Credit Cards: Helpful, or a way to screw yourself?

[Pretender]

<< I've had my CC since I was 16, and I use it for practically every purchase (saving the cash for emergencies). Never had any trouble with it. >>


Don't you need to be 18 to get a CC?

 

[randomlinh]

you can be co-signed w/ you parents in some cases. That's how one of my friends had a CC anyway.

 

[apoppin]

Both. Credit cards are a very useful tool for establishing credit for that big purchase you cannot pay cash for - car, house, or for real emergencies.

It is definately possible to go completely without them. However, they are very convenient for online purchases and car rental.

The important thing to remember is use them only when you have the cash to make the purchase. Always pay off the entire balance each month. The minimum payment usually pays only the interest which is usually quite high.

Self-discipline is the key to handling credit cards.

 

[CyberSax]

Don't you need to be 18 to get a CC?

Not with Capital One

If I'm not mistaken, most banks will give you a debit Visa/Mastercard - regardless of age - if you deposit at least $500 there. I know quite a few guys who have had Debit Cards since their Junior or Sophomore years of HS. But those things make it really easy for people to swindle you. The Capital One Visa/Mastercard CC's are your best bet if you're under 18.

 

[Mday]

well, it's very convenient, especially in the days of online purchases.

it is possible to get around without a credit card, but do your parents want you to pay for your school books with cash (several hundred). Do you have a checking account?

The thing is, your parents can either get your a card in one of their existing accounts, or create a new account with a lower limit, and give you a card. of course the card they give you would have your name on it. this way, either you or your parents would be responsible for paying the accounts. and with the lower limit, well, you are less likely to get screwed. Go for $500 if you want.

credit card companies are interested in people your age. in fact, when i was supposed to enter college, i got an offer over the phone. but i took a year off... so after that, it was kinda tough. and you can always apply for a student card.

 

[Silencer]

To get a debit card you have to make so much a year (They figure you'll deposit). I got mine when I worked for minimum wage for 15 hours a week on average.

Free checking rules!

 

[chansen]

If you are just starting out at school, get a credit card with a low limit. Set it up with your bank so that it gets paid in full automatically each month. If you need extra cash, apply for a short-term loan from your bank. NEVER carry a balance on a credit card.

Regards,
Craig