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I’m new to this credit card concept and all talk about credit, bonus, rewards and APR, late payments and credit build up. How can l know l apply for the right card?
Answered on July 31, 2014 Updated on July 31, 2014
The content is accurate at the time of publication and is subject to change.
The most important thing when you choose a credit card is your credit score. When you know your credit score you can easily choose the card you most likely will be approved for. So, check your credit reports to find out your credit score. When you choose a credit card, check the APRs and fees the card has. Think of how you are going to use your card. If it is only for occasional use, a credit card without annual fee would be a good choice. Pay the balance on the card in full before the due day and you won’t be charged any interest. You can use our card finder tool to see what credit cards you can apply.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
We can recommend you start with consider secured credit cards. These cards require a security deposit paid upfront. A secured credit card is a good way to build your credit history as it reports the account activity to major credit bureaus. You just need not to miss payments and pay off your balance. After that, getting approval for an unsecured card will be much easier.
For example, you may consider the Merrick Bank Secured Visa® from Merrick Bank. This card can help you build credit, since your account activity will be reported to all three major credit bureaus. The amount of your deposit determines...
Starting credit history from the very beginning is always better than improving it and credit card issuers are not too captious.Look into credit cards for those with limited/no credit history: these cards are created for newbies. The cards have quite high APRs and fees. However it is possible to find a card with 0 intro APRs or without annual fee. Also some cards offer bonus programs: you can earn points or cash back on purchases you make.If your son wants a bonus credit card, Chase Freedom® Student credit card is not the best option as it has no bonus. The only you get is $20 Good Standing...
Sadly, we don't have any information about credit history required to be eligible for AARP credit card. I wouldn't recommend applying for this card if your credit score is in the fair range. There are many other credit cards that are created to help people raise their credit score. If your credit score is not where it needs to be, you can apply for one of these cards for fair credit and use it to bring your credit score back to a place where you want it to be.
Have you ever been declared bankrupt or defaulted on a loan?
Have you been late on any credit card or loan in the last year?
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