What is the best card to start with to build credit? My son never had a card but has no debt either. Just needs to establish credit. Thinking about Chase Freedom for Students. Does it have a signup bonus?
Updated on October 04, 2018
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 Rewards sertificate after each account anniversary for up to 5 years. Instead, you can apply for the Discover it® Student Cash Back to get rewards at any gas station. This card will give you a dollar-for-dollar match of all the cash back you've earned at the end of your first year provided you are a new cardmember. This card has reasonable APRs, no annual fee and a cash back bonus program.
Remember that every credit card has its pluses and minuses, which will suit your son more depends on his preferences.
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