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I liked to shop, so it was inevitable that if I had a credit card, I’d run up thousands of dollars of debt, right? And my mom, who generally is the one I turn to for financial advice, discouraged me.
Take note that you’ll probably end up with an annual fee with this card. We’ve had reports of people getting a pretty low credit limit of around 0, so this card won’t be very useful if you want to make big purchases.
This card will probably cost you some money and your credit limit likely won’t be very high, but that’s because it’s designed for riskier borrowers.
She didn’t think I needed more than a debit card, and so for all of college, that’s all I used. So when I graduated and moved to New York, I didn’t have debt, but I did have a really hard time getting a credit card. A few years ago, I opened an American Express because it seemed like a sophisticated card to have in my wallet. I’m not one of those people who knows how to take advantage of the points system to get free airfare.
I was rejected again and again, and I finally had to sign up for a card that required me to put down a cash deposit. It turns out that even though I love to shop, I’ve never been tempted to pay credit for something that I can’t pay off in full at the end of the month. I have a pretty passive relationship with my cards.