What is the best credit card suited for me?
A web user asks, I’m 19, from Florida and i have never had a credit card and i obviousley have no credit. I want to get my first credit card but it seems like every advertisement sent to me has a huge interest rate. What card do you think would be the best for me? I am not a student.
Can you help them out? Post your advice!
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To start you need a credit card and the interest will be high so don’t go wild spending, wait 3 months they ‘ll increase your credit limit and other banks will start sending you more cards to choose from. Just remember it takes time to built credit history and get good rates (a year at least or more).
Don’t be in a rush and good luck.
Go for a card with no annual fee. Pay off the balance every month, and you do not have to pay any interest.
None. All credit cards do is allow you to spend money you don’t have. If you don’t have the money now, where’s it going to come from when the bill rolls in?
Best is to stay away from credit cards permanently. Just put whatever you’re willing to pay to a credit card company ($100 per month? $200?) into a savings account and you’ll be able to buy the same stuff, but for much cheaper because you won’t be paying interest.
Keep adding into the savings account and when you go to get your home mortgage (the ONLY thing you should borrow money for), that $10,000 or more will show them better than any credit score that you can handle your finances.
You’re not a student, but you SHOULD invest in a course in personal finance (NOT one sponsored by Visa or Mastercard!). Check out the Financial Peace course offered by Dave Ramsey (his website is listed below). It really got our boat going in the right direction (instead of circles, or worse, sinking!)
Before going for a Credit card, visit the Fool.com “Get out of Debt” section to see what can go wrong with credit cards:
http://www.fool.com/ccc/debt/debt.htm
If that hasn’t put you off, check out this part of their site for more sound advice / words of caution:
http://www.fool.com/ccc/secrets/secrets.htm