[Mr 5 0]

Originally Posted by bmxmon

haha, nice jeff. That visa check card seems interesting, can you use that anywhere that you can use a visa?? The credit thing is also a good point. Right now, i just have an atm card that lets me take out of my savings. Does the first bill you recieve have interest put on it, or is it just if you put it off for awhile? I think the credit thing is a really good idea, since i've also heard about building credit from others. Short term, the visa check card IeatCamaros talked about seems better, but the credit card would probably be the best in the long run. Thanks for the help!

Your first credit card bill will only have the amount you have charged and a minimum payment due. If you pay the entire amount due (what you charged) then there is no interest to pay, which is the way to go. If you pay the minimum or anything less than the full amount due, you will be charged interest on whatever you still owe and that will be reflected on your next credit card bill.

I should also mention that for someone 18 and with no credit history, it's quite possible that some credit card companies will charge an annual fee for their card, which can be anywhere from $30. to $150. Shop around and try to find a 'No Annual Fee' card, if you can, for obvious reasons.

While a debit card is certainly a handy thing to have (I have one) it can also expose you to rip-offs, as has been mentioned. I only use mine to take cash out of my bank's ATM. With a debit card, anyone who may illegally gain access to your card number also has access to your entire checking account balance. Not good if you have any kind of balance at all.

No matter form of credit you go with now, to establish a credit history and gain a good credit 'score' you should apply for and use a regular credit card. As always, use it carefully and don't get in over your head, financially.

hey, i was just checking around, and i noticed that most credit card companies have it so you have to spend at least $.50 a month. Not a huge amount, but there could be months that i dont even use it. Anybody know anything about this??

That fifty-cent fee is not uncommon with credit card companies. It's their 'minimum monthly fee' to pay for their expense of issuing you a card and keeping tabs on your use of it. Remember, if you don't pay an annual fee and pay off your balance immediately, the credit card company makes very little, except what they charge the vendors you buy from. Fifty cents a month is certainly not unreasonable. As the old saying goes: "There is no free lunch".