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Five Things To Know About Best First Credit Card | best first credit card

Regardless of what category you fall into in terms of your own goal, your ultimate goal should always be the same: Get the best first credit card in order to establish good credit habits early on. A student loan or an automobile loan will also contribute to building up a solid history of responsible, on-time payment behavior. Once you have established this good foundation, any subsequent credit offers should be easier to qualify for, since good consumer habits will automatically make any application for credit more likely to be accepted.

There are a few things that prospective cardholders should consider when seeking the best first credit card. The first is the APR. Credit card companies commonly charge interest rates of between twelve and fifteen percent; the lowest rates are around five percent. This is the area that you'll want to focus on, as low interest rates translate into better spending power later on.

One of the most important aspects of choosing the best first credit card is to pay attention to interest rates. The lowest rates on the first credit cards often convert into much lower payments in the long run. Many people tend to live a disposable lifestyle by buying everything in sight that they plan to use just once – credit cards are no exception. The reality is that most purchases don't go unappreciated. Even with the lowest interest rates on the best first credit card, a balance transfer can save hundreds of dollars in the long run.

The next point to look for when seeking the best first credit card deals is a low or no annual fee. When it comes to signing up for loans and credit cards, the concept of annual fees often has a negative connotation. However, this is simply a marketing term that describes a fee that is charged yearly. You need to find a card that does not charge a yearly fee in order to truly get a good deal. In fact, this is an area where you'll want to spend the most time. A low annual fee will ensure that you're able to maintain an effective monthly payment while still having the ability to use your new card.

Another point to keep in mind when hunting for the best first credit cards is the security feature. Most secured cards include some type of fraud protection. If you have bad credit or poor credit history, a secured card will be your best option. Secured cards also allow you to build your credit score, which will help you qualify for other lines of credit in the future.

Finally, you need to make sure that the best first credit cards offer some type of security deposit. This is a small fee that is required to ensure that you will pay off your balance in full each month. The security deposit will vary depending on your bank, so shop around before applying. Also, make sure the terms of the security deposit are easy to understand and comfortable with. Some banks require an annual fee, some require a monthly deposit amount and some may require a co-signer. Your best option is to find the least expensive plan and to deal with all of these points.

Once you've found the best first credit cards that meet your needs and provides all the features you need, it's time to start comparing prices and plans. Use the internet to do your shopping. Simply perform a standard internet search for the best introductory rates and best first credit cards, and you'll receive hundreds of results. Take your time and read each offer carefully. There are three major credit bureaus that report every month, including the big ones: Experian, Equifax and Trans Union.

Now it's time to compare the best first credit cards with their respective offers. If you have bad credit, you may want to look for a card with low fees and no annual fee. If you have good credit, you may want to go with the best introductory offers and lowest interest rates. Whatever you decide, make sure to read all details and that you don't sign up for any extra credit.


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