Friday, March 24, 2023

Which Credit Card Is Best For First Time Users

Don't Miss

Slice Becomes The Latest Unicorn Company

The best first time credit cards for UK beginners in 2021

Slice which is an upcoming fintech company has attained the tag of a unicorn company becoming the 41st organisation to do so after it raised $220 million during a Series B funding round led by investor Tiger Global.

Post the funding, the company is now being valued at almost $1 billion. This comes as a huge success for a company which started as a buy now pay later product and has grown from there to offering credit cards to young adults and millenials.

01 December 2021

Best Credit Cards For Beginners In India

there is something about owning a credit card that makes you feel grown-up. you may have seen your parents use it and would have been longing to get one with your name on it. now that you have a job, it is time to make your long-standing wish come true and get yourself the best credit card in India. many of you might have queries regarding credit cards, like, which are the best credit cards, how do i apply for a credit card, how to improve my credit score after i start using my credit card?today, we will address the first question. there are so many credit cards in the market, and each of them claims to be the best. how do you identify one that truly works for you and meets your requirements as a new credit cardholder?

Best Unsecured Cash Back Card For Fair Credit: Capital One Quicksilverone Cash Rewards Credit Card

For new cardholders who plan on using their first credit card for everyday purchases, a rewards credit card could save you money. The Capital One QuicksilverOne Cash Rewards Credit Card offers 1.5% cash back on every purchase. It’s also an unsecured credit card and doesn’t have a foreign transaction fee.

The flat-rate rewards can be easier to manage than a rewards card that offers different rewards rates depending on where you use your card. However, as with other rewards cards, the high variable interest rate can make carrying a balance expensive.

While you’ll earn cash back on purchases, the Capital One QuicksilverOne Cash Rewards Credit Card does have a $39 annual fee.

Don’t Miss: Americamexpress Com Paybill

How Do I Get A Credit Card If I Have No Credit History

Regardless of your age or student status, if you dont have any credit history yet , you may have a hard time getting approved for any traditional credit card.

Secured credit cards are an exception to this rule, and theyre the best way to build credit for the very first time.

At first, a secured card works more like a debit card you deposit money into a bank account before you can use the card.

The difference, however, is that the secured credit card will report your responsible use of the card to credit bureaus and help you build credit in a way that debit and prepaid cards do not.

Learn more about ways to build credit for the first time or check your credit report to see if youve begun building credit yet.

The Process To Apply For A Credit Card Online

5 Best Student Credit Cards For First Time Users

You can Compare & Apply for a Credit Card on BankBazaar by Following 4 Simple Steps:

  • Step 1: Compare credit card offers
  • Step 2: Select from the top cards offered by leading Indian banks
  • Step 3: Check your eligibility by entering a few personal details
  • Step 4: Enjoy instant approval online after filling out your application form

Alternately, you can also apply for a card online on the bankâs website by following these steps:

  • Step 1: Visit the bank’s website.
  • Step 2: Explore the cards offered by the bank.
  • Step 3: Use the comparison tool if available to compare their features and benefits
  • Step 4: Select the card that is the right one for you and hit the ‘Apply’ button.
  • Step 5: Fill in the required details and upload all necessary documents.
  • Step 6: Submit your form.

Note: Each bank may have a different application procedure. Visit the bank’s website for more details regarding how to apply for their card online.

Recommended Reading: Bb& t Visa Gift Card Balance

Which Credit Card Company Is Best

  • Visa: 336 million cardholders. Visa is the largest payment network with over 40 million merchants.
  • Mastercard: 231 million cardholders. As the second largest credit card network in the United States, Mastercard offers benefits such as easy bill payment and data protection with chip technology.
  • Citibank: 95 million cardholders. Citibank is a great banking institution for customers of all credit levels. Citi Cards offers two main rewards programs: Easy and Thank You.
  • Chase: 83 million cardholders. Chase is the second largest universal credit card provider in the world.

What Is A Starter Credit Card

Technically, a starter credit card is a credit card with low credit requirements and perhaps other built-in features to cater to first-time cardholders. Theyre an option for students, general applicants with no credit history and people with fair-to-bad credit looking to rebuild their scores. They generally should not be the first choice for people with good-to-excellent credit who can likely qualify for a credit card that offers better rewards, lower APRs, more affordable fees and/or all of the above. For quick reference, credit ranges generally fall into 5 categories and give a good idea of the cards available to you:

Remember, a credit card is a tool that can help you accomplish your financial goals. If youre applying for a credit card, whether its your first or fifth, you should always have a goal in mind. So whether you want to build credit or start earning rewards, just know what youre looking for before you apply.

Read Also: Southwest Plus Card Referral

Google Has Announced Changes For Automatic Payments In India To Comply With Rbi Rules

Google has announced that a customerâs card details such as card number and expiry date will not be saved from 1 January 2022. The reason for this is Google has to abide by the Reserve Bank of Indiaâs guidelines for Payment Aggregators and Payment Gateways .

According to the new card storage regulations of RBI, only card networks and card issuers will be able to store card details from 1 January 2022. The tokenisation of card-on-file by card issuers has also been extended. Google further stated that it will save a userâs card information in a format that adheres to the RBI regulations by keeping sensitive data secure.

To continue using the same Visa or Mastercard debit or credit card for payment after 31 December 2021, you will need to re-enter your card details and make at least one purchase or manual payment by the end of 2021. Otherwise, your card wonât be displayed in your account and you will have to enter your card information again.

01 December 2021

How To Check If You Will Be Accepted

Which is the Best Points Credit Card for a First-Time Cardholder?

You should apply for a card that is likely to accept you instead of applying for several in one go. This is because seeing too many applications on your credit record can put lenders off.

Use an eligibility checker to find out what cards you can get and improve your chances of being accepted when you apply. You can find our credit card eligibility checker here.

Here is some more information on how to find credit cards that could accept you.

Read Also: Best Buy Credit Card 0 Interest

Hdfc Bank And Equitas Bank Collaborate To Offer Co

Equitas Small Finance Bank Limited, in collaboration with HDFC Bank, has announced the launch of co-branded credit cards. The credit card will be available in two categories, namely âExcite Credit Cardâ and âElegance Credit Cardâ.

The âExcite Credit Cardâ will offer a credit limit from Rs.25,000 to Rs.2 lakh while the âElegance Credit Cardâ has a credit limit of over Rs.2 lakh. In addition to offering a better banking ecosystem, this co-branded credit card will help customers earn reward points on their purchases.

Customers who spend more than Rs.50,000 within 90 days will get a joining fee waiver on the âExcite Credit Cardâ. Similarly, âElegance Credit Cardâ holders will be offered a joining fee waiver if they make purchases of over Rs.20,000 within 90 days.

24 November 2021

Best Card For Balance Transfers

A balance transfer credit card allows you to move a balance from one credit card to another, usually offering a very low interest rate on the transferred balance for a limited period of time.

Transferring a balance from a card with a high interest rate to a card with a low interest rate can be a financial life vest, significantly curbing the escalating interest on the amount you owe and giving you a window of opportunity to pay off your debt once and for all.

The key features to watch out for in a balance transfer credit card are the promotional interest rate, the length of time the special rate lasts, the fee charged for making the transfer and, of course, the cards annual fee.

Also Check: Cabelas Club Black

Nerdwallets Guide To Your First Credit Card

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list ofour partnersandhere’s how we make money.

» MORE: How to apply for a credit card online

How Do I Use The Card To Build Credit

The 6 Best First

The best thing about getting your first credit card may be the ability to buy things before you have money for them. Pay your bill on time and in full each month, and this isnt a problem. If you dont follow this golden rule of building credit, your credit score will drop.

Beyond paying your bills on time and in full each month, here are some other ways to use your first credit card to build credit:

The higher the credit score you have, the more likely you are to be approved for credit cards with better rewards, and youll likely be approved for loans at the best interest rates available, saving you thousands of dollars over your lifetime. A low credit score can make it difficult to get more credit and loans, which you may need someday to buy a car or house.

You May Like: My Citi Best Buy Card

Top Credit Cards For First

  • For People with Good Credit: Discover It will match all the cash back you’ve earned at the end of your first year. This offer is only for new customers. This card earns 5% cash back in bonus categories that change each quarter . All other purchases earn 1% cash back.
  • For Cash Back Rewards: Capital One QuicksilverOne earns 1.5% cash back on all purchases. After making your first 5 monthly payments on time, you can be eligible to receive a higher credit line. There is a $39 annual fee.
  • For Travel: Capital One VentureOne Rewards Credit Card offers a one-time bonus of 20,000 miles if you spend $500 on purchases within three months of account opening. 20,000 miles is equal to $200 in travel. This card earns 1.25 miles per dollar on all purchases. You can redeem miles toward travel purchases on any airline, hotel, or car rental. There is a 0% intro APR on purchases and balance transfers for 15 months. After that, a variable APR, currently 14.99% to 24.99%. There are no foreign transaction fees. There is no annual fee.
  • For People with Fair Credit or Limited Credit: Capital One Platinum offers a no annual fee credit card to people with fair credit. You may get access to a higher credit limit after you make your first 6 monthly payments on time.
  • For New Business: Spark Classic from Capital One offers 1% cash back on every purchase. This card is for business owners with average credit. There is no annual fee.
  • A New Credit Card By Sbi Offers Fitness Related Benefits

    SBI Card PULSE, a credit card recently launched by SBI is designed for fitness enthusiasts. To avail of the benefits of this card, you have to pay an annual membership fee of Rs.1,499. The renewal charge is waived if you reach the yearly spend milestone of Rs.2 lakh within the card membership year.

    On paying the joining fee, you will receive a Noise ColorFit Pulse Smartwatch worth Rs.4,999 as a welcome gift. You will also get a complimentary one-year Fitpass Pro membership. SBI Card PULSE enables access to 4000+ gyms and fitness studios all over India.

    Furthermore, you can also access online sessions for Pilates, yoga, dance, cardio, and more. SBI Card PULSE users will be entitled to numerous benefits like artificial Intelligence-powered personalized fitness routines, 5% off on pathology lab tests, free and priority delivery, health check-ups, and more

    15 December 2021

    You May Like: Valero Fuel Rewards

    How To Use A Credit Card For The First Time:

  • Use the credit card on a regular basis. Making a manageable amount of purchases from time to time will give you the opportunity to develop a habit of paying your bill in-full and on-time. Plus, account activity is one of the factors card issuers will look at when you ask for a credit limit increase. If you use your card regularly and responsibly, youre more likely to get a credit line increase when you request one.
  • Always pay the monthly bills on time. When you use a credit card for the first time, starting out with timely payments is critical to avoiding interest charges and building a good credit score. A payment that is a day late is still a late payment, so try to pay several days before the due date. Setting up automatic monthly payments from a checking account can be very helpful.
  • Pay off the entire balance every month. Paying in full every month is a good habit to get into, leading to long-term credit score gains and allowing you to avoid being charged interest on your purchases. Plus, a credit card that you use for the first time will likely have a low credit limit, and a balance reduces your available credit.
  • Using your first credit card responsibly can be a tall order for some people. But once youve mastered it, consider the hard part out of the way.

    First-Time Credit Cards with Good APRs:

    So the date when the first credit card was issued depends on how specific your definition of credit card is. You can get a better sense of the different milestones below.

    How Do You Get A Credit Card With No Credit History

    Credit card for first time users

    Look for credit cards that advertise that they accept people new to credit or building credit. Such products generally include store credit cards, secured credit cards, and student credit cards, but there are some unsecured cards designed for people with no credit, like the Capital One Platinum card.

    You can also consider asking someone to co-sign your credit card application, or ask a family member to add you as an on their credit card. Both strategies carry risks , but they may give you access to cards with more features.

    You May Like: First Premier Bank $700 Credit Limit

    Why Is Building Credit So Important

    Despite the potential risks, using a credit card can be the easiest, least expensive way to build good credit. Considering that establishing a solid credit history takes years, you need to start using credit well before you want to do something like buy a home or finance a new car. Without good credit, you may not qualify for the loan you need, or if you do, it may be much more expensive than youd like it to be.

    What Do You Need To Get A Credit Card Without Credit

    You don’t need a credit history to get a starter card. In some cases, you won’t need a Social Security number. But generally, you’ll need:

    • A U.S. mailing address.

    • A checking or savings account.

    Depending on your age, you might have to meet stricter income requirements to qualify:

    If youre under 21: To qualify for a credit card, you’ll need to show that you can make payments on the account independently or get a co-signer, someone 21 or older who assumes the responsibility of your debt if you cant pay the bill.

    If youre over 21: Youre still required to report your income if youre over 21, but you have the option to list any income to which you have reasonable expectation of access.

    Other requirements can vary depending on the type of starter card. Some examples:

    Don’t Miss: Can I Pay My Bestbuy Credit Card At The Store

    What Is The Best First Time Credit Card To Apply For

    1) Check your credit history. Your credit score is a three-digit number that tells lenders how you are doing as a borrower. 2) Understand your personal finances. It is very important to check your finances when you get your first credit card. 3) Read about the interest rate comparison. To get your first credit card, it’s important to understand how interest rates work. 4) Compare the benefits to get more profit. Every credit card has different conditions.

    Which Is The Best Credit Card For You

    3 things first
    • Your spending pattern: Your monthly spending pattern is a significant factor in choosing the right credit card.
    • The reward type: Credit cards offer rewards in terms of cashback, rewards points & air miles.
    • Fees and charges: Compare the interest rate on different cards and the fees and charges that apply.
    • Offers on the card: Some cards have great offers and discounts when you use them to shop on a particular website or when you use it in a specific store.
    • Welcome bonus or gift: Some banks offer welcome gifts and joining bonuses on applying for a credit card. Gifts could be the latest gadget or bonus points and miles.
    • Payment options: Most cards will allow you to make payments via multiple channels.

    Read Also: Cabela’s Club Visa Cash Advance

    More articles

    Popular Articles