Comparing First Time Credit Cards
The opportunity to apply for and be approved to own a credit card should not be taken lightly. With conscious, deliberate decisions a credit card can tremendously improve your credit rating and can allow you to accurately monitor your spending habits.
First time credit card applicants should spend time in researching which credit card(s) will best serve his or her needs. If you already possess a good credit score, you may be offered much better rates and cards with extra benefits such as frequent flyer miles or cash back. If you are just starting out or do not have great credit already, you can use a credit card to improve your credit rating by always paying on time. As your credit improves, you may be able to move the balance on an average rate card to a card with a much lower rate.
The internet is a great place to search for first time credit cards. Be sure to read the fine print, as that is where you will find the information on the rate you will be charged. If a fixed rate card can be found, that will ensure consistency in the amount charged on any balance that you hold. Variable rates can fluctuate with the market and leave you owing quite a bit more money that you had intended. The rate is not as important in the decision process if you plan to, and know you can, pay off the full balance each month – then no interest will be added to your account. Often a low fixed price rate will be offered as an introductory offer, but can expire in a few months.
Also, some low rate cards do include an annual fee regardless of whether or not you carry a balance. Having a credit card can help you monitor your expenditures with accuracy. Rather that paying for some items with cash, some with checks, etc – you can make all payments with a credit card and automatically receive a monthly itemized statement. This will allow you to easily see where you spend the bulk of your income, and importantly, your expendable income.
Just remember to pay it off each month. For example, if you purchase a latte each morning and pay cash, it does not seem that you spend a lot on it. However, with your detailed monthly credit card report you may quickly see you are spending several dollars a day on that habit. A credit card can provide a basis for preparing a monthly budget which will allow you to save quite a bit of money in the long-run.
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Applying For First Time Credit Cards
Credit cards can be wonderful things that come to our aid when we are in times of need. They can help us pay our bills, get out of a tight spot or even allow us to shop online when we previously could not. Even so, many people begin using a credit card without thinking about the consequences of using one. If you are thinking about getting one for your own use, there are a few things you must think about when applying for first time credit cards.
There are stories all over the Internet and the news about people who got over their heads in debt by using a credit card. Before applying for a credit card for the first time, you must consider what you will be using the credit card for and fully understand what could happen through misuse. Make sure you will be able to pay your bill on time and do not charge more than you are capable of paying back. If you are planning to use a credit card to buy tons of consumer electronics and high-end clothing, it may very well be a bad idea to apply for a credit card. However, if you are planning to use it only for emergencies, having one can be a valuable thing.
Every year thousands of people get in debt and lose their valuable credit score due to credit card misuse. If you charge more than you are able to pay back you could end up in deep trouble. The consequences could be very devastating. If you are unable to pay your credit card bill, your credit will become bad, which in turn can cause major problems in the future. It will make it difficult to buy a house, lease a new car and even find a great paying job. Even employers check your credit score when you apply for a new job.
It is also a good idea to fully review any offers you are given. If you receive a credit card offer and think it sounds good, there is a chance that it really isn’t. Make sure to read the fine print and terms of service for any given credit card offer. Many offers can be misleading and could even charge hidden fees that many consumers are generally unaware of. If you keep all this information in mind when you are applying for a credit card for the first time, you should not run into any problems.
As long as credit cards are used responsibly, they can do more good than they do bad. However, the same can be said in reverse. Make sure that you are fully aware of the responsibility that is required and you should do just fine.
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First Time Credit Cards For College Students
As a former college student, I am able to speak from the position of the fastest growing age group of new debt consumers. I found myself in school broke, stressed, depressed and credit cards, at least I thought, were my best friends. Now they have become my worst enemy.
The late night meal charges, impulse purchases, are an addiction, and the fees charged to your account or horrible. First off, the late night meal charges were my best friend. Living the college life, and partying hard led to the demise of my credit cards. I would head home 2 maybe 3 in the morning on a good night and cooking was the last thing i was about to do, so Jack in a Box here I come. Riding home with a car full of broke, hungry friends did not help either as I believe in feeding the “needy,” so with four other hungry individuals my purchases rapidly would grew from $6 to $30. In a semesters time I am now over my credit limit and in horrible debt.
All in all if you are a college student or a hard clubber, you might wanna steer clear of first time credit cards. Secondly, the impulse purchases. It really seems the simple convenience of having the credit cards is the bait that lures us into debt. A simple trip to the mall to see a movie or eat a quick meal with friends, always ends in window shopping and eventually spending. The displays are set-up so beautifully that one will instantly go into “I want or I need that” mode. The simple process of being able to pull out that plastic, slide it and sign it happens so fast it’s like an addiction, another topic I will discuss later.
A pleasant trip to the mall turns into a full fledged shopping spree, in which I’d always end up leaving the mall with so many bags I needed help loading them into my car. It is truly an addiction that can ruin your life like any other drug around. Thirdly, the seemingly addictive nature these credit cards bring is a nationwide outbreak. My friends and myself included, have accumulated so much debt over the years, that the simple leasing of a new car or purchasing a house is impossible.
Many organizations review your credit score for cellphones, jobs,housing, and transportation. Credit card addiction can actually prevent you from be able to live your life as a productive citizen. Something as simple as leasing a car, or buying a home, the very things that we value as human beings can be completely destroyed by credit card addiction. The stress brought on by credit card addiction can corrupt one mentally and physically just as cocaine,alcohol, and prescription drugs do many individuals worldwide. Isn’t it amazing how so many man made creations have ruined man himself?
To anyone considering credit cards I say “Just Say No” to credit. Work hard, save your money and practice self-control over your spending habits.
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