Credit cards for first time credit card holders

Top 10 credit cards for first time applicants

For first time applicants looking to build credit on credit cards, there are ten credit cards that stand head and shoulders above the pack. If you’re a first time credit card holder, your credit card is the number one step to building a payment record. Your credit score may or may not qualify you for car loans, mortgage or lines of credit. And it will determine the rate of interest you’re charged if you apply for and receive financing of any kind.

The good news is that changes in credit card laws have been passed with the intent of protecting you and others from rogue lending practices. However, it’s up to each individual to make sure their credit file indicates to lenders they are a good or reasonable risk when applying for a loan. Remember to pay all of your bills and expenses on time. All it takes is one or more late payments to lower your credit score.

The following credit cards, which include prepaid debit cards, are great for people with no credit or a limited credit history. It allows them to build credit on credit cards they choose. Federal laws also protect predatory lending practices to people under 21 unless the card applicant can show he or she has the ability to repay.

The following ten credit cards are recommended for first time applicants:

  1. Applied Bank Secured Visa Credit Card – This credit card comes with a moderate price tag. But balance transfers are not allowed and there are redeemable awards for air travel and roadside assistance. There’s also a relatively high APR and is available to anyone regardless of credit standing.
  2. First Premier Bank Gold Credit Card – Moderately priced and prohibits balance transfers. Redeemable awards include air travel, cash back and roadside assistance.
  3. Capital One Cash Rewards for Newcomers – This card helps anyone new to the U.S. establish credit and earn cash back in the process.
  4. Capital One Platinum Credit Card ­– There is no first-year annual fee. Personalize your image and get spending notifications through text alerts.
  5. Prepaid Visa Pink Diamond RushCard – Guaranteed approval and free direct deposit. Use the card to pay bills, rent or write personal checks. Transfer money to other cards.
  6. Capital One Cash Rewards Average Credit ­– Cardholders receive a 50% bonus on cash back earned every year. Cash rewards never expire.
  7. Capital One Secured Master Card­ – No application or processing fess required and offers a credit line up to $3000. This is card is accepted a millions of locations around the world. Card holders can also track their own purchases.
  8. Orchard Bank Visa – Accepted a millions of locations worldwide and reports to three major credit bureaus. Check your account information with ease and get reminded of payments by text messages.
  9. Prepaid Visa Black Diamond Rush Card – Guaranteed approval with no credit check. Utilize free deposit and change your fee plan whenever it suits you. Card owners can pay bills and write personal checks. It also offers card-to-card balance transfers.
  10. Prepaid Visa Purple Diamond Rush Card – No credit checks required. Applicants are 100% guaranteed approval. Cardholders can change plans whenever the need arises and there’s no fee charged on direct deposits. Use the card to make purchases and pay bills. It also comes with a free prescription card.

First time credit cardholders should make every attempt to use their card wisely. Why? Because they may have their credit card for years and every purchase and payment is recorded on their credit report and will remain there for many years.

Credit scores are checked on everything, from buying a home or renting an apartment, to everyday purchases and applying for a job. Remember to spend wisely if you’ve been approved for your first credit card. Credit penalties could affect your life for years to come.


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Getting Your First Credit Card

Smart credit card usage can help build up your credit score and history, preparing you for bigger financial moves in the future.

Credit cards for first time credit card holdersBy Andrea Browne Taylor, Online Editor Credit cards for first time credit card holders

When I got my first credit card in 2003, I used it only to make small purchases, such as my Internet service, which was about $25 a month at the time. Then, over the holidays one year, I used it to buy pricey Christmas gifts for my family that I otherwise wouldn't have been able to afford. I also made a couple more not-so-smart purchases -- including several shopping trips to the mall to buy clothing I wanted, but definitely didn't need -- using the card. Unfortunately, I could only afford to make the minimum payments, and it took me nearly two years to pay off the balance. When I finally did, I thought about the hundreds of dollars I'd paid in interest, and it was enough to make me take the card out of my wallet so I wouldn't be tempted to use it so carelessly again.

SEE OUR SLIDE SHOW: 7 Great Credit Cards for Students and Young Adults

I’m not alone in these experiences. Plenty of college students and twenty-somethings manage to rack up thousands of dollars in credit-card debt without any real means to pay it back. Here's how you can get your first credit card and use it constructively to lay the foundation for a successful financial future:

Cards That Don't Play Hard to Get

Credit card options may be limited for those with little or no credit history. Consider talking with a representative at your personal bank first to find out what credit options they offer, suggests Linda Leitz, a certified financial planner based in Colorado Springs, Colo. "Sometimes if you get a credit card through your bank [where you already have a checking or savings account], you may be able to get a bundle deal that you wouldn’t find online or through another banking institution," she says. At PNC, for example, anyone applying for a PNC Points Visa credit card who also has a qualifying checking account with the bank gets a 75% bonus on any rewards points earned.

Retail credit cards are generally easier to qualify for and will help you establish a credit history just like a major credit card. However, most retail cards, such as Target’s REDCard or The Home Depot's Consumer Credit Card, only allow you to make purchases at that specific retailer or other stores it owns. Regardless, using a retail credit card can prepare you for bigger expenses later in life, such as a car note or a mortgage payment, Leitz says, and if you're going to use one, "it's wise to register for a card at a store you frequent."

Charnika Plenty, 29, of Takoma Park, Md., did exactly what Leitz suggests. She applied for a retail credit card at Banana Republic a couple of years ago because it's a store where she regularly shops for work clothes. Plenty qualified for the store's Luxe Visa card because she had a solid credit history. With the Visa card, she's able to earn rewards points and an additional 15% off store purchases, and she can use it at any other store that takes Visa. Plenty says the card has helped her maintain a good credit score "because I'm good about paying my bill and keeping the balance low."

Warning: Many retail cards have low spending limits and high interest rates, says John Ulzheimer, president of consumer education for SmartCredit.com. For example, at Best Buy, the annual percentage rate on their Reward Zone card ranges from 24.24% to 27.99%. Failing to make an on-time payment for even the smallest purchases using a retail card can be costly. "[Retail credit cards are] a stepping stone until you can build up enough credit to graduate to a bigger card," he adds.

If you have little or no credit history, you might also consider a secured credit card. This type of card requires the cardholder to make a cash deposit equal to the card’s credit line, says Greg McBride, a senior financial analyst for Bankrate.com. The deposit is used as collateral toward your account, and any unpaid money that's overdue will be deducted from it, according to Credit.com. This helps remove the risk of default for the issuer and overspending for the cardholder, McBride adds. "Using a secured credit card modestly and paying the balance in full each month is key in eventually transitioning to an unsecured credit card where a cash deposit isn't required." Also, payment activity (or lack thereof) on a secured credit card gets reported to the major credit bureaus and can impact your credit score and history just like an unsecured credit card does.

Check out our slide show, 7 Great Credit Card Picks for Students and Young Adults, for Kiplinger's top credit and retail card picks for first-time cardholders. To research additional credit card options, visit sites such as Mint.com and Bankrate.com, suggests Ulzheimer. "They do a good job of explaining the types of credit cards that best suit you based on your credit history -- from just starting out to rebuilding your credit."

Some things you'll want to consider with a first credit card, says Beth Kobliner, author of Get a Financial Life: Personal Finance in Your Twenties and Thirties, are the specific terms of the credit agreement, including annual fees, low introductory interest rates (which will likely skyrocket after a fixed period of time) and rewards benefits. Obviously, you'll want to try to avoid cards with excessive fees, such as balance-transfer and late-payment fees. These can really add up, so be sure to read the actual credit card agreement before signing.

Alfons Prince, 29, of Asheville, N.C., remembers all too well how the allure of a low introductory rate led him to make poor spending choices. He applied for two credit cards, a Visa and a MasterCard, during his freshman year of college in 2000 -- back when credit card companies were allowed to set up shop on university campuses with little regulation. One of the cards he was approved for had an introductory interest rate of 5%, and Prince used it for purchases both big and small. However, when the interest rate jumped to more than 10% after only 60 days, he says, shock set in because he couldn't afford his monthly bill. It took Prince more than a year to pay off the cards entirely. To avoid an expensive surprise, says Leitz, card applicants should always "know upfront what fees and charges are associated with the card."

For rates, aim for 15% or lower. Unfortunately, the best rates are reserved for folks with the highest credit scores -- not typically those of us just starting out. If you can't snag a great rate right away, keep trying to boost your score and check with your card issuer every year or two to see if you can get your current rate lowered.

Remember, credit cards aren't necessarily bad. It's how you use them that can negatively affect your credit score. When used properly, credit cards can help lead you down a solid financial path toward renting an apartment, being approved for a new-car loan, and buying a home.

Except for in an emergency, you should never buy anything with plastic that you won't be able to pay off when your statement arrives, Kobliner advises. Another tip for keeping your credit card spending in check: Kiplinger's Janet Bodnar recommends immediately deducting any credit card purchases from your checkbook balance. That way, when your bill is due at the end of the month, you'll have already accounted for those expenses and will be able to pay the bill in full, avoiding late fees and dings to your credit score.

Keep in mind that negative credit-report information follows you for seven years, Ulzheimer adds. Defaulted credit cards and late payments can be problematic during major life milestones, such as when you try to finance a first home, he says. Using a credit card frivolously during early adulthood may not seem like an immediate concern, but it could seriously hinder your buying power later in life.


Credit card guide for dummies and beginners

Maybe you’ve never had a credit card or maybe you don’t really understand how they work. If this is the case, you can use this guide to understand the key features and standard costs of a credit card so you can find the right one for your budget and spending habits. You can also discover which types of credit cards are best suited to beginners, and mistakes you should avoid to get your credit card history off to a good start.

A credit card is an unsecured revolving line of credit, meaning you can borrow money to make purchases without having to put up collateral. Based on your perceived ability to make repayments, credit card companies assign a credit limit, which is the maximum amount of money you can borrow. Unlike a debit card that uses your own money to make purchases, when you use a credit card, you are borrowing the bank's money. At the end of your billing cycle, you receive a statement and that tells you the total amount you owe for all of your purchases for that period. In the diagramВ below you can see the flow of money and information that happens behind the scenes when you use your credit card.

How credit card interest works

As you spend on your credit card, your debts will also begin to collect interest if you’re unable to pay the whole balance back by the end of the statement or interest-free period. If you’ve used your card for purchases, it will start collecting an interest charge (usually between 11.99% and 20%). If you’ve used your card for an ATM withdrawal or any other transaction that’s considered a cash advance, you’ll accrue the cash advance rate of up to around 22%. If you decide to balance transfer your debt down the track, you’ll also accrue a balance transfer interest rate (which is usually the same as either the interest rate or cash advance rate). Some cards do offer 0% promotional periods on purchases and balance transfers, so this is something to keep in mind during your comparison. Aside from interest rates, the main cost that comes with a credit card is the annual fee, which can vary from $0 to $1,200 p.a. depending on the card.

Each month, you’ll receive a statement that will detail the transactions you’ve made, the total outstanding balance you have and any interest you’re accruing. While you’re only required to pay a minimum repayment each month (2-3% of your total balance), it’s best to pay as much as you can. If you pay your entire balance in full, you can usually take advantage of up to 55 interest-free days in the next statement period. If you don’t pay your entire balance in full, the remainder will start to collect interest. If you miss the minimum repayment, you could be charged late payment fees.

What are the features of a credit card?

  • Credit limit. This is the maximum amount of money you can borrow using your credit card.
  • Interest and interest-free days. Interest is the cost to borrow money using a credit card. Interest varies depending on whether you’re using your credit card for a purchase or cash advance. Pay your balance in full by the statement due date and you get up to a number of interest-free days on purchases in the next statement period. Up to 55 days is the typical interest-free period.
  • Balance transfers. A money-saving credit card feature, transfer your existing credit card debt to a new credit card with a different provider and get a special interest rate on the balance transfer amountВ for a limited time.
  • Cash advances. Using your credit card to get cash from an ATM, for gambling purchases and paying some bills are cash advance transactions. Cash advances attract a cash advance fee.
  • Rewards programs. A value-adding feature, get points in a rewards or frequent flyer program when you use your credit card to make eligible purchases.
  • Contactless payments. For purchases under $100, tap your credit card against a contactless reader to complete a purchase in seconds.
  • Extra features. Credit cards come with extras such as complimentary international travel insurance, purchase protection insurance, extended warranty and best price guarantee cover, complimentary airport lounge access, platinum concierge services and you can even get free wine when you use a Citi credit card to pay for a meal at a participating Citibank Dining restaurant.

What are the costs of a credit card?

  • Repayments. You’re free to repay as much as you like as often as you like. You’re required to make the minimum repayment when your statement is issued. The minimum repayment is usually 2% of your outstanding balance. You will pay a late payment fee if you don’t make the minimum repayment by the statement due date.
  • Annual fee. This is the cost to own a credit card. The annual fee ranges from $0 to hundreds of dollars depending on the credit card type. The credit card annual fee is deducted from your available credit and accrues interest at the purchase rate if it isn’t paid in the first statement period.
  • Interest rates. Interest is the price you pay to borrow money. Credit card interest rates are much higher than other types of finance because credit cards are an unsecured product; financial institutions have no recourse to take your assets if you default on your repayments.
  • Other fees. Other fees you may run into include late payment fees, overlimit fees (a fee for spending past your credit limit), rewards program membership fees and cash advance fees.

Credit cards for first time credit card holders

What types of credit cards are suitable for beginners?

In Australia, Visa, Mastercard and American Express issue credit cards with banks and financial institutions and even supermarkets. There are many types of credit cards with different features for different types of borrowers. Low rate credit cards feature a low purchase rate of interest and annual fee whereas rewards credit cards feature high rates of interest and annual fee, but also reward cardholders with points for purchases.В It can be wise to begin with a no-frills credit card so you can get a grip on how credit cards work before upgrading to a product with bells and whistles.

These types of credit cards are suitable if you’re starting out:

  • Low interest credit cards.Low interest rate credit cards typically feature a low purchase rate of interest. This is beneficial if you don’t pay back your balance in full by the statement due date. These types of credit cards can also feature a promotional period in which you pay low or no interest on credit card purchases.

Low interest credit cards are suited to beginners still finding their feet making repayments. Paying off a debt over a couple of months is far cheaper with a low rate credit card compared to a rewards or premium credit card.

  • No annual fee credit cards. This type of credit card costs nothing to own; however, the rates of interest can be higher than low rate credit cards.

    A no annual fee credit card can sit in your wallet, never come out and it won’t cost you a thing. These types of credit cards are suited to beginners who are looking to build their credit history but don’t want to go all-out on a credit card with loads of features.

  • Low income credit cards.Low minimum income credit cards have a low credit limit. Typically your annual income must be about $15,000 or greater to service the minimum credit limit of $500. Low income credit cards are typically either low rate or low fee credit cards.

    Low minimum income credit cards are suited to beginners who either have a low income or want a low credit limit to avoid the temptation to overspend.

  • Student credit cards. Students looking to avoid paying a high annual fee and high rates of interest look towards student credit cards when comparing products.
  • How to apply for your first credit card

    Credit cards are a product for borrowers with a good credit history. If you’ve never applied for a credit product before, you have a better chance of getting approved for a basic credit card than a credit card packed with extras. The credit card company will want to see copies of your latest payslips to verify your income as well as documents to verify your identity.

    While most institutions require you to apply for a credit card in your own name, some also let you apply for a joint account with your partner. If you want to provide someone else with access to your account, you can also nominate additional cardholders.

    The requirements will vary from card to card, but you can browse some of the standards below:


    Credit Cards For First Time Credit Card Holders

    January 26, 2017

    January 26, 2017

    January 26, 2017

    Virtually all credit companies are offering interest free credit cards. However, not all people are entitled to such offers, particularly those who have not experienced a card before.

    If you try to get interest free credit cards but you are not really qualified, you may finish up getting a card that has a high APRIL with no introductory interest free offer at all.

    Credit cards for first time credit card holders

    Nevertheless , this doesn’t imply that there is absolutely no card company that offers zero interest cards for beginners. There is a way to find interest free credit cards for you, here are some tips:

    1. Search on the internet. That can be grueling to search for a credit card company that offers zero interest cards for beginners through the internet with the hundreds of card companies offering zero interest playing cards, but it is not completely impossible. You should filter down your search by keying “beginner” or “first timer” in your search. There are a great deal of useful sites such as CreditCards. com.

    2. Request for a credit report of yourself from three credit bureaus, namely Experian, TransUnion and Equifax. A person are permitted to get a free copy of your credit report per year. You require to ensure that none of them has written anything wrong in your credit report, especially since you are supposed to have a clean slate.

    3. Don’t hesitate to method a promising bank and speak to financing officer or a credit agent. A person can bring your own reviews along and make clear that you are looking to apply for an zero interest card. You must completely answer questions regarding you current job, your salary, any debt or loan you have ever obtained and such. You also need to prove that you have the right attitude and the capability to pay your bills on time. You can, in turn, ask the officer if there is a chance that you would be approved for a zero interest card.

    Having a zero interest card at your disposal can be advantageous for you. Nevertheless, it is more important to understand how to handle your finances well first. It can be difficult if rather than learning to manage your finances, you discover to be too locker with your debts since these do not incur interest, which is a very bad habit. That would be best if you plan ahead and schedule your billing payments beforehand especially since overdue payment fees for interest free credit cards are relatively high than others.

    As what is suggested to current card slots who want to get interest free credit playing cards, you need to be careful with interest free credit cards because they have very rigid conditions and clauses. Any wrong move and you might lose the interest free offering. Your clean slate may wrap up getting tarnished. You will get a very low credit rating next time that it would even be harder so that you can apply for a loan or an common credit card.

    Related Terms : Interest Free Credit Card, Credit Cards For Bad Credit, low interest credit card for bad credit, business credit card bad credit, small business credit card bad credit, loans for bad credit, bad credit personal loans, personal loans for bad credit, student credit cards, credit cards for fair credit, unsecured personal loans, car loans for bad credit, auto loans for bad