Credit card....19 years old working full time¬?

Question

Ok, I am 19 years old and have been in full time employment for a year...the salary isnt great but its not bad either. I want a credit card just incase i need to pay for something and dont have the money in my bank for example if my car goes wrong or vet bills ect!!

I need to know what to look for? I will pay it off in full every month !

Answer 1

dont do it, just save money, we all have said and done that, but now are in dept.

Answer 2

Get a secured credit card. You can't go over the cash deposit you have in the card and at the same time you have credit card for emergencies.

Answer 3

Any credit card will charge a huuuuge amount if you don't pay off the balance in full each month. It's not worth the risk that one month you forget or 'just this once' leave it. Your debt will spiral out of control if you do this, credit cards are not the best bet for 'just in case' scenarios.

A better option is to get an authorised overdraft from your bank. Talk to them and see if you can get this arranged on your current account. If it's arranged, you will pay much less than the interest on a credit card. However, don't go over the agreed limit on this as then the interest will be very high.

Answer 4

It sounds like you want a credit card to use every month when you say, "I will pay it off in full every month."

Using a credit card is great if you pay it off in full every month. You will have no fees, and no APR. I suggest a gas card for people new to credit, because it's a controlled account. You will never go on a spending spree just paying for gas. A card just for gas will put you in a good routine as long as you pay it off.

Using a credit card for your emergency situations where as you don't have the money in the bank might be a problem. What you really want to do is start an emergency fund. Take some money from each paycheck and put it into a separate savings account. Try and save up at least 3 times your monthly bills. Once you have this account secured, when a car payment or vet bill comes up, it will be no sweat. ;)

Still put it on a credit card at the time, but know you have the money to cover it. Look for a card with an introductory 0% APR, like most Discover cards, or the Chase Platinum.

Answer 5

I'd advise against getting a credit card if your sole reason is to borrow money for emergencies when you don't already have that money in savings, as this is a very slippery slope and can quickly lead to ever increasing debt. If you plan to use it to make payments for which you already have the money for, then great, otherwise, don't risk it.

In the mean time, have you tried www.moneysupermarket.com

Answer 6

If you intend paying it off every month, then the APR does not really matter to you, so I would look for a card which gives you other perks such as Cash back on items purchased or reward points etc.....go onto a comparison site and check....but do make sure you do pay it off.....there will be lots of temptation not to do so....my other piece of advice would be to set up a direct debit to pay the bill, then you make sure the balance is paid off on time and you dont end up in debt.

Answer 7

Most of us need at least 1 credit card for emergencies.  Sometimes you may want to rent a car, or just need it for an unexpected reason.  But stay on top of it.  I think your decision to pay it off in full every month is an excellent idea.  If you stick with that-- you can't go wrong-- Toni D.