How To Apply For First Credit Card – First credit card application? Here are five entry-level options you need to consider when choosing your first credit card, assess your spending style and the type of benefits you want to take advantage of.
When you qualify to apply for your first credit card, it can be difficult to decide which credit card to choose. The best credit card for you depends on how you spend and what kind of benefits you want to take advantage of. To help you choose your first credit card, Paisabazaar has researched and identified five great entry-level cards that offer great features and reward points for your spending.
How To Apply For First Credit Card
Image Source: ICICI Bank | Amazon Pay ICICI Credit Card 5 percent Amazon cashback for Prime members, 3 percent Amazon cashback for non-Prime members, transactions for flight reservations, payments, bills, gift cards and spending at partner Amazon Pay merchants Pay 2 percent cash. and 1 percent cash on other transactions. This is a lifetime free credit card.
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Image Source : Axis Bank | Axis Bank Ace Credit Card offers 5 percent cashback on utility bill payments made through Google Pay. It also offers 4 percent cashback on Swiggy, Zomato and Ola, and 2 percent cashback on all other purchases. Apart from cash back on spending, the cardholder gets 4 lounges and up to 20 percent off at 4,000+ partner restaurants in India throughout the year. The annual fee for this credit card is Rs 499.
Image Source: SBI Card | Amazon gift card worth Rs.500 on joining SBI SimplyClick Credit Card offers 10X rewards, 5X rewards on all online spends and 1 percent off on fuel charges from partners like Amazon , Cleartrip, BookMyShow, Lenskart, etc. The annual fee for this credit card is Rs 499.
Image Source : Axis Bank | Flipkart Axis Bank credit card offers 5 percent cashback on purchases on Flipkart and Myntra, 4 percent cashback on Cleartrip, Cure.fit, PVR, Swiggy, Uber, etc. and 1.5 percent refund for all other categories. Apart from cash on spending, the cardholder gets 4 lounges during the year, up to 20 percent discount at 4000+ partner restaurants in India and 1 percent off fuel charges. The annual fee for this credit card is Rs 500.
Image Source: HSBC Bank | The HSBC Cashback credit card offers 1.5 percent cash back on all online spending (except wallet reloads) and 1 percent cash back on other spending. In addition to reimbursement of expenses, the cardholder can get 3 indoor and outdoor lights and up to 15 percent off dining at participating restaurants in major cities throughout the year. The annual fee for this credit card is Rs 750.
My First Credit Card
Take a disciplined approach to your credit transactions and build a strong credit profile. When you get your first credit card, it’s important to use it wisely and responsibly. Since credit cards offer a lot of interest-free time, there can be a tendency to spend in large chunks when making purchases. Avoid paying more to earn reward points, cash back and waived annual renewal fees. If you spend more than you can repay and don’t pay your credit card bill on time, you’ll be charged a hefty interest fee of between 28 and 49 percent a year. With a late payment fee
Paisabazaar has selected the best entry-level credit cards based on rewards, features offered by each card, and annual fees. All credit card information was updated as of January 20, 2022. We’ve ranked these entry-level cards by lowest annual fee.
Hiral Thanawala is a Personal Finance Reporter and has over 9 years of reporting experience. Based in Mumbai, he covers the financial planning, banking and fintech sectors of the personal finance group. Many or all of the products shown here come from our partners who compensate us. This may affect the products we write about and where and how the products appear on the site. However, this did not affect our rating. Our thoughts are our own. Here is a list of our partners and here is how we make money.
Credit cards aren’t hard to understand – but they sure can be if you’ve never had one before. Our first credit card guide will help you get started. We’ll explain the basics of credit cards, including how you qualify and help you decide if you’re ready for credit card responsibility. We’ll show you how to sort through your options and give you tips on how to use your first credit card wisely to build a strong credit history.
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A solid understanding of how credit cards work will save you time, money and trouble. Start by figuring out which credit card options make sense (and which don’t) first. Learn how to avoid unnecessary fees, interest and penalties. And see how your credit score can benefit (or suffer) from the actions you took on your first card.
The first credit card will give you the ability to make purchases without paying immediately. This gives you comfort and flexibility. But if you’re not careful, your debt can quickly get out of hand. Take a look at yourself — your habits, your maturity level, your money style — and assess whether you’re ready for your first credit card.
What does it take to get approved for your first credit card? People often focus on credit scores, but there is more to it than that – and there are opportunities available to people with no credit history. Your income is also important: You all need money to pay your bills.
Don’t expect your first credit card to come with rich rewards, expensive benefits or generous interest-free periods. Such gifts are available only to those who have already built good to a high level. Your first credit card will probably be a moderate one – a card that will help you walk before you run. Options include secured cards, store cards, student cards and other cards, as well as getting a co-signer or becoming an authorized user of someone else’s account.
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So you have your first credit card. What are you doing with it? use it! This does not mean increasing the cost. This means charging appropriate fees, and then paying them back on time. Month by month, consistently as you progress – that’s how you build a strong credit history and transition to a better card.
Use your first credit card to build a strong credit history, and you’ll be ready to upgrade to a card with more benefits when the time comes. Here are some other resources to help you make smart decisions:
About the author: Paul is the editor-in-chief of Saucy Credit Cards. He has worked at USA Today and the Des Moines Register and holds an MBA. Read more
The Best Credit Cards by 2022 Read more Why Almost Every Purchase Is on a Credit Card Virginia C. McGuire, Paul Saucy Read more
Everything To Know About Getting Your First Credit Card
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Hands On Experience With Idfc First Select Credit Card
Getting a credit card sounds like the easiest thing in the world—and it is. But getting a credit card and using it wisely to start strengthening your financial future? For this you have to prepare a little wisely.
This means that the loan is not secured by any type of collateral, or tangible assets, which can be taken from the borrower if the loan is not paid. The amount you spend is called the “balance” and the amount the credit card company charges you to maintain your credit (balance) is called the “amount.” Cards vary widely in policy, so make sure you understand if the card you’re looking at has a “grace period,” or the time between when you spend money and pay the bill. If there is no grace period, interest will start accruing as soon as the charge is posted to your credit card account.
If you don’t pay off your balance each month, you’ll start accruing interest, which will usually compound daily. This means that it will continue to rise over time, as the previous interest effectively becomes part of the current balance, and each day more interest is added on top of the balance. You can see why paying off your credit card debt, as soon as possible, is really important.
Planning is the key to success with any loan, and a credit card is a loan. You borrow against your future income for any purchases or balances
Applying For Your First Credit Card? Here’s What You Should Know Before Getting One
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