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What credit card to apply?
- Thread starter Jliao
- Start date
NoRotorNoMotor
Member
- :
- 2003.5 Black Protege5
capital one
DON'T do it!
You might consider getting one that gets you something in return. For example, a Visa from REI to get some outdoor gear. Something like that.
HOWEVER, speaking as a person just now getting control of debt at age 44, DON'T USE THE CARD. Just have one for emergencies such as car broke, 2am trip to emergency room, etc. if you must. Don't pretend that a soda and a bag of chips at the 711 is an emergency. I'm still paying for dinners I ate 6 years ago, and wheels/tires from my '91 Rodeo I sold 4 years ago, trees at a house I haven't lived at for 2 years. Get my drift? (boom07)
And read "The Automatic Millionaire" by David Bach, among other personal finance books. I warning all you youngsters right now, don't fall into the credit/debt trap and have to work until your 75! Age 60 may seem a long way off, but wouldn't you rather retire then, than have to look forward to 15 extra years of work?
Don't say I never warned you. "They" don't want American youth to be taught about how money works. Make sure you pay yourself first when you make a dollar, and then pay bills. Don't be an ignorant consumer! There, I feel better now.
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You might consider getting one that gets you something in return. For example, a Visa from REI to get some outdoor gear. Something like that.
HOWEVER, speaking as a person just now getting control of debt at age 44, DON'T USE THE CARD. Just have one for emergencies such as car broke, 2am trip to emergency room, etc. if you must. Don't pretend that a soda and a bag of chips at the 711 is an emergency. I'm still paying for dinners I ate 6 years ago, and wheels/tires from my '91 Rodeo I sold 4 years ago, trees at a house I haven't lived at for 2 years. Get my drift? (boom07)
And read "The Automatic Millionaire" by David Bach, among other personal finance books. I warning all you youngsters right now, don't fall into the credit/debt trap and have to work until your 75! Age 60 may seem a long way off, but wouldn't you rather retire then, than have to look forward to 15 extra years of work?
Don't say I never warned you. "They" don't want American youth to be taught about how money works. Make sure you pay yourself first when you make a dollar, and then pay bills. Don't be an ignorant consumer! There, I feel better now.
.
sanblaster
Member
- :
- 2009 CWP Mazda Axela Sport & 2006 Nissan 350z
Do it if you need to establish credit. Make small purchases that you can pay in full at the end of every month. I would say Visa or Discover and something with reward points or cash-back.
sanblaster
Member
- :
- 2009 CWP Mazda Axela Sport & 2006 Nissan 350z
Well seeing that he owns a P5 it is not his first because he already has established credit. So I guess just wait until you get something in the mail. And read the fine print. If it is too good to be true then it probably is. Call and find out in unsure.
Chiguy_2002
Member
- :
- 2003.5 Mazdaspeed Protege to 2006.5 xB to 2004 Forester XT
Credit cards are bad if used in the wrong way. (deadhorse I'm still paying for mine...6 or so years ago...having good credit is important if you are planning to get a house or another car...I am just re-establishing my credit after being stupid 6-7 years ago...
I work for Consumer Credit Counciling....all credit card companies are evil.
SciFiMan has it down. Only get one card. Do not use it for everyday expenses. The best thing you can do to build credit is to use your credit card for gas and pay it in full every month. If you pay the amount in full before the cycle date you don't pay interest on it either.
SciFiMan has it down. Only get one card. Do not use it for everyday expenses. The best thing you can do to build credit is to use your credit card for gas and pay it in full every month. If you pay the amount in full before the cycle date you don't pay interest on it either.
- :
- 96 Miata M-Edition, 2015 Mazda 3 Hatch
Replica has it right.
I have two cards myself, I'd only have one, but I have a geico card that lets me earn money off my insurance (and took $100 a year off the top before anything was said and done).
Anywho, I use it for gas, the occasional dinner, and my car insurance goes directly to it. The point is though, I pay it off every month. I never have a balance on either card.
I like debit cards a great deal because the transaction goes straight to your bank account, so you don't buy stuff you don't need.
But that's the trick with credit cards.. Never EVER carry a balance.
I have two cards myself, I'd only have one, but I have a geico card that lets me earn money off my insurance (and took $100 a year off the top before anything was said and done).
Anywho, I use it for gas, the occasional dinner, and my car insurance goes directly to it. The point is though, I pay it off every month. I never have a balance on either card.
I like debit cards a great deal because the transaction goes straight to your bank account, so you don't buy stuff you don't need.
But that's the trick with credit cards.. Never EVER carry a balance.
Yep, carrying a balance is sooooo bad. Make sure to take advantage of the "grace period" of the card. There are people i talk to everyday on the program that have like $2,300 a month in payments....at REDUCED rates.seanmcsean said:Anywho, I use it for gas, the occasional dinner, and my car insurance goes directly to it. The point is though, I pay it off every month. I never have a balance on either card.
I like debit cards a great deal because the transaction goes straight to your bank account, so you don't buy stuff you don't need.
But that's the trick with credit cards.. Never EVER carry a balance.
Only have one card if possible.
Start with a small credit limit, try to make it match your monthly level of disposeable income. Even with credit cards....if you don't have the money to buy something, DON'T BUY IT. On average with credit cards, you usually end up paying twice what something is worth. Why make some random chump ass rich with the interest you pay? Think of it this way, imagine if you took the money you spent on a credit card and invested it?
romecandleboy
Member
- :
- 06' MX-5 Miata
Yeah, don't do it. If you can't pay off what you charge in a month (at the end of the month) then you shouldn't use one...unless it's an emergency. I have a GM card (don't start..) that i use for everything, groceries, etc. At the end of the month i always pay the balance in full. As of now i have $3000 towards any GM vehicle + incentives and other discounts. That's basically $5000 off any new GM vehicle. Problem is...they don't make a car that i'd want to apply that toward. Anyway, if your going to use a card, use it to YOUR advantage.
i'm 20 and have only one credit card, a citibank drivers edge card.
my first credit card, and i've had it for only a few months. i use it strictly for getting gas (because lots of gas stations put holds on alot of money when i use my debit card). i pay the bill as soon as it comes in.
my first statement was like 50 bucks, and the regular statements should be in that range.
it's about self control. anything can be an "emergency" if let yourself be convinced it is. don't think of it as free money. its a plastic IOU.
credit cards are bad joojoo. very thin line to walk.
my first credit card, and i've had it for only a few months. i use it strictly for getting gas (because lots of gas stations put holds on alot of money when i use my debit card). i pay the bill as soon as it comes in.
my first statement was like 50 bucks, and the regular statements should be in that range.
it's about self control. anything can be an "emergency" if let yourself be convinced it is. don't think of it as free money. its a plastic IOU.
credit cards are bad joojoo. very thin line to walk.
i'm gonna have to disagree with people who say don't use your credit card for every day purchases. your every day purchases are things that you need to buy and pay for anyways, whether that money comes out of your bank account directly or from a credit card. if you use your credit card with cash back, you can get 1-5% back from your purchases. then at the end of the month you pay off your credit card bill and it ends up costing you the same exact amount as if you had paid cash or used a debit card, plus you earned interest on your money while you were waiting for the credit card bill to come in, so it's paying you a small reward twice.
that said, people need to not view their credit card as a loan or money that they have. just because you have a $5000 credit limit does not mean that you have that much money. if you cannot afford something, don't put it on your credit card just because you can. i could go out and buy a new car right now on my credit cards (if the dealer would let me), yet my credit card bill last month was just shy of $400, which was everything from gas to food to my gym membership. people use credit cards to live beyond their means, and that is a very, very bad idea. using it for every day purchases, however, is an excellent idea and allows you to make your money work for you.
that said, people need to not view their credit card as a loan or money that they have. just because you have a $5000 credit limit does not mean that you have that much money. if you cannot afford something, don't put it on your credit card just because you can. i could go out and buy a new car right now on my credit cards (if the dealer would let me), yet my credit card bill last month was just shy of $400, which was everything from gas to food to my gym membership. people use credit cards to live beyond their means, and that is a very, very bad idea. using it for every day purchases, however, is an excellent idea and allows you to make your money work for you.
romecandleboy
Member
- :
- 06' MX-5 Miata
warrier04 said:i'm 20 and have only one credit card, a citibank drivers edge card.
The 'Drivers Edge' card is a pretty decent one. I think you get 6% back on all purchases the first year and then 3% afterwards -towards the purchase of any new vehicle. If i could do it all over, this is the one card i would have.
that's what my parents did, they were planning on getting an envoy for a year or 2 so they got the card, paid for a lot of stuff with it, and ended up with $3000 free. they're getting close to their max again and my dad is gonna get a silveradoromecandleboy said:Yeah, don't do it. If you can't pay off what you charge in a month (at the end of the month) then you shouldn't use one...unless it's an emergency. I have a GM card (don't start..) that i use for everything, groceries, etc. At the end of the month i always pay the balance in full. As of now i have $3000 towards any GM vehicle + incentives and other discounts. That's basically $5000 off any new GM vehicle. Problem is...they don't make a car that i'd want to apply that toward. Anyway, if your going to use a card, use it to YOUR advantage.
I'm going to side with jred on this one. The wife and I use our Citibank for all of our daily purchases and then pay them off at the end of the month. We haven't had a balance on this card ever. It really boils down to self control though, and why I let my wife run the finances, i know that if I buy something we don't need on the card she will see it that day as she has a compulsive habit of checking all our financial info every day, from credit cards to retirement accounts. If you don't have the self control for a credit card either learn it or don't have one. I had to teach myself the control aspect after paying off over $25,000 in credit card debit twice and that is not fun.
i agree with jred. the asnwer isto be disciplined and play the game the right way. i like to stay liquid, i keep my cash earning interest and use my card for every purchase i can, i dont care how small it is. i never carry cash, not even a dollar.
Every month i pay off the whole balance. thats how i got great credit score and how i have done very well keeping my finances. Just dont overspend.
i have colse to 9 or 10 credit cards, and i use probably 3 of them regularly. (i accumulated other ones because of great deals like 0% for 15 months. you cant beat that for big purchases). I use Discover and Amex the most, i think they have the best rewards. And then i keep a visa around for those times where neither discover nor amex are accepted. every month the balance is paid off and my credit score stays high.
Every month i pay off the whole balance. thats how i got great credit score and how i have done very well keeping my finances. Just dont overspend.
i have colse to 9 or 10 credit cards, and i use probably 3 of them regularly. (i accumulated other ones because of great deals like 0% for 15 months. you cant beat that for big purchases). I use Discover and Amex the most, i think they have the best rewards. And then i keep a visa around for those times where neither discover nor amex are accepted. every month the balance is paid off and my credit score stays high.
i appreciated for everyone's kind words and warning, but the thing is i actually am NOT in debt myself. I two credit cards right now and both is pay off monthly, on top of that, i also have saving and money market investment.
the reason i'm asking because i'm buying a new computer and i don't feel like take it all down at once (although i can), so i figured to pay off month by month until i get a real job then maybe i'll just pay it off all at once.
the reason i'm asking because i'm buying a new computer and i don't feel like take it all down at once (although i can), so i figured to pay off month by month until i get a real job then maybe i'll just pay it off all at once.
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