Mr. B and I are looking into getting out very first....
credit card.
You're probably all cringing and shouting noooooo.
I know. I know.
But's it's not for this...
I promise.
It's not to put us in debt.
It's not to buy things we can't afford.
It's to build our credit.
It's something to have for true emergencies.
It's also something to have to hold us over.
For example, we need to fill the car with gas today.
Mr. B doesn't get paid until Tuesday.
We have the money, but the timing just isn't right.
We are working on that though.
The joys of marriage and the grown-up life.
We will be having a little meeting on Tuesday night to try and get everything back on track,
but in the meantime we both agree that this is something to consider.
So, I come to those of you are addicted to our smell{y life} for some advice.
We are looking into a low maximum- about $1,000.
We are looking for a grace period.
No annual fees or any fees in general.
Fairly low interest rate.
What credit card do you have?
Do you like it?
Any suggestions?
Tips?
Happy Friday! Hope the weather is a cool and beautiful as it is here!
14 comments:
I can't believe you don't have a credit card! My mom made me get one as soon as I got a part time job in highschool so I could start building up good credit.
I have a Visa. It has a really low interest rate (even though I pay it off monthly) but it does have a $20 yearly fee. But I'm very happy with it.
If you always pay your CC off, the bank may raise your credit limit. But you can just call them and ask them to lower it back down.
I have to say that I can't believe you don't have one either! haha
M & I have a joint one through our bank. He has one from before we were married. and I have one from before aswell. I'm so glad we had our joint one to fall back on last year because it was just horrible.
As long as you pay them off every month then you should have no problems in building your credit. Just use it wisely. Don't treat it as money in the bank. If you don't have it in your bank account then you don't have it on your credit card because you HAVE to pay it off.
and always pay more than the minimum payment every month or you're just paying towards interest and that is bad.
Good Luck in finding one!! :) Ask your bank what they have and what they can offer you :)
Thats awesome that you have waited this long to get a credit card. i didn't get one until my final [i can say that since i had 2] senior year in college - my insurance guy [who is also a family friend] said that i had absolutely no credit - and it would be very difficult for me to get a car loan - so he suggested just putting on the card what i can afford - and never not pay it off.
that was 5 years ago and i hold a 0 balance to this day... but i look at it as i'm getting rewarded for using my credit card. i have a 5/3 card and for every $10,000 i spend i get $100 cash back. so why not use it? its like free money.
i use my credit card just like a debit - i watch how much money i spend and make sure that i don't spend more than what i currently have.
good luck with everything - i think you will find its not much different than a debit card if you keep track of how much money you are spending
I don't have just an everyday use credit card but I have one for specific things (like when we got new carpet we got one with 0% interest for 12 months and then made sure to pay it off before interest started) and I think it's a great plan. It does help build your credit. We were able to buy a house because of good credit like that. I think as long as you are smart about it and make all of your payments and don't buy something more than you can afford you'll be safe! I've heard a lot of people who put all their gas or all their groceries on their card and pay it off the end of the month which is a good idea too! Good luck!
I agree with it!! We have one for emergencies but never use it!! But it is great to have one to build credit not to destroy it!
Girl! You should've had an "emergencies card" the day you turned 18!! Seriously, though, I have a Visa with Chase and they're great. They haven't ever increased my interest rate, and I never put anything on it that I don't pay off when the bill comes. But some things to remember, make sure you BOTH have a credit card in your own names. If you just make the other person an authorized user without making them a joint applicant, it won't do anything for their credit - it won't even show up.
An American Express is also a good card to have, but be careful, it's a card that you have to pay off each month.
Seriously though, the only thing I did to build my credit was get a credit card as soon as they would let me and use it the correct way (emergencies, paying it off every month or so) and my credit score is an A+. My husband bought a car when he was 19 that he financed and didn't get his first credit card until just a couple of months ago, and his credit is a B-, even though he's never been late on ONE payment. A credit card, treated the right way, is definitely a step in the right direction.
Good luck!
I also meant to mention that my Chase card is a no fee card. There's no yearly fee or any fees for using it, other than the interest rate.
we have credit cards just to build our credit too and we love American Express...it has great rewards so we just buy with it, go home pay it off and get the rewards plus build our credit!
Ha, ha, funny post!
I myself don't have a credit card. I went crazy with store cards, and the hubs ripped them up. I cannot be trusted, I loose control, ha! And store card intrest is CRAZY. Hubs has one, I think it's Mastercard. I don;t know anything about it.
I would get one through your bank where you have your checking/savings. They sometimes offer low interest/no intrest/no annual percentage etc when you get one with them. Plus, if something bad happens-like late fees for not paying on time, etc, it's prob easier to get out of fess/mistakes bc you have other accounts with them, clout, etc.
I would do that the first year, then you can always switch to a different one that offers miles, money back, etc, after you have built your credit. It's crazy but some credit card companies wont offer you one if you don't have any credit.
They send you those things in the mail, you call and then they deny you and it hurst your credit to get denied, so be careful and chose one and try.
Good luck-careful spending.
Have a great weekend!
Good luck shopping for the right credit card. They can come in handy when you the timing of your cash inflow is a problem, like you are experiencing now. Or just in case of an emergency. If you use your card for the reasons you listed I think you two will be fine. Just be careful, it's very easy to rationalize unnecessary purchases and put them on a credit card and then you find yourself in real trouble.
But yes, being a grown up and managing finances is always a struggle. Welcome to adulthood! Fun times! :) :)
Oh the joys of credit! I got one in college (through my bank and backed by my dad) but the hubs had never had one. We've had quite the time trying to establish credit, but I never had any issues with the bank card. We actually only have a Lowe's credit card right now (used to by our W/D and fridge). We always pay it off as soon as we can because the interest rate is pretty high (if you can't find a no interest promotion), but those were big purchases that would have hit us hard had we not done it. If you are both really careful and try to forget you have it most of the time (oh, and pay it off as you go, not just the min) then you'll be okay. Good luck!
My husband and I have a discover card and a visa card. We mainly use the discover, but some places only take visa. We use it for
groceries, gas, doctor's visits...and then pay it off in full each month. With the discover you get cash back on all your purchases and every 3 months you get an extra percentage back on certain items (gas, etc.). And then we earn free giftcards. We always pick the starbucks cards. So about every other month we get a $50 starbucks gift card in the mail for FREE! It's wonderful. :) And both cards have no annual fee. I would definitely say you need one even if it's just for emergencies!
Big Man and I plan on doing that for the same purpose.
I'm going to go out on a limb and say...gulp...don't do it. Do any and everything to avoid it. Build an emergency fund for emergencies a la Dave Ramsey. Pay cash for everything. Save for everything.
I know I sound totally crazy in "modern times," but having had my fair share of credit card debt {that is now paid off in full}, I think they are more trouble than they are worth. The no fees, low fees, low % rates are all ways to entice you into "buying" their product: credit.
If you pay cash for everything (including emergencies!) then there isn't a need for credit. Just my {humble} opinion :)
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