I Paid Triple the Card Amount on That First Credit Card
by Rob
(Texas)
If you are planning to get a first time credit card, I would definitely tell you to proceed with caution. I tried out one of these credit cards several years ago, and my experience wasn't a good one. Although credit cards can be helpful when you have an emergency, it is far to easy to begin using them without remember what the consequences may be.
When I first received my first credit card, I didn't take the time to read all the terms, including the fees that the company could charge me. They charged annual fees, a fee for getting the card, late payment fees, and many other fees. Unfortunately, I didn't realize all the fees they were charging, which meant my small balance quickly went over the limit of the card, which led to even more fees.
Incredibly, before I realized it, I had a huge balance. I had only had the card three months and my balance on a $300 limit card had topped $1000. Yes, I tripled the amount on the card and most of it was due to fees. All it took was one fee to knock me over the balance and everything snowballed together until I owed a huge amount of money.
After that experience, I've been leery of credit cards ever since. In fact, I'd prefer not to have one at all. Buried in my wallet is a card for emergencies that I have never used and I hope I never have to. I never want to pay a company three times the amount I've spent again. I'd rather save my money and pay cash, which is a lot cheaper in the long run than going with a first time credit card.
