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texag7
USA Fan
College Station
Member since Apr 2014
24891 posts
 Online 

Should I get a credit card?
In my early 20's. Never owned a credit card before. Just have one debit card and still use my checkbook from time to time.

Should I get a credit card? If so what are some recommendations?

Not looking to accumulate airline miles/hotel benefits or anything, I rarely travel.

I'm guessing making a few purchases a month with it would help my credit score. Or is that a myth?


BreakingTheBank
LSU Fan
Houston, TX
Member since Jun 2014
144 posts

re: Should I get a credit card?
Get a cash back rewards card if you're not interested in miles. A higher credit limit positively impacts your credit score, so you are correct there. If you have a decent credit score you can get a rewards card without an annual fee.


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LSUcam7
SRB FL
Member since Sep 2016
961 posts

re: Should I get a credit card?
Type starter credit cards into google. The tops searches break it down simply & are accurate.

You need a no annual fee & cash back rewards card.


gobuxgo5
Ohio State Fan
Member since Nov 2012
5375 posts
 Online 

re: Should I get a credit card?
“Should you” is a tough question. If you are an impulse buyer it’s not always the best.


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Weekend Warrior79
LSU Fan
River Ridge
Member since Aug 2014
2471 posts

re: Should I get a credit card?
quote:

You need a no annual fee & cash back rewards card.


^^This and make sure you pay it off EVERY month.


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51
Lou
LSU Fan
out here in the middle
Member since Aug 2005
7128 posts

re: Should I get a credit card?
If the only reason you are getting a credit card is to improve your credit score then I advise against it. Your payment history holds more weight than credit card usage. If you need a loan, walk into a bank and talk face-to-face to the lender. With a steady job and income, checking and savings account, all bills paid on time, they aren't going to refuse your business just because you never opened a credit card. Some banks might, but not all. Credit Unions specifically don't weigh decisions heavily on credit score alone.

Credit cards can be useful, especially for travel when booking rental cars and hotel rooms. But you admitted you rarely travel. You'll never agonize over credit card debt if you never open a credit card.



fatboydave
LSU Fan
Fat boy land
Member since Aug 2004
11736 posts

re: Should I get a credit card?
Credit cards are useful for travel and other purchases. There can be many benefits to using a credit card like price protection, extended warranty, some theft, etc.

Paying the bill in full and ON TIME is a factor in credit scoring as is the length of time you have had credit.



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20
hungryone
LSU Fan
river parishes
Member since Sep 2010
7360 posts

re: Should I get a credit card?
Are you good about telling yourself NO? If so, sure, get a credit card. Many responsible people use them to great effect, putting all monthly purchases on a cash back or miles card and paying off the single bill each month. Doing this, you'll make money by using the card.

If you have self-control issues, like shopping online while drinking, or can't distinguish needs from wants, then stay away from credit cards until you establish some self discipline (and a healthy cash reserve account).


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11
foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
39465 posts
 Online 

re: Should I get a credit card?
quote:

You'll never agonize over credit card debt if you never open a credit card.


You'll also never agonize over credit card debt if you pay the full balance due on time every time.


Lima Whiskey
Virginia Fan
Member since Apr 2013
3693 posts
 Online 

re: Should I get a credit card?
Some people will always spend more than they make. And you can’t just tell them to be disciplined.

It doesn’t work that way.


cave canem
Mississippi St. Fan
land o sand
Member since Oct 2012
7917 posts

re: Should I get a credit card?
Yes, and you should stop using your debit card ASAP.

Google the reasons


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30
hungryone
LSU Fan
river parishes
Member since Sep 2010
7360 posts

re: Should I get a credit card?
OP is young...how does he even know whether he has fiscal discipline at this point? Gotta find out some time.

I am constantly amazed at the anti-credit folks on this board. This is such a small-minded perspective. How on earth can anyone build a business, buy real estate, or rapidly expand an existing business without credit? So do the Ramsey-ites not understand leverage?

Some of the advice dispensed here is from wage-workers who will never be anything other than someone's employee. That's fine, but one should not assume that every person is doomed to be a financially irresponsible wretch who lives from paycheck to paycheck.


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