Credit card?

i've never had one. can you please tell me the basics: how to prevent credit card debt, how to use your card wisely, and what type of credit card i should apply for, how to get/maintain good credit, and PLEASE provide any other info that i should be aware of. greatly appreciate your help =]|||I work in the credit card industry manually reviewing reports to either approve or deny credit to people that apply, so I would have firsthand knowledge of what you're looking for.





The ideal card would be one with NO annual fee, a 0% introductory and low (10.99%/max) APR, benefits program, and high starting credit limit. If you don't have much of a credit history, it will be much harder to try to get cards like this. What I would suggest would be to check where you do your banking to see if they offer what's called a "secured" credit card. These work pretty much the same as a regular card only that a security deposit which is used as collateral is placed upfront to determine the credit limit. For example, if you deposit $300, then you could purchase up to $300, and pay back $300. The deposit is used for collateral only when the account is sent to collections, but if you pay on time, usually after a year it's given back to you. 2 main benefits to secured cards is that it give you more control over the credit limit by adding to the deposit, and the deposit is sometimes linked to a savings account, which earns interest while you're building credit, so it's just not sitting there. The more you add to the deposit, the higher the limit, the better your score will get becuase 30% of your score counts on how much credit you have to what you're using. 2 more benefits from secured cards is that by you putting up the deposit with your own money, it makes you more disciplined in managing the card, especially since the deposit would be at stake, and it also helps to start up an emergency fund when you get the deposit back later on.





I also want you to be aware of some cards out there that target people that have trouble getting approved for credit, or trying to rebuild their credit. These cards are easy to get, but they're loaded with hidden fees that are charged which reduce your available credit and leave you with a bill to pay before you even get the card in the mail. Tribute, First Premier, and New Millenium are prime examples of this.





The best advice I can offer when it comes to using credit cards, is to use only what you can pay back, even if it's $5. The key to building credit is to use and repay the card. Having credit card debt isn't going to build your credit any more than if you used it and paid it off. Now some people in my profession would tell you to leave a balance, that's not true. Just make small purchases ($20/max) pay it in full on time every month.





Another tip is to only apply for credit that you're going to use responsibly. Each time you apply for credit, it lowers your score 3-8 points regardless of if you're approved or denied, so you should be careful not to apply for too many credit cards. You should have no more than 2. Because if managed properly, the limits would be increased to where additional cards wouldn't be needed. And the longer the history you show with one or two cards, the better.





Keep the balances low if not paid off. You need almost all your available credit to help your score, plus there's no sense in paying interest by carrying a balance. Also, ask for line increases periodically.





I posted several links to some secured card companies that I think would work out ok.








good luck!|||I always suggest get a credit card. The best way is to pay it off before the statement due date, to avoid interest. If you pay it by then, it is essentially a 30day no interest loan.|||For the best Credit Card selelection on the net- http://www.credit-cards-aplenty.com/|||The best way to prevent credit card debt (other than not having a credit card) is to never buy anything with it unless you actually have the money to pay for it sitting in a bank account or at home, and then transferring that money onto the credit card as soon as possible.





Most credit card providers send you a monthly bill, and you should make sure that you always pay it off in full.





Some credit cards may start charging you interest on day one of a purchase, but have a lower annual fee, where most credit cards will give you 30 days interest free (but charge you a slightly higher fee).





VISA and Mastercard are accepted pretty much everywhere. American Express, Dinnersclub, JCB and other potential types are less accepted and typically have higher annual fees.





You should also shop around for the best deal. A Mastercard issued by one bank may not be the same as a Mastercard issued by a different bank.





If and when you get a credit card, do not disclose the number to anyone other than merchants. Keep a copy of the card particulars in a safe place at home and make sure you know the phone number to call should you need to cancel the card if you lose it or it is stolen.





Make sure the card has a sensible credit limit. If you are not going to spend more than $2000 in one go, then you do not need a limit of $10000.





Lastly, many credit cards allow you to withdraw cash from ATMs but never never never do this. It could easily be the start of a debt spiral.|||steer clear of credit cards and go for a debit card instead.


when you use a credit card you are putting yourself into debt " you are actually borrowing from the credit company to buy your goods then paying them back with the funds in your account " and paying a premium for the Privilege " i.e. interest " putting your account in more debt.


a debit card can only be used to take money out of your account that is in it .


if you really need or want some thing save till you have enough to pay cash and try haggaling for discount :-)|||Save Your Money: Avoid Top 10 Credit Mistakes





this article would help.. In building your credit you must be very wise and good enough to spend your money.





http://www.buildingcreditforstudents.com/student-credit-articles/save-your-money-avoid-top-10-credit-mistakes/