When you think of getting your first credit card, you think it may be a challenge because you have no credit established. If you have this mindset, you better think again. Credit card companies today are happier than ever to distribute cards to those without any credit or income. In fact, over two thirds of student population carries a credit card. If you’re in that one third of those who don’t have one, you may want to think about getting one soon because in the future, the lenders may think of you as a possible risk.
The reason a lender may think of you as a risk in the future is because you’ll have no credit established at such at an older age and companies will be more hesitant to lend to you if you’re not going to school or if you have no job. When you’re a student, there’s not easier time to apply for a credit card. Credit card companies design credit cards that are built for college students themselves. The reason card companies love students so much is because they feel that if a student can’t pay off his/her debt, they can rely on their parents. Another big reason is because of the pursuit of an education.
Generally, a person who pursues a degree is more motivated and responsible with their finances. This isn’t always true but statistics show that an educated person will carry less than debt than one without a degree. This is why it’s important to apply for a credit card when you’re going to college, you’ll find that it’s a lot easier to get one rather than graduating and trying for a regular credit card.
Finding your first credit card isn’t hard at all. It just takes a little research and time on your part. Before you apply you’re going to want to know what kind of card you’ll want to apply for. With so many choices out there, you’ll be able to benefit from so many reward cards. There are cards that benefits drivers, where you can save on gas and there are also credit cards that just benefit those who are looking to get cash back on their purchases. There are credit cards for everyone.
It’s important to know that when you apply for your first credit card, you become very responsible with it. You’ll notice that credit card companies aren’t willing to give you a big credit limit when you first apply. Generally, your credit limit is going to be anywhere between three hundred and one thousand dollars. So, if you’re worried about going overboard with your purchases, don’t worry. The goal to keeping a great credit history score is to spend what you have and don’t treat it like its fake money. If you can follow these two simple rules, you’ll be on the path of a debt free future in no time.