Signed up for a debit and credit card today

[ShadowSoldier]

Who here has got one?

Mine is just a simple deal. Free credit card with no fees, same with my debit card. Unlimited transactions and no fees.

I figured I'm 22, never owned a credit card, I might as well start building up some credit. I don't plan on buying lots and lots of things, just if I ever go to the store, and I want a case a beer, I'll probably use credit card sometimes. You know, just buy small things to slowly build up credit.

These are the deals of mine:

Bank machine withdrawals $200.
Interac retail purchases $500.

But yeah, who's got one and what are some mistakes that I shouldn't make? I'm not very smart with money, and I don't know any tricks to survive.

 

[Devin]

Don't get drunk enough to go on a Shopping spree.

 

[emigre]

Buy small things with it to build up your credit rating. So put a limit on how much you want to spend on your credit card so maybe $50 a month or so. And keep an eye on the interest, Credit Cards can be a bitch with that if their not transparent (depending on the consumer law on where you live). By this they may charge a introductory low interest for six months and neglect telling you how much the rate will be after.

And don't become dependent on it. This is how debt cycles are started.

 

[ShadowSoldier]

Buy small things with it to build up your credit rating. So put a limit on how much you want to spend on your credit card so maybe $50 a month or so. And keep an eye on the interest, Credit Cards can be a bitch with that if their not transparent (depending on the consumer law on where you live). By this they may charge a introductory low interest for six months and neglect telling you how much the rate will be after.

And don't become dependent on it. This is how debt cycles are started.

Yeah, I'm just going to be using maybe max $20 on it a month, if I choose to. I don't pay for it if I don't use it. I asked him when he was signing me up for my bank card "are there monthly fees, or hidden stuff that I have to pay?" he said nope. And I can't find anything in these brochures that say I do either. But I still have to have the credit card mailed to me, so maybe there's some stuff in that.

 

[Deleted member 473940]

I have got eggcard with £1000 credit limit and my bank offered me credit card with also £1000 limit.
With my bank account I got a debit card with £750 overdraft limit.

Cashmachine withdrawl limit of £300 pounds. With my bankcard, I dont know the limit of how much I can withdraw in the bank, but the highest I did was £7,000 where I had to show a ID.

Spend wisely

. I havent touched the credit card I got from my bank and got plenty savings on my account.
But on my other credit card I spent about £800.. all went on my ex, her phone bills and shit..

Spend about $100, pay back and continiously spend what you can afford for a few months. Eventually with constant usage your credit limit will go up

Other credit card companies offering me cards.. but I am in enough shit already, dont need more lol.

 

[Snailface]

Who here has got one?

Mine is just a simple deal. Free credit card with no fees, same with my debit card. Unlimited transactions and no fees.

I figured I'm 22, never owned a credit card, I might as well start building up some credit. I don't plan on buying lots and lots of things, just if I ever go to the store, and I want a case a beer, I'll probably use credit card sometimes. You know, just buy small things to slowly build up credit.

These are the deals of mine:

Bank machine withdrawals $200.
Interac retail purchases $500.

But yeah, who's got one and what are some mistakes that I shouldn't make? I'm not very smart with money, and I don't know any tricks to survive.

Never ever pay less than 10% of the balance every month. Forget what the minimum payment is, its there to keep you in debt for the rest of your life.

If you're not disciplined with money, a credit card will mean you'll have to pay 2 to 3 times more than what you paid for. Be careful, this is coming from somebody who's learned the hard way.

 

[jonesman99]

Make sure you have Overdraft protection on the account. If someone gets a hold of your information, and goes crazy with it, it will be YOU that has to pay them. You can debate it all you want, but identity theft is still hard to track.

 

[Snailface]

Here's what your card will truly cost you if you pay minimum:

I'm just guessing your card terms so here's the site so you can calculate the true interest cost yourself:
http://www.bankrate.com/calculators/managi...calculator.aspx

 

[zaffo256]

I had an debit card (Interac) with something like 15 transaction for an amount per month. Then my bank offered me a credit card with no annual fee. Then I thought, Credit card =unlimited transaction for free. You only pay interest when you spend more than you can refund at the end of the month. So, I got rid of my 15 transaction plan (I think I have something like 5 now but it's now free) and I use my credit card for EVERYTHING. It's really nice not having to worry about how much transaction you have left and you don't always need to have a lot of cash on you. The only catch is that you really need to pay your balance in FULL each month. Because they are very sneaky on interest fee... The biggest catch most people don't know is that the interest is calculated not on your balance but on the amount of your initial purchase. Example: You buy a computer 1500$ Then you receive your credit card bill with a balance of 1500 and you pay 500$ Then the second month you receive a bill with a balance of 1000 with a 50$ interest fee (Base on a 20%/year rate) Because the interest was not on your 1000$ balance but your 1500$ purchase and it will be like that until you paid it full. Even if you have only 20$ left to pay they will charge interest on 1500$. And they don't charge interest for the first month (in fact 21 day after you received your bill) but ONLY if you paid it in full before your bill deadline hit. If you only pay it partially they will charge interest from the day of purchase on the full amount. And if you don't clear your balance for a couple of month most bank will raise your interest rate by 2-10%.

So in my opinion credit card are great to get rid of costly debit card fee but are in no way appropriate to finance purchase. Most bank have better service for financing big purchase they are not always instantaneous like credit card but a least the are way cheaper and more clear than the mess that are interest on credit card. And that makes dealing with your debts easier.

So use credit card only to spend money that you already own, always pay you balance in full and when you check your amount left in your bank account never forget to subtract you current credit card balance to know really how much you have.
And have fun being an aware customer!

And watch out for stupid insurance on balance in case of invalidity,etc. They cost a lot and are really not worth it in my opinion.

Hope I wasn't to hard to understand. I really need to practice my english more....

 

[zaffo256]

Make sure you have Overdraft protection on the account. If someone gets a hold of your information, and goes crazy with it, it will be YOU that has to pay them. You can debate it all you want, but identity theft is still hard to track.

I don't know how it work in the U.S.A. but here in Canada credit card holders never pay anything in case of credit card number theft. But still be careful!

 

[astrangeone]

I've had one for four years, and the temptation is always there to spend more than you have. However, I usually use it for emergencies and textbooks. (The main thing is textbooks - they are evil.)

Anyhow, just try to protect yourself, and always pay it fully off if you need to. *sigh*

 

[tagzard]

GREENDOT GREENDOT GREENNNDOTTT!!!!!

 

[Mangofett]

GREENDOT GREENDOT GREENNNDOTTT!!!!!

is not a credit card...

 

[Hells Malice]

Well i've had a debit card since I was 12.


I got a credit card like 4 months ago when I got a job. They like to phone me up and tell me how awesome I am for always having my credit card paid off at all times. It's...actually really annoying. I never use my credit card if I can't immediately pay off what I spent though. I hate debt, so I never plan to be in it.

 

[astrangeone]

Yeah, I'm the same way, Hells Malice. I just get annoyed at the fact that they want to up the credit limit. (Yeah, yeah, I'm a bloody student - $1000 Canadian is high enough for me. Even though one year my textbooks were around $700.)

 

[naomibatac]

Credit cards are valuable tool for any financial transactions. They can be utilized for personal or business purposes. However, it also takes certain responsibilities in using credit cards in order not to have financial burdens. There are essential guidelines to understand and follow for the proper use of credit cards. http://www.creditcardshelplines.com/

 

[Maz7006]

this thread reminded me, the bankcalled me telling me to pick up my visa, was like a month ago

; they had given me a maestro lol .. seems i was loyal enough.

really good idea to hold a credit and debit cards with you; can help in times in need

and if they were stolen, a simple 2 minute call to the bank can ensure your safety ... i.e. it's better than getting cold hard cash stolen and then you can never get that back.

 

[Hells Malice]

Credit cards are valuable tool for any financial transactions. They can be utilized for personal or business purposes. However, it also takes certain responsibilities in using credit cards in order not to have financial burdens. There are essential guidelines to understand and follow for the proper use of credit cards. http://www.creditcardshelplines.com/

Wait...did a spambot read this thread, make an account and then 17 minutes after creation, make this post?


They're getting smarter. Oh god.

 

[ShadowSoldier]

Credit cards are valuable tool for any financial transactions. They can be utilized for personal or business purposes. However, it also takes certain responsibilities in using credit cards in order not to have financial burdens. There are essential guidelines to understand and follow for the proper use of credit cards. http://www.creditcardshelplines.com/

Wait...did a spambot read this thread, make an account and then 17 minutes after creation, make this post?


They're getting smarter. Oh god.