When did you get your first credit/debit card?
Hi everyone! Whenever I go to the bank they ask me if I am a college student. Apparently I can open a checking account, get a debit card, and be entered for a chance to win a $10,000 scholarship. Each time they ask me if I would like to do it I politely say that I will think about it, but will pass for now. Honestly, I am not sure how I feel about a debit card. I feel like it is harder to part with money when you are actually handed it over it to someone, and that handing over a plastic card would make it a lot easier to over spend. So, when did you get your first credit or debit card? Do you think I should get one? Thanks!
How old where you when you got your first debit/credit card?
I would say if you showed your father you could be responsible with money... Having a debit card is big responsibility. It's easy to overspend and overdraft your account if you're not careful. You have to write down all your purchases and not just rely on what it tells you online; because it's not reliable. I didn't get my first debit card until I was in my 20's. Debit cards were not as prominent as they are today. They've only been around for the last 10 years or so. As for credit cards, you are not old enough to have one. You must be 18 years old or older.
How old were you when you got your first debit card? We’re you happy?
I was mad. I cut it up and got an atm card. I was about 30.
What age were you when you got your first credit card?
I got my first credit card when I was 25 years old and got stability in my regular income. I chose Bajaj Finserv RBL Bank SuperCard as my first credit card. Actually, before applying for a credit card from Bajaj Finserv, I had invested in fixed deposit with them. I was so pleased with their services that I never thought of shifting to some other financial institution.They have some basic eligibility criteria for getting a credit card, which you need to fulfil. Those are:You must have a minimum credit score of 750You must be in the age group of 25-65 yearsYou must not be a defaulter in making paymentsYour residential address must be in SuperCard live location in IndiaYou must be an existing Bajaj Finance Limited (BFL) customerYou must be an existing EMI card holderAnd you need to submit some necessary documents such as:Passport, Driving Licence, Voter ID, PAN card, or Aadhaar Card as proof of identityPassport, Driving Licence, Voter ID, Electricity Bill, Telephone Bill, Post-paid mobile bill, PAN card, or Aadhaar Card as proof of addressPassport size photographOnce, you fulfil these, you will get the credit card of your choice with a decent limit.
HELP FOR FIRST CREDIT CARD!!!?
1) Debit or credit? To build a credit history, you going to need some sort of debt payment history such as a credit card, student loan, or mortgage. With debit card, this is not reported on a credit report. When you use a debit card, money is withdrawn from your bank account when you make a purchase. If you do use a debit card, you want to make sure you have enough money in your checking account. 2) It doesn't matter which bank you use. As long as its FDIC insured and you choose the one with the lowest bank fees (such as overdraft fees. Meaning you wrote a check and there wasn't enough money in your checking account to pay that person or company. So the bank had to make up the difference and charge you bank fees. 3) I personally have 2 credit cards. One is Discover Card since it gives 5% cash back on certain purchases. The other is an Amazon Visa Card since I shop on Amazon often and get a $25 gift card when I earn 2500 points. I don't think you need a macy's card if you don't shop there often. After all, there's plenty of other retail stores too. You should know that when you apply for a credit card, you have to qualify for it. If this is your first credit card, expect the credit limit to start out small like $500 or $1000. When you use your credit card, make sure you are able to pay it back the next month. So always keep in mind how much money is coming in and then put a limit on how much you want to spend that month. I personally limit myself to $500/month on spending. I bought a Playstation 3 one month, another month I bought a GPS, another month I bought several blu-rays and games, and so on. All of these items cost below $500, so the leftovers I put away in a savings account. So some hints when using a credit card: 1) Know your spending limit 2) If possible, always pay off the full balance every month 3) Never pay the minimum payment. Always pay more or the entire balance. 4) Never be late with your payments. 5) Obtain a free credit report online every year from any of the 3 major credit reporting agencies such as Equifax, TransUnion, or Experiean by going to http://www.annualcreditreport.com Check if all information on your report is accurate.
What is the best first credit card?
Capital one has a card for building credit. I have one and so do many others I know. Have never had a problem with them in 3 years Something else everyone can do. Take a paycheck to the bank and buy a CD. Then see a loan officer and take out a secured loan against the CD. The minimum amount is usually from $500 to $1000 for 12 months. This is exactly how I started. I recommended the same for my kids and many other friends and family. You get a very low interest loan plus earn interest on the CD and you still have the money when the loan is paid back. The payments are reported to the credit bureaus which helps build your credit. Talk to your bank about this.
How do you get your first credit card?
Apply at your bank. You will probably need it cosigned by your parents, or you can also do a secured one. The bank will hold $600 and give you a $500 limit card. Or if you are a post secondary student with a part time job, you should be able to get one approved on your own.
If you were given a credit card at 12 years old, what would be the first thing you'd do with it?
I suspect this will not be the typical answer.By age twelve, I had two businesses (“Aaron’s Student Repair” and “Rid-A-Roach”) of my own. I was seriously into science and technology, even back then. Sadly, I was also the more fiscally responsible of my family, and cooked my books so my parents would not find out how much I truly made. The majority of what I earned went into a savings plan to pay for my future college expenses, to operate my businesses, and to buy my “toys” (which were mainly materials for my various science-related experiments and projects [I don’t think too many kids went around building a 16 GeV linear electron accelerator in their friend’s attic]). I would like to think that I would have treated a credit card with some degree of responsibility, and would have kept the payments up-to-date.Through no small amount of trickery (and some very supportive non-family adult friends), I had bank loans and even one line of credit through a bank when I needed them. I rarely needed to touch them though, since my living expenses were rather low (duh).
I got my first credit card. a $300 limit, i spent pretty much all of it, but i did make a payment of $55 and another payment of $215......?
The others have already explained that it's not a good idea to max out your credit card, even if you pay it down quickly. Ideally, you spend less than $100 on it each month, then stop. Wait for the statement to come, then pay it in full. Any other purchases should go on a debit card linked to your bank account.
I just got my first credit card - How long until I have decent credit?
I'm 23 and I just got my first credit card through my credit union (PSECU). I'm currently waiting for it in the mail. I'm the only one on the card. I got it because I want to start building my credit. All I've ever had were savings/checking accounts and a debit card. I don't NEED a credit card, since my debit works as a Visa and I never spend money that I don't have, but I got it in order to start building my credit. I plan on using the CC kind of like a debit card: I'll pay for things with it, then immediately pay it off. My credit union allows me to pay CC bills via mobile transfer from my checking to the CC balance, so this should be very simple to keep up with. My questions are: I have literally NO credit right now. Assuming I use the CC responsibly and never miss a payment, how long will it be until I have "decent" or "good" credit? My credit limit is only $500 at the moment...does that make a huge difference, and if so, at what point should I request a higher limit? Thank you for any information you can give! I appreciate it a lot.