I don't get it, I don't like it? Aren't the cards that claim to have no fees like Capital One still charge something at all?
The bank doesn't pay you any interest like with a savings account and having a card is a lose-lose situation, no matter how small the fee is. The only advantage I see is credit for loans.
Oh, and why do the banks say it is a good idea to establish credit early?
I don't make enough money in my job to afford to lose money like such
Answer by nymamiyankee
some credit cards charge a yearly fee for having their card, but not all..shop around
Answer by ~Laura and Scott
Lots of question here,
Yes some cards charge a yearly fee, some don't, you have to shop around. This is extra income for the companies. They are in this for a profit.
The lower your credit score, the more likely you are not to make your payments and the card company will lose it's money. This means the more fees you will pay and the higher interest you will pay.
It is a good idea to establish credit early because someday you will want to buy a car or a house. It takes a long time to get a good score and depth of credit to buy big stuff.
I'm glad that you don't want to lose your money to the credit card people. Just pay your bill off every month and don't spend more than you can afford.
Answer by Sharon T
One can make a case for getting a free credit card (Mastercard or Visa) from your bank when you are a young adult and then using it once or twice a year to establish credit. That costs nothing since you pay your bill in full as soon as it arrives.
If you read many questions at this site, you will see that many people lack restraint. You sound self-disciplined so you will be able to resist the temptation to buy more than you can afford.
Plastic is tricky. It is handy when you are old enough (over 25) and want to rent a car and for some other purposes. It can be financial death in the wrong hands.
Make up your own mind and if someone gives you a bad time because you don't have a credit card, just smile and say you enjoy being debt-free!
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Orignal From: Why do I have to be charged to have a credit card?
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