I just turned eighteen and am looking at getting the first credit card in my life and need some financial money management advice. I want to build my credit score. Even with no credit currently, my research has revealed that there are a lot of options.
I will probably have to start with the management of a secured credit card, which means I have to pay the issuing bank or financial institution like $500.00 cash upfront, maybe more. And the interest rates for all the cards I have found are all very high at over 20%.
As well, I would like a card that offers rewards, like cash back or travel points. I was planning on traveling, but the coronavirus (COVID 19) pandemic put a damper on those plans. Thus, a quality cash-back perk may be the better choice at this point. Are there any other perks/rewards I am unaware of? I have yet to find a secured card with perks that really inspire me. Is there a card or bank you can recommend?
Credit Management – Living Within My Means
I believe in living within my means, and am worried about the best way to do this. I have friends and family members who tell me terrible stories about how a credit card can and most probably will ruin my credit score and life. Can you offer any advice on credit card management and how to navigate all the options out there?
Carmen in Flint, Michigan