Would you prefer a credit card with low credit limit and no interest or high limit with a moderate annual percentage rate?
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M$3 Answers
I don't need to buy things I can't afford. It's amazing on how little you can get by with, when you have to. By having a higher limit credit card, I'd be tempted to buy things I thought was a necessity, that really isn't. You'd be surprise on how little money I've spent on anything this year.
Someone with more income would be better off with the lower limit card too. By not paying APR for smaller purchases, they could always save that money for emergencies. If there credit is good, they can also get an American Express card which generally have no limit within reason. This could give someone time to make a purchase and get a personal loan if needed.
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M$
I have a credit card once, with a high credit limit, and more often my purchases seem to be always below the limit, so I decided to terminate said account before its expiry in order to avoid paying for an annual fee. In terms of APR, I usually prefer having a card with low interest rate since finance charges can cost you additional expenses if ever you are unable to pay the outstanding balance.
Personal opinion.
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M$
I got myself into credit card trouble about 7 years ago and since then I have learned some big valuable lessons. Since then I either use cash or I have a Paypal card, which is my own money and not borrowed. If I have no money in there, no spending for me. Actually I do always keep money in there. I use my Paypal Card as a debit or credit card, so if I need to reserve something with a credit card, problem solved.
I realize I am not building my credit very well, but I am not getting into credit card trouble either and right now that is more important to me.
thoughts
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M$
