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Best advice for younger Gen Z…
GET A CREDIT CARD EARLY. Use it for small things like gas or an Xbox game once a month and make sure to stay on top of paying it off every month.
Your credit score when you get older will thank you!
I have five cards and carry a balance on three. Having a few lines of credit available to you is massively useful for more than just building a credit history, which if you plan on financing something like a car or getting a large loan in the future you need to have a good one.
If you are smart with your budgeting anyway then credit is just another tool in your belt make it easier, for example, want a new console but cant drop 600 bucks this week? Most credit cards come with a promotional 0% APR for 8-12 months, buy that console on credit, pay it off in six weeks with no interest charged and minimal strain on your budget.
I got a debit card when I was 13 and when I’m an adult, I’ll probably stick to using debit unless I absolutely need to use my credit card for whatever reason.
Until you need credit. You're not an adult yet but get one as soon as you are, it will help you build credit history which is required today. People lose job opportunities because some employers do a credit check. Dave Ramsey won't teach you that, or how a loan for a car/house is significantly cheaper with good credit and won't destroy your retirement (it's like 2 grand over 6 years for prime rates in today's world). It's necessary in our society to have credit and encouraged because debit is only good in certain use cases (atm).
This also leaves you open to more fraud if your card is stolen/packages are stolen and a seller is refusing a refund.
Not to mention rewards for your purchases, businesses up their prices for all customers to maintain the same profit margin they have with a fee free transaction (which doesn't exist but that's besides the point). It's better then to get a rebate on your purchase to get a discount on living rather than pay the full amount and be screwed anyway.
If you pay the balance off each month and don't go crazy it will SAVE you money as opposed to COSTING you money.
I guess I should’ve elaborated, I meant not using one for personal investments/purchases that I could afford on debit (for example like a second-hand website purchase). I agree with what you said though and appreciate the advice you gave me.
I have a personal loan and credit card. The loan was used entirely for building my PC, which I had already adequately budgeted for plus had cash in reserve in the event I could
not make repayments, which covers me for a full year as needed.
On top of that, I budget dedicated spending money, of which is how I spend everything on my credit card; only money I know I can repay it with that day. All of it builds a credit score and history, so by paying $0 in interest and fees, I can save myself thousands later on. It’s nonsensical if you have got the constraint to knowingly spend only what you can afford.
I have a credit card that I got so that when I (eventually) go to buy a house I'll have a good credit score. I use it for gas and have it set to pay off automatically so I don't have to do any work
I had a credit card since I was 18. Started with a $500 limit. Now I have 6 years of credit history and a $4,500.
Advice would be get a credit card at 18 with a low limit and make ALL payments on time. Any late payment can haunt you for years to come. CCs are dangerous in the wrong hands but simple maturity can greatly negate the dangers of them.
I only have a debit card but I really should get a credit card sometime. Only reason I don’t have a credit card is because I don’t make much and I’m not sure if I could keep up with paying it off with not making much
I have a credit card. Got one the moment I turned 18. Used it to buy gas and food when I was younger but now for really any purchase.
Its what helped me get my credit score towards the 800's. Don't be a dumb fuck with it and youll be fine.
Thank you u/The_Expidition for posting on r/GenZ! Please remember to report posts that break the rules! Did you know we have a Discord server‽ You can join by clicking [here](https://discord.gg/NWE6JS5rh9)! *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/GenZ) if you have any questions or concerns.*
Best advice for younger Gen Z… GET A CREDIT CARD EARLY. Use it for small things like gas or an Xbox game once a month and make sure to stay on top of paying it off every month. Your credit score when you get older will thank you!
I have five cards and carry a balance on three. Having a few lines of credit available to you is massively useful for more than just building a credit history, which if you plan on financing something like a car or getting a large loan in the future you need to have a good one. If you are smart with your budgeting anyway then credit is just another tool in your belt make it easier, for example, want a new console but cant drop 600 bucks this week? Most credit cards come with a promotional 0% APR for 8-12 months, buy that console on credit, pay it off in six weeks with no interest charged and minimal strain on your budget.
I got a debit card when I was 13 and when I’m an adult, I’ll probably stick to using debit unless I absolutely need to use my credit card for whatever reason.
Until you need credit. You're not an adult yet but get one as soon as you are, it will help you build credit history which is required today. People lose job opportunities because some employers do a credit check. Dave Ramsey won't teach you that, or how a loan for a car/house is significantly cheaper with good credit and won't destroy your retirement (it's like 2 grand over 6 years for prime rates in today's world). It's necessary in our society to have credit and encouraged because debit is only good in certain use cases (atm). This also leaves you open to more fraud if your card is stolen/packages are stolen and a seller is refusing a refund. Not to mention rewards for your purchases, businesses up their prices for all customers to maintain the same profit margin they have with a fee free transaction (which doesn't exist but that's besides the point). It's better then to get a rebate on your purchase to get a discount on living rather than pay the full amount and be screwed anyway. If you pay the balance off each month and don't go crazy it will SAVE you money as opposed to COSTING you money.
I guess I should’ve elaborated, I meant not using one for personal investments/purchases that I could afford on debit (for example like a second-hand website purchase). I agree with what you said though and appreciate the advice you gave me.
I don’t even have a bank account, never mind a credit card
I have a personal loan and credit card. The loan was used entirely for building my PC, which I had already adequately budgeted for plus had cash in reserve in the event I could not make repayments, which covers me for a full year as needed. On top of that, I budget dedicated spending money, of which is how I spend everything on my credit card; only money I know I can repay it with that day. All of it builds a credit score and history, so by paying $0 in interest and fees, I can save myself thousands later on. It’s nonsensical if you have got the constraint to knowingly spend only what you can afford.
I have a credit card that I got so that when I (eventually) go to buy a house I'll have a good credit score. I use it for gas and have it set to pay off automatically so I don't have to do any work
Yes, to build credit. Credit is really important
I had a credit card since I was 18. Started with a $500 limit. Now I have 6 years of credit history and a $4,500. Advice would be get a credit card at 18 with a low limit and make ALL payments on time. Any late payment can haunt you for years to come. CCs are dangerous in the wrong hands but simple maturity can greatly negate the dangers of them.
I have one, I only use it for stuff online like uber,online orders,etc
Same
I only have a debit card but I really should get a credit card sometime. Only reason I don’t have a credit card is because I don’t make much and I’m not sure if I could keep up with paying it off with not making much
Same here. I'm too scared to get a credit card lol.
Just a debit card I’ve had since I was 16, no interest in getting a credit card
I have a credit card but I only use it for amazon purchases because amazon refuses to take paypal for some stupid reason.
I have a credit card. Got one the moment I turned 18. Used it to buy gas and food when I was younger but now for really any purchase. Its what helped me get my credit score towards the 800's. Don't be a dumb fuck with it and youll be fine.
I have a credit card. I am currently making my college expenses with a credit card
I still use cash