back and earn travel miles and equipment. Some people even place their rent on their card, or have their car loan payments and mortgage payments run throguh their cards before they pay them. This is a huge way to earn rewards points. Cash back is a huge enough incentive for me any day.
Building excellent credit is one of the most vital equipment you can do for physically financially. Remember that.
Scroll down to the credit card search area on this webpage:
http://www.bankrate.com/brm/rate/cc_home.asp
That’s the best page I know of for finding a card.
I would also heavily suggest that you don’t use your card to buy equipment you don’t have the money to pay for. Don’t carry a balance, and if you do (gasp) always pay more than the minimum.
Remember that credit cards are a way to manage your finances, not a way to go idiotic. Don’t use credit cards to compile more debt.
Hope that helps
I use credit cards to build credit and get cash back on buys. You can get up to 5% cash back. If you are interested go here http://www.ccvault.com/credit_cards/cash_back.php
do you really need it right now? question your self that.. if u really need to.. check this page out
http://tune.in/cc
you might want to go here to compare them http://www.bestcreditrates.net