Credit cards can look intimidating when considering getting one for the first time. But they can also be a great investment if thought through thoroughly! What are the best credit cards for first-timers?
Credit cards have a variety of uses and many positives. They can be used on urgent bills or charges that you can pay back at a later time. Certain credit card companies also include vacation rewards and other bonuses on certain purchases, helping you save more money than you spent in the long run!
There is a credit card company that can best suit your needs and goals. Take a look at these companies for the best credit cards for anyone trying to establish their credit!
Discover IT- Student Cash Back
Rewarded as the top-rated credit card of 2022, Discover Card is a very well-known company with a variety of different cards with different perks and uses. The IT- Student Cash Back card was rated 100% for its:
- Cash back policies
- No transaction fees
- Sign-up bonuses
- Grocery and restaurant rewards
Discover’s cash back policies include 5% cash back on everyday purchases from companies. This includes Amazon, Paypal, several gas stations, restaurants, and grocery stores. You also earn 1% cash back on all other purchases. One thing to bear in mind with this card is the requirement of having a decent credit score between 580-740.
Discover is one of the best credit cards for first-timers because it will match all of your cash back earned at the end of your first year as a new card-holder! Your $50 spent on the card will be turned into $100, the same with $100 being turned into $200 and so forth. There’s no minimum or maximum spending rewards, simply a dollar-for-dollar match!
Chase Freedom Student Credit Card
This card is unique for its $0 annual fee! This is great for anyone who is easily annoyed by small fees or random charges made to their accounts. Chase has great credit cards for first-timers who need to build up their credit history and develop healthy card habits! With this credit card, some extra pros include:
- $50 bonus offer for first-time card-holders after making their first purchase in the first 3 months of having the card
- Great standing rewards, including $20 per year of simply having the card
- Credit limit increases as you stay on top of paying back charges within 10 months of opening account
However, there are a few things to consider before going with this card. Some things to be aware of include:
- Foreign transaction fees of 3%
- No introductory annual percentage rate: card-holders pay a 17.24% variable once they become card-holders
- Fixed rewards rate: You won’t be able to earn extra rewards within rotating bonus categories
- Must have a minimum credit score of 670
Citi Secured Mastercard
Citi has great credit cards for first-timers starting out with no credit score! Like Chase, this card also has a $0 annual fee, but does have an APR of 24.74% beginning as soon as you begin using the card. Some pros of choosing this card are:
- It’s easy to qualify, no credit history needed
- Free Online Accessibility to your FICO score
Not only do you not need a credit history, but in having access to your FICO account, you can see your progress as you begin to build your credit score! The one thing to know about this card before deciding is that this card does not offer rewards like other credit cards.
Each card company has some similarities, but your choice should depend on what you are looking for and your requirements for a credit card. These are just a few great options for credit cards for first-timers. Be sure to research each company before making a decision, and start building your savings and credit score today!