Posted on February 22, 2010 at 9:33 pm I got a call yesterday from a credit card company asking me to have a credit card and I said no. After awhile I  asked myself. " Do I really need a credit card?", "Would it be my slave or would I be enslaved by it?". Now a days credit cards has its many use specially in e-commerce. These credit card companies were providing promos of 0% per month. Now I'm thinking twice in getting a credit card. What can you advice? would it benefit me?

Posted on February 23, 2010 at 4:01 am It depends on your life style. If you need to purchase online ..then keep 1 cardand just pay on time. If you are planning on getting a loan in the future or you need to rent ..having not a credit card might affect your credit standing. I don't knowit seems like a very subjective topic. Perhaps the other guys here can contribute?

Posted on February 23, 2010 at 4:04 am You previously did not have a card? I asked becausepart of your FICO score is the segment called Length of Credit.If you don't have one ever...that part would suffer.

Posted on February 23, 2010 at 5:16 am Speaking of credit report, credit score ..you might want to readthis article - http://money.cnn.com/2006/07/10/pf/credit_killers/index.htm

Posted on February 23, 2010 at 5:18 am Wait, are you under 21? If so, you might want to read this as wellhttp://money.cnn.com/2010/02/19/news/economy/student_credit_cards/index.htm

Posted on February 23, 2010 at 5:22 am Curious how you asked that Golliwog but, yeah, are you a college student?If so - let's tell you about the Credit Card Accountability, Responsibility and Disclosure Act takes that's already in effect: -Interest rates: If the consumer's payment is 60 days late, the credit card company can increase the rate.-Penalty fees: Unless the consumer has asked for an over-limit fee, the creditors can't charge the consumer for it. Banks may not charge late fees if they were also late in crediting a payment.-College students: Credit card companies may not market to people under the age of 21, without parental permission, or verification of their ability to pay.

Posted on February 24, 2010 at 7:39 pm I think it is beneficial to have a credit card. What I would do though is get a major credit card like VISA or MasterCard rather than department store cards. Why?   For one it will help you to establish a credit rating for your future. When you apply for any future loans, it will tell the creditors that you are a responsible individual and are responsible with your money and always pay your loans off. The key here is to pay your credit card off completely every month so you won't be charged interest on any unpaid balances.  When you first get your card, buy something that you NEED (not WANT) for around $30 to $50. That's it. When you get your bill, pay it off on the due date. After awhile buy something else for the same amount, or even a little more if you want. BUT - pay it off completely when you get your credit card bill.  Remember - you need to tell yourself that you are responsible with your debts from the beginning. It's easier staying out of the hole in the first place rather than falling in and trying to climb out of it.