What is the best credit card to start with?
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I want to start building my credit, so I’m looking into getting my first credit card. What would be the best card in terms of rewards, no fees and low interest?
You will not qualify for “the best” credit card
If you have no credit, you won’t qualify for “the best” credit card. You need to have actual history and a decent score to get a regular credit card, not to mention a reward credit card. It’s more likely that you will have to start with a secured credit card.
To get a secured credit card you will first need to make a deposit, which is held as collateral against the line of credit. Use you card for small purchases like gas or groceries, wait for the statement and pay the balance in full every month. This will build credit for you and avoid interest.
It can take at least 24 months to build a decent credit score. After a year or so you can start inquiring about transferring from secured to a non-secured credit card, but you may need to wait more before they’ll agree.
See establishing-credit-history.html for more information.
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