How to get first credit card?
Applying for the first card is an important step in everyone’s financial lifetime. If you're a young adult, recent graduate, or just an individual who has previously never had a credit card, it's easy to be overwhelmed when you have to pick a single card out of the many options available.
It should be rather easy to get an approval, but most likely won’t offer attractive rewards or very low interest rates. The aim in selecting one of these starter credit cards should consequently be to decrease the costs of credit incurred.
Therefore, as long as you remember to settle your bills on time every month, you will be able to build credit efficiently and work your way on how to get first credit card with no credit history. The best credit card offers look to entice new creditworthy customers with campaigns like cash sign-up gratuities, 0 percent intro APRs and benevolent rewards programs. Some factors considered for getting these cards include:
- Have had an open loan and credit card accounts for five years or more.
- Have had no delayed payments in the last 24 months.
- Have not applied for credit more than twice in the last year.
What is a good first credit card?
If you’re young with reputable credit, here are some of the top starter credit cards:
Discover it Cashback Match; provides you 5 percent cash back up to $1,500 every three months that you actuate plus unrestricted 1 percent cash back on all other acquisitions. This sign-up bonus is potentially a lot more valuable as you get no-annual fee if you’ll spend a lot the first year. You’ll also get a 0 percent intro APR on acquisitions and balance transferals for the first year.
Chase Freedom; you can be paid 5 percent cash back on up to $1,500 in collective acquisitions, plus unrestricted 1 percent cash back on all other acquisitions. You can earn a $150 bonus after you spend $500 on purchases made within three months after opening an account. Finally, there’s a 0 percent intro APR for 15 months on acquisitions and balance transferals.
Capital One Venture Card; there’s a $59 annual fee relinquished the first year. There’s also a no-annual fee version, the VentureOne card which has no foreign currency transaction fees, and there is a new card member bonus.
BankAmericard Credit Card; provides you a 0 percent into APR on balance transferals for 18 billing cycles.
Capital One QuicksilverOne Cash Rewards Credit Card; you earn 1.5 percent cash back on every acquisition. There’s also a 0 percent intro APR for nine months on acquisitions and balance transferals.
Discover it for Students; you will get 5 percent cash back up to $1,500 every quarter you activate and unrestricted 1 percent cash back on all other acquisitions. It also comes with an intro 0 percent APR on acquisitions for six months.
Barclaycard Rewards MasterCard; you’ll need some credit history to get accepted for this card, but if your credit decreases just a little of the good credit category needed for other cards, this card will get you 2x points on all other acquisitions all with no annual fee.
Capital One Secured MasterCard; this is the credit card for young adults with no credit. You will get an initial $200 credit line after making a security deposit of $49, $99, or $200, regulated based on your creditworthiness.
If you’re a young adult, the best credit card is the card you can get credit approval with, and that will save you money. If you want a credit card that you can use to pay off acquisitions over time, concentrate on the card’s APR. Getting a credit card that will get you approved for credit easily can be problematic if you have low or spoiled credit. Choose wisely based on all the facts discussed and you are guaranteed of a smooth financial journey moving forward.