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Credit Cards

Discussion in 'Members' Lounge' started by |Chaz|, Mar 20, 2008.

  1. |Chaz|

    |Chaz| Well-Known Member VIP

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    I'm 18 now. Is there any reason besides convenience to get a credit card? I never purchase anything unless I have the money in the bank already anyways. Any information on obtaining one, how to manage it, or anything else you can think of that's credit card related would be appreciated.

    I'm thinking about getting a debit card, that way I don't have to carry cash around all the time.
     
  2. Dustin_m

    Dustin_m Active Member

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    If you are that good with money, then it might be a good idea to get some credit built up. if you aren't good with money, I'd stay away until you have the discipline to not get yourself in debt.
     
  3. LS_VTEC

    LS_VTEC you get the BRAKE

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  4. Jeef

    Jeef NO MA'AM Moderator VIP

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    Other than convenience start building your credit, you're going to need it. Too many people get into their 20s want to buy a new car or a house, and have no credit. Get the card use it responsibly, and leave a little balance on it to help build your credit.
    The bad side is if you don't use it responsibly you can really fuck up your credit.
     
  5. |Chaz|

    |Chaz| Well-Known Member VIP

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    Yea I would say I'm responsible with my money. I always have enough to cover anything that I buy. And if I really want something bad, that costs $500+ I save up for it little by little.
     
  6. Luis998

    Luis998 Honda Enthusiast

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  7. Dustin_m

    Dustin_m Active Member

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    That's good. someone taught you well. I learned the hard way how easy it is to fuck up. I'm not in too much trouble, but i got some debt I gotta pay, and it sucks. The worst thing is that i used the cards on stupid shit like eating out and stuff. That was a few years back, and now I am just getting to where I am going to seriously take care of the stuff.
     
  8. Briansol

    Briansol Admins Admin VIP

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    get a check book, a savings book, and 2 credit cards.
     
  9. 93civicracer

    93civicracer Oh, I do a little here and there.

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    Debit cards kick ass I use mine for everything and carry maybe a 10 with me.

    I'm only 17 so I don't know about credit, all I know is I'm gonna get a credit card when I'm 18 but not for any other use besides emergency.
     
  10. totalburnout

    totalburnout Well-Known Member VIP

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    Well then think of it this way, a credit card allows you to temporarily borrow money for free.

    You can keep your money in the bank, having it work for you by earning interest, and then pay the balance off or nearly off at the end of the month. Plus you are given incentives to use a credit card, such as cash rewards.

    So you're making money when you're spending your money and you're temporary using someone else's money for free.

    Honestly, some people on these boards stay around from credit cards and say they're a bad idea but thats just foolish.

    If you spend cash, you aren't given 3% or 4% back as you would if you used a credit card. If you spend cash, you aren't building credit which will help lower future interest rates whenever you need to finance something... and you WILL need to finance something eventually.

    Pick out a credit card thats benefits suit your usage and then put everything that you would usually buy with cash on the card, remembering to always have the money in the bank to cover those bills.

    I have two Driver's Edge student rewards cards from citicard, both a mastercard and a visa card. Mastercard I have point rebates on which is pointless and stupid, but I was young and dumb when I got the card. Now I almost always only use my Visa card that has cash back rewards.

    Discover is a great card to use, if its accepted at the places you go. They give some serious rewards back on restaurants and such.
    Discover Card - Wikipedia, the free encyclopedia

    I would seriously considering getting a Discover card if I were you. I'll probably get one for myself, I just use the Visa and MC for everything, so I haven't switched over to a Discover yet.
     
  11. Jeef

    Jeef NO MA'AM Moderator VIP

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    Why Discover? I rarely see signs saying we take discover. I am always looking around for the American Express sign and rarely see Discover.
     
  12. eg6sir

    eg6sir Supa Mod Moderator VIP

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  13. |Chaz|

    |Chaz| Well-Known Member VIP

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    Could you elaborate more as to why it's beneficial to get a check book and a savings book?
     
  14. nootrac22

    nootrac22 Well-Known Member VIP

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    I don't have a check book any longer. Online banking, and on the rare occasion that I need a check for somthing I can't pay online or use the debit card, I buy a money order.
     
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