| If you are young and just getting to grips | | | | being independent, unexpected things can |
| with financial products, you may have looked | | | | happen, and having a backup amount of money |
| into getting a credit card. Although credit | | | | in the form of a credit card can really help |
| cards are not an essential product for | | | | you out of tight situations. Also, credit |
| everyone, many people have at least one card, | | | | cards are more secure than cash or cheques, |
| and so it pays to know about how they work. | | | | so you are less likely to lose your money or |
| If you want to know whether or not you are | | | | have it stolen. Another benefit of having a |
| ready for a credit card, then here is some | | | | credit card is that it can help you to build |
| advice to help you out. | | | | a credit history. If you use your credit card |
| | | | responsibly then you will show lenders you |
| When to get a card? | | | | are safe, and this will help you to secure |
| | | | important financial products later in life |
| Most people think about getting their first | | | | such as loans and mortgages. |
| card when they go to University. Although | | | | |
| some avoid the temptation and others get | | | | Problems with credit cards |
| cards earlier, generally speaking you should | | | | |
| look at getting your first credit card from | | | | Before you decide whether to get a credit |
| about the age of 18 onwards. When you are at | | | | card or not, you should know the problems |
| University or starting out a job, you are | | | | that can occur. Firstly, having a credit card |
| likely to have more outgoings than you did | | | | can be dangerous in the wrong hands. You can |
| before, and a credit card is a useful tool to | | | | quickly accumulate a large amount of debt, |
| cover some of these expenses. | | | | both hurting your finances now and in the |
| | | | future by destroying your credit rating. |
| What type of card to get? | | | | Also, keeping up with repayments can be hard, |
| | | | and having debts is generally not a good |
| If you are going to University, then you | | | | thing. |
| should look at getting a dedicated student | | | | |
| credit card. These cards do not require such | | | | Are you ready? |
| strict credit checks, and you can usually get | | | | |
| a much better limit than you can with a | | | | If you think you are ready for a credit card, |
| regular card. Also, you will receive | | | | then make sure you know the benefits you can |
| additional benefits such as discounts on | | | | receive and the problems that you might have |
| books, clothes and music. If you are starting | | | | to face. You should ask yourself whether you |
| a job, then it may be harder to get that | | | | really need the card, and if you will |
| first card, although if you can prove your | | | | honestly be able to keep up with the |
| income you should be fine. | | | | repayments. Just because your friends have |
| | | | one does not mean you should get one too. |
| Benefits of having a credit card | | | | However, if you believe a credit card is |
| | | | necessary, then make sure you shop around to |
| Knowing whether you should get a credit card | | | | find yourself the best deal, and only spend |
| depends on whether or not the benefits are | | | | what you can realistically afford to repay. |
| real benefits to you. One of the major | | | | If you do this then you will get the best out |
| benefits of having a credit card is that it | | | | of your credit card without putting yourself |
| is great for emergencies. If you are new to | | | | too far into debt. |