Monday, 29 June 2009
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Remembering Your First Credit Card
Taking your first step into the big world is rough for a teenager, especially when it comes to financial obstacles they must face. They're now responsible for their own actions and pay for their own expenses. Often, they get credit cards in order to build good credit or for emergency purposes. Unfortunately, having that expensive piece of plastic means abusing the card and splurging on items such as clothes, food or vacations.
My first credit card was some random bank in North Dakota. My credit was still young and local banks would deny me for a card because I needed to establish credit. With my friends getting cards left and right, I felt left out.
Being able to swipe and get something instantly was enticing. My first limit was $900 and within the next month, I was at my max. Nobody taught me about how to responsibly treat a credit card. A few years later, I had about 4 cards and a minimum wage job to barely make minimum payments on. Luckily, with time and help from my parents, I was able to pay it off. I have zero credit cards now.
What was your first credit card? How much was your first limit? Did you splurge and go crazy?
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- From: dolcecorazon
- Name: Teresa
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Comments (9)
I just got my first credit card, at 24 years old. And I'm proud that I did not succumb to the temptation of having one earlier in my life! Now that I've been working a permanent job for almost two years, I need a credit card for convenience sake (insurance, phone bills, etc.). But guess what, I've yet to use it, hahaha. I'll wait for big things that I really need to buy :)
My first & only credit card is from Capital One. I got it like right after I turned 18 to establish credit. My limit is $500. I didnt splurge until I had some steady income. I paid it off this year but I had to start using it again for conveinence like the above poster mentioned.
Got my first credit card from a Scotiabank when I was a little over 18, so just last February. My limit is $1,000 (which I requested, that was their minimum offer) and I have never reached my limit, nor do I plan to. I only use my credit card for online purchases - which in a month, should NEVER be $1,000, cross-border shopping, and if I'm unexpectedly DEAD out of money - meaning I either put it all in the bank or left it at home.
My real reason for getting it was just to shop online. The time I had to wait to get the application processed gave me time to plan what I really wanted, rather than just shop on a whim. I'd been stalking my purchases for months before I finally got the card and activated it.
I got my first from US Bank. I got it like a week after I turned 18 to establish some credit and in case of emergencies. I still have it and have done pretty well. I always pay it off at the end of the month and I have a $1000 limit. I've never gone near the $1000 limit and I've had it for nearly a year. I don't plan on getting another credit card though. One is plenty.
yeah i'm turning 20 and i still don't have credit. i'm proud of that.. lol CC are scary..
i got my first card at the age of 15, my bro at 16. For some reason, I got a platinum and he only got an ATM card. But my mom took mines away because I was spending too much. Reasonable, I do miss it, and I will get it back at the age of 18. :)
My first was from Bank of America. My limit is $500. It's at it's limit right now but my family is having a lot of money trouble. Soon I'm gonna pay it off and cut it up
My first was a crappy $700 limit card from Wells Fargo. I paid it off each month and after I got a nice rewards card it was sock drawered.
My first card was a citi card, limit of $4 grand at 19. I now have 3 other cards that all earn rewards and are paid off every month in full. I have used my cashback or reward points to pay for a free cruise this december. That is how credit cards are suppose to be used, not as a temporary loan with ridiculous interest rates.