April 25/26
Post date: Apr 25, 2016 1:43:00 PM
Bell Work Question: At what age should you get a Credit Card and why?
Discussion on Credit Cards: Advantages to this type of Credit used compared to debt vehicles, Rewards programs, Store cards, advantages/concerns, discipline, how to do it the right way. What types of purchases I should use it for?
Credit Cards like debt bring a lot of opinions on whether to get one or not and if so when and for how much.
I am very clear on my opinion, you should get one on your 18th birthday, from your bank, and for $500. This is the single best way to build your credit as soon as you turn 18. There are a lot of misconceptions about Credit Cards, but generally as long as you use it and pay it off when it is done, you don't have to pay interest. You can use it for things you already plan on or budget for like Gas. It is safer for on line purchases and in some cases for travel is the only thing they may accept at a hotel or rental car company.
You should have some savings and a steady income in place to make sure you can cover anything you put on your card, but you will only hurt your future by not starting now. In my in person class I share example after example, but your just going to have to trust me. Are there people who get carried away and out of control and get themselves in trouble? Yes, but not getting yourself one because someone else got out of control is like saying I am not going to eat because there is obese people out there.
open this sheet and fill in the blanks like they did in the example, simply search credit card comparison on google and choose one of the options that pops up. Nerd Wallet or Wallet Hub are 2 good options. You may have to click on Apply now to get the information needed, don't worry it doesn't commit you to applying. After clicking on apply now, you may have to click on rates and fees, or more information.
Google Search Credit Card Comparison find a site that allows you to look at different types of Credit Cards
Note: You may have to click on Apply Now to access the needed information for the sheet. Don't worry you won't actually have to apply.
Use this Sheet to answer questions