In America, your average adult has about two to three credit cards, according to a recent Gallup poll.
There are so many benefits to having a credit card, but it’s not like you can sign up one and just be automatically approved.
Choosing and getting approved for your first credit card isn’t easy. Make it simpler by reading this list of the best first-time credit cards.
1. Discover It
The Discover It card is one of the best first-time credit cards. When you make purchases on this card, you will earn up to 5% cash back for rewards up to $1,500. The categories always change, so make sure you keep track of that.
If you purchase something outside of the designated category, you will earn 1% back. At the end of the first year of having this credit card, Discover will also match whatever you earned in rewards.
In addition, for the first fourteen months, you will have 0% APR on your balance transfers and purchases. However, if this is your first credit card you won’t have any balance to transfer over. Having a long period with no interest is always great for beginners so you can get used to how a credit card works.
After that trial period, the APR is anywhere between 14.24% and 25.24%.
There are other bonuses to getting this card as well. For example, you can temporarily freeze or unfreeze your credit card if you think someone else stole it.
When you get your monthly statements in the bill, your credit card score will also be on there so that you can easily keep track of it. This saves you the time of having to go find a service that will calculate it for you.
There are no annual fees to this card, which is a plus. There are also no foreign transaction fees charged if you travel a lot.
2. Chase Freedom
When you sign up for the Chase Freedom credit card, you will have a signing bonus of $150. You will get this money once you have spent a total of $500 within the first three months.
If this is truly your first credit card, you won’t have to worry about having other sign up bonuses in the past twenty-four months. If you have gotten one for a different credit card, you won’t be eligible for Chase’s bonus.
Once you have the card, you can earn 5% cash back on purchases. The limit you can earn back is $1,500. The 5% cash back is only applicable to certain categories for the quarter, and like the last card, these categories will change.
On other purchases outside of that quarter, you will earn 1% back.
For the first fifteen months, you will have no 0% APR on your purchases which can help. Once those fifteen months are up, the APR is about 17.24% to 25.99%.
There is no annual fee on this card, but there is a foreign transaction fee of 3% in the United States dollar.
If you do want to transfer any balances, there will be a $5 fee or 3% of whatever the transaction amount is.
3. Capital One® Savor® Cash Rewards Credit Card
The Capital One® Savor® Cash Rewards Credit Card has one of the best sign up bonuses that you will find with a credit card.
Their card offers a $300 bonus once you spend $3,000 in the first three months. This is one of the biggest rewards that we could find.
In addition to this, they also have a great reward program. When you spend money on dining or entertainment, you will get 4% cash back. When you buy your groceries, you will get 2% cash back. On any other purchase, you will earn 1% back. This makes it one of the best cards for rewards.
As if that wasn’t good enough, the cash back is also unlimited.
However, this card does have a fee. For the first year, it’s free, but after that, the annual fee is $95. You may earn that back and more with the rewards though.
4. Chase Sapphire Preferred® Card
When you travel or dine at restaurants, you will earn 2x points. You can then transfer these points to use on airline tickets and hotels.
When you spend $1, you will get 1 point, unless it is on traveling or dining.
When you first sign up, you will get 60,000 points right off the bat, which you can turn into about $750 towards traveling. You do have to spend $4,000 in the first three months though. If you redeem the travel through Chase Ultimate Rewards, the points are even worth 25% more.
However, there is a $95 annual fee applied to this card. If you are going to be spending a lot of money and making big purchases on this card, then you should consider this one. Otherwise, it may be too expensive for it to make it worth it. That will be up to you to decide.
There are other cards that don’t have annual fees, but this one does have some of the best rewards out there.
5. OpenSky Secured Visa Card
The OpenSky Secured Visa card may be one of the easiest credit cards to get because there is no credit check required to get approved for this credit card.
Once you’re approved, you have to make a $200 security deposit. If you want a bigger credit limit, you will have to put in $3,000 as a deposit. If you’ve had financial troubles in the past, this may be a good option for you.
You will get your security deposit back about a month after you close your account.
This credit card reports your history to the credit bureau, so this is a good way to build up your credit limit.
There is no APR in the beginning, but after that, it is about 19.64%. There is no signup bonus, but the no credit check is the best motivation for this card.
There is an annual fee of $35 for this card.
Sign Up for One of These First-time Credit Cards
These first-time credit cards are some of the best ones that you can get.
After you’ve had your first credit card for a while, check out our list for other great credit cards to sign up for.
Look at the links below for a few articles that might be interesting for you to read through!
Starting Out: The Best Credit Cards for First Timers
The 7 Most Common Myths About Fast Payday Loans
Is It Possible to Get Debt Consolidation Loan for Bad Credit? (Yes!)
Lesson Learned: The Best Credit Cards for Teachers in 2019