What is the deal with credit card interest?
Credit Card
free2ball1410 asked:
I”m borderline about getting a credit card. I have a steady job as a cashier and being a college student, my parents pay my rent and i have scholarships to take care of school costs. Is it worth it to get a credit card? LIke there are some things such as groceries that i have the money to pay 100 bucks for just not all at once.
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I”m borderline about getting a credit card. I have a steady job as a cashier and being a college student, my parents pay my rent and i have scholarships to take care of school costs. Is it worth it to get a credit card? LIke there are some things such as groceries that i have the money to pay 100 bucks for just not all at once.
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March 10th, 2009 at 2:48 am
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credit cards are an evil trap once you get in them it takes years to get out of debt.
You have no bills to pay? you probably wont listen to expirence but you need to learn if you cant pay for it with cash or a check card you dont need it.
you can get 1 credit card to establish a credit history but ONLY use it to buy gas and then pay it off every month. what ever you do– do not get in the revolving credit hole. if you are not careful it will ruin your credit and take you lots more money and time and you might never dig out
March 10th, 2009 at 5:31 pm
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~~It’s good to start a credit history. It is something which must be strictly controlled,, or you are in a mess before you blink. If you make sure you pay it off in the grace period allowed before interest accrues you will be fine. You will build a good credit report without the debt nightmare. I think it boils down to how disciplined you are with yourself. You can also get one and request a small limit to begin with, if you are afraid you might get tempted. If you can control it, then it’s smart to start a credit history. Someday you may need a car or home loan. Just don’;t get into sucker debt!~~
March 13th, 2009 at 7:25 pm
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The reason a person of college age should apply for a credit card is to start to build up a “credit history”. Your credit history is reflected in your credit score or credit rating. It means your history of borrowing and paying back what you have borrowed. As you build up your credit score by paying all your credit card bills on time, you will gradually be granted a higher and higher credit score.
A high credit score allows you the opportunity to borrow more and more money and to eventually get a mortgage to buy a home. Also a high credit score allows you to get a higher quality credit card with better features such as low interest rates.
The banks and issuers are not always very helpful to first time credit card applicants. The only exception to this is college students. The banks offer college students the opportunity to enter the credit card market rather effortlessly. It is good to take advantage of this opportunity and then to build up a good credit history.
Good Luck!