How to Manage Your First Credit Card

Good credit is something to be worked on and maintained. Although it is difficult to rebuild a good

credit after financial stumbles, good credit can be maintained from the start much easier. When you

turn eighteen, you will notice a barrage of credit card and other loan deals that come in the mail, calls

on your phone and companies sending you emails. While some may be tempting with high limits and

promises of low interest rates and payments, these can be traps that will guide you directly into a large

amount of credit card debt in the future.

To navigate through these offers, open all and read all the information carefully. It is important to

understand the information that is included in every offer. While they may offer 0% interest or other

small “seductive” language, the fine print often reveals that the promotion is only for a short period or

limitations apply. To help you decide which offer to pass, which to keep and how to protect yourself

from an overwhelming number of offers, here are some simple steps to follow.

1. Read The Fine Print

As mentioned earlier, the fine print often reveal gaps in campaigns , time constraints on your original

contract and other nasty little things like taxes for a variety of things and other negative surprises that

can jump out later down the line. If there is something you are not sure, or you find a company you are

not familiar with, take the time to check out a site like ZapData or check through the Better Business

Bureau for complaints and more in-depth information.

2. Carefully Consider Offers To Choose The Right One For You

Before calling or sending off your credit card applications, find the offer that is better equipped to meet

your needs. This does not mean that you should automatically choose the higher limit or lower interest

rate. As far as interest rates goes look for stability. If you are thinking about two different types of cards

and one offers 0 % interest for the first three months and then it goes to 29% , it really is better than a

card that offers interest rates of 8% and never changes? You want consistency without any surprises. As

far as limits are concerned, you can collect the maximum limit and be tempted to max out the card and

spending just because it's there. Instead, choose a card that offers a limit that can help you in an

emergency, but not high enough to get you in trouble.

3. Opt Out Of Future Offers

When you have selected the card or cards you want to use and apply, it is important to take the time to

make sure you opt out of future promotions and future mailing of offers. Other offers mean your credit

is being checked and it can be damaging to your credit score. You want to give only those companies

you ask to check your credit. There should be some form of opt-out information on the application form

itself, although it is not readily available, you have to look a bit. There are organizations and websites

that can help you to opt out of future offers of credit without taking the time to contact each company

separately. Discover donotmail.org or optoutprescreen.com for more information and registration.

4. Set Some Rules

The first time you get a credit card, it seems to burn a hole in your wallet. You think about it all the time

and you feel as if you've got free money, especially if you live on a budget or fixed income and often do

not have money for extras. Set some rules for yourself and follow some standard rules to avoid getting

into credit card debt. Should you pay off your balance each month and avoid paying the minimums. If

you charge $ 1000 and only pay the minimum, based on the average interest rate, it would take eight

years to pay off the remaining balance.

The credit card offers a support system for emergencies, that you can fall back on in times of economic

problems, but if not managed properly can turn bad and you land in credit card debt that can be very

difficult to get out for years to come.

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