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Your First Credit Card

Your First Credit Card

A “first” credit card can be exciting, tempting and intimidating.  Credit cards are a great convenience, but they are also borrowing money that must be repaid.  Here are some ideas to keep in mind as you get your credit card and use it.

  1. A credit card is serious business.  The issuing company is lending you money and you have responsibilities to pay it back.
  2. One card is probably enough.  Avoid temptation by having more than one card.
  3. Keep the credit limit low.  Depending on how you are going to use it, $500 or $1000 is high enough for most first-time credit card users.
  4. Pay off the entire balance each month.  Avoid charges and build a good credit record.
  5. Make the payments on time.  This helps build a good record and avoids late payment charges.
  6. Use the card for emergencies.  Start off slowly with this new convenience.  Keep using cash and checks for most purchases, especially until you get comfortable with the card.
  7. Never let others use your card.  You are responsible for all charges on your card.  Do not let others borrow it or give out the number.
  8. Keep track of your use of the card and compare your records to what shows up on the monthly statement.
  9. Keep the card active.  Even if you are only using the card for emergencies, use it for small purchases every three or four months just to keep it active.  Then be sure to pay off the balance before any interest is due.
  10. Avoid using the card for cash advances.  The interest rate charged for advances is usually high and interest is charged immediately.
  11. Create a spending and budget plan.  Do not let your credit card payments exceed 20% of your monthly income.
  12. If having a credit card turns out to be a problem, get rid of it or stop using it for a while.

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Some of our customers are receiving texts like the one pictured below or are receiving phone calls asking for their account information. If you do receive this text or any communication asking for your account information, DO NOT click on the link or provide any of your account information. Only log into your account via bankwithmutual.com. If you have received this text and have provided your account information, please contact us immediately (800-382-8031) so we can take measures to protect you.

Please be aware this is not a data breach. The texts are going to all Muncie cell phone numbers in a range. So far we are aware of 765-716-xxxx 765-717-xxxx and 765-729-xxxx and 765-724-xxxx. It is going to all of the numbers, not just MutualBank customers.

Wednesday, February 10, 2016

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Your First Credit Card

Your First Credit Card

A “first” credit card can be exciting, tempting and intimidating.  Credit cards are a great convenience, but they are also borrowing money that must be repaid.  Here are some ideas to keep in mind as you get your credit card and use it.

  1. A credit card is serious business.  The issuing company is lending you money and you have responsibilities to pay it back.
  2. One card is probably enough.  Avoid temptation by having more than one card.
  3. Keep the credit limit low.  Depending on how you are going to use it, $500 or $1000 is high enough for most first-time credit card users.
  4. Pay off the entire balance each month.  Avoid charges and build a good credit record.
  5. Make the payments on time.  This helps build a good record and avoids late payment charges.
  6. Use the card for emergencies.  Start off slowly with this new convenience.  Keep using cash and checks for most purchases, especially until you get comfortable with the card.
  7. Never let others use your card.  You are responsible for all charges on your card.  Do not let others borrow it or give out the number.
  8. Keep track of your use of the card and compare your records to what shows up on the monthly statement.
  9. Keep the card active.  Even if you are only using the card for emergencies, use it for small purchases every three or four months just to keep it active.  Then be sure to pay off the balance before any interest is due.
  10. Avoid using the card for cash advances.  The interest rate charged for advances is usually high and interest is charged immediately.
  11. Create a spending and budget plan.  Do not let your credit card payments exceed 20% of your monthly income.
  12. If having a credit card turns out to be a problem, get rid of it or stop using it for a while.

Contact a Representative Today

Back to Education Resources

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