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For some young people, the opportunity to get their first time credit card ranks as high as a chance to receive a driver license. It marks yet another milestone in their maturation process. In order to successfully apply for first time credit card though, it is helpful to know the categories that offer you the best chances of approval.
These are the categories you may consider.
Secured credit cards: These are primarily for first-timers, and they require a security deposit. You may charge up to 100% of your security deposit, which is held in a separate account as collateral. The great benefit of this category is that it can help you build or repair your credit. Based on your payment history, the deposit requirement may be removed. An excellent example is Ultra VX Visa Card which requires no minimum income and no bank account. It also offers Clear Rewards for American Airlines, Southwest, jetBlue, Marriot, and more. There are no restrictions and approval is guaranteed.
Student credit cards: This is an excellent category for students with limited payment history. They are loaded with rewards and incentives specifically designed for students. For example, Citi mtvU Platinum Select Visa Card for College Students offers up to 2000 ThankYou Points twice a year for maintaining a good GPA; 5 ThankYou Points for every dollar you spend at restaurants, bookstores, record stores, movie theaters, video rental stores, and 1 ThankYou point for every dollar you spend on all other purchases. As a student, you are certain to spend money on items like books, movies and video rental, right? If so, why not earn rewards points for your money? It is a win-win situation for you, and it makes perfect sense.
Prepaid debit cards: This category also requires cash deposit, which is directly reduced by the charges you make, just as a withdrawal reduces the balance in your checking account. No credit check is necessary and approval is guaranteed. Eufora Prepaid MasterCard is one of the best in this category. It offers 100% approval guaranteed, free direct deposit, free point of sale transactions, free 24/7 online access to your account and free live customer support. Most of all, it is very affordable; it has a yearly fee of $10 only.
Here are the important points to remember. First time credit cards include secured, student, and prepaid cards. They offer great benefits to consumers. In addition, they can help you build or repair your credit fast.