Getting Your First Credit Card
The day has finally come—it’s time for you to get your first credit card. Don’t let this new chapter of your financial journey scare you. Your first credit card means a new era of financial freedom (and the end of the overstuffed wallet era).
Getting your first credit card should be exciting and headache-free. This simple guide can help make the process as painless as possible.
How It’s Done
With the internet at your disposal and knowledgeable financial experts in your corner, it’s never been easier to get your first credit card in your wallet. Follow these simple steps and you’ll be on your way to being a proud card owner.
- Research your credit card options. Two things are important here: don’t jump on the first offer you see and read the fine print. Offers like IBMSECU’s Visa Platinum will put you first and won’t come with annual or cash advance fees.
- Know your credit score. It’s your ticket to some of the best card offers, so know where you stand.
- List all income sources when you apply. Freelance work and side hustles are welcome ways to get your best debt-to-income ratio. Numbers vary person to person, but an excellent debt-to-income ratio is below 20%.
Some Helpful Tips
We don’t just want you to get your first credit card. We want you to get the best offer with the best card possible. Here are some ways you can do just that.
Always Have Your Credit Score in Mind
Since credit score is a major factor in the application process, you should always keep a finger on the pulse of your score. Credit score webinars are easy ways to learn how your everyday activity impacts your credit score without ever leaving your couch.
Don’t Apply for Every Offer Out There
The “more applications, more opportunities to get accepted” logic may seem sound, but it can wreak havoc on your credit score. When you apply for a new line of credit, your score decreases by about 15 points for a month or two. Credit score is such a crucial part of getting your first credit card that it’s best to focus on a few card offers that you really like.
The Perfect Card Is Out There for You
Low interest, customer-first cards like IBMSECU’s Visa Platinum are a great place to start—and when you open one before September 30th, 2018, you’ll earn a $50 bonus if you transfer $2,500 or more within the first 30 days. Take off on your credit card journey with a card you love and you’ll be happy to be a card owner.