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Why do you need a credit card?
If buying a car, a house or renting an apartment is in your future,
CREDIT IS ESSENTIAL. Institutions look at your income as well as your credit history (your
ability to pay debts on time) to determine if they will lend you money. Consequently, it
is important that you start NOW.starting
your credit
Starting credit is much like job experience…everyone requires it, but it
seems no one is willing to help you get it. That's why MembersFirst Credit Union
of Florida offers young adults a first time Visa or
MasterCard. You don't have to start small. You get up to a $750 credit limit and the worldwide acceptance of MasterCard. All
of this with no previous credit history! Plus, with the GENESIS program at your Credit
Union, you will receive a low 12.9% APR financing. This is a fixed rate which means that you won’t have to
worry about the interest rate dramatically increasing after six months. And no, you
don’t even have to worry about an annual fee.
maintaining credit
There are two types of credit card users. The "convenience user"
eliminates carrying cash and writing checks by purchasing gas, groceries and other items
with the credit card, but pays off the balance every month so that interest is not accrued
on the account.
The true "credit user" uses his or her card to finance larger purchases such as
furniture, clothing or entertainment systems. Financing means that the Credit Union,
through your MasterCard, pays for the item, and you pay it back (plus interest) in small
monthly payments.
It is easy to go overboard with the convenience of credit cards. That is how many people
ruin their credit and create bad debt (debt beyond what one can pay back). A good rule of
thumb to help you catch the problem before it starts is to wait a week before making large
purchases. This will: 1) cut down on impulse buying,
2) help you realize that you may not really need the item, 3) show you that if you can
wait a week, you can wait a little longer to save the money and pay cash for it. If you
cannot wait an extended period of time, then it is a good indication that you actually
need the item. For more helpful tips on maintaining credit cards, check out www.creditalk.com
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Why do you need a credit card?
