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Posted on November 30, 1999 by Joy Stoyle | Posted under Credit
First Time Credit Cards - Tips for Choosing One
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Consider the Credit Limit The first thing that you need to do when picking out first time credit cards is to consider the credit limit. More than likely you are not going to get a huge limit if you have never had a credit card before. However, as you build up credit and you do well with a smaller limit on the credit card, more than likely you'll be able to get a higher limit later on. So, take a close look at the limit before you decide whether or not the card is the right one for you. Take a Look at the Interest Rate Another very important tip to keep in mind when you are choosing first time credit cards is to look closely at the interest rate. While you can't expect something that is very low because you are new to credit cards, you want to make sure that you get the best interest rate possible. Usually for those that are new to credit the interest rates will range from about 12% to 20%. Those high interest rates really can cost you over time, so finding a low interest rate is definitely important. Check Out Fees Of course you'll also want to check out fees that come with first time credit cards as well. Sometimes you'll find that creditors try to draw in first time holders of credit cards. They come with limits that are low and fees that are very high. If you are desperate for a card, you just might go ahead with it. However, you should be looking for cards that won't cost you a whole lot in fees. Compare various offers to find the card that comes with the least amount of fees for you. Look for Incentives and Rewards Another thing to look for when it comes to finding first time credit cards is incentives and rewards on the cards. Some cards today will give you rewards when you use the card to make purchases. However, while this may sound great in the beginning, it's important that you find out the whole story. Sometimes these types of cards come with interest rates that are higher, meaning that they are not worth it to get the small reward that they are promising you. About The Author: |
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