The Do’s and Don’ts of having your first credit card

Welcome to adulthood where everything you do has consequences and your Dad can’t bail you out forever! You’re thinking about getting a credit card which means you’re either deserving and responsible for a credit card OR you’re destined for bankruptcy.

If you consider yourself in the latter category, which is totally fine, let us at least try to offer an olive branch to you. The middle part of the ‘People Who Want Credit Cards vs. People Who Shouldn’t Have Credit Cards’ Venn Diagram is over-populated, so take our advice and avoid being another burnout story.

Credit Card Do’s

1. Reap the rewards

Because of how rare it is people actually pay their credit card bills on time, you’ll be rewarded for being a responsible adult and paying your bills back in full.

2. Think of the bank of the most unforgiving library

Treat everyday like another fine if you can’t muster the cash to pay on the due date. Whether you have to pawn your possessions, get that bill off your shoulders. It’s not like a student loan that sits for decades, the banks are ruthless.

3. Check your charges every week

Don’t trust your mathematical abilities and check your charges on a regular schedule. This way you can spot any misdemeanours and monitor your spending habits.

Credit Card Don’ts

1. Don’t use your card unless you can say how much is already charged

It’s simple stuff, you need to be keeping a check on how much money you’re spending. A good way of doing that is by testing yourself, to the penny, how much you already have charged to allow yourself to use your credit card.

2. Don’t lend it out in exchange for IOUs

You can’t trust anybody to pay back every debt – that’s why you’re reading this article in the first place, case and point. It’s more awkward to ring up a pal saying the bank are going to foreclose on you than it is to tell them to run to a cash machine if they want something.

3. Don’t diversify your credit cards

If you’re a first time credit card owner, stick to the one for now. You have to earn the rights of responsibility if you want more to ‘diversify your portfolio’. When it comes to finance, discipline is everything.