That was the year 2005, when I ever got my first credit card. I was 29 years old then. Before that I did not actually intend to get one, I honestly did not know I can handle having one. But there came a point when I knew it would need to get one for emergency (or so I told myself). So I got my first ever credit card.
Fifteen years later, I do not have the same credit card more. Rather, I have four credit cards now, and one has not yet been activated because I do not want to make them five. I use all four of them and used to have trouble juggling their payments in the past. Fortunately, I learned, somehow, to manage it.
In the years I have used these credit cards, learned a lot from that, in the sense of practical or personal and financial. I would like to share these things I learned (positive and negative) and I hope that whoever reads this will either say “Gosh, you too?” or “I do not want to get one” or “how to get rid of my credit card?” (I wish, LOL). So that’s 10 things learned from using my credit card.
First, it is not free. There is an annual charge. I mean, usually they give the first year free and after that, I say Good-bye free annual fee. Unless of course, they will be specifically repeal the fee, but as I have the experience, the idea that the credit card is not free will always stick to my thoughts.
Secondly, I may apply online transactions on my credit card. Good Or not? Depends. It is safer than the transfer of cash, but it makes me more courageous in buying stuff online because I can just charge my credit card. But I definitely learned how to charge my transactions over the Internet using my credit card.
Thirdly, there are charges, st @ pid. And the fees can be really threatening to bring tremendous. There is interest and penalty for late payment. Aaarrgghh! What had a stroke more, if you do not pay the entire balance in the previous month, they will teach the unpaid balance with interest, plus your current month transactions. What the ….? At the top, all bets are out of this world (3,5% per month or 42% per year), higher than a loan from the bank.
Fourth, due dates. Now this one has me confused. Duly dates are important because the charges. Plus as I am in the province I must pay for a few days before the actual due date. Tough is not it? But I am sure, definitely get used to it. As long as I remember 42% per annum, I get used to remembering due dates.
Fifth receive cash in advance (with your credit card) is really (really!) expensive. Of course getting the cash advance will put money in your pocket. But at what cost? After reading the instructions only one credit card for cash advances, I erased the possibility of obtaining one in the future. Why? Since interest is quite high, plus it is prepaid. Yes, thanks, but no thanks.
Sixthly there is a limit of credit. Now this is one view as positive. She puts the rein on my expenses, plus I know my limits. Not that I am a shopaholic or anything like that, but I definitely like having a credit limit on my credit card.
Seventh best payer you are, the more they will increase your credit limit. Not that I am a good payer, but I usually make sure that my remains get money every month or if I can not do this as soon as possible. But I never applied for an increase in my credit limit yet every six months or so, I get advice that they increase my credit limit. Beautiful, isn’t it?
Eighth . I think I watched too many detective shows (CSI, anyone?), There are many credit card fraud. In any case, when I give my credit card swiped to, after I buy the stuff, I always look at the whole process because Hey, you never know, right?
Ninth, which I do not want to apply for another credit card, ever. Four is more than enough for me, thank you in many ways. Consequently, I also learned not to say that the new credit card or if you received a new (as well as the fifth), it remains relegated to the bottom of my drawer.
Tenth, which I absolutely hate being in debt. Maybe this is the main reason why it took me so long to get a credit card. While my friends got the right one from college, I got one before I hit my 30 sec. Certainly I do not like those who want to get into debt. I stress every time I see my credit card balances go up (I’m not kidding), and always find a way to reduce them to zero. I I was told that there is good debt and there are bad debts, credit card debt? They are for me is definitely bad.
Therefore, those 10 things I learned when I used a credit card. If you have your own credit card, why not visit my hub some questions about credit cards? This is just a short survey on the use of your credit card. I would be very grateful if you take the time to fill out this survey. Thank you and may you have a great 2010 (debt free).