Why millennials should get a credit card

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This might surprise you: turns out more and more millennials don’t have a credit card. And while that might sound smart, Consumer Reports says going without a credit card is a big mistake.

Your credit score figures into all kinds of financial transactions; getting a mortgage, auto insurance, a car loan. And you can’t have the best credit score unless you use a credit card responsibly.

You should aim to have a credit score of about 650 or higher.  And credit card use accounts for about 30 percent of that score.

To get the best credit score, you have to pay all your credit card bills on time and in full. To avoid credit card pitfalls, set up payment alerts on your smartphone.

And don’t keep your credit card information on file with retailers. That can make it too easy to click and buy.

Consumer Reports says there’s another benefit to credit cards: they have important fraud protections that debit cards and other forms of payment may not.

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