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Getting a Great Bank Credit Card for the First TimeIf you are thinking of getting your very first bank credit card there are some things that you should know when you start looking for the right bank credit card for you. Keep in mind that filling out several applications for credit may itself look suspicious, and many companies will deny a credit line when they find that several applications have been processed or reviewed in the recent past. Numbers falling between 12% and 18% APR are the best credit card rate for people with median level incomes. Before you know it, you have three or more cards on your report and you have a problem. Play it smart, look at your income and expenses realistically and think of the future.
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Start with credit cards that require full payment at the end of the month, such as American Express. In order to lure more customers their way, the banks and financial institutions have introduced the rewards system by which the customer or the user of the card get reward points everytime they use the card. Try using cash when ever possible in order to avoid over charging your card. For every dollar you spend, you get a certain cash back percentage, meaning that extra credit can be added onto your credit card. And you need it NOW. There is a great joy when you see your computer flashing "Approved" instantly after you have submitted an online credit card application.
In actuality, no one needs a credit card. Many parents find it comforting to provide a credit card to their teenager who is going away to school, with the understanding that the card is to be used for emergencies - only. Many students are very responsible and use their credit card only as their parents intended. However, many students define an emergency differently.
Application Enticements?
Many stores or financial institutions offer enticements such as discounts or prizes when someone fills out an application. If your son or daughter fills out a credit card application "Just because I got 10% off my purchases that day," the company must be contacted in writing and by phone if they do not plan to use the credit card in the future. Simply 'not using' it will not stop monthly charges from accruing (including late payments for monthly charges). This is very important and can cause credit hassles later on if they just ignore the notices of payments due.
What Constitutes an Emergency?
An acceptable emergency in which to use a credit card would include a medical or dental situation where payment is required upfront, a breakdown of their (not their friends') automobile, being stranded at a party where the driver is drunk and your child has no way home, being otherwise stranded somewhere with no way home, being burned out of an apartment and needing to pay for a place to stay or to buy food (while out of an apartment). These may sound very ominous, but that should be the tone around the use and abuse of a credit card.
What is not an Emergency?
Books for school may be an emergency situation in some cases, but magazine subscriptions, adult chat lines, 1-900 horoscope phone numbers, and HBO on Demand are not. Theater or concert tickets are not emergencies, cell phone bills are not emergencies, except in some situations. Paying for a cell phone may be acceptable; but putting all your friends expenses on your credit card because they promised to pay is absolutely not.
Why have a Credit Card at all?
It is important today to have good credit, as witnessed by all the lending institutions advertising to release a credit score, or merchandisers and home loan agencies marketing to those with poor credit. It is not a status symbol or a means of having more stuff than the next person any more. It is a much more important achievement to have a high credit score as that affects everything from the amount of interest charged on their credit card and having the option to finance larger items to things as simple as being able to rent a car.