Advice For Young Men: Credit Cards

[TMagic]

Whats up fellas...

Again, another topic I'd like to discuss that I think can help other young men who don't have the experience of some of the users on OS.

So I was thinking about getting a credit card.


Thing is, I don't know where to start when deciding on one.

So many questions I have regarding credit cards. Here's a few off the top of my head...

What are the important things to look at in regards to choosing the right credit card?

Are there certain companies that are better to go with? Is it better to go with your bank for a credit card?

How do you choose with all the different rewards and points and whatever else is offered with credit cards? And what are some offers credit cards have that really aren't worth it (You know, like the features in NBA Live/Elite)?

Thats all I got for now. I'm sure to have some more when you guys reply.

Thanks in advance fellas.

[JBH3]

Re: Advice For Young Men: Credit Cards

If you have the means to pay for the things you want NOW, don't get a credit card.

If you want to live beyond your means, then get a credit card w/ a low FIXED APR.

Credit cards are dangerous. I have only two, but have about $4K in debt between the two; a youngin and a house are quick areas to build up credit card debt.

[dickey1331]

Re: Advice For Young Men: Credit Cards

If I could start over I would only get 1 credit card and just use it for emergencies or things that I can pay off in the same month. Credit cards will take you down a long dark road you dont want to go down. Im not too much in debt. I should be out of debt within the next 1-2 years but I do wish I didnt have some of the credit cards I do.

[Hassan Darkside]

Re: Advice For Young Men: Credit Cards

I'd say stay away. I made a similar thread, ended up getting one before I started college. Ended up paying for things I shouldn't have and couldn't afford and couldn't pay it off. Still carrying a lot of that debt. But once I get out into the real world with a real job I should be able to erase it quickly.

If you do get one, few tips:
-Have a steady income. Not just mommy and daddy piping you money unless you're 100% sure they'll have your back.

-ONLY use your card when you have cash in your checking account.

-Pay off your entire balance every month. Only carry a small balance every now and then to help build your credit score.

-Always make more than minimum payments.

-Make your payments on time. Always.

-Don't use them for cash advances.

-Get a credit card with whatever bank you bank at. I know you had a thread like that before. I use Bank of America because it's convenient, it's all over, and the online banking is excellent. The credit card is intertwined with all of your accounts so it makes managing it that much easier. Otherwise look for a credit card with low APR. It'll be tough to find one with real low APR because you probably have no credit history. A lot of credit cards have reward points as well, you can get frequent flier miles or even vacations if you use them enough. But most people who use their cards at that rate are heavily in debt.

[WDOgF0reL1fe]

Re: Advice For Young Men: Credit Cards

Yeah dont just do minimum payment. Ive had a credit card for 5 years and just as of 3 months ago, went into small debt for the first time.

Always pay the whole thing, or as much as you can afford to.

My favorite credit card now is the mtvu Student credit card. Great rate, and 5% points on mostly EVERYTHING. love it.

[12]

Re: Advice For Young Men: Credit Cards

If you have to have one, as said earlier, get one with a low APR.

I have one credit card, the balance is $0, and we only use it when we have to. Which is really never... We just have it as a backup. If we use it, it's paid off the next month.

Be cautious, man. It's not a bad idea to have one for emergencies but use some serious restraint. That big screen TV looks great but it can wait until you can pay for it in cash. Trust me on that.

[~LiverpoolRed~]

Re: Advice For Young Men: Credit Cards

I'm not sure if all the credit card companies do it but the two cards I have they continually send me blank cheques to use to draw from my credit card. I shred them EVERYTIME! This is where people can get carried away.

[elgreazy1]

Re: Advice For Young Men: Credit Cards

Don't do it. If you can't afford it by saving money over time then honestly you don't need it. That's the problem with society now: instant gratification. Credit cards reinforce this mentality and also put you into debt over things that aren't even worth the purchase months down the line.

[Buckeyes_Doc]

Re: Advice For Young Men: Credit Cards

I'm not sure if all the credit card companies do it but the two cards I have they continually send me blank cheques to use to draw from my credit card. I shred them EVERYTIME! This is where people can get carried away.

Yeah my credit card does this every few months. That is just asking for trouble.

A credit card isn't a bad thing if you are smart with it. I have one that I'll use every few months for big purchases, and then pay off the whole amount that month. I do this to keep my credit card active and carry a balance to help build my credit. Also I have the peace in mind that in the event of a emergency I can go to my credit card as a backup.

[NDAlum]

Re: Advice For Young Men: Credit Cards

If you have the means to pay for the things you want NOW, don't get a credit card.

If you want to live beyond your means, then get a credit card w/ a low FIXED APR.

Credit cards are dangerous. I have only two, but have about $4K in debt between the two; a youngin and a house are quick areas to build up credit card debt.

I disagree. I have zero in credit card debt. They give you free money. Just pay it off every month and you're golden.

You can use a credit card for routine purchases. Never live beyond your means, never.

[ImTellinTim]

Re: Advice For Young Men: Credit Cards

They are good, but only if you're careful and use them to your advantage.

Keeping a small balance from time to time on a low APR card helps build your credit. This will help you get better rates when you do things like buy a car or house.

[mjb2124]

Re: Advice For Young Men: Credit Cards

Credit Cards are good if the person using it is financially responsible and thinks before using it. Use the knowledge that my parent's taught me when I got a credit card in high school - "Credit Cards are only to be used for ease of use (ie: instead of carrying around money). If you want to buy something, but don't have the money in the bank to purchase it, don't use the credit card because you can't afford that purchase". Using that theory, I'm 33 now and have never had a balance on my credit card...it's paid off every month. So, if you're the type of person that's financially responsible and will say "I can't afford that", then get a credit card. If you can't do that, stay away.

[NDAlum]

Re: Advice For Young Men: Credit Cards

Credit Cards are good if the person using it is financially responsible and thinks before using it. Use the knowledge that my parent's taught me when I got a credit card in high school - "Credit Cards are only to be used for ease of use (ie: instead of carrying around money). If you want to buy something, but don't have the money in the bank to purchase it, don't use the credit card because you can't afford that purchase". Using that theory, I'm 33 now and have never had a balance on my credit card...it's paid off every month. So, if you're the type of person that's financially responsible and will say "I can't afford that", then get a credit card. If you can't do that, stay away.

If only everyone had parents to give them sound financial advice...

This is America, home of utter laziness and ignorance

[mjb2124]

Re: Advice For Young Men: Credit Cards

They are good, but only if you're careful and use them to your advantage.

Keeping a small balance from time to time on a low APR card helps build your credit. This will help you get better rates when you do things like buy a car or house.

I don't know if that's necessarily true, but I do know it's not a good idea to carry any balance on any credit card. I've bought 3 cars and gone through 2 mortgages (one was 10 months ago) and my credit score has always been well above 800 on all 3 credit scoring sites. I've never had a balance on any CC, never had a loan before the cars/houses etc... Just simply paid off my CC and any bills I had every month. I would think credit companies would want to see you paying off the CC's knowing you can pay them off instead of having a small balance at any time which would tell them you can't pay off the CC's.

[MassNole]

Re: Advice For Young Men: Credit Cards

Whats up fellas...

Again, another topic I'd like to discuss that I think can help other young men who don't have the experience of some of the users on OS.

So I was thinking about getting a credit card.


Thing is, I don't know where to start when deciding on one.

So many questions I have regarding credit cards. Here's a few off the top of my head...

What are the important things to look at in regards to choosing the right credit card?

Are there certain companies that are better to go with? Is it better to go with your bank for a credit card?

How do you choose with all the different rewards and points and whatever else is offered with credit cards? And what are some offers credit cards have that really aren't worth it (You know, like the features in NBA Live/Elite)?

Thats all I got for now. I'm sure to have some more when you guys reply.

Thanks in advance fellas.

Best advice is to avoid them like the disease ridden dorm slut. Sure it seems like a good idea but you'll end up regretting it.