Credit Cards

Home Calc Credit Cards Report Extended Learning

Credit card info

Credit cards are a form of payment in which you are able to borrow money from the bank to make any sort of purchase. The borrowed money however has to be payed back after a certain time period, if not, the borrowed money gets interest added onto it.

They’re important for many reasons, many of which include card rewards and benefits, conveniency, emergency access, additional and enhanced fraud protection and building credit history which we’ll get into later.

Credit cards are important, which is why having one is beneficial. Not sure how to start? Here’s a guide to show you:

• Need to be at least 18 years old to open a credit card (with parents permission you can get one before 18)
• Need to give them general information (name, DOB, address, and potentially, SSN, proof of income, employment status, monthly housing payment)
• Since you most likely don’t have any credit history, look for cards designed for beginners
• Annual Frees
• Aim for a card with no annual fee to minimize costs.
• Interest Rates
• Look for a card with a low APR to save on interest if you carry a balance.
• Rewards and Benefits
• Some cards carry rewards and benefits for spending so aim for a card that aligns with your habits but be sure not to indulge into bad spending habits
• Credit Limit
• Ensure it’s enough for your needs but not so high that you risk overspending.
• Frees and Penalties
• Look for cards with low or no fees for foreign transactions, late payments, or balance transfers.
• Compare terms and prequalify
• Complete the application