Our pick if you're new to credit: Citi® Secured Mastercard®

No credit required
- No annual fee: A rare feature for a secured card
- Build credit with reporting to all 3 major credit bureaus
- Deposit between $200 - $2,500
Credit cards are needed for simple transactions like reserving a hotel room or making a long-term purchase. But more importantly, you need a credit card simply to establish a credit history. You need to use your credit card wisely to keep a good credit history, as it will be a determining factor of approval for personal and home loan applications.
Will you be using your credit card to make everyday purchases? Will your payment habits affect if you make timely payments or not? Do you need a credit card with a rewards program? Once you figure out what you’re looking for, you can apply for your first credit card.
Understanding that credit cards are a great responsibility, there are factors to consider:
If you ever wanted to be able to apply for a personal loan or a home loan, you can do so much easier by applying for a credit card as your initial step.
Many credit card companies offer a first credit card for students. These cards will probably have a low limit to help ensure that you do not overspend.
Your current bank more than likely has a credit card they offer to their customers. It may require that you keep at least one open account as long as you have the credit card.
Department stores and chains also offer credit cards. Be sure to compare these store cards carefully, as they could have high interest rates.
There are a selection of credit cards available that don’t require a SSN for application. You could also apply for an Individual Taxpayer Identification Number before applying for credit cards.
Choose from various types of credit cards and take advantage of offered features.
These are the main types of credit card features that you’ll need to consider with a first credit card application:
Keep in mind that these features would differ from one financial institution to another. Compare each feature first before you make up your mind for the appropriate credit card.
If you are declined with your first credit card application, do not lose hope because you can identify why your credit card application was rejected and apply for it again.
As we’ve stated, most peoples first credit card often establishes your credit history, so it important to pay attention to a few things.
When it comes to personal finance there are few things more important then the establishment of your first credit card. Being responsible with it is the key to your future credit rating.
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