4 Responses to “Im looking for advice on getting a credit card?”

1. Marissa P Says:
   
   March 22nd, 2009 at 5:34 pm

   Don't get a credit card unless you want to build credit. Don't just get a credit card so you can go on a spending spree and have a 10k limit.
   If you want a credit card get one with a low limit and use it once or twice and pay it off right away!! That will build your credit. Just make sure you can pay it off right away. If you have a checking account somewhere and you keep a check register put down how much you spend on your credit card and subtract that from your money in your checking account. This way you will have enough money to pay the bill when in comes. The bill would come once a month.
   References :

   
   
2. raflorsheim Says:
   
   March 22nd, 2009 at 6:21 pm

   The first thing is to be very, very careful. This isn't a great time to get a credit card. Companies are doing all kinds of nasty things to customers who aren't making them money, which can ruin your credit. Remember that shutting out an account can hurt your credit. I currently don't owe anything on any cards. But before I paid everything off, I had a lot of cards with high balances. I still have a lot of cards, with high interest rates, which I don't use at all, but which I can't close out without harming myself.

   Be careful that you get a credit card with a relatively low limit, which you could pay off at any time, should you need to do so. Right now, I think I would look at a bank with which I had been doing business for a long time and trusted to get a credit card, rather than looking around for good deals. I would also choose my own company to do business with, rather than responding to offers from companies who advertise to you. And be VERY wary of low introductory offers. You may get a low interest rate for a few months and then, just when you have accumulated a balance, have it jump up to something horrible.

   Read the fine print and ask a lot of questions. Notice that the rates are often a lot higher for cash advances than they are for purchases. Beware of annual fees and other catches, like a mandatory insurance policy (I had a card with one of those which basically doubled the interest I was paying for years).

   Remember that your interests and those of the credit card company are very different. They make their money from interest payments, so they don't want you to carry a 0 balance on your card. You, on the other hand, want to avoid paying interest at all, which means paying off the card every month.
   References :

   
   
3. Age Says:
   
   March 22nd, 2009 at 6:32 pm

   I have advised my clients to have 2 to 4 credit cards. The reason for at least two is the following…

   You have one that you pay off every month. If you do this the interest rate is not a factor. The card should have some kind of rewards such as cash back, points or air miles etc.

   The second card is to be used for higher priced items that you will pay off over a few months to a year. Such as furniture, TV, etc. This is the one where interest rate matters.

   Sidenote: If you do NOT pay your balance is full by the due date and you continue to use/charge the card you are charged interest the day you use it. If you paid it in full you get a grace period.

   Also, you want to keep your balanced below 50 per cent of your credit limit. If you are over then it will neg. affect your credit score
   References :

   
   
4. Brutus Says:
   
   March 22nd, 2009 at 7:04 pm

   The best credit card will be a card that has no annual fee, low rates and give you rewards when you use that card, a good example would be Discover card rewards or American Express these cards have these benefits but the only thing is that you have to have some credit to get these cards other wise you will be turn down, so if you have no credit history your best bet is to start off with a lower end card and use it for a few months to build credit and then apply for a higher end card, but if you have good credit I would apply for the higher end cards now, check out http://www.fastcreditcardapprovals.com here you are able to compare them side by side on rates, fees and rewards and credit status, good luck
   References :

   
   

Leave a Reply

You must be logged in to post a comment.