7 Questions That You Should Ask Yourself Before Getting a Credit Card.

Credit card podcast by raman

A credit card is a bit like a sharp knife — it’s a very handy tool, but it’s capable of inflicting horrendous damage if used improperly. The same advice applies to both of them — choose the right tool for the job, and follow the safety rules.
So when you choose to get a credit card, first ask yourself these seven questions:

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1. Why Are You Considering Getting a Credit Card?
Are you considering getting a credit card to build credit? If this is the case, you need to make sure that you act responsibly with your card. You should pay off the balance in full each month, and not use your credit card for things you otherwise can't afford.
Another reason why you would be considering a credit card is to borrow money for your big purchases instantly, without withdrawing the amount from your savings account or investments. You can purchase goods, pay for food, take care of your medical expenses, pay for your travel and other lifestyle products and services using your credit card and let the money in your savings account earn interest till your next billing cycle.
Credit cards also eliminate the need for carrying cash around for shopping, especially when you are traveling. You can swipe it at a point of sale machine or use online or mobile banking to make payments. The most important thing you need to keep in mind if you are considering getting a credit card is that you need to continue to stick to your budget. Remember, it may be easy to put that new pair of shoes on your shiny new credit card, but you will eventually have to pay that money back.
Tips:
• Limit the number of credit cards that you have.
• If you are getting a new card because another one is maxed out, you should not get the new credit card. Instead set up a budget and work on paying it off.
2. What is the Interest Rate?
Many cards will lure you with an introductory interest rate, or APR (Annual Percentage Rate), of 0%. While this may seem like a great deal at the time, be sure that you can pay off your balance during the promotional period. If not, you'll be forced to pay on your card with the new interest rate, which will probably be higher. It may even jump to 15-20% or higher.