Best First Credit Cards To Build Credit In February 2023
When you’re shopping for a credit card, it’s important to keep in mind your goals and what type of credit card will work best for you. The following article will help you choose the best first credit cards to build credit in February 2023. After reading this, you should have a better understanding of which cards will help you reach your credit goals and how to use them responsibly. Use this information as a starting point and modify it as needed to find the right card for you.
What is a First Credit Card?
If you want to get your first credit card, here are some of our favorites:
1. Chase Slate® Credit Card – This card is great if you’re looking for a low APR and no annual fees. You also get a 0% introductory APR on purchases and balance transfers for the first 12 months.
2. Capital One® Quicksilver One® Credit Card – This card offers 0% introductory APR on balance transfers and purchases for a full year, as well as no annual fees. Plus, there’s a $0 introductory rewards bonus for new cardholders after you spend $500 in your first 3 months.
3. American Express® Gold Card – The American Express Gold Card has an intro APR of 0% on Purchases and Balance Transfers for the first 18 months, then variable rates that start at 23.99%. Plus, it comes with lots of benefits like travel insurance, roadside assistance, and more.
How to Get Approved for a First Credit Card
Getting approved for a first credit card can be an important step in building yourcredit score. Here are three tips to help you get approved for a first credit card:
1. Check Your Credit Score: One of the first things you should do is check your credit score. This free service fromcredit counseling agencies can help you determine if you’re eligible for a particular type of credit card and whether there are any available offers that would be best for you.
2. Be Accountable for Your Credit Use: Make sure you use your credit cards responsibly and only borrow what you can pay back promptly. If you’re having trouble meeting your monthly obligations, ask your lender about alternatives, such as reducing the amount owed or restructuring the terms of the loan.
3. Keep Up With Your Credit Reports: Once a year, each of your three credit reports will be updated with new information, including any new accounts opened or balances transferred in the past 12 months. It’s important to monitor your report so that you know if there are any changes that may impact your eligibility for future loans or credit cards.
How to Use a First Credit Card
If you’re just starting to build your credit, a good place to start is with a first credit card. Here are five cards that offer great introductory rates and can help you increase your credit score.
1. Chase Freedom: This card offers an introductory rate of 0% for the first 18 months and then a variable APR of 14.24-26.24%.
2. American Express Blue Cash Preferred: This card also offers an introductory rate of 0% for the first year and then a variable APR of 17.49-25.49%.
3. Discover it Secured: This card also offers an introductory rate of 0% for the first year and then a variable APR of 13.99-21.49%.
4. Capital One Quicksilver Credit Card: This card offers an introductory rate of 0% for the first year and then a variable APR of 17.24-25.24%.
5. Wells Fargo Propel Card: This card also offers an introductory rate of 0% for the first year and then a variable APR of 16.24-26.24%.
Best Time to Apply for a First Credit Card
If you’re thinking of applying for your first credit card in February, now might be the best time to do it. Credit card companies are typically more lenient with applicants in the early months of the year. Plus, there are a few great credit cards that are perfect for new borrowers. Here are three of the best:
1. Chase Freedom Unlimited: This card is perfect for students and young adults who want a low-cost option for all their spending needs. It has an annual fee of $0, but offers big rewards – including 2% cash back on every purchase, plus 0% APR on Purchases and Balance Transfers for 18 months. You can even get a second year of 0% APR if you make at least $1,000 in Purchases during your first year!
2. Discover IT: This card is great for people who want some serious bang for their buck when it comes to rewards. Every purchase earns 1 Discover Cash Back reward point, which can turn into cash or valuable Discover products later on. There’s no annual fee, and no interest rates until your account reaches its maximum limit of $35,000.
3. American Express Platinum Card: If you’re looking for something luxurious – and pricey – consider applying for the American Express Platinum Card. It has an annual fee of $450, but that money gets put towards amazing rewards like 50% bonus points when you spend $5,000 in your first three months, and
Conclusion
In order to build good credit, it is important to start with a solid foundation. Luckily, there are many great first credit cards that can help you do just that. By using these cards responsibly and paying your bills on time, you will be establishing a strong history of responsible consumerism which will stand you in good stead when applying for larger loans in the future. If you’re ready to take the next step in building good credit, check out our selection of first credit cards today!
