Do you really need a credit card or would another option work just as well? Some other options to think about:

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Hi, I attended a workshop about credit and I pasted the following topics that have been discussed. I need a reflection summary of it.

Thank you.

It’s easy to get a credit card. Managing a credit card well is not as easy.

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  • Understand that any time you use a credit card, you are borrowing money.If you don’t pay off your balance each month, interest will be added to the total amount you owe.
  • Think before getting your first credit card. Think very carefully before you decide to get your first credit card. Do you really need a credit card or would another option work just as well? Some other options to think about:
    • Getting a debit card which is connected to your checking or savings account rather than borrowing money for each transaction.
    • Consider sharing a card with your parents and asking them to help you stay on track.
    • Waiting. Just put off the decision for six months or a year and see how well you might do without a credit card.
  • Choose wisely. When selecting a credit card, you should shop around for the best deal. Compare different cards based on your own situation. Look for the following:
  • A low annual percentage rate (APR). The lower the rate, the less interest you have to pay. Watch for low introductory rates that are raised after a year or less.
  • The interest calculation method. This affects how much interest you pay, even when the APR on two different cards is identical.
  • Low or no annual fees. If the issuer charges an annual fee, ask them to waive it.
  • All other charges (i.e., late payment fees, transaction fees, over the limit fees, etc.) These can really add to the total cost of your charges.
  • A grace period. Some credit cards charge interest from the day that the charges appear on your account. Other cards offer a grace period for you to pay off your balance before interest charges begin to accrue.
  • The credit limit. Keep your credit limit low (think about $500 or less), to make sure you don’t get in over your head.
  • Wide acceptance. A major credit card is convenient and easier to manage.
  • Services and features, such as cash rebates, frequent flyer miles, extended warranties, etc. Think carefully about the true cost of these programs when you consider interest and other charges.


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