I 18 just got A credit card with a 300 limit. I also applied for another one earlier. Should I keep them both?

Question

I Just Got A Credit Card With a $300 limit. I am 18. I also applied for another one (with my bank) earlier. Should I keep them both? I have heard that a lot of people use two credit cards. Also if I don't use the card am I charged anything for having it?

Thanks!

Answer 1

With credit cards you are charged a subscription fee for any that you sign up for. If you received a credit card and you didn't sign up for it, then destroy it. At 18 it isn't wise to have more than 1 credit card. In fact, most people have a credit card and a debit card. The debit card takes money directly from your account. A credit card is something that can easily lead you into debt... Practice sense with a card. If you are earning a salary then make certain that your charges will only account for a percentage of it. Additionally, don't accrue charges that you can't pay off immediately. You want to avoid having to pay interest payment. A credit card is for your convenience only, not to be a burden..

Answer 2

Not to be harsh, but you should get rid of them both. You are starting down a very dangerous road with the worst kind of debt, Credit Card Debt. Sure, they start with the great introductory rate and rewards, but I guarentee by the time you realize you're in trouble you'll be paying upwards of 19%.

Credit Cards, while convienent are simply a way to spend money that you don't have. If you're getting a credit card it's probabley safe to assume it's because you want something you can't afford right now. If you can't afford it right now what makes you assume you'll be able to afford it in the future? And if you will be able to afford it in the future then that should be when you buy it, not now.

If you really need the convience of a credit card just ask your bank for a Debit card linked to your bank account, that way you only spend money you have (provided you don't overdraw it) and you might even be able to EARN interest on the money, not pay it.

Locks

Answer 3

Every time you receive a credit card and use it 9 or (apply for another one), It shows up on your credit report, if your just apply just to see who gives you a larger amount I would advise you not to and take the one you would like to use and take care of your credit score. In a years or so you can always call them up and get your credit limit changed if you maintain your credit card.

Answer 4

Be careful how you use credit cards. At a young age credit cards could be a way of having immediate cash, but 10 years from now those same credit cards could have you in debt over your head. Take it from an older person, guard your usage and maintain a good credit rating.

Answer 5

If you don't make it a habit ot maxing out each card. Say this, each card is 300.00 and you max both out in one mo. that's 600.00 and the payment on each one is 30.00, do you make an extra, after everything else is paid to pay the 60.00?