Credit card tips for first time applicants

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Credit card tips for first time applicants

The content is accurate at the time of publication and is subject to change.
This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the Citi.

Getting your first credit card is a very exciting experience. Most of the people who apply for their first credit card feel that credit cards will give them some financial freedom. While this may be true to a certain extent, there is more to it than meets the eye. Every person applying for credit cards should have some basic knowledge about credit cards and the various charges that come with the territory. This will help set realistic expectations and prevent credit card debts.

Different types of credit cards

Before signing up for any card, it is imperative to understand the various types of credit cards that you can choose from. Some of the most common credit cards that people apply for are unsecured credit cards, secured credit cards, prepaid cards, limited purpose cards and charge cards. Each of these cards has their own set of pros and cons. There are also unique set of terms and conditions governing each of these cards. It is important to understand them in details and then choose the card that suits your requirements to perfection.

Different features and benefits

There can be multiple cards, with each offering a unique set of features and benefits to the card holders. While some of them may have annual fees associated with them, there are those that do not charge the fees. Some credit cards offer rewards for every dollar the customer spends on the card, while some may not. Even the available credit limits on the card vary from one card to the other and from one person to the next.

Billing cycle

It is important to understand the billing cycle associated with the card. Every credit card lender will send you a billing statement once a month showing the amount that you have utilized, the balance you owe to the bank and the available credit limit. The bill will be sent to your mailing address 21 days in advance so you have enough time to payments. Even if you are not able to pay off the entire balance in one go, it is important that you pay the minimum amount stipulated by the bank within the due date to avoid late charges and other financial charges. This will not increase your outstanding balance, but also will not tarnish your credit history.

While it is undoubtedly true that credit cards have an important role to play in our daily lives, it is also imperative that you choose them wisely so you can build a good credit score.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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