|Posted On : 26-August-2023 : 09:15AM | Best Credit Cards of October 2023 In The United States of America - Best Credit Cards of October 2023 - Offers & Rewards
We rounded up the best credit cards that can help you build credit, save on interest charges and earn you over $2000 in five years. Best Credit Cards of October 2023 - Offers & Rewards
#.Best Credit Cards of 2023
Looking for your first credit card but overwhelmed by the number of options? Choose the right starter credit card and build your credit.
The best first credit card for you will depend on a combination of factors, including whether you're just starting your credit journey or already have some credit history and attributes like your willingness to pay an annual fee and your employment status. Regardless of who you are and how much money you make, your goal should be to find the best first credit card for your unique needs and financial standing. You want a card to help you establish and reward good credit card habits from the start.
#.Summary of the Best Credit Cards of October 2023 In The United States of America
#.Pros and Cons of Credit Cards - 2023
Pros of Credit Cards
Cons of Credit Cards
#.When Should I Get a Credit Card ?
The best time to apply for a new credit card depends on your financial position and goals. Generally speaking, the sooner you can start using a credit card to build stronger credit, the better. This being said, applying for a new card is a major financial decision and shouldn’t be done hastily. Though additional cards can be used for balance transfers and introductory APR periods can help finance larger purchases, credit cards have high interest rates and should be generally avoided as a means of borrowing large amounts for periods longer than a billing cycle.
Younger teenagers can become authorized users on parents’ or guardians’ cards in some cases, but must be 18 years old to become the primary account holder on a credit card. For those 18 to 20 years of age, a co-signer may be required if proof of independent income can’t be produced.
#.How Old Do You Have To Be To Get a Credit Card ?
To become the primary account holder on a credit card, federal law requires you must be at least 18 years of age. If between the ages of 18 and 21, a co-signer will be required if proof of independent income isn’t provided with the application. Younger teenagers can become authorized users on parents’ or guardians’ cards in many cases and can present a way to help teens get a jumpstart on building credit and help teach your kids responsible financial habits.
#.Is It Okay To Never Have a Credit Card ?
While it is not necessary to carry a credit card, giving up on credit cards completely may forfeit a number of opportunities for financial growth and benefit. Credit cards provide a relatively easy way to build a credit history which in turn is a requirement for borrowing money to make large purchases (houses, cars, etc.).
By foregoing credit cards, consumers may also miss out on rewards programs, fraud protection and any service requiring you to have a credit card on file—for example, renting a car or booking some hotel rooms. (Debit cards can be used to do some of these things, but using a debit card comes with other disadvantages, such as tying up funds in your bank account). If you’re committed to living a life without credit cards you can certainly use a mix of cash, checks and debit cards and avoid the risks credit cards may pose.
#.Why Can't I Get Approved for a Credit Card?
Several factors may make it more difficult for you to obtain a credit card. If you do not have a steady job or provable source of income, you are less likely to receive approval for a credit card. Similarly, if you have too much debt, a bad credit score and history, are under 18 or do not have a Social Security number, getting a credit card in your name can be very difficult. While there are ways to work around these issues, including some—like becoming an authorized user or getting a secured card—it can take some persistence and patience while working through the process.
#.How To Get Approved for a Credit Card ?
To get approved for a credit card, start by checking your credit score with one of the top credit monitoring sites. Then search for cards that match your credit rating. While credit card companies don’t generally disclose the exact credit score that they require for their cards, some will provide a range such as Excellent, Good, Fair or Rebuilding.
Some card issuers also offer preapproval checks that do not impact your credit score. There’s no obligation to move forward with applying after you’ve been preapproved. But if you do decide to sign up for a card, you’ll be asked to fill out a full application which may involve a hard inquiry on your credit report.
Even if you don’t yet have a credit score, you might still be able to get approved for a secured card. Alternatively, you could apply for an unsecured card with a co-signer or wait to apply until you’ve had time to build credit through other means such as being added as an authorized user to someone else’s card.
#.Credit Card Requirements - 2023
Here are some of the most common eligibility requirements you’ll need to meet in order to be considered for a credit card:
Some of these requirements are more universal than others. For example, the minimum age requirement will always be 18 regardless of the credit card that you’re applying for. However, minimum income and credit score requirements can vary widely depending on the issuer and the type of card.
#.How To Get a Credit Card With No Credit - 2023
Here are a few strategies that may help you get a credit card with no credit:
#.Why Is It Important To Establish Credit ?
Good credit is a sign to vendors, banks and companies you are a trustworthy, low-risk leasee or borrower capable of paying off your bills or loans on time. Great credit makes up a major part of your financial identity and comes with many advantages. These advantages include benefiting from lower interest or insurance rates, receiving approval for large purchases or loans and earning more rewards on shopping and travel.
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