Applying for your first credit card is a very exciting time in life. With so many credit cards around on the market, though, this task may be very daunting. Here in this post, I will point out some things to consider to help you be the smart consumer when choosing your first card.

Easy Approved

When you’re applying for your first credit card, you probably haven’t got much credit yet. Therefore, you may want to look for a card that is easy to get approved for. At this point, it’s not the time to look for these fancy travel cards which are typically tough to get approved for. Check out a list here of easy credit cards to get approved for. You may also want to check out the post: How to Get Approved for A First Credit Card.

No Annual Fee

Here, at Help Me Build Credit, I already stressed several times that the first three credit cards that you apply for should be credit cards that don’t have an annual fee. The reason for this is because, in order for you to build credit properly, you need to build a proper credit history. That being understood, it’s important that the first three credit cards you open should never be closed. That will give your credit strong legs to stand on. This will definitely help you in the long run to build proper credit. If you’ll make the mistake and apply for a first credit card which does have an annual fee, what will you do if in 5 years from now you don’t want to pay the annual fee anymore? Therefore, it is smart to just apply for a credit card with no annual fee (for your first three credit cards), so that you will never need to worry about keeping them open.  For more on this, read: How to Build Credit History Properly.

Choose The Right Banks

When applying for your first credit card, I recommend choosing a bank that you already have a relationship with. For example, if you have a checking or savings account in that bank. If you have a good relationship with a bank, the bank will be more likely to approve you for a first credit card.

Also, I recommend that the first three credit cards which you apply for should be split up between three different banks. The reason for this is, first of all, because, in the long run, it will be easier for you, in the future, to get approved for higher credit lines by these banks as you will have with them a longer relationship. Second, because it is so important for you that you never close these credit cards and that these credit cards should never get closed down. So it is beneficial not to keep all your eggs in one basket. Just in case this bank decides to close you down (if you ever have a bounced check, etc.), you won’t lose your first few credit cards.

I wish you a lot of success in building credit.