How To Get A Credit Card For The First Time [USA]

How To Get A Credit Card For The First Time [USA]

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Managing finances is the toughest job for every man. Every month new expenses appear out of nowhere. And sometimes a person wishes for more income or a handout to afford all the luxuries. But we all know that handouts are not the solution. That’s why we all consider other solutions to our financial problems. Credit card is one solution available in the economy. But it makes us think about paperwork and guarantee signatures. Anyway, if you do not have a credit card and looking for getting one, then this article will tell you all. You will be taught in full detail. So how to get a credit card for the first time in the USA? The details are below.

Making Your Mind To get a Credit Card For the First Time

First credit card always an adventure or roller coaster ride. Every cardholder thinks about the liberty of credit. And it makes all to indulge in shopping habits. This leads to a credit disaster. Cardholder can use all the credit in a few days and left with zero balance in the card. So prepare your mind to control the cravings of spending. You have to wise enough to spend rightly only on justified purchases.

And you also need to prepare for paying the bills. And believe me, it always hurt to pay the high rate of interest.

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You must understand the regularities

You must be aware of the rules of the credit contract. The rules are stiff for young adults. It is according to the law that persons under 21 must have verified income. If you do not have one, then your first credit card will be a dream, not a reality.

You also need to understand the interest rates and penalties. If you waste time while paying the credit bills, then you will be charged with extra fees. Any delay in the payment can put a burden on you. Every day will bring fines and penalties.

Get a Job

For owning your first credit card, you need to have a steady source of income. So be hired. Any job will bring you a verified income. This verified income will make you eligible for a credit card.

A regular job will also allow you to manage the credit card with responsibility. You will have a cash flow under which you can manage your spending habits.

Every bank issues a line of credit to the persons with verified income,which is only possible through a job.

Where to get the first credit card?

You have many options to explore. And these options are given below.

Major credit lenders

You can get a credit card from major lenders. Generally, these lenders advertise and ask for applications. You can choose anyone according to your ease. Major lenders have various programs for all category of people. That’s why you must compare the pros and cons, and decide the best.

Your bank

If you have a saving account in a bank, then you can apply for the credit card at the bank. You just need to prove the income source. A statement from your employer can make you eligible. So go to your bank and ask for the credit card. You will get all the details in just one visit.

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Secured credit card

If you have no job, no verified source of income, and no previous history of credit, then you can opt only for a secured credit card. It is a program for people with less eligibility. The limit provided on the secured credit card is paid in advance.

Secured credit card is a good deal for youngsters. If you are just eighteen, then a secured credit card will be the right option for you. It will develop your credit history for future approval of credit card.

Somethings to keep in mind

Before going into the world of credit, keep these things in your mind.

  • You can always ask for help from credit card users. And you will get the real advice and facts.
  • You must be persistent with your application. And you will be rejected many times before getting your first credit card.
  • Always look for the cards with moderate limits. Beware of the credit cards with high-interest rate. You can get roasted on your first credit bill.

Also Check:

Frequently asked questions

Q1: I am not 18. Can I get a credit card?

Ans: No, you cannot get a credit card. You need to be at least 18. The law does not allow that.

Q2: Can I get a credit card as a farmer?

Ans: Yes, you can get a credit card as a farmer. But you need to prove your income with tax returns.

Q3: What is a secured credit card?

Ans: Secured credit card is a card for advance payment. You need to pay the limit in advance.

Q4: What is a verified income?

Ans: Verified income is the income you get by doing a job, rent, or steady business. Any income with guaranteed cash flow is verified income.

Q5: How many credit cards can I own?

Ans: You can own as many credit cards as you want. But your means must be verified, and you must have a good credit history.

Q6: I am a vendor. Can I get a credit card?

Ans: No, you cannot get a credit card. The bank does not recognize vending a verified income.

Q7: I am a restaurant owner. Can I get a credit card?

Ans: Yes, you can get a credit card. You need to prove the income by a balance sheet of your restaurant.

Q8: Do I have to make a bank account for the credit card?

Ans: Yes, you need to open a bank account for a credit card.

Q9: Does freelance writing is considered as a verified income?

Ans: No, freelance writing is not considered as a verified income. If you are employed as a writer, then you can apply for the credit card.

Q10: Do I need a guarantor for a credit card?

Ans: Yes, you need a co-signer for your first credit card.

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