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SW2SCLA
LSU Fan
on the night shift
Member since Feb 2009
19265 posts

I need advice on applying for my first credit card


So I'm in my early 20s and I want to get my first credit card. So far I've just used my debit card for everything and I want to get away from that. I'll mainly put my bills and gas on it each month and pay it off monthly to avoid interest payments.

What do I need to know and consider when applying for a credit card?

The only card I've looked at so far is the Chase Amazon.com Rewards Card. I use Amazon a lot and it offers 3x points for Amazon purchases and 2x points for gas and grocery purchases. The interest rate seems to be anywhere from 10%-21%.







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BACONisMEATcandy
LSU Fan
My opinions are my own
Member since Dec 2007
40220 posts

re: I need advice on applying for my first credit card


quote:

The interest rate seems to be anywhere from 10%-21%.


This matters nothing if

quote:

pay it off monthly to avoid interest payments.






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Jwodie
LSU Fan
New Orleans
Member since Sep 2009
5485 posts
 Online 

re: I need advice on applying for my first credit card


quote:

This matters nothing if

quote:
pay it off monthly to avoid interest payments.


This. So long as you pay it off monthly you really don't need to worry about the interest rate. Just pick the card with the best reward offerings. That Chase card sounds pretty good for what you're looking for.






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SW2SCLA
LSU Fan
on the night shift
Member since Feb 2009
19265 posts

re: I need advice on applying for my first credit card


I figured it was still wise to be knowledgeable of what I was agreeing to. I'll be buying a house in 2 years or so and it may become an issue at that time, but that's not my concern now.





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SW2SCLA
LSU Fan
on the night shift
Member since Feb 2009
19265 posts

re: I need advice on applying for my first credit card


Double post


This post was edited on 12/3 at 3:21 pm


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Croacka
UNLV Fan
Denham Springs
Member since Dec 2008
46295 posts
 Online 

re: I need advice on applying for my first credit card


Get the citi forward card

5x points on amazon, bookstores, movies, restaurants


Great card for young people






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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
9900 posts

re: I need advice on applying for my first credit card


Do you have any credit history because if you don't that first card is going to be more who will give you a card than what cards you can pick and choose from. Capital One might be a good place to start.

Best of luck to you.






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MikeD
LSU Fan
Baton Rouge
Member since Jan 2004
1294 posts
 Online 

re: I need advice on applying for my first credit card


quote:

I'll be buying a house in 2 years or so and it may become an issue at that time, but that's not my concern now.


If you can't pay your credit card off every month, I would recommend holding off on buying a house until:

a. your salary increases to allow you to pay your credit card bill and house payment each month

b. save enough money to put a good down payment on a house, reducing the monthly payment enough to allow you to pay your credit card bill and house payment each month.






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SW2SCLA
LSU Fan
on the night shift
Member since Feb 2009
19265 posts

re: I need advice on applying for my first credit card


quote:

Do you have any credit history because if you don't that first card is going to be more who will give you a card than what cards you can pick and choose from. Capital One might be a good place to start.


Yes, I do. When I left home for college my parents opened a card in my name. I was allowed to put school related expenses on it from time to time, but the bill went directly to my parents and they paid it off in full every month and on time.

quote:

Best of luck to you.



Thanks

quote:

If you can't pay your credit card off every month, I would recommend holding off on buying a house until:

a. your salary increases to allow you to pay your credit card bill and house payment each month

b. save enough money to put a good down payment on a house, reducing the monthly payment enough to allow you to pay your credit card bill and house payment each month.



I will have no problem paying off the card monthly. I have quite a bit in savings that I will put towards a down payment in 2 years. In about 18 months I will be done with school and my income will double.







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