Baby's first credit card

[NikolaeVarius]

The only diff is if you get a CC where you have a checking account the CC bill payments are usually instant, and if you are using two different banks it might take 1-3 days... so basically don't wait until the last second to pay them.

So If I needed to, I could just open up an account in the second bank, just pool a bit of money in it from the first bank, and have it just draw off that every month recharging it every once in a while.

Also, is there any benefit to opening a savings account with <$4000.

 

[NikolaeVarius]

Sorry for bumping, but what is defined as income? The citibank website says I need to put down everything, including scholarships and such. So essentially, I have to put down anything that is attached to my name even though I don't actually ever see the money?

 

[destrekor]

There aren't many useful rewards left. The best rewards, like 5% cash back, are either teaser rates or require you to use it at only certain merchants or each month check on the issuer to see what stupid ass merchant they are doing the deal with now, it's a big joke, it's quite literally like having starving people fight over scraps of moldy bread, it's pathetic. A few years ago cards really had some nice rewards.

Sure, most of the rewards on cards now are pretty terrible.

But if you have a card that has rewards, and no fees, it's better than no rewards.

I say, the best advice is to treat a rewards credit card as a debit card.
Don't carry a balance, ideally. If you feel the need to do so, make every effort to bring the balance down to zero the next month.

I'd say use it just like a debit card.
IMHO, there is no purpose for cash these days. Convenience stores and small stores, or small transactions, sure... use cash if so desired.

But make purchases you have the cash in your checking account to cover, that month. Instead of using a debit card, checks, or cash from the checking account, use the credit card. When the bill comes, pay it in full using the checking account.
You'll receive no penalties, no interest, and you'll receive rewards.
Quite a few banks have rewards on debit cards now, but they are a fraction of the credit card rewards.

If you are using the same cash, every month, and paying no interest or annual fees, why wouldn't you take free points? Even if they are small, might as well if you are making no changes to your finances.
Come some time later, especially if you use the credit card every month and pay it off every month, for a majority of your purchases you'd pay up front anyhow - you'll eventually earn a nice bonus gift of free money that you normally wouldn't use.

The biggest thing is to have the discipline to forever and always treat it like a card tied directly to your checking account. Don't get the idea that, just this once, I can make a purchase that'll require a few months with a interest-charged balance. Once you do it once, even if you do make your goal of paying it off in short order, you might slip once or twice. After awhile, it gets challenging to return to 0.

 

[BassBomb]

I got a TD Student VISA at 18 to build credit, now I am 22 with TD Rewards VISA

 

[dank69]

Definitely get a card, two if you can. It is very important to have long lines of credit for any kind of major financing - car loan, mortgage, etc - so the earlier you get them the better. Get cards with no annual fee and pay them off every month.

this

 

[mb]

So If I needed to, I could just open up an account in the second bank, just pool a bit of money in it from the first bank, and have it just draw off that every month recharging it every once in a while.

Also, is there any benefit to opening a savings account with <$4000.

If you pay your bills online and on time that won't really be necessary.. you have 2-3 weeks to pay your bill before you owe interest (mine is 3, I've seen some are 2, I don't know about them all though).
So say you get a bill today, and then set up the payment next week, it'll have plenty of time to get there.
Now if you are given 21 days to pay the bill and wait until day 20, you might be in trouble. Or it could be fine depending on the relationship of the banks in question... you could try adding your CC company as a payee in your online bill pay with your current bank and see how many days it takes to transfer.