Grow Up To Glow Up: Credit Cards

Friends, Comrades, Y’all... Let us talk.

As a young woman schoolin’, workin’ and livin’ away from home, I have been living my life in a manner that doesn’t call for my mother to ever pop up on me because she’s worried I have picked up a drug habit or I’m selling my ovaries to pay for natural hair care products. Granted, I’m the only child to a Trinidadian woman who believes that my Yankee lifestyle will delay my entry to Heaven. Either way, my mom trusts me to be making smart, insightful decisions simply because I can finance myself.

Finance means different things to different people. Some people create a budget for themselves and can afford a comfortable lifestyle. Others are penny-pinchers/cheap who have the money but shit, what do they look like spending it on anything that isn’t on sale. There are different types of people who fall in between these categories. (I didn’t mention the poor/broke because by the grace of God I cannot fathom that lifestyle so I won’t even speak on it)

Speaking from experience, I encourage all young adults with a steady income to get a credit card but, with great power comes great responsibility. These plastic entities hold so much value in our economy and community, though they are essentially just 0’s and 1’s, they can make or break you.

Here’s a list of Pro’s & Con’s for credit cards, hopefully this helps you figure out what you should do;

Pros

• Builds your credit for future purchases and payments (buying a car or house, paying back loans, etc.)

• Good credit scores (700+) make higher quality purchases and lower interest fees accessible

• The perfect payment method when you don’t feel like spending/have cash

• Great in case of emergencies

• You can pay a minimum of your balance each month, usually $25

• Makes you feel more independent since you can handle your bidness

Cons

• Debt, excessive debt if you’re a chronic swiper

• Limited credit line (“your maximum spending amount is $xxx")

• Bad credit scores (below 600) make it harder for you to purchase things and if you can your interest fees will be disrespectful

• Automatic stress when you’re missing payments or can’t purchase something because you’re maxed out aka you’ve spent the maximum amount of credit you could use that month

My overall all suggestion:

1. Get a student credit card or a credit card for young adults from your bank (only if you have means of paying your bills with ease).

2. Start purchasing small stuff like groceries and MTA pass fares.

3. PAY YOUR SHIT BEFORE THE DEADLINE! Whether it’s the minimum amount or half of your debt, just pay it at least three days before the deadline. Side note: don’t pay the bare minimum each month try to pay more than the minimum so your bank see that you aren’t just scraping up cash to pay the minimum each month