just been acepected for my first credit card

bunhead99

hi iam 21 and never had a credit card so i applyed for one and got one is 11.9% apr is that good? iam only going to use it in an emercey.though

sjc_2

Why did you feel you need one?

11.9% for a first card is pretty good though.

Just be careful as they are too easy to use and get on a downward spiral of Debt, which can be very hard to get out of.

bunhead99

i just felt ready for one. i have told my self to be really really careful about spending on it

tuggy

My advice is ask your bank to set up a direct debit to clear it every month. If it has a balance of £0 (cos you've have no emergency to use it in) then no money will be taken. If there is any money on it, it will be cleared out of your current account.

Much safer..

bunhead99

thanks for the advice tuggy.

CLAPTON

I would second tuggy advice to set up a DD for the full amount.
However i would suggest you spend on it regularly... something you buy anyway (say petrol) so it shows on your credit file as a well managed card.

Never, of course draw out cash.

bigbloke45

I agree with all of the above.

Please remember that, if you see something you want but can't afford, it's better to wait than bung it on your plastic. I talk as an expert on this, believe me!

Good debt is OK, bad debt is toxic!

SiuLoong

APR is irrelevant if you are disciplined and pay off in full every month.. good advice above to setup a direct debit for the full payment and don't buy anything on your card you can't afford.

Stesnees

I remember getting my 1st card at 21 with a £2500 limit. WOW! Free money I thought!! 3 years later I was in debt to the tune of around £20000.
Now i'm 35, debt free and a whole lot wiser, so as people say, go easy with that card.

mdeebee

Make sure the emergencies aren't clothes, shoes, expensive meals, drinks in bars you can't afford to go in, holidays you can't afford to go on, spa weekends you can't afford to go on.....

Catch my drift?

bunhead99 wrote: »

hi iam 21 and never had a credit card so i applyed for one and got one is 11.9% apr is that good? iam only going to use it in an emercey.though

Ivan_Konstantinov

well done for you first CC :beer: but remember not to go mad with your shopping & use for your advantage & not the CC comps. benefit