 Can you use a Debit Card as credit? |
| I went to buy a book with my mastercard debit card and the cashier asked me: credit or debit? I replied debit but made me wonder if you can reply credit instead and if anything negative would occur ... |
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 My husband and I have 10K in the bank. Should we pay off our credits cards or put it towards a down payment? |
We currently rent.
Together, we have approx $10K in debt.
We both have excellent credit.
Additional Details
Our interest rates are very low, 7%... |
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 When you have a debit card? |
| and you use it as a credit card to buy things online, does the company mail a bill to your house? Or, do they just bill it to the credit/debit card company and there is never actually a paper bill ... |
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 I have a 425 credit score and want a house!? |
| This isnt fair. Stupid white corporate america has ruined my credit score and now I cant get a loan! Do you think someone can help me get a house with nothing down and a 425 credit score? I am A... |
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 Does paying off a new 6 year 9% auto loan too early affect your credit rating? |
| I do not like having an extra payment and would like to pay it off as fast as I can. The salesman informed me not to pay it off before the first year or it could affect my credit rating. Is this ... |
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 Tips on how to use credit card!!! Help? |
| So I will be 18 tomorrow and I'm planning on opening an credit card account maybe with like Bank of America. I want to start building up my credit now! So what are some advice or tips about ... |
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 How to start building credit??? |
| I am a college student and I want to build my credit so that I can apply for a car loan without my parents. I know that if I get a credit card and use that and make the monthly payments, this would ... |
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 I am 30 years old, and I found out I have cancer. I have less than 1 year to live.? |
| Right now, I have about 10k in credit card debt, 25k in student loan debt, and 8k on a vehicle loan. I have no assets except a few grand in a 401k. I am unmarried, and I'd like to know what ... |
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 If a person dies owing money, what happens? |
| If a person with no remaining family members dies without a will and having only five hundred dollars in the bank but owing thousands to credit card companies, what can the card company do about it? ... |
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 Can someone please lend me £1,000,000,000,000,000,00... |
Just until tomorrow please.
Oh and can I have it in 50p's please.... |
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 How can I tell my husband that I ran up my credit card? |
| Over the past 6 months I have racked up almost 80k on my American Express Card. I don’t know why but I just went spending crazy. I have bought everything from jewelry to sexy clothing that I can’... |
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 What' the difference between Debit and Credit? |
| What' the difference between Debit and Credit? When I use my Visa debit card at the store they ask me if I want to do Debit or Credit. What are the differences?... |
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 My kid wants a prepaid visa debit.? |
| ok this is a tricky one. my 15 year old wants a debit card that you can use online or in stores. i dont want to pay a start up fee. he doesnt want one that is a savings only. and he doesnt want a ... |
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 What can a 750 credit score get me? |
Additional Details
it was a pretty general question. i knew i had a 750 score for the past 2 months but i never fully understood what the big deal was. thank you all for your advice. i ... |
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 Whats the difference when useing debt and credit on a atm card? |
| I just got my atm card from my bank, but im not sure witch is best for me to use it as, debt or credit? what is the difference?... |
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Arif R | Im 18 and a student, getting my first credit card....tips? |
im about to get my first credit card and would use it in calculated ways, such as buying say a $90 pair of shoes with a credit card while actually having the money on me, so then I will lock that $90 and save it for the bill. That way i can build credit....good idea??
Any other tips?
Additional Details
I wanna get one in case of emergencies and build credit, im good with money and can handle not spending much. |
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Mr Credit Card
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When you are 18 and a student, it is probably the easiest time for someone with no credit to get a credit card. In fact, you should get one when you are a student to help establish your credit and build a credit history. This will come in handy when you graduate and you are looking to rent an apartment, get an auto loan etc. If you have established a good history, you will get better rates. If you wait till you graduate, you may have to get secured credit cards or sub-prime credit cards.
The key is to use your card wisely, do not overspend, pay your bills on time. Within a year or so, you will have a decent credit history and by the time you graduate, you want to have a very good credit score.
However, if you miss payments, get into debt rapidly, you cause yourself more harm.
Most student credit cards have standard features like no annual fee, apr of prime rate plus 9.99% (which seems to be the standard for almost all credit cards). Hence, I think it is best that you get a reward card to earn points, or get cash rebates, since most student credit cards are identical and almost comoditized.
So do the following -
1. Have a budget and stick to it.
2. Pay your bills fully on time.
3. Enroll in automatic deduction so that your bills are automatically deducted from your bank account. Hence, no chance of a late payment. |
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fr_chuck
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don't, don't and for sure don't
at 18 you don't need one, |
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bigroy_usa
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go for a rewards card (often save 2-5%). If you have zero credit, they will reject you. Call the company about your application (make sure to talk to someone who can actually do something), offer to take a lower limit, explain that you're 18 and that the way they treat you now will leave an impression on you for the next 70 years. This will result in you getting one of these "privledged" cards 90% of the time. Don't take no for an answer. I did this when I was about your age. Just be responcible, and call expecting to get the card, be polite but firm.
Right now this saves you about $.25/gall of gas.
Pay off the card completely during the (usually 20ish day) grace period or the interest will destroy you. |
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mcdermond3
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the theory is good, but can you stick with it? Most importantly...
ALWAYS ALWAYS ALWAYS pay your bill on time and as much of what is owed as your can. Try to pay more than just the minimum amount. That way you keep building up your credit and have less money put out in interest. |
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Anntoinette M
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Actually its a good idea to bank the 90s dollers and save it. Do not pay it all at once though. The way it should work is to have a total of only 3 major credit cards. Keep a balance of maybe 20 percent of you limit on them, The idea of building credit is that it shows that you can make consistant payments without being late or going over the limit. It is very good to just bank the extra money and build a savings account just in case you hit a rough time and need it to make your cc payments. Be careful, it is so easy to get carried away.
also alot of people say dont do it, but it is the only way to build a positive credit score in order to buy a home in the future. like i said just be careful... never rely on an income until it is in the bank. |
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julia
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But don't go crazy with the spending; it's very easy to just pull out the card and not even realize how much money you have just spent. So, yes, get the card, but use it carefully. |
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Praiser in the storm
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het a debit card but if u have to have a credit card pay your bills on time i am 17 but that is what i plan to do1peace |
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lcayote
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use the card but pay off at end of each month. |
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Ricky J.
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The best advise for a first time credit card user is to treat it just as if it were cash. Don't spend more than you have. You have to give that money back with interest so if you treated it like a 5 dollar bill you can't go wrong. (no more money, no more spendy!) |
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Kellie_in_California
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Yes if you pay off the bill each month that helps to build your credit. |
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OneDay
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Well that would be good but just make sure you never, ever use it(unless an emergency) if you dont have the money, as you already know you could end up in debt for years and years, and thousands of thousands of dollars.
haha sorry, I dont mean to sound like i'm giving a lecture, just saying. |
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hey
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AS LONG.. as you already have the money... everyone i know who has had a credit card owes still... they are a trap.. why not just save then buy... because ppl have to have it now.. |
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imababe_84
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That's what I thought. Something more always comes up. I now owe close to 4000 bucks and I thought that I was a responsible person. Shred that ****. I understand that you are wanting to build credit.... why not take out a very small loan, put the money you get in an account, make three or four payments, and then pay the rest off on the fourth time? That will build you credit very fast. If you get in debt and cannot find the money to pay your credit bill, you will only hurt your credit. Good Luck. Think wisely! |
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aa
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it is a good idea, you can start building your credit, which is very important.....but instead of having money on you, also open a bank account and put that $$$ in there, many banks are offering free checking and saving accounts too.....good luck
remember to pay your bills on time |
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good man
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cut it in half |
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capollar
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my best advise is to not carry the card with you everyday, this will eliminate impulse purchases
do as you said, plan what you are going to use it for and yes pay it off in full , you get a better credit rating than if you make installments and you wont have to incur interest |
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Enoch
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1. Don't try too many - every time you apply for credit, it leaves a history on your credit report and potentially lowers your score.
2. Choose student cards - my experience is American Express and Citi Mastercard have student-friendly cards. Capital One is okay too.
3. Pay your balance in full every month. If you cannot pay it in full, you are spending too much. Don't carry a balance unless absolutely necessary.
4. Don't overshoot the credit limit, or pay late, or any kind of default. |
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sicivic05
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if you wanna have debt the rest of your life don't get one |
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naomihank
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Yes but be responsible. Send the $ ON TIME! Dont ruin your credit build...cause once it's ruined it's ruined. Take it from me i messed up! |
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Ganja in my brain
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use it wisely |
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claudienetuck
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DO NOT DO IT!!!!!!!!! I used to say I would never get a credit card. Then a couple of years after we were married we got one. BIG MISTAKE!!!! Before, people would compliment us on how we managed money. We went on vacations and everything. I do have to say most of it went on building a big bedroom, bath and huge walk in closet but not all of it. We ended up with about 6 or 7 cards, and before you say " I will never do that", just remember we also said we would NEVER even have a credit card. It is so tempting and you have already started out wrong. We think of it as free money but it is not. You say you want to buy $90 shoes. WRONG FOOT!!!! We were paying about $200 a month on just minimum payments. We had to have my in-laws to back a $15,000 loan for us. We fixed it so we could have it paid in 5 years. Instead, why don't you go to a bank and borrow about $400 to $500. Put it the bank and don't touch it and pay back the loan. It is a start. One other thing if you get one, get one with only about $300 limit and don't raise it. |
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seattlecutiepie
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NEVER EVER put a purchase on your credit card that you couldn't pay cash for. Use it SOLELY as a tool to build your credit. Pay the balance IN FULL every month and ALWAYS make the payments on-time. |
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Darkness
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Don't get a credit card. Seriously. You really don't need one. |
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Zenza
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It's a good idea to have the credit card and learn how to manage your personal finances responsibly. If you do you'll make your life much easier. Think of the credit card as part of an overall personal finance package.
The main thing about the credit card is to always pay off the balance in full. You will not pay interest (which is outrageous) and it will build up a solid credit rating, which you can check for free once a year at www.experian.com or http://www.annualcreditreport.com/. You seem to have the right idea already.
Other good habits that complement good credit card use:
- If you work, automatically put aside 10% of your pay for long term savings and never touch it. If you're paid by electronic deposit you can set up an automatic deduction through your bank or financial institution, which makes it really easy. Then live on the rest.
- Open a retirement account (IRA) and put in as much as you can. IRA accounts grow much faster than regular ones because you don't get taxed (at least not until you retire). When you're older you'll be very glad you did.
- Try to do everything online. Now most banks and financial institutions work online. You can pay your credit cards online too. |
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Pearlz
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that's the way to do it.
buy lil things at a time. and pay it off before you use your credit card again. otherwise it will build up. and that sux. i got my first credit card at 18. but i maxed it out at 19 on luxury hotels. and i haven't been able to use it in 2 years after that. i am currently trying to pay it off.
one credit card is all you need. |
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catnap
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Interest on 90.00 also, but if you carefull you can build good credit. I've seen some freinds crash and burn in time though. |
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4 strings
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Dont charge anything unless you really have to |
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me
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Cut it up as soon as possible. |
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angelchele
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don't get it. instead build up credit threw a bank showing good use of your bank account,save in your saving account to build interest that benefit you and not a credit card company.pay your utilities, vehicle and even cell on time(another form of credit there) its a none interest way of protecting your credit and showing even better responsibility. my husband and i got small loans at a time thru our bank and transferred our car payment to our bank and we went from bad credit from in the 400's to almost 700 just from those changes. start a emergency fund to allow yourself to get things fixed verses using the easy way trap of a credit card. its to much of an easy temptation. |
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Scheherazade
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Freeze it and leave it there. If that doesn't work, bury it in the back yard. |
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Lucy_Fir
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First, look for a credit card with the lowest APR possible. Second, use once a month and then lock it away until the next month. If you don't carry it on you, you won't be tempted to charge that great shirt that just happens to be on sale. Since your purchases will probably be small, always pay off the balance each bill cycle. |
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Mac
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Lots of people are saying not to get one, it's a disaster, etc. The user is in charge of the card guys... It's called management. It is NOT free money, that's the illusion they want to have.
In today's world, you should have a credit card to travel, purchase online, rent tools, emergency etc. so everyone should have one. |
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