Please give me the pros and cons of a credit card. I never had one before and I'm planning to get one later. Thanks in advance!
2006-12-18 15:07:14 · 10 answers · asked by ? 4 in Business & Finance ➔ Credit
You should check for the following:
1. The APR rate. Personally I feel anything over 8% is too much. You might want to consider the American Express card as you would pay that balance off in full each month.
2. Yearly fees. Credit card companies are going to make enough money off of you from interest, you should not choose one that carries any type of yearly fee or membership.
3. You should try to find one that gives you something back for all your business. I have a card that gives me one point for every dollar I charge. These points can go towards online shopping or even free airplane tickets.
You may want to even consider if you need a card. I like to think one does not need something if they have to charge it. Read all of their fine print and ask questions if you do not know what something means.
Don't mess up your credit. Pay your bills on time or they will have every right to increase your rates and report you as a bad creditor. Good Luck.
2006-12-18 15:16:08 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Like loans, using credit cards can help you build a positive credit history. This can enhance your ability to receive a private student loan, buy a car, rent an apartment, get a job, and eventually, try to buy a house. Of course, there are other advantages to having a credit card including:
1.ecurity in emergencies;
2.Reduced need to carry cash or checks; and
3.Enhanced personal responsibility and independence.
Cards are easy to get but not so easy to manage.
If you decide to apply for a credit card, be a smart consumer and shop around. Look for a company that offers the following:
1.Low interest rates or finance charges (combined, they are called APR)
2.Low or no annual fees
Other benefits including cash rewards, airline miles, etc.
Click on http://www.credit-cards-guru.com/Bad-No-Credit-Card-Deals-955778-page.php to compare credit cards for poeple without credit history. Remember, credit cards can be helpful if you are able to pay off the balance each month. But!!Credit cards can also get you into trouble!!
2006-12-18 17:50:11 · answer #2 · answered by Shirrwood 2 · 1⤊ 0⤋
Is it a VISA, carry close card, or come across card as those help your credit status. branch shop and gas charge playing cards do not help your credit status. in case you want to initiate your credit record, bypass to a credit union and get a secured mastercard there as a lot because the quantity of the saving or CD your initiate. Pay the invoice well timed and your credit status receives more beneficial swifter.
2016-11-30 22:50:50 · answer #3 · answered by ? 4 · 0⤊ 0⤋
First of all consider whether you need one at all or not, whether you can pay the fees and the charges and whether you can always keep the credit card in safe hands.
2006-12-18 15:09:54 · answer #4 · answered by Anonymous · 0⤊ 0⤋
you shouldn't get one. But if you insist, you might want to find out what the interest rate is?? The fact that you have to be told this makes it clear that you shouldn't even have one(if you want the truth) Credit cards are bad news
2006-12-18 15:09:38 · answer #5 · answered by lefty 4 · 0⤊ 0⤋
You should first consider if your credit score suggests if you should hold a credit card and if you're willing to spend money you may not have.
2006-12-18 15:17:24 · answer #6 · answered by underlove 2 · 0⤊ 0⤋
My advice to you is never have more than one or two. Also pay them off each month. I used to have at least 15 of them one was an American Express Platinum with no limit- I could charge as much as I wanted. It will get you in trouble.
2006-12-18 15:12:08 · answer #7 · answered by Anonymous · 0⤊ 0⤋
consider your spending habits credit cards are in no way free money the more you spend the more you owe. check cards are the way to go you can only spend what you put in.
2006-12-18 15:18:59 · answer #8 · answered by kcyeahthat1 3 · 0⤊ 0⤋
pros... you can get what you want.. if you can afford it.
cons.. you can get what you want then the collectors will come after you, harrass you and torment you endlessly if you can't.
sooner or later both ways you'll be owned by the companies...
if you want to be happy don't do it.. if you want something to worry about endlessly for the rest of your life... do it.
2006-12-18 15:33:05 · answer #9 · answered by Anonymous · 1⤊ 0⤋
Well first of all research. There's a lot of fees to deal with. As well as that there's interest to deal with.
2006-12-18 15:12:16 · answer #10 · answered by kman 3 · 0⤊ 0⤋