Should I let my mom use my credit card?
So my mom and dad want to use my credit card because I have 0 percent interest on it. My max is literally 1k. Anyways my credit score is 765 right now. I always purchase something and pay it that day. Like gas or groceries. My mom said she wants to use it so it wont feel so bad spending 1k on the couch. They literally have more than 5k together in their bank. I just dont want to be responsible if they cant make a payment. It's my credit score. I even told them that maybe I might need the credit card in an emergency. I told them it's better if they buy it cash. Anyways my mom got mad. Should I talk to her? Maybe make a monthly plan? I just hate having that much debt on my credit card. Plus I don't want to ruin my score also. I'm 21 and I've had it for 8 months.
How can I use my credit card safely?
With so much competition in the credit card space, companies are constantly providing offers to differentiate themselves. These offers include rewards, travel credit, and straight up cash back benefits. The Ink Cash Business credit card by Chase, for instance, offers 5% cash back on purchases of office related items, 2% on gas, and 1% for everything else with no limit. It also gives you a $200 bonus if you spend $3,000 in the first three months. If you pay your balance at the end of the month, you incur no costs, so by using a credit card you are basically getting free money. You can even call up a credit card company and say that you have had better offers (lower rates and annual fees) from other companies; many times they will give you a better deal to secure your business.If you know what you are doing, you can use credit cards as a form of interest free, short-term credit. Get a credit card with free balance transfers, and then transfer the balance just before the payment is due. There are a few caveats to this method (such as no rewards and limits on how much you can transfer), but if you read and understand the fine print, you can essentially borrow money for free. Whatever you do though, always avoid cash advances. Card companies typically demand an upfront fee of 2% and begin charging interest immediately after the advance has taken place.Learn more at A cheapskate's guide to frugal living hacks to help you pay less, save more, and live cheap!
If i used my moms credit card could she know?
Well yes and no. First yes it will say something was bought on her card when she gets her statement. Whether or not she reads it like responsible people do is another story. Now it depends on the nature of what you are buying. First, if it is expensive she's more likely to notice and read her statement for errors. Second, if this is a "adult" item or "illegal" item, it may have a privacy option where they will list it on the statement as something generic or otherwise misleading. Like there is a sex toy shop that sells their stuff and it comes wrapped like candy and it says candy on the statement. However, credit card fraud is a federal offense and I do not advice you do it.
Why am I scared to use my credit card?
Many people are afraid of credit cards because of the fear mongering the media and society put on having and maintaining debt.It is healthy to be cautious, but to also understand the benefits of Credit Cards. I have a cash back rewards credit card with no annual fee or minimum interest charge (it doesn’t cost anything to own the card). That said interest only accrues on a balance that isn’t paid-in-full at the end of the month. My wife and I use the credit card to pay our bills, than pay off the card with the money budgeted for the bills. We pay no interest and make 1% cash back on all of our bills. In short, we make money with credit cards.At the same time, by paying our balance in full each month, we pay nothing in interest, our credit continues to climb, and we enjoy eating out for free every other month thanks to our bills.An air of caution to this tale. If you are not able to use the card responsibly, and pay it off, in-full, every month, you are falling into the trap. Cut your card up. It will prevent you from landing in a hole that far to many American fall for.I hope this helps.
Should I increase the credit limit on my credit card?
If you can control your spending habits and pay it off in full then yes increase away. The more credit you have available and the less you use of it (I keep mine at basically 0% but the general rule of thumb is to keep it below 30%) the more it shows lenders that you are responsible with your credit.Just as an example, let's say you have a credit card with a limit of $1000 and you owe $750. Your debt ratio is 75% and this looks bad to lenders. They hate seeing people max out their cards.Now say you increase your limit to $1,500, now you are at 50% debt ratio. Still high but looks a lot better.But again if you feel you are just going to increase your spending in an irresponsible manner don't increase it. It's like asking an alcoholic if he wants to stop by the local bar after work. Nothing good will come of that.
Can I use my parents credit card?
no, they shouldnt but a lot of places dont even check for the signature. what you can do is have your dad call the credit card company and have you added as an authorized user, then when you go to pay tell them they need to call an verify that you are authorized to use it. A note or a call home while shopping should not work either as you could have written the note or you could be calling a friend not you actual father.
I just got my first credit card, advice?!?
I just applied for my first credit card and got approved by Discover. The card should be coming in a few days and I have a credit line of $500. I am trying to research as much as I can about credit cards and how to maintain a good credit score, but I'm still a little confused on some things. How often am I supposed to use it, and what should I use it for? If I use my credit card, can I immediately pay it off or am I supposed to wait a certain amount of time?
Can i use my mom's credit card without her knowing?
I am ordering something online and it cost $50. I have $50 but i need a credit or debit card but i am only 14. If i used my mom's credit card and when i tell i used it will she be mad? I can pay her back right on the spot but maybe she will still be mad and tell me to send it back. What should i do? I don't know how to use a prepaid credit card or where to buy one.