LOL. im 17 so i dont know what all the secrets of a credit card yet. I might just get one when i start traveling to make things a little easier on me. I plan on going all over the place. What is the best credit card for traveling? What do I have to have and what do i need to look out for?
2006-12-20 04:42:00 · 4 answers · asked by Anonymous in Travel ➔ Travel (General) ➔ Packing & Preparation
I talk from experience. I have owned and managed many credit cards for over 30 years.
Stay away from American Express, you have to pay in full each time and they are real pushy and a problem to work with.
Discover is good as you get cash back. It is small but it all adds up.
Visa and Master card are good just be careful which band you use. Some have very high interest rates. And some offer very low rates to get you using your card the first 6 mos and then the rates go throught the roof. Find a card that has rates lower than 11%.
Check out banks like Citibank, MBNA, B of A, Wells Fargo. See who will give you the best deal for the long haul.
Young people can establish great credit by having a gas card. It is good to have at least one: Shell, Valero, Exon, Chevron.
Later after you get a gas card and a Visa or ? get one Department store card like: JC Penny or Mervyns.
With these three you can begin to establish great credit for your future. Here are some tips:
Always pay the bill in full when it arrives for at least the first year.
After that pay the minimum one month and pay it off the next in full. This shows you know how to manage your credit.
If you can not afford to pay it off each month in full you are living on credit and can not afford to make purchases. It is easy to get caught up in using plastic all the time not realizing it will have to be paid off each month. Dont fall into that trap. Too many young adults fall into that trap. They spend and spend and then only pay the minimum on each card. Before they know it not only is the principal acruing but so it the interest. Many cards are 17% to 23% interest. So that sweater you bought for $20 after a year costs you $37 or more. It all adds up and you dont want to pay interest on every purchase.
Credit cards are good if you manage them well. They can help you buy a car or home some day. Just be deligent about making the payments and never ever take a Credit Card Company up on the offer of "free Money". What I mean is the tons of blank checks that they will send you over the year that they hopeyou will cash. They are generally high interest and can help you spend money you can not afford. JUST SHED THEM RIGHT AWAY.
Also learn how to protect your credit cards. Dont give the number out freely and hide all your bank statements and bank reciepts. Protect them like cash.
Good Luck
2006-12-20 05:04:28 · answer #1 · answered by Nevada Pokerqueen 6 · 1⤊ 0⤋
First, think about a debit card which is paid out of your checking account.
If you just have to have a credit card, shop around for the best interest rate and pay it in full every month or you'll soon get into financial trouble.
2006-12-20 04:50:23 · answer #2 · answered by beez 7 · 0⤊ 0⤋
The above answers are very good, I will add that if you are planning on doing any international traveling, use a Visa, it's accepted almost anywhere. American Express and Discover are not, MasterCard is accepted in some places, but not everywhere.
2006-12-20 07:04:29 · answer #3 · answered by mightymite1957 7 · 0⤊ 0⤋
DO NOT! i repeat!....DO NOT GET PROVIDIAN!!!! they are the worst CC company to deal with!! They may have a Visa logo, but they are bad themselves!
Capital one is a great company to deal with. have 2 CC with them...check the interest rates and annual fee terms
2006-12-20 07:13:48 · answer #4 · answered by Get_R_Done_n_Dallas 3 · 0⤊ 0⤋