How to Get a Credit Card for the First Time?

There are significant advantages to owning and using credit cards. Using credit cards is convenient, they have better fraud protection than debit cards, make it easy to track spending, and you can receive perks such as cash back and travel rewards.

When you apply for a credit card, credit card issuers consider several factors when deciding to approve your application. They look at your credit history (or lack thereof), age, income, if you have debt, and more.

Who Qualifies for a Credit Card?

Typically, you use a starter credit card temporarily until you can prove you’re responsible and financially secure enough to qualify for cards that have better terms. Starter cards are an easy way for someone with no credit to start building some.

What is a Starter Credit Card?

Everyone has to start somewhere. That means you initially have no credit but eventually take specific actions like opening a credit account, loan or credit card, which the major credit bureaus deem essential for building creditworthiness—and, by extension, establishing credit for yourself.

What Does Having “No Credit” Mean?

- Identifying information This includes a Social Security number or an individual taxpayer identification number (though some cards don’t require you to have this as you might be an international student applying for a card).

What Do You Need to Apply for a Credit Card?

- Income sources or financial resources. This money can be earned or owned by yourself, but it can also be money you have a reasonable expectation of access for repaying the debts incurred on the card. 

What Do You Need to Apply for a Credit Card?

Swipe up for more ABOUT  How to Get a Credit Card for the First Time?