How To Get Your First Credit Card

01.April 2014

Our Journey

Making the decision to get your first credit card is a big one and should be thought through thoroughly. With so many cards available, it can be difficult knowing which one is right for you.

It’s important to compare different interest rates, as well as reliability. With so many providers out there you need to ensure you’re choosing one that’s got a good reputation for customer service.

Below you’ll discover how to go about getting your first card and the things you should consider.

Know Your Options

It’s a good idea to know your options. There are many options and companies available such as American Express. Click here to find out more about the range of cards available.

Once you have a good idea of who the major players are, it’s then time to work out which card you need. The steps below will help you to get your first credit card with minimum hassle.

1. Check Your Credit History

The very first thing you should do before you search for a credit card is check out your history. Do you have a good credit score? A high credit rating is desirable in getting the card you want. Interest rates will also largely depend upon your credit rating.

If you don’t have a good rating you should aim to improve it before you apply by paying off any debts you may have. This will not only help your credit rating but will also put you in good standing for your future.

2. Compare Interest Rates

When looking into interest rates, there are many things that can affect the rate you are offered. When you see a card offering an APR of 18%, it doesn’t mean that’s the rate you’ll definitely receive. The rate the company offers you could actually be a lot higher. It will all depend upon your circumstances. Make sure you are clear about what rate you will be paying and how it will be calculated.

Don’t let high interest rates put you off. If you have a poor credit rating, the cards with higher APR tend to come with a higher acceptance rate. Providing you use them sparingly and smartly, they can be a great tool for rebuilding your credit history.

3. Understand the Requirements

A sure fire way to get accepted for your first credit card is to ensure you are eligible. Check out the requirements before applying.

Providing you do your research and follow the steps above, you should be able to find the right credit card to suit your needs. Never apply for the first credit card you come across. Be smart about your choices, and how you use it, and it will really pay off in the long run.

 

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