Choosing a Credit Card

[Snoo]

Taylor.. you are young.. get a Debit card. Listen to the people who have BEEN there.. you know.. those old guys? Most of them have said don't do it. Debit is essentially the same thing except for the fact that you don't have to pay it back. Of course, you won't be screwed if you get behind on Debit Card payments either.. because they don't exist.

You are going to college, don't be dumb right off the bat. Get a debit.

 

[kimahri]

If you need some emergency money as well, open another back account, put in 100-200 Taylor dollars and keep the card and pin stored in a safe place.

There's your emergncy money sorted and yet another reason not to get a credit card.

 

[CMonster]

I'm not stupid with my money

Ah, famous last words (financially speaking, of course). :wink:

 

[tks]

Get a debit card.

I have a credit card account which was opened automatically by my bank for me.... Hello dodgy Halifax. But I cut the card up and put it at the bottom of my drawer.

 

[Gangster4Life]

I have one credit card that I use only. I use it for shopping online. I try to keep my purchases low, stupidly I brought a nokia n86 mobile phone for £295. For my house next door I'm not going to use my credit card to pay for a new hd tv. cool)

 

[Pierre]

Don't get one. Just to echo everyone else.

I've had three. One is paid off, so left with two, but to pay that one off (and a few other bits and bobs) I had to get a loan. So I'm still paying three essentially, with my bank loan and two cards.

Everyone says theyre not stupid with money but trust me, when its there, you will use it. My intention was only to take it to CF-Lives with me if I was ever on a live and was short on cash for fuel e.t.c... don't actually think I used it for that once and still managed a £2k bill. Dickhead.

 

[furie]

If you need some emergency money as well, open another back account, put in 100-200 Taylor dollars and keep the card and pin stored in a safe place.

There's your emergncy money sorted and yet another reason not to get a credit card.

This... I'm impressed Kimahri! Best advice ever

See, the thing is...

You never know what college has in store for you. It's completely unknown and no matter how good you are with money now - once you're fending for yourself and out with crowds of other people..? Things change, and they change quickly.

Having a credit card is like having a safety net... Only that isn't a good thing. It just means you are more likely to take more risks as you know you have it.

Say you're on a night out with new friends, and they're all going out for a birthday meal, and pick an expensive restaurant. Suddenly you're confronted with a menu full of food that is a week's normal grocery shopping. With everyone around going for it, do you back down because you don't have the cash? Choose the cheapest thing? Or just "put it on the card"? When you're caught up in things, it's amazing how easy it is to succumb to temptation. So, like everyone else, just don't. Always live within your means if you can and that means making sure there's no way to not do it...

 

[kimahri]

If you need some emergency money as well, open another back account, put in 100-200 Taylor dollars and keep the card and pin stored in a safe place.

There's your emergncy money sorted and yet another reason not to get a credit card.

This... I'm impressed Kimahri! Best advice ever

4Chan told me it... No really, they did.

 

[Jake]

I ordered one on my 18th birthday to test the system, and was given one without even having an income <3.

But, the novelty wore off and it got cancelled because I hadn't used it for so long.

I've learned that for now, an overdraft is the best option. It's easier to manage and at the moment the interest rate is so low that i'm basically not paying anything extra (got denied a student overdraft).

Overdraft <3.

 

[Hyde]

The more features you have on a card, the higher the interest rates and annual fees.

I personally have 5/3 Bank's lowest Mastercard. No features, no annual fee, and a $750 monthly max. Does everything I need it to.

Since you are headed into college, go for a Debit card/straight cash. Honestly, what are expecting to purchase? You have no reason to go into debt, especially unnecessary debt.

And also, if you do get a credit card...

PAY EACH MONTHLY STATEMENT IN FULL!

If you go into debt because you can't afford your purchases, I will slap you.