Limited credit history
There are lots of different types of credit cards, so finding the card that’s best for you will really depend on what you want out of your card. Do you want the ability to earn reward points or cashback on purchases, or are you just looking for a card to cover everyday purchases? If you’re a student, you may instead want to consider a dedicated student credit card.
If you’ve never had a credit card before, you might find your options are limited, as the best credit cards are reserved for those with good credit ratings. But there are still a number of cards you could get approved for.
A rewards credit cards gives you the benefits of a normal credit card, as well as making your spending go further in the form of reward points. It’s worth keeping an eye out for rewards cards with generous introductory points offers and no annual fee. This means you can earn points on all your purchases at no extra cost, provided you pay off your balance in full each month.
If you’re planning to make a big purchase or have an upcoming expense, having more time to pay it off can make a huge difference to your overall finances. With a 0% purchase credit card, you can repay it over time without incurring additional costs.
If you have limited credit history, you’ll likely find that your credit card options are also limited. Credit builder credit cards can help you improve or repair your credit rating so that you’ll be eligible for more premium credit cards in future.
This will really depend on what you want out of a credit card, and how you plan on using it, but credit builder credit cards are often a good first choice for those who don’t have much credit history. Credit builder cards help you build your credit score, which means you could then be eligible for more premium cards, and better rates, in future.
However, as they’re aimed at those with limited credit history, credit builder cards often have higher APRs (annualised percentage rate) than other cards, which means it’s important that you pay off your balance in full each month. If you don’t, you could end up paying a lot in interest payments.
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