As of now I have only been using debit cards, and have a bank account both where I go to school and with my parents at home. At what point should I switch to a credit card, and what are the advantages of that?

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Posted by Leora Swerdlow (MONEY FORUMS: 2, Answers: 0)
Asked on May 4, 2016 1:27 pm
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You don’t have to switch! You can go with both. The advantage of a credit card is that as long as you pay it off, you are building a credit history. When you go to apply for a loan, such as for a car or a home, having a good standing history of credit means lower interest rates and higher chances for getting the best deals.
If you are worried about accumulating debt, one way you could use your credit cards without much risk is putting one monthly purchase on your card and then paying it off immediately (such as a utility bill).

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Posted by Michelle Diamond (MONEY FORUMS: 0, Answers: 26)
Answered: May 5, 2016 6:50 pm
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You should apply for a credit card right away. From what it seems like, you’re still financially dependent on your parents. What that means, is that this is an opportune time for you to apply for a credit card and start building your credit. Assuming that you are being helped financially, being able to fully pay your credit card bills on a month to month basis will improve your credit rating and help you in the future financially.

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Posted by Joshua (MONEY FORUMS: 2, Answers: 4)
Answered: May 5, 2016 5:38 pm
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