It's about to get my first credit card... help?

[bgeno]

First off, the run-down:
-20 years old.
-college student.
-Very responsible.
-Dare I say... cheap.
-no steady income at this point, but I have a decent amount of money that I've saved up in my checking and savings account... right now I'm working a decent job for the summer, but I don't work during the school year.
-still under my parents for everything...even linked to their bank accounts.


I really don't plan on buying much with it. I know that's easy to say now, but I feel like I've got the self-control to keep it to necessities.

My mom said something about being able to get a VISA credit card through my bank (PNC Bank) and that I can pay it off just by wiring moneys from my savings and checking accounts.


I really don't know much about this at all, so I'm just hoping someone can tell me what to expect and get me turned in the right direction.

I'm curious, however, how much more I'll be paying than what I purchase. Like, say I buy $35 worth of merchandise online. If I pay that off immediately after (or ASAP), will I owe anything more? Does it depend on the card? If it does, how so?

I just mainly want to make sure that I'm not getting myself into something that I can't handle. I'm sure I wont overspend... I know it. I'm pretty good with money. I just don't want to be suckered into anything or get myself into some trouble.

[McLite]

Building credit is the most important thing a person who is in their early 20's can do. I was lucky and now that I am almost 30 I have a very good credit score that actually allows me to save money because I can get lower interest rates.

For your first question...you owe nothing more. Every credit card I've ever used if you get your statement and pay it off by the due date then you owe what you paid. If you pay after the due date then yes interest will be added on.

Use it for something you would by anyways...like gas for example. Then every month pay it off. Just look around for credit card applications. VISA/Discover and usually pretty decent.

Trust me pretty soon they will be piling up in your mailbox hoping you are the next irresponsible student that will charge up another $5000 debt for them to mooch off of.

[DC]

I am sure you have heard horror stories.

Point blank. RIGHT NOW; if you cannot pay for it RIGHT then and there (with your real money); don't charge it with a credit card.

This is my philosophy.

My first VISA came when 2k7 was coming out. I needed a 360 BAD. So I went to Target and bought the 360. I paid that money off in 3 months. I could have paid it off the next day but I just wanted to prove I can make payments on time.

Don't f*ck up your credit man. That isn't cool at all. Don't be dumb, or stupid about it.

Don't be showin off on dates with females spending foolishly either

Man DO NOT BE AN IDIOT WITH THE CARD!

[Heelfan71]

don't do it. You do not need one. You are asking for trouble. Big mistake.

[p_rushing]

Quote: Originally Posted by Heelfan71

don't do it. You do not need one. You are asking for trouble. Big mistake.

Its stupid not to get one. All you have to do is treat it like cash. If you buy something, right it down, make a payment to the card right away, etc. When you buy your books, use your card and if your parents help you pay for them, just have them pay the card.

[McLite]

Quote: Originally Posted by p_rushing

Its stupid not to get one. All you have to do is treat it like cash. If you buy something, right it down, make a payment to the card right away, etc. When you buy your books, use your card and if your parents help you pay for them, just have them pay the card.

I agree. As I said before building credit is very important. I can't tell you the thousands upon thousands of dollars I've saved on my home loan/car loan because of my credit rating.

Once you get credit then make it better by getting things like 12 months no financing. I just bought a Dell and even though I could pay it off I got the 12 mo/0 %. It's like free cash...even better than a credit card. I just pay everything off early.

[Village Idiot]

Quote: Originally Posted by p_rushing

Its stupid not to get one. All you have to do is treat it like cash.

If you're just treating it like cash, then what's the point? The entire idea of "credit" is spending money that you don't have. If you're just going to use it "wisely," then a check card is the same thing without the hassle.

If the goal is "establishing credit" as a young adult, there are lots of ways to do that without a credit card. Get on a car lease, for example. Pay your insurance bill. All of that stuff is just as influential on your credit as CC's.

I don't have an ax to grind with CC companies at all, believe me. But having gotten my first CC about eight years ago, looking back, there's almost no point to it at all - especially if you don't plan to use it in any sense of the word "credit."

Again, just get a VISA check card. All the convenience, none of the bull.

[TheGamingChef]

I treat my credit card like a check card, but it's nice to know that in the case of an emergency, I have the ability to help myself. That's the major difference I see.

Credit cards aren't bad. Using them unwisely is.