Treat Your First Credit Card Right

The first credit card is a big thrill. Being able to hold that piece of plastic in your hands is very empowering. Unfortunately, many people take that power too far. When you're not handing over actual cash, you might not realize how much you're spending. By the time you do, you'll be in a trap of debt it will take you many years to find your way out of.

When you're a new credit card user, you have the opportunity to establish a good credit score from the outset and eventually a history that reflects well on you. To maintain that, the first thing you need to do is always make your payments on time, if not before they're due. Otherwise the missed balances will add up to more than you can handle.

You might be tempted to sign up for several different cards, but don't get ahead of yourself. Chances are you'll lose track of the separate accounts. Remember, more cards mean more bills. One thing you can do to stay on top of things, though, is set up automatic payments - though you should have records of everything besides.

Having a high credit limit acts much the same way as having many cards. You don't work as much to restrain yourself, and by the time you regret it, it's much too late. Even if you have a low limit, though, you still don't want to risk running over it. As such, in most cases, you'll want to use the card only in the case of an emergency.

If you're already following all these rules, you probably already know how important it is not ever to give your card to anybody else. In terms of risk, it doesn't matter whether it's a stranger or your best friend - you just shouldn't do it. It takes too much time and effort to reverse the results of any mistake, even if that was just being too trusting.

Also, keep your eye on what the card company and others try to get you to do. Things like cash advances are made to sound as appealing as possible, without mentioning all the negative effects. In this case, those come in the form of high interest rates. You'll probably end up spending more than what you were taking out in the first place.

You grow up quickly when you have a credit card. If you don't, you'll make a lot of decisions you'll regret for the rest of your life. However, a good credit history is one of the best things you can create for yourself. Keep looking for as much information as you can on how to use your credit card correctly now and for the rest of your life.

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