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Where To Apply For First Credit Card

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Use Your Credit Limit To Your Advantage

Credit Cards & Personal Loans : How to Apply for a First-Time Credit Card

It might be tempting to request a high credit limit in your application so you have more freedom to spend, but the amount you ask for could affect your chance of being approved by the lender.

Its usually best to avoid going so low that you dont have enough credit to get by or are always near your limit. Likewise, dont go with a credit limit that is so high that it hurts your chances of approval or tempts you to overspend.

Ways To Get Your First Credit Card

Thomas J. Brock is a Chartered Financial Analyst and a Certified Public Accountant with 20 years of corporate finance, accounting, and financial planning experience managing large investments including a $4 billion insurance carrier’s investment operations.

Eighteen can be a liberating age. You’re legally an adult. You can vote. You may be going to college soon if you’re not already there. And, you can get a credit card.

As eager as you may be to get your first credit card, many credit card companies aren’t so eager to give you one. Rather than putting in several credit card applications to see who’s going to approve you, target just a few companies that are known for giving credit cards to first-timers.

How Long Does It Take To Get A Credit Card

Many card providers offer instant approval when you apply online, while others will take around five to 10 days to make a decision.

Once your application has been accepted, you should receive your credit card within 10 working days. Youll then need to activate your card and, once youve received your PIN, your card will be ready for use.

Should you change your mind, youll have a 14-day cooling-off period in which you can let the card provider know that you want to cancel the agreement. If youve already used the card, youll have 30 days to repay the outstanding balance.

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First Progress Platinum Prestige Mastercard Secured Credit Card

  • Receive Your Card More Quickly with New Expedited Processing Option
  • No Credit History or Minimum Credit Score Required for Approval
  • Quick and Complete Online Application No credit inquiry required!
  • Includes Free Real-Time Access to Your Credit Score and Ongoing Credit Monitoring powered by Experian
  • Full-Feature Platinum Mastercard® Secured Credit Card Try our new Mobile App for Android users!
  • Good for Car Rental, Hotels Anywhere Credit Cards Are Accepted!
  • Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
  • Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
  • 24/7 Online Access to Your Account
  • Nationwide Program though not yet available in NY, IA, AR, or WI ** See Card Terms.
  • Get a fresh start! A discharged bankruptcy still in your credit bureau file will not cause you to be declined.

How To Build Good Credit History In Canada As A Newcomer

First Time Credit Card Application: Useful Tools To Help ...

It doesnt take long for many newcomers to Canada to get hit with the ugly reality that they need a good credit score to access competitive interest rates on credit products.

And, to achieve the aforementioned, they must first build a credit history right here in Canada.

When I first arrived in Canada in 2011, I did not know anything about credit scores as my home country did not have a national credit reporting system at the time.

Because I was wary of taking on debt, it took a while for me to build a healthy credit history as I was avoiding the very things needed to do so.

Read on to learn about how to build your credit history and increase your credit score as a new immigrant in Canada.

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What Is A Credit Score

A credit score is a three-digit number that lenders use to assess your creditworthiness.

This number ranges from 300 to 900 in Canada and it tells potential lenders whether you have responsibly paid off your debts in the past.

The higher your credit score is, the better. A good to excellent credit score increases your chances of qualifying for the best interest rates, which translates into more money in your pocket.

So, what makes a good credit score? It varies depending on who you ask.

As per Equifax, a credit score between 660 and 724 is considered good. Scores above this range fall in the very good to excellent categories.

Keep Your Utilization Low

After youve identified and gotten your first card, its time to be intentional with your spending. Experts recommend keeping your credit utilization below 30%. This means you arent spending more than 30% of your total credit limit each month. For example, if your credit limit is $1,000, you want to keep your balance below $300 each month.

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Check Your Credit Score

Before you apply, check your credit score. If its not where it should be, you can request a copy of your credit report to understand the factors that have affected your score. If you have a poor credit score, you may have a harder time getting approved for a card. But we can help you make a plan and take proactive steps to bring your score up.

Does Age Matter For Signing Up For A Credit Card

How To Apply For a Credit Card For The First Time

All of the major credit card issuers require you to be at least 18 years old to card independently. The same is true if youre applying for a joint account. Additionally, Harzog says that issuers typically require applicants under the age of 21 to show proof of income to qualify.

That said, if youre under 18 or youre under 21 and dont have a consistent source of income, you have a few options for getting a credit card with help from your parents.

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Four Things Worth Considering Before Applying For A Credit Card

Theres a wide selection of different credit cards that you could apply for, but its usually better to consider your options and do a few checks beforehand so you know youve chosen the right card for your situation. Here are a few things to bear in mind before you choose to apply.

  • Know your credit score. Your credit score is useful for banks and lenders, as it shows them how much credit you have available and how much you routinely use. This gives them an idea how responsible you are with repayments. Credit scores are available from UK credit reference agencies: Equifax and Callcredit. If youve not checked your score before, heres how to check your credit score.
  • Better score, better offers. A higher credit score could mean youll have the more options when applying for credit cards. For example, you could be offered a card with a lower APR, meaning youll pay less in interest if you carry balance. Find out how to improve your credit score.
  • Be selective with applications. Making too many credit applications in a short space of time could make credit reference agencies think youre facing money troubles. If your credit rating is lowered as a result, this could mean future credit applications are less likely to be successful.
  • Use eligibility checkers. Before jumping in with both feet, you can use an eligibility checker to see if youre likely to be accepted for certain cards. This kind of soft search doesnt leave a mark on your credit history.

Consider Calling The Issuers Reconsideration Line

If youve assessed the reason for your denial and determined that you werent far off from approval, call the issuers reconsideration line.

Now, if you applied for a card that requires excellent credit while having poor credit, you probably wont be able to talk your way to approval. However, you may be able to call the issuer and politely explain the situation, citing your timely recent payments and steadily improving credit. Theres no guarantee that youll be approved, but it doesnt hurt to ask. If you are approved, youll have the card you wanted and save yourself an additional credit inquiry.

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Your First Credit Card: A Chance To Develop New Habits

Good habits can take a lifetime to develop. But if you establish good credit card habits early, your entire financial life will offer more opportunities.

When you get a new credit card, I recommend using it only for emergencies at first. Dont use the card for everyday purchases like fast food, groceries, and gas.

You should also save up some money for emergencies. Most personal finance experts suggest keeping enough money in a savings account to pay three months of living expenses.

When you have an emergency fund, a car repair, illness, or another unexpected expense wont require you to use your credit card.

When your credit is strong enough to apply for a rewards credit card, you can then start making regular purchases with your credit card. You could put recurring expenses on your card such as your cell phone, Netflix, utilities, or some other monthly payment.

Since you already pay these expenses every month, you know you can afford them with or without the credit card.

Just be sure to pay them off at the end of the month.

Best Starter Credit Cards For No Credit Of September 2021

How To Apply For Your First Credit Card  Sneakers, Pots ...

ALSO CONSIDER: Best credit cards of 2021 || Best secured credit cards || Best unsecured cards for short credit histories || Best credit cards for fair credit

The best starter credit cards are easy to get, have no annual fee and report your payments to the three major credit bureaus.

The right card for you depends on your situation. Options include secured credit cards which require refundable upfront deposits student credit cards and alternative credit cards from smaller issuers that evaluate applicants’ creditworthiness on factors other than FICO credit scores.

ALSO CONSIDER: Best credit cards of 2021 || Best secured credit cards || Best unsecured cards for short credit histories || Best credit cards for fair credit

The best starter credit cards are easy to get, have no annual fee and report your payments to the three major credit bureaus.

The right card for you depends on your situation. Options include secured credit cards which require refundable upfront deposits student credit cards and alternative credit cards from smaller issuers that evaluate applicants’ creditworthiness on factors other than FICO credit scores.

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How Can We Help You

We understand that moving to a new country comes with many challengeslet us help answer any questions you may have. Our phone services are available in up to 200 languages.

    Toll-free from these 21 countries outside of North America when using the appropriate access codePop-up window.

    For the health and safety of our employees and communities, RBC has temporarily closed a number of branches, reduced hours, and is limiting the number of clients permitted at any given time to practice physical distancing. Open branches also have Plexi Protection Screens installed.

    If you are a post-secondary student and an owner or co-owner of an RBC Advantage Banking for students account and the primary cardholder of either the Signature RBC Rewards Visa credit card or WestJet RBC MasterCard credit card , you may be entitled to a rebate towards the annual fee of your Eligible Student Credit Card, every year. You will still be responsible for all other interest charges or fees. For any other RBC Royal Bank credit card, regular annual fees apply as they are not eligible for a rebate.

    To benefit from a rebate towards the annual fee of an Eligible Student Credit Card, every year, you must:

  • remain a student, and

  • $39

    Subject to credit approval


    We Have The Right Credit Card For You

    As you begin your life in Canada, a credit card will help you transition and settle in to your new home. Choose the type of card youâre looking for below to explore your options.

    Personal Credit Cards

    Enjoy the convenience and worldwide acceptance of a credit card from RBC. Choose from a range of premium and no annual fee cards.

    Student Credit Cards

    Start building a credit history while youâre a student and simplify your life with one of our popular cards for international students.

    Business Credit Cards

    Manage your business expenses, simplify your day-to-day tasks and invest in your business with a flexible business credit card.

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    Choose A Bank & Understand The Terms

    The next step on how to apply for credit card is choosing the bank and understanding the terms.

    Almost all financial institutions offer credit cards for their customers with different limits, starting from thousands to millions of dollars.

    However, people must know that each type of card has different requirements, such as minimum payments or usage. So, before choosing one, make sure to understand the terms of the product that you want to choose.

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    How To Manage Your First Credit Card

    How To Apply For a Credit Card Tutorial – First Time Credit Card User

    Its important to manage your account carefully to keep your benefits and protect your credit score:

    • If you dont make your payments on time or go over your agreed credit limit, in addition to fees and charges, you could lose any introductory or promotional interest rates on your account. If that happens, your standard account interest rates and fees will apply instead.
    • Your credit score could also be affected, which may make it harder to borrow in future, so its important to keep track and manage your account well.
    • You must make at least the minimum payment on time each month, but we recommend paying as much as possible to reduce your balance and the amount of any interest you pay overall. This could also help you to avoid falling into persistent debt.
    • Unless a 0% promotional rate applies, to avoid paying interest on purchases you need to pay off your monthly statement balance in full and on time every month.

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    Important Legal Disclosures And Information

    These articles are for general information purposes only and are not intended to provide legal, tax, accounting or financial advice. PNC urges its customers to do independent research and to consult with financial and legal professionals before making any financial decisions.

    This site may provide reference to Internet sites as a convenience to our readers. While PNC endeavors to provide resources that are reputable and safe, we cannot be held responsible for the information, products or services obtained on such sites and will not be liable for any damages arising from your access to such sites. The content, accuracy, opinions expressed and links provided by these resources are not investigated, verified, monitored or endorsed by PNC.

    PNC is a registered service mark of The PNC Financial Services Group, Inc. . All loans are provided by PNC Bank, National Association, a subsidiary of PNC, and are subject to credit approval and property appraisal.

    BBVA is a registered trademark of BBVA, S.A. and is used under license.

    Before You Apply For Your First Credit Card

    Before you apply for your first credit card, you need to make sure you fit the lenders criteria.

    All UK residents aged 18 or over can apply for a Vanquis first credit card, so long as youre not legally restricted from getting credit and dont already hold a Vanquis credit card. Legal restrictions that could stop you getting credit include things like being bankrupt.

    Its worth keeping in mind that even if you meet the minimum requirements, this doesnt guarantee your application will be accepted. Some lenders might also need you to be in full time employment and earning over a certain amount each year.

    One last thing: dont forget to check your credit score before you apply, because even a limited credit history could put you in the bad credit category. Some credit card providers wont lend to people with poor credit, and a rejected application can damage your chance of getting further credit.

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    How To Choose Your First Credit Card

    When you apply for a credit card, a lender will look at your to see how responsible you are at borrowing and repaying money. Theyll use this to help them decide whether to accept your application.

    If youre new to borrowing, you may not have a credit score. Without a credit history, you may be limited in your choice of credit cards but you can still find ones to suit your needs.

    Key Points About First Credit Cards

    5 Points to Note When Applying For Your First Credit Card
    • Make sure you consider your borrowing needs and other options, including loans or car finance.
    • To compare credit cards, consider the representative APR, fees and charges as well as any introductory interest rates.
    • To apply for your first credit card, you must be a UK resident aged 18 or over. Other criteria will also apply. Credit is subject to an assessment of your personal circumstances.
    • If youre new to credit your credit score may be low, so you may need to work towards improving it before youll be approved for the credit card you really want.
    • Use an eligibility checker to find and compare cards youre likely to be accepted for before you apply, without impacting your credit score. The Lloyds Bank version is called One Check.

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