Quick Answer: How Do I Choose A Credit Card For The First Time?

Here is how you choose a credit card for the first time:

  • Decide if you need a credit card. If you’re starting out in the “real world,” you will need to establish credit.
  • Determine how the card will be used.
  • Take a look at your finances.
  • Review Terms and Conditions carefully.
  • Consider a secured credit card.

What should I look for when getting a credit card for the first time?

What to Look for in Your First Credit Card

  1. Why Do You Want the Card? Your first step in choosing your card is knowing why you want the card in the first place.
  2. # 1 – Annual Fee.
  3. # 2 – Interest Rate.
  4. # 3 – Rewards.
  5. # 4 – Other Fees.
  6. # 5 – Credit Limit.
  7. Responsible Credit Card Usage Tips.

What should you look for when getting a credit card?

Here’s a checklist of some things to look at when you choose a credit card:

  • Annual Percentage Rate (APR). This is the cost of borrowing on the card, if you don’t pay the whole balance off each month.
  • minimum repayment.
  • annual fee.
  • charges.
  • introductory interest rates.
  • loyalty points or rewards.
  • cash back.

How do I use my credit card for the first time?

12 simple tips for first time credit card users

  1. Choose the right credit card.
  2. Opt for a secured credit card.
  3. Stick to a budget always.
  4. Pay your bill on time & in full.
  5. Be mindful of a credit limit increase.
  6. Never withdraw cash using your credit card.
  7. Never share your credit card details.
  8. Pay attention to the details.

How many credit cards should a person have?

The short answer: you should have at least two – ideally each from a different network (Visa, Mastercard, American Express, Discover, etc.) and each offering you a different kind of rewards (cash back, miles, rewards points, etc.). How many credit cards is too many?

What is the difference between a debit card and a credit card?

The difference is that a debit card has a Visa® or Mastercard® logo on its face. When you use a debit card, the money is deducted from your checking account. With a credit card, you’re borrowing money to be repaid later. ATM and debit cards allow you to use ATMs, a safe and convenient way to manage your money.

What is a good credit score?

For a score with a range between 300-850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most credit scores fall between 600 and 750.

Which bank credit card is best?

Let’s have a look at the 10 Best Credit Cards from top banks in India for 2020:

  • Citibank Cashback Credit Card:
  • Standard Chartered Manhattan Platinum Credit Card:
  • ICICI Instant Platinum Credit Card:
  • IndianOil Citi Platinum Credit Card:
  • HSBC Visa Platinum Card:
  • SimplyCLICK SBI Card:
  • AXIS Bank Neo Credit Card:

Why do people not want credit cards?

These are the same reasons why most Americans should not use credit cards: Risk of Debt. When used as a method of payment, credit cards deliver convenience, security, a record of your spending, and potentially valuable rewards (i.e. how to use a credit card and rewards wisely).

What is minimum salary required for credit card?

The minimum salary is Rs.12,000 per month for a salaried person, while its Rs.2 lakh per annum for self-employed individuals. Applicant should have a regular source of income and a good credit score.

Can I use my credit card as soon as I activate it?

Soon after you’re approved for your first credit card, your credit card issuer sends a credit card with your name on it to the address on your credit card application. You’ll have to activate your new credit card before you can use it. You won’t be able to use your credit card until you activate it.

What is minimum amount due in credit card?

Minimum amount due. As the name suggests, it is the minimum amount you are required to pay on or before the payment due date to maintain your card account. It is only a small portion of the principal outstanding every month. Typically, the minimum amount due is calculated as 5% of your outstanding balance.