Sooo I got my Visa credit card today...

this is an excellent idea

 

Dude burn it burn it now! As Thoreau said, "The man is richest whose pleasures are the cheapest." Tacoma notwithstanding.

 

dang man. how old are you? 5k can get you into a lot of trouble.

Remember, APR man, APR! Thats all you gotta know. Money is never Free!


I have 2 Credit Cards with a limit of 40k each. . . I don't make enough money to cover them at all. . .
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x2 mine is at $2500 for a first time. I hate the thing. Luckily I am on a plan now where I pay $100 a month so I can pay it off. sad thing is, i have not used the thing is over a year yet the balance stays the same.... Chase sucks donkey dicks. they jacked my interest up from 7% to 20%.... even though I made all my payments early and often times twice as much as they should be.

 

I got one with a 500 limit. just use it for gas. everything else i pay for with cash. unless it is online. then you kind of have to.

 

Burn it with fire!

 

Anyone who carries a monthly balance on a credit card is a fool. It's a trap that weak people easily fall into. If you don't have the money to buy the item then go without. The three exceptions are education, car, house. Be careful of the last one; so many people buy more house than they can afford. If you have to borrow money to buy the necessities of life, you're in trouble. Learn this while you're young and you'll be debt free. If not the credit card companies will get rich off of your greed.

 

As others have mentioned, dont go overboard, I use to use them when they had the 0% interest for a year, I would go and buy a product then pay it off, then go get another one and kept on throughout the year until the year was up then I made sure it was all paid off and then I would cancel it, that helped me get a great credit score.

 

Are your mods really worth your % rate?................I agree w/others.........be very careful.......plastic can get you in allot of trouble now and in the future......either cut it up or put that card in a safe place and only use it in an emergency....

 

From my previous post you might think that I do not use a credit card, but I do. I use it every chance I get. The thing is; I pay off my purchases when they appear online. I use a Chase Visa card and get 1% back on everything and 3% back on a few things. Chase hates me because a couple times a year they send me a check for $100 and I never pay them anything. If you use your head you'll win.

 

holy schit...i remember my first card. my very first purchase was a round of drinks in a SF bar called Shanghai Kelly's. my second purchase was a stereo system. my life got out of control shortly after. it took forever to reel that insanity back in..

$5k is ALOT!! please post back up in a year and let us how how well or how sucky this all went.

 

Yea you guys are right...

Im still gonna get a few things..no more than $800 all together.

Seriously though thanks for all the advice guys. I will keep my head above the water just like I've always done.

 

YOU GOT IT

 

You wouldn't have to, just call up Obama and tell him a sobbing story; he'll bail you out just like GM.

To the OP, I am sure that you are saavy enough to pay the card in full each month, but just remember an old cliche of 'Out of sight, out of mind'. It rings more true with money; damn the stupid things I would buy.

 

this.... I keep my card in my safe at home so I am not tempted to use it.

 

try getting one with 10K limit. Cut it up asap!!!

 

Credit cards are a wonderful tool to have. You usually have another year of warranty on electronics by the card issuer, free insurance on rental cars, etc. Plus many of the cards with rewards are great. I have one card I use for everything. I runup a balance of around 3k each month, but pay it off every month. I average 600.00 per year in gift cards and/or cash. Credit cards are much safer than debit cards as well. Even tho you have 0 liability if someone accesses your card on both debit and credit, with a debit card someone is stealing YOUR money and even tho you will get it back what if you bounce checks that were out because someone emptied you out. You will have fees accessed and may get reimbursed but why the hassle? Remember if someone steals your credit card they are not taking your money, but with a debit card they are!

 

Yay credit cards! I am $9000 in debt cause of em!