Starter Credit Cards

Today, with the fast lifestyle that everyone leads, credit cards have a huge demand in the economy. Persons from every field are using the credit card and people who are not using the card have lined up to apply for one.

If you are a person who does not have a credit card and want to apply for one, you should know everything about them. The first and the foremost thing is that there are many types of cards. There are secured cards which are given after the customer has deposited a certain sum of money as collateral. Unsecured cards are given out with the deposits on the basis of pure trust. However, the latter is very tough to get. The banks collect an annual fee from the card holders for the services that they have rendered. Some banks charge less and some more. You have to look into this aspect carefully as the fee will be deducted from your deposit in case of a secured loan. The credit limit that you will be getting with the card will be equal to the amount that you pledge. So if the fee is deducted from the deposit, your credit availability will also be reduced.

As a starter, you do not have a credit score. Therefore, some banks will give you secured cards. If you want an unsecured card then you can ask the bank in which you have an account. The bank, knowing your deposits and withdrawals, will give you the card. Also, the card holders are entitled to some rewards. As he uses the card, points will be accumulated which can be redeemed for benefits like discounts, gift vouchers, etc.

As a starter credit card, get the best one possible which will work to your benefit. A wrong step will prove to be problematic.