Getting started on the credit journey might seem scary, but we’re here to help. Here are some tips and options for you when getting your first credit card.
Tips for your first credit card
- Security deposits: Sometimes, when you have no credit history, it might be hard to get a credit card approved. Applying for a secured credit card is an option for you. Just remember to always ask if the credit card will help you build credit.
- Always check the fees and the rates: There are 3 key points you should be looking at in this section: the annual percentage rate, the annual fee and the late payment fee.
- Ask: This is simple, yet, one of the most important things when you are getting your first credit card. Ask everything! You don’t want to miss out on any information that might help you in the future. Some important questions are: the cost of opening the account, knowing if you can access a better card in the future, increasing the credit limit and the lower required spending.
- Discover it Secured Credit Card
This card offers cashback, has no annual fee and no penalty APR. The security deposit goes from $200. Finally, you can access your FICO score for free every month.
- Discover it Student Cash Back
This card offers cashback, has 0% APR for the first 6 months and then an APR 12.99% – 21.99% based on your creditworthiness. It also has no annual fee
Before you sign up for a credit card you need to be well informed about all your options and ask the right questions to get the best out of your first credit card. Remember, this is the first step in building a credit history.
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