#AskBryant; Credit Cards

#AskBryant; Credit Cards

Best Credit Cards for Starters

For the past few weeks, I have been discussing everything that has to do with credit cards and what we can do to improve our credit and be on the path to financial literacy. As we all know, credit cards are one of the most important aspects of credit building. Credit cards are similar to debit cards, but the difference is that it is money loaned to you from the bank of your choice. There are countless different types of credit cards, such as secured cards, rewards cards, business cards, and more! What you can do with these cards is up to you, but it is important to know what the best cards are, so that you can reduce your spending and ultimately increase your money. Today on #AskBryant we will be looking into the BEST credit cards for those of you who are just starting out. 

When looking into credit cards, it is important to understand the components of them and what the banks offer. It is essential that you select one with no annual fees, since we are trying to reduce our spending. Next, we want to increase our earnings, so we will look at credit cards that have a percentage of cash back, which allows you to spend money on select items but still receive a small percentage back at the end of the month. Lastly, to obtain a credit card it is important to have the required credit, but you may be wondering, “Bryant, how can I have the required credit if I just turned 18 and have never had a credit card”, well let me tell you. There are countless of credit cards that do not require you to have any prior credit history. Below I have compiled a list of the best, most noteworthy credit cards available to you.

  1. Discover It Secured Card

The Discover It Credit Card is a secured credit card, this means that you must first put in a deposit and that deposit will show up as your given credit line. For example, if you deposit $200, your credit line will be $200. Now you might be wondering, how would this be beneficial? Well Discover is aimed for people who are starting out and have no prior experience. Discover offers this credit card with $0 in annual fees. It also offers a 2% cashback on restaurants and gas stations, up to your first $1,000; on top of that, they offer 1% cash back on everything else. If that sounds convincing, there’s more, Discover also matches the amount of cashback for your first year, meaning if you receive $50 in cashback for your first year, Discover matches this, giving you a total of $100 on cash back rewards. Lastly, the Discover It Secured Card also offers a free FICO score review, which as we have discussed, is your total credit score, all for FREE. All of this makes this one of the best credit cards for starters. 

  1. The Petal 1 Visa Card 

This credit card is rather new, but it contains many interesting factors. For starters, The Petal 1 Visa card does not look at your prior credit history but it does look at your banking history. They do this because your cash score shows your creditworthiness and can help you qualify for more credit at better rates. Because of this, you will be receiving a credit limit of $500 to $5,000 and most importantly, there are absolutely no annual fees. The Petal 1 Visa Card will also be offering 2% to 10% cashback at select merchants, along with an incredibly helpful app that can better help you understand your finances and what to do next, in regards to your credit card and your credit balance. All of this demonstrates that the Petal 1 Visa Card comes in as a strong second on the best credit cards for starters!

  1. The Apple Credit Card

As we have been discussing, it is important to select the right credit cards when first starting out. The Apple Credit Card is not necessarily one to look into right away, since they ask that you have about a 600 credit score, but if you have been using cards such as the Discover It Secured Card or The Petal 1 Visa Card for six to twelve months, this may be a great card to look into. The Apple Credit Card has $0 in annual fees, meaning it costs absolutely nothing to keep this card open. In addition to no annual fees, this credit card offers daily cashback. For example, when you use the Apple Credit Card with apple pay you will get an unlimited 2% cashback on everything. You will also get a 3% cashback on all Apple products and other merchants, such as Mobil, Nike, Uber, and more! They also offer a great app that helps you sort out your finances and helps you learn great financial habits to avoid you paying any interest. I strongly recommend this credit card for those of you with prior credit history and specifically for those of you who indulge yourselves in apple products!

In sum, these are the three best credit cards for those of you who just turned 18 and are looking for a credit card to use when just starting out. These cards will help you reduce your spending, track your money, and increase your earnings, which are all aspects that you should all look for when choosing a credit card. Now that we have finished discussing credit cards, we will be diving into the stock market and discussing everything there is to know about it. Join in next time at #AskBryant to help you reach your financial goals and assist you in understanding your finances.