You will find that people have mixed feelings about credit cards. Some love them, and some think they’re just the worst thing ever. What it all comes down to is how the person uses them. If you’re irresponsible and spend money you don’t have and put your purchases on your credit card, you will hate them. Although, if you pay off your balances in full, pay on time and use it like a debit card you can only benefit.
What is important is that you do get a credit card eventually. It is recommended that you get one right away at the age of 18 years old. Want to know why? Continue reading below for a few reasons.
Build credit: First of all, you want to start building credit as soon as possible. And one way you can do that is by getting a credit card. A credit score will help you get a house eventually, a loan for a car if you need one or a good rate on a loan. This is important. If you don’t have any records, it’s hard to know if banks can trust you or not.
Age: For your credit score to be as good as possible, your score needs age. How long you’ve had a credit card really matters and affects your score. If you’re only had one a few months, your score will be much lower than someone that has had one for 8 years and has used it wisely. So, start building your credit so that your accounts can age faster.
Responsibility: Getting a credit card will teach you responsibility. You’re an adult now and your financial decisions are in your own hands. It’s important to realize how they work, to use them occasionally to build your score and to know how interest rates can hurt you. Learning about them is a good way to teach yourself responsibility.
Emergency: What happens if your car breaks down or you don’t have any money on you for something that you need to buy? Unfortunately you’re stuck and are going to have to call someone to help you out or need to get money from someone. These situations come up unfortunately and it’s hard to do anything if you don’t have money on you. This is where a credit card can come in and help you out!
Convenience: A credit card is a huge convenience. We don’t have to stop at the ATM to get cash, run to the bank to put money in your checking account to use our debit card, and online shopping is much easier.
Credit cards can be very beneficial in many ways. Not to mention, over time you can get points for each dollar you spend and put your points towards a gift card or to pay off your monthly bill. Yes, they can be dangerous, but only if the person who is using it doesn’t know how to use it wisely. Don’t act like your credit card is free money, but instead a debit card!
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