can you take the credit cards that get mailed to u when ur 18 and cash them ?
my teacher said they send u them so i was wondering if i could take the money out of them and throw away the credit card
- Anonymous9 months ago
Anyone with an ounce of common sense should realise that money is not just given away. Anything you buy on a credit card becomes a debt (you are now in debt to the company who gave you the card and they expect repayments - regularly). If you don't begin to pay back you'll get nasty letters and then someone at the door asking for the money. If that is not forthcoming then you'll get the 'big boys' coming after you or you'll get a court summons or you might find that some debt collectors will force their way into the home and will take anything of any value to pay your debt. You will have to be able to prove to them that certain things belong to other members of the household, otherwise they'll seize whatever they choose of value.
Don't borrow if you know you will not be able to pay back. Loans always are to be paid back, they are not GIFTS.
- 10 months ago
The only card they will send you when you are 18 is a prepaid card. They work similar to a credit card only you have to load them with cash before you can use them. When they come in the mail they have no money on them. Sometimes when you are pre approved, they will send you a piece of worthless plastic that looks like a credit card, but it's not the actual card, you have to apply for the actual card.
- oklatomLv 710 months ago
First your teacher is wrong. They do not just send a credit card because you are 18, you have to apply for one.
Second if you apply and they send one, it comes with credit, not cash. If you use it you have to pay it back. If you pay the full amount there is no interest charge, if you do not there is.
- SlickterpLv 710 months ago
Um, no. Not at all how it works. Cash from a credit card is at huge interest rates, and they know who you are and they just sue you for the money.
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- StephenWeinsteinLv 710 months ago
They don't have money in them. When you get money using them, you are borrowing the money. You have to pay it back.
- SHIRLEYLv 510 months ago
It doesn't work that way at all. Cards are not automatically sent to anyone at 18. You have to apply and prove income before a card co will issue you one. People with no or low credit scores will not have the option to get cash advances if that is what you mean by "take the money out of them" and when you do have a card that allows cash advances, you have to pay it back dummyhead.
- Anonymous10 months ago
Nobody has credit cards mailed to you at 18.
- Milk Tray ManLv 610 months ago
You can withdraw cash from a credit card, if that's what you mean, though they usually charge more interest than when you just use the card to buy things. You can ask for a cash advance when a credit card is approved but then the balance is on the card when it arrives and again, more interest than if you just use the card to pay for things. You can take cash out and throw the card away but you still have to pay them what you spent or withdrew plus interest.
- .Lv 710 months ago
No. But you can on a prepaid Visa.
So long as there are sufficient funds on the prepaid credit card, you can access the funds at an ATM machine. Or you can select "cash back" when using your prepaid credit card at a point of sale at a store.
- JudyLv 710 months ago
Uh, there's no money IN them. You clearly don't know anything about credit cards. Ane what you'll get in the mail are APPLICATIONS for credit cards. Even if you fill them out and send them in, you're not likely to get approved.