Educate me on Credit Cards!!!

[porksoda 10+ year member]

I'm 18 and I'm kinda wanting to get a credit card.I mainly want to get one incase of emergencies and to help build my credit. My parents told me to try to get one so if i want some thing online. I can save up for it and buy it with the credit card pay it off like the next day or so with the cash i save up. I'm not looking for one with a huge limit, maybe about $500 I'm thinking? I don't want to go overboard and get into debt. I have never had one before. And i also do not have any credit also.

Basically I know nothing about credit cards except pay it off every month or before your interest free period is up. I need to know whatever advice you can give me. What/who is best? What kinda percentages do I look for and what do they mean? Any kinda perks I should be aware of that some companies offer? Or should I just go to my bank and see what they can offer me? I just don't want to go in there and look like an idiot not knowing what I'm talking about or not understanding what their talking about. I'll post new questions as I can think of them.

Also i tried talking to my bank that i am apart of and they do not have a credit card there. All they did was give me a little pamplet about a mastercard and told me go to the website. So yeah.

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[porksoda 10+ year member]

whats a good APR for me to start at?

 

[porksoda 10+ year member]

I have heard different stories about credit cards. For instance credit cards with a higher limit is better because cards with higher limits have lower interest so if i spent 350 on my card with 2000 limit i wont spend alot on interest. And i have also heard if i get one with a lower limit i will have higher interest? I am not sure on this. Can any one help me out?

 

[babaganoush123 10+ year member]

pleaseee dont go crazy and use it like no tomorrow because after you have to payy alll the shit you bought off for 15 years your now gonna own anything. o yea and pay it on time...good luck.

 

[porksoda 10+ year member]

Well i know i will pay the on time every month its just i am trying to choose the right car. I wont go crazy with the card either lol.

 

[staypuff 10+ year member]

Well i know i will pay the on time every month its just i am trying to choose the right car. I wont go crazy with the card either lol.

bs..... you'll be hawking the family valuables to pay that shit off in one year you just wait.... i love it when kids that have never had a credit card say..."i'll never rack it up and i'll pay it off every month"..... bwahahahahhahaaaaa.... good luck on that one tiger..... //content.invisioncic.com/y282845/emoticons/rolleyes.gif.c1fef805e9d1464d377451cd5bc18bfb.gif

 

[AllStar1500bd 5,000+ posts]

There's been a few threads on this before. Searching the forums, and then maybe doing a little googling or try Yahoo! Answers... go back and read a few posts from Flip on this too. He's got some good insight.

 

[rollingthunder 10+ year member]

I got an offer from captialone in the mail. I checked it out, seemed legit and so far it has been great. Only 300 dollar limit to start, which is enough for me. The limit doubles if i dont miss a payment 3 months in a row and I have an apr of 9.97% until i mess up and dont pay. Dont get any with a yearly fee, enrollment fee, and you should be able to get like 18 or 19% apr starting off. Just DO NOT miss a payment, for me thats when I get *****, they are banking on my inexperience to work in their favor, but so far Ive got it under control. If im wrong about any advice someone please chime in, im no expert but this is what Ive gained from experience. BTW im only 19 and this is my first as well.

 

[SilverSquared 10+ year member]

I wish credit cards didnt exist. Which is why I paid mine off, and closed them.If I dont have the money in my bank, I dont have the money to afford what I am getting.

 

[mdillon 10+ year member]

capital one is a good started card. get a $200 limit and buy your gas with it, if you pay it off in that month, no interest! cell phone contracts also help build credit.

the way the world is, you need credit for any type of loan. credit cards are good for starting off as long as they are low limits

 

[AudioFonicz 10+ year member]

all you gotta do is pay the minimum amount you owe at the end of each statement and you wont get charged with anything.

 

[hoss 5,000+ posts]

they are like free money!! they are awesome!

get a couple of credit cards and get a HUUUGE system. you build credit faster if they are maxed out //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

 

[DD_Dave 10+ year member]

I have stacks of credit cards ...I just charge them to the limits then throw em away when they don't work anymore and start on a new one..I never pay the bills either...I was told they were unsecurred loans...nothing they can really do.... They may go on your credit history or some crap...but in this day and time no one really looks at that anymore...I buy stuff all the time....on credit

 

[Lingerfelt 10+ year member]

Speaking from recent experience, you first have to make enough money to warrant them giving you a card. I applied for a cc from Chase three times before I was accepted.

You don't get to decide your interest rates, and plan on getting the state maximum. This shouldn't matter to you, because you should be planning on paying your balance EVERY month.

 

[Lingerfelt 10+ year member]

capital one is a good started card. get a $200 limit and buy your gas with it, if you pay it off in that month, no interest! cell phone contracts also help build credit.
the way the world is, you need credit for any type of loan. credit cards are good for starting off as long as they are low limits

Cell phone bills don't help build your credit.