Thanks again for the advice everyone, I think this thread has fulfilled its purpose. I just applied, and was approved, for the Citi double cash card. Sounds like I should be fine as long as I pay off the full bill every month.
Just remember to be vigilant about not abusing it. I saw my sister overspend and my ex did it, too. I'm not saying I'm not responsible for what happened to me, but it wasn't because I didn't know the dangers.
Just remember to be vigilant about not abusing it. I saw my sister overspend and my ex did it, too. I'm not saying I'm not responsible for what happened to me, but it wasn't because I didn't know the dangers.
Basically, you should treat your credit card as just another way to access the money you have, not as an additional reserve.
FYI, step one of responsible credit card use is creating a budget spreadsheet, something I'm not sure I've seen mentioned as I skimmed the replies. Use it to keep a balanced budget.
Second, every credit card I've ever seen allows you to pay online, as frequently as once a day if you so choose. I pay my credit cards off weekly, and log the balances on my spreadsheet. Major, non-routine purchases I usually pay off immediately. I find this keeps me in line better than paying them off once a month, since it's surprisingly easy to forget what you've spent money on over the course of an entire month. You statement after 30 days can be quite a shock.
* Pay it off in full and on time every month. If you can't do this don't bother with one. I've seen too many people fall into serious debt because they couldn't keep up with their card.
* As someone else pointed out, get cash back instead of other perks, unless said perks are an obvious money equivalent (i.e. your rewards are in credit to something you use often)
* Credit limit is tricky because it is damned if you do, damned if you don't. They like to see you utilizing no more than 5-10% of your credit, yet they will also dock you are too high of credit. Fortunately, if that is the only thing hitting you, you will be fine
* Remember that the highest cash back isn't always the best. Sometimes there are other perks that you need to weigh based on your habits. Someone mentioned the card that waives currency exchange fees which would be good if you do international travel often.
* If this is your first card, just pick ONE card and learn to use it. Start with a limit that, if you maxed it out recklessly, you have cash available to pay it off in full and cut up the card. Worry about expanding your limits and additional cards after you've been able to have one for a while and demonstrate you can handle it in your wallet.
Edit: Another thing to consider, you can call up most CC companies and have them change your due date to to a date you'd like. This can help make sure you pay on time by aligning it with something else you do monthly. For instance, I do my finances on the first of every month, so I have my CC due dates as the 10th so that when I do my finances I can just go in and pay off the CC (or set up the payment to do so) at the same time.
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Basically, you should treat your credit card as just another way to access the money you have, not as an additional reserve.
Second, every credit card I've ever seen allows you to pay online, as frequently as once a day if you so choose. I pay my credit cards off weekly, and log the balances on my spreadsheet. Major, non-routine purchases I usually pay off immediately. I find this keeps me in line better than paying them off once a month, since it's surprisingly easy to forget what you've spent money on over the course of an entire month. You statement after 30 days can be quite a shock.
Third, seriously, learn how to budget.
* Pay it off in full and on time every month. If you can't do this don't bother with one. I've seen too many people fall into serious debt because they couldn't keep up with their card.
* As someone else pointed out, get cash back instead of other perks, unless said perks are an obvious money equivalent (i.e. your rewards are in credit to something you use often)
* Credit limit is tricky because it is damned if you do, damned if you don't. They like to see you utilizing no more than 5-10% of your credit, yet they will also dock you are too high of credit. Fortunately, if that is the only thing hitting you, you will be fine
* Remember that the highest cash back isn't always the best. Sometimes there are other perks that you need to weigh based on your habits. Someone mentioned the card that waives currency exchange fees which would be good if you do international travel often.
* If this is your first card, just pick ONE card and learn to use it. Start with a limit that, if you maxed it out recklessly, you have cash available to pay it off in full and cut up the card. Worry about expanding your limits and additional cards after you've been able to have one for a while and demonstrate you can handle it in your wallet.
Edit: Another thing to consider, you can call up most CC companies and have them change your due date to to a date you'd like. This can help make sure you pay on time by aligning it with something else you do monthly. For instance, I do my finances on the first of every month, so I have my CC due dates as the 10th so that when I do my finances I can just go in and pay off the CC (or set up the payment to do so) at the same time.