So, you’re ready for your first credit card. You’ve gotten your first job. You are over 18. You are ready for the responsibility and prestige that comes with having a credit card.
Applying for your first credit card can be both exciting and scary. Which credit card should you apply for? What is an interest rate? Does the credit card have any fees? How many credit cards should you have? All of these are good questions. Because your use of plastic will have an effect on your financial future, you will need to make sure that you know the ins and outs of credit cards.
To make sure you get the best credit card, you will need to remember a few important things.
• Be sure to apply for the card that gives you the best credit card rate.
• Choose a fixed rate credit card.
• Avoid credit cards with fees.
• Never carry more than three credit cards at a time.
As a new consumer, you will probably have your pick of several credit card offers. Choose wisely as this can make or break your credit score for the next few years. Remember that using your credit card is easy – repayment may be more difficult. Keep track of your purchases and never charge what you cannot repay. Be certain to pay at least the minimum payment on time each month to maintain your good credit rating.
Look for a credit card company that gives you everything above and offers a points or reward system or a cash back credit card. You can earn free gas with a gas credit card, free flights with an airline credit card or travel reward credit card, and free gift cards, electronics, and hotel stays with many MasterCard credit card programs.
Enjoy being in the driver’s seat as a new credit consumer and, above all, use your credit wisely so that you maintain your position in the driver’s seat for the rest of your financial future.
