Those reward cards are only for people with great credit, and as a young person likely
getting your first credit card in your own name, you have to establish good credit first.
Since a student does not usually have any credit records
before getting a first credit card, the way he does with this financial product will mean everything to his credit score.
The card can help this group of
people get a first credit card, and foot in the door of credit bureaus so they may begin building out their credit file.
There are two major reasons behind
why getting your first credit card is a good move — it can help you build a credit history and it can save you money through reward programs.
Signing up for auto insurance is similar to
getting your first credit card in that establishing a solid record of responsibility and maturity early on can pay significant dividends throughout the rest of your adult life.
If you're thinking
about getting your first credit card, understanding some common features and benefits of credit cards can help you make an informed decision about which card will work best for you.
5 Things You Should Know
Before Getting Your First Credit Card: Contrary to popular beliefs, the credit cards are not to be mistaken with «free cash» or else be ready to fall into the trap -LSB-...]
«Many
students get their first credit card when they begin post-secondary education, so this is the time to educate them on responsible credit use,» Melissa Jarman, director of student banking at RBC, said in a press release.
As if choosing a college and moving away from home for the first time wasn't stressful enough, many college students are also faced with the choice
of getting their first credit cards and beginning to build their credit histories.
Just ask Shark Tank investor and Fubu founder Daymond John, whose mom took him to
get his first credit card when he was 18 — while warning him to never fall behind on payments because «the world is built on a credit system.»