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Best First Time Credit Cards

There are best first time credit cards that are good and easy to get for first-timers. Since it is your first time, it may be a little difficult to choose a suitable credit card that suits you. Let’s see some options that can help you make a wise decision.

  • Chase Freedom (Best Sign-Up Bonus)
  • Capital One QuicksilverOne (Best for Flat-Rate Rewards)
  • Capital One Secured (Best for Fair Credit)
  • Discover it Secured (Best Rewards for Fair Credit)
  • OpenSky Secured Visa Card (Best for No Credit Check).

Best First Time Credit Cards

Best First Time Credit Cards

Chase Freedom (Best Sign-Up Bonus)

Benefits

Earn a $150 sign-up bonus with Chase Freedom after you spend $500 on purchases in the first three months of opening your account.

Chase only pays the signup bonus to cardholders who have not earned a bonus in the previous 24 months – a restriction you won’t have to bother about with your first credit card.

Subsequently, you get the ability to earn 5% cash back on up to $1,500 in purchases categories that rotate each quarter.

There’s 1% cashback on all other purchases.

Revel 0% introductory APR on purchases (and balance transfers) for the first 15 months.

Disadvantages

You are required to activate to earn rewards.

  • Minimum Credit Needed: Good
  • Annual Fee: None
  • Intro APR: 0% on purchases and balance transfers for 15 months
  • Ongoing APR: 17.24% – 25.99% variable
  • Balance Transfer Fee: $5 or 3% of the transfer amount
  • Cash Advance Fee: $10 or 5% of the cash advance amount
  • Foreign Purchase Transaction Fee: 3% of the amount in U.S. dollars
  • Signup Bonus: $150 bonus after you spend $500 in the first three months.

Capital One QuicksilverOne 

Benefits

Pays a flat rate of 1.5% cashback on all your purchases.

Cash rewards do not expire and your rewards can be redeemed at any time.

You get rewarded by Capital One for making on-time payments by considering you for a credit limit increase if you make your first five monthly payments on time.

Disadvantages

You are required to spend at least $2,600 annually to earn enough rewards to offset the fee.

  • Minimum Credit Needed: Average
  • Annual Fee: $39
  • Intro APR: None
  • Ongoing APR: 26.96% variable
  • Balance Transfer Fee: None
  • Cash Advance Fee: $10 or 3% of the cash advance amount
  • Foreign Purchase Transaction Fee: None
  • Signup Bonus: None.

Capital One Secured (Best for Fair Credit)

Benefits

Cardholders get a chance to get a credit card if a previous late loan payment or debt collection is posing a problem for you to get approved.

You are to pay a deposit to secure the credit limit for your account.

You may have the access to make a minimum security deposit of $49, $99 or $200 for a $200 credit limit based on your creditworthiness.

You’ll get considered for an automatic credit limit increase after you make your first five monthly payments on time.

You can get access to a higher credit line after you make your first 5 monthly payments on time with no additional deposit required.

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Disadvantages

Capital One Secured, comes with a high APR, which increases the cost of carrying a balance rather than paying it in full.

  • Minimum Credit Needed: Poor
  • Annual Fee: $0
  • Intro APR: None Offered
  • Ongoing APR: 26.99% variable
  • Balance Transfer Fee: N/A
  • Cash Advance Fee: N/A
  • Foreign Purchase Transaction Fee: None
  • Signup Bonus: None.

Discover it Secured (Best Rewards for Fair Credit)

Secure your credit limit with a security deposit and also get rewards on your purchases.

Earn 2% cashback at restaurants or gas stations on up to $1,000 in combined purchases each quarter.

All other purchases earn 1% cashback.

Discover may match the cashback you earn at the end of the first year, dollar for dollar if you keep your credit card open for at least a year.

Redeem your rewards at any time for any amount. Your rewards can also be used at Amazon.com to discount purchase or pay for the full purchase.

Disadvantages

Higher 2% cashback rewards are capped at $1,000 each quarter. This may limit your ability to earn rewards if you are a big spender.

  • Minimum Credit Needed: Poor
  • Annual Fee: $0
  • Intro APR: 10.99% for six months from the date of transfer on transfers made by August 10, 2019
  • Ongoing APR: 25.24% variable
  • Balance Transfer Fee: 3% of the transfer amount that posts to your account by August 10, 2019; 5% of the transfer amount after that.
  • Cash Advance Fee: $10 or 5% of the cash advance amount
  • Foreign Purchase Transaction Fee: None
  • Signup Bonus: None.

OpenSky Secured Visa Card (Best For No Credit Check)  

Benefits

No credit check

Those who want a bigger credit limit and can afford it, can deposit up to $3,000 to secure their credit limit for the credit card

OpenSky reports your account history to the credit bureaus, which means you’re responsible use helps you build your credit history and qualify for an unsecured credit card.

Disadvantages

No option of converting to an unsecured credit card by making timely payments. You get a refund of your security deposit within four to six weeks after you close your account.

  • Minimum Credit Needed: None
  • Annual Fee: $35
  • Intro APR: None Offered
  • Ongoing APR: 19.64%
  • Balance Transfer Fee: N/A
  • Cash Advance Fee: $6 or 5% of the cash advance amount
  • Foreign Purchase Transaction Fee: 3% of the purchase amount in U.S. dollars
  • Signup Bonus: None offered.

There you have it!!!  The best five first time credit cards that can help you build your credit history as well as reward you for your purchases. Choose wisely!!!.

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