Looking For Your First Credit Card? Things To Think About


Anyone who has ever tried to establish or rebuild their credit knows that credit cards are a vital part of that process. Having a revolving credit account that you pay on time and use responsibly can make a huge difference in helping you to establish a solid credit history. However, with so many different credit cards out there, how do you know which credit card offers to choose and which ones you should avoid? There are a few key elements that you can consider to help you get the credit card that's the right fit for you.

Consider Any Deposit Requirements

For those with a negative credit history, and sometimes for those who are just establishing credit, it's in your best interest to start with a secured credit card. Many can't obtain a traditional card until they've shown a pattern of responsible use with a secured card. That means paying a deposit up front that's equal to the credit limit on the card. 

However, if you have the opportunity to get a secured card as well as one that's unsecured, it's often in your best interest to choose the unsecured card. The secured card is great if you can't get a traditional credit card, but an unsecured, traditional credit card is the better choice if you can get it.

Assess The Interest Rate

Every credit card offer includes a published interest rate for your purchases, any cash advances, and any balance transfers. Sometimes the interest rates are different based on the type of transaction, so think about this carefully. If you're trying to choose from more than one credit card offer, opt for the one with the lowest interest rate because that will save you money in interest fees over the life of the card.

Compare The Annual Fees

Many credit cards, especially for those who are just rebuilding their credit, come with an annual fee. That annual fee is typically charged to the card when you first receive it, and then often becomes a monthly charge after that first year. When you're comparing multiple credit card offers, look for the one with the lowest or most flexible annual fee. If you can, opt for a card that doesn't have one.

These are some of the most significant factors that you need to assess when you're trying to choose a credit card. Evaluate your options carefully and you'll be sure to find the credit card that's right for you. A place like FCCU - First Community Credit Union can provide you with more information.


7 March 2022

The Road To Becoming A Homeowner

I always wanted to buy my own home and after saving enough money for a down payment, I decided that it was time. Before I started looking at houses, I talked with a loan officer about financing. I wanted to know how much money I could borrow so I could look at houses in that price range. I was very happy after my meeting at the loan company and I was ready to start house hunting. My name is Jarod Spangler and I'm now a homeowner. If you have the dream of owning your own home, I think you'll find my blog of help to you. I've documented my journey of saving money, securing a loan and purchasing a house. To help you become a homeowner too, I'm offering advice and tips of things that I've learned along the way.