Should You Have a Credit Card or Not?
According to a Bankrate.com survey, 64% of millennials do not own a credit card.
“Millennials are clearly falling short in terms of credit card usage compared to their elders,” said Mike Cetera, Bankrate.com’s personal loans and credit analyst. “A credit card shouldn’t be seen as taboo.
Used correctly, a credit card can not only provide the added benefit of points and rewards, but also help establish a healthy credit score which will be valuable for such things as a lease or mortgage in the future,” Cetera added.
My Credit Card Manifesto
Credit cards , they are a tool – don’t let them make you into a fool. Use them to help you score lots of money things like good credit, rewards, cash back, security for emergencies, and more. Use those little pieces of plastic responsibly – or not at all. Pay the puppy off or create a plan to knock off the debt fast. Don’t let interest take up space in your budget.
Here are 8 reasons why I say “yes” to having a credit card.
- Establish your credit score (cancelling cards does lower your score)
- Want to buy things like a car or a house
- Want to rent a car on vacation
- If your savings account is low on funds – a CC can be a saving grace
- Stuck in Africa story
- Best when you travel – don’t use debit, little protection
- Keeping track of expenses
- You can rebuild your credit score while you are still paying off debt
Find out more in this podcast episode!
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Shannah Compton Game is a Money Wellness expert, host of the to-rated Millennial Money podcast, and CERTIFIED FINANCIAL PLANNER with an MBA. Millennial Money has over 15 million downloads in 164 countries. Shannah’s years of experience as a skilled Certified Financial Planner have set her on a mission to revolutionize how people think, act, and feel about their finances…and have some fun doing so.