I'm not here to tell you what to think or do, but to give you as much honest, accurate information as possible. If I don't know an answer to a specific question, I'll research it before replying. I won't sugarcoat things; my job is to tell it like it is.
I've got a particular interest in sexual health and sexuality. I know a lot about fertility and pregnancy - and firsthand now, as I've just had twins. I'm also an accredited sexual health worker.
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Age: 31
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So my parents have decided to get me a credit card and contact lenses as soon as I become "responsible". I know which contacts I want...so that's a completely irrelevant piece of informatin, since we all love those. ;). For lots of the credit cards I'm considering, you need good or excellent credi. What if you have no credit? Also, if you have a credit card already, please let me know all the ins and outs about it. Oooh, and if you can think of ways to prove how responsible I am, then please let me know! ßhould I consider a debit card? What's the difference? (link)
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One way of showing how responsible you are is be doing some informed research about credit cards and then having a serious discussion with your parents about them.
You will not be able to get a gold or platinum card. Those may seem appealing - and certainly have a lot of benefits - but they will not be available to first time credit card holders. You will simply have to find a card that has low APR - that's the most important thing - and apply for it. The higher the APR, the more interest you will have to pay.
Another option that is fantastic for a younger person is to get a secured credit card. This means that you give the company a set amount of money - say 200 dollars - and then you are given a credit line of 200 dollars. This means that when you are charging things, you're actually spending your own money. When you pay the bill, it goes back towards yourself. It's like borrowing money from you, and this is a good way to build up credit and learn how to be responsible with credit cards.
Any credit card will help you earn points towards good credit, assuming you regularly make payments. If you are late even once, your APR can shoot through the roof.
Credit cards are a dangerous thing in the hands of someone who is not prepared to accept responsibility - and they can be alluring to those who already ARE responsible. Debt is not something to mess around with, so be sure to only charge as much as you can pay off each month.
If you plan to pay the balance off in full, you pay no interest and only pay the purchase price of the item you've got.
Another option to learn how to manage money is a personal checking account. It is more hands on than a credit card and teaches you about account keeping, money responsibility, etc. Debit cards are similar to checks - the money comes directly from your bank account, so there is no monthly statement or anything to pay back.
I'd say doing research on contacts would be helpful too, and think of things from your parents' point of view. They'll want to look at cost, possible impacts on your health, and the amount of work it takes to wear contacts - provide them with this info rather than 'Contacts are so cool!' and you should get them no problem.
Best of luck.
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Rating: 5
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Phenomenal answer! Thank you so much!
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