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Algernon Offline
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Arrow Student Credit Card - January 26th 2010, 07:29 PM

I'm getting my first credit card, with a limit of 500 dollars... I just want some advice and tips on how to use it so I don't mess up.

I've already got the buying gas with credit card idea.


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Re: Student Credit Card - January 26th 2010, 07:34 PM

Basically just use it for one thing, like buying gas, and then pay it off at the end of every month. That and for emergencies of course. If you start buying everything things with it, it can really add up quick and just isn’t a good idea. Plus this way, you will be able to pay it off at the end of the month, because it is just gas, and it will help your credit. : )




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Re: Student Credit Card - January 26th 2010, 07:36 PM

I might have to buy a psycology book for school that's maybe... 100 dollars more or less. Then I can for it on the 5th. Would that be a bad idea?


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Re: Student Credit Card - January 26th 2010, 07:39 PM

I’m not exactly sure how credit works, and how long it takes for debt to start negatively affecting your credit score. You might want to ask the company itself that. Plus make sure you know when your billing date is, it is not always at the end of the month. You can change that as well, to make it easier to remember.




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Re: Student Credit Card - January 27th 2010, 07:37 AM

I just recently got a credit card too.

Firstly, they will send you a paper that will tell you your bill payment day. Mine is the 16 of every month. So, in my opinion the best thing to do is pay the credit care bill as soon as possible. Like, make it one of your first bills to pay.

As for going into debt, one of the main ways this happens is by not paying the minimum amount every month. See, credit cards have a minimum amount of money a person has to pay everymonth (for example my brothers was $56) However, depending on how much you charge on it the $56 wouldn't minimize the amount you have on the bill. So, what I plan to do is pay at least $25 more than expected (although I am hoping to do more than that)

I will be using my credit card to by school books every new semester. So, the gas thing would be a good idea. However, the thing with credit cards (and this is kind of lame) is if you don't use it enough or spend a decent amount of money it can effect your credit a little bit too. With a 500 limit 100-200 would be okay as long as you can pay it back.

The thing you want to remember is that the longer it takes you to pay something back the more interest is going to rack up. So, try to make as many big payments as you can.

I agree that setting a limit on how much you are willing to spend or only using the credit card for one thing is a good idea.

Last thing I want to say is keep track of your spending limit. A lot of credit card places love to up your limit after a few good months of paying. Of course this is a good thing in the fact that your limit will be higher but it is a bad thing if you don't know about it because you can run into a lot of trouble.

Oh, p.s. If you end up getting an american express card don't use it. I know some banks start out by giving you a regular credit card and then they switch you over to american express. However, the thing with american express is that whatever you spend in a month you are expected to pay back the next month (or so a friend said). So, don't use that if you one day get one.

Sorry if I put too much information but I just thought I would try to cover as much as I know. I hope this isn't too confusing either.

If you need anything feel free to pm me.

Jenna


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