how old do you have to be to get your fist credit card? and how does the whole thing work? how much a month?

Answer 1

You can usually get one at 18. Your monthly payment will be a percentage of what you owe plus any finance charges.

Answer 2

Assuming you're in the US, you must be 18 to get a credit card. How much your monthly payment is depends on your balance. If you charge $100 worth of goods, your payment will be about $15 - 20 (the laws just changed, but the minimum payment is in that ballpark). If you have a balance of $5000, your payment will be about $125.

How it works? You fill out an application, they pull your credit report to see whether or not you pay your bills on time, and decide whether or not to give you a card, what the balance will be, and how much interest they will charge you.

Do yourself a favor and shop around. There are many predatory lenders out there who have outrageous charges - 23% interest, $25 late fee, $25 over-the-limit charge, etc. Don't ever charge anything if you don't have the money available to pay it 100% when the bill arrives. Credit cards should be used for CONVENIENCE, not credit. Only in an emergency should you have a credit card balance.

For a little reality check on how expensive credit cards are, check out the link below. It will show you what you'll pay if you only make the minimum payments. For example, charging just $1000 and paying back the minimum payment will take you 20 years to pay it back, and cost you a total of over $3000 (if you get a "low" 20% interest rate).

Answer 3

To legally get a credit card you have to be 18 because you are legal to sign for yourself. Because when you get a credit card you're signing a contract with the bank therefore you first have to be legal. But in a situation where you have a lot of money you can have you parent's do it for you, and put you on as the second card holder. Therefore you'll have a credit card but it's under your parent's name.

The way a credit card works is you have a limit on the card. Example 300; you can either get cash advances, like take out the cash in full amount or take it out little at a time. Or you can go to the store and swipe the card as a credit because it is a credit card to charge for things. But the thing is you pay this amount later when you're bill comes; depending on your interest rate your bill can be too high for payments at one time unless you have the money. Or you can make smaller payments which is considered minimum amount due, and pay off the balance slowly.

TO BE HONEST WITH YOU! I wouldn't recommend getting a credit card unless you have a stable job and is able to pay back what you take. =) hope that helps.

Answer 4

You have to be 18 to have your own. You will see, they will start sending you credit card offers in the mail. You can be younger I think to be added to your parents credit cards for some cases, but I would not recommend that...cash would be better. Your monthly payment will depend on a few things: first is what you buy and how much it costs, what the credit card companies minimum monthly payment is (for some it can be as little as $10/month,) third what your their interest rate is and also how long it takes you to pay off your bill. If you pay it off each month that is best and will save you a lot of money (they charge you for paying things off slowly). I do not recommend getting a credit card until you have had a checking and savings account for atleast one year. Also, if you have a debit card that is not a credit card, it is just linked directly to your checking account and is like spending cash (just in case you did not know that). I am glad you are asking these questions and not just jumping into it because credit is a very slippery slope sometimes. If you spend more than you have you can get very deep into debt and it will take a very long time to get out of. It is also very easy to spend more than you have because a lot of companies are willing to trust you. Also, the credit card offers will probably say pre approved- but the truth is that they do not know your spending habits and are hoping they are high and your payments will last long so you will owe them more and more every year. Be wise and go slow. One card will do it, maybe a gas card that you pay off each month that is only accepted there. I found that to be helpful in getting me started. Since you are young you will be targeted like mad to buy things. But be careful and know you never have to make a choice, and its ok to not have any credit at all...its harder to get things like a cell phone, but you are better off doing it when you are ready to handle the responsibility. Best of luck!

Answer 5

To be bound legally to any contract in the US, you have to be 18 years old or older. Interest rates, payment amounts and payback periods can heavily vary between credit card companies. You can check out Yahoo Finance, Bankrate.com, msn finance, etc and they can guide you through the different companies and what they offer. What you can do for your first card is go through your bank and get a "secured credit card". They will want you go prepay a deposit for the card and that amount will represent your credit limit for the card. If you pay $200 for the card, you will have a $200 credit limit. This way if you charge and don't pay, they don't lose their money. They just retain your deposit and close the card. Expect a slightly higer interest rate with whatever card you get. Money is a risk ad return business. That means with the higher risk a person is, they want a higher return on their borrowed money. Because you have no credit to base a low interest rate decision on, they will allocate a slightly higher interest rate to make sure they get back as much money as they can as fast as they can. Payments are typically based on a percentage of your balance and can vary with companies. The same with pay periods, they typically range between 20-25 days depending on the company. Just do your research so you don't get stuck with a bad card and a bad rate!

Answer 6

Different provinces/cities have their age limit for credit cards, maybe 18/19 years of age. And the amount you pay per month depends on the credit card company. Although you could get a secure visa or MasterCard. I think for does there isn't really an age limit because you have to first make a security deposit before you get the credit card issued.

Answer 7

You hav eto be 18, with some kind of credit I believe, and you yeah you make monthly payments, but it just depends on the interest on the card and how much you spend. You can get it at the bank you bank at our they start sending you offers in the mail when you get a certain amount of credit. you can build credit by opening an account at a clothing store or by buying a cell phone and things of that nature. If I were nyou though I wouldn't get one, they get you in debt if your not careful.

Answer 8

18 years old. The minimum payment depends on how much you spend. Start with a low credit limit so it doesn't get out of hand. Talk to your bank....but make sure you know the interest rate!!!

Answer 9

First open a checking account. Next, get a debit card, rather than a credit card. You will learn how it works. Ask at a bank.

Answer 10

If you don't know the answers these questions, you really don't understand how credit works and definitely SHOULDN'T be getting a credit card.