First Savings Credit Card
In todays economy one may be inclined to eschew credit altogether but perhaps a small balance credit card set aside for emergencies is in order. A First Savings credit card is from a reliable insured credit company with achievable payment options and the financial grounding needed to bring your family into the twenty first century.
When registering for a credit card one choose between low interest options and the many and exclusive benefits that come with higher interest options. Choosing the option that gives the highest return is a highly individualized process that should be well thought out and researched. For example if one prefers to use a credit card to make everyday purchases like groceries or household supplies then a points programs may bring benefits that your family will actually use.
Another thing to consider is that a benefits program with a high interest rate is not suited for those of you who prefer to only make the minimum payments every month. The rewards program options for a credit card comes with a higher interest rate which will likely equal the cost of the rewards.
The best method for getting the most benefit out of your credit card is to use it for everyday purchases but then be sure to pay off the entire balance every single month. By managing your finances this way and utilizing your card for normal habitual purchases already a part of your budget, habits and even family needs you will avoid having to pay interest on your new First Savings credit card, not to mention avoid making non habitual purchases for unnecessary items that in reality you and your family simply cannot afford. By using this method every month your First Savings credit card will not only give you the benefits of having an easy to use credit card without the normal associated costs, it will also give you the added security of cash and will even make you money in the form of rewards points which can be used for cash back or free items your family already needs and uses on a day to day basis.
If you are not sold on First Savings, your honest family credit provider, please call First Savings your self and a customer service representative will gladly answer your important questions.
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Why Care About First Time Credit Cards?
The idea behind getting first time credit cards is to help establish a credit history as well as a credit score. Unfortunately too many people use it without really thinking about how much they are spending. Yes you go out a buy $100 on some new clothes, but are you really thinking about the fact that you $100 to the card company or are you saying to yourself the I can make the $15 a month payment on this without a problem?
Just think about that for a moment, you say, “it’s only $15 a month for about seven months”. Is that really the case? No. It actually will work out for you to pay back $15 a month for about 10-12 months. Depending on the interest rate that you receive from the card issuer. It can range anywhere from 13% all the way up to 29%. So if you buy a $100 dress at 25% and take twelve months to pay it off in full. You will have actually paid $125 for the dress that was on sale and you thought you were saving money by buying it. Too bad that’s not the case.
The concept of having a good credit card is changing as each generation becomes old enough to start building credit. Many young kids today don’t really learn how to handle credit in a responsible way. Many adults don’t take the time to teach their kids to pay the credit card off in full each month . The idea is to show that you can live within your means. Not to spend more than you make and if you do it’s short term debt. Credit cards are not meant to be used as a way of supporting yourself, they are meant to get the credit status so you can buy a house, get a loan to open a business or to go to college.
The better your credit score is, the better the interest rate you will be able to get on a mortgage. Don’t jeopardize your future by being irresponsible with your credit cards.
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First Time Credit Cards For Teens
Every seventeen year old has a lot to look forward to when they turn eighteen, and one of those things is getting their first time credit cards. Of course, it is tough to get one since you need someone with good credit or something called a secure card. I took out a secure card from my local bank when I was eighteen.
A secure card is basically linked to a savings account. You can set a credit limit by depositing a certain amount into that account. Whatever you put into that account is your credit limit. I chose five hundred dollars since that is high enough to get my through a month, but not too much so that I won’t go crazy spending. It isn’t like a debit card where when you buy something, it takes out the money. The five hundred is never touched and treated like a security deposit in a sense. Once you end that credit card, you get the five hundred dollars back.
The secure card was great for me as I could use it for about one hundred dollars per month, and then pay the full monthly bill each month. This is building up my credit which I will soon need once I get out of college. The one thing I have been told by my parents, the bank, and others is that the best way to build the credit is to use the card, but then make sure you do not have any late payments and that you pay in full. I have followed that and should be getting my first credit score in a few months.
It should be high since I always paid my bill on time and in full. Another type of credit card is an authorized card from your parents that you can use. I don’t use this method but it is another method if you need to make larger purchases since they will likely have better credit and a higher limit. Of course, don’t buy things that you can’t afford. Bad credit card habits is what has turned America into being in debt, so don’t fall into that trap too.
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