Ever thought about getting your own credit card?  What does it mean to own one, build a credit history and pay monthly bills?  Know the difference between a credit card and a debit card?  Well, you’ve come to the right place!  We can help you find all the information you’re looking for regarding credit cards. That includes their advantages and disadvantages!

Learning about credit and how to manage your money now can help you out in the long run. Imagine you want to buy your first car or even get your first job.  Some employers (and definitely whoever is selling you the car) will want to check your credit history.  This means that they access information through various credit agencies to see if you have ever had a credit card, and if you made your monthly payments on time. In most cases, having good credit will allow you to go to the next step in getting the loan you’ll need to buy the car. Having bad credit, on the other hand, can make it very difficult for you to get a loan.

Even though getting a credit card these days is pretty easy, be careful! The short time gain may not be worth the long time pain of trying to payoff all the money you spend. Credit card companies use special “teaser” or extra cheap introductory rates to get you to apply for their card. The problem is that after the low introductory cost of 2%, for example, the rate can and often does go up to 18-21%. That means that if you buy a used car for $12,000, you could be paying as much as $14,400 or more when you add on the 20% credit card interest cost. So, before rushing to fill out the credit card application, know how much interest will be charged after the “introduction period” is over. Read the credit card form carefully, including the fine print. Understand all the terms or things for which you are responsible. You might want to let a friend or parent read it too. What may look like a dream deal in the credit card advertisement could turn out to be a credit nightmare for you down the road!