If you are a young adult looking to get your first credit card, there are a few things to keep in mind. First, there is a low annual fee … or better yet, no annual fee. After all, regardless of the benefits the card comes with, the last thing you want is to be burdened with ongoing high running costs. The second is a card issuer reporting to the top three lending agencies – if you want to start building your credit rating and improve your chances of getting a premium credit card, loan, or mortgage in the future, the only way to do that is with a proven track record of responsible borrowing (and a good credit score, of course). Lastly, look for a card that provides some useful benefits, but make sure these benefits are really useful to you; there is no point in choosing a card based on your travel rewards if you rarely leave the country. To help you rank the offers, take a look at our pick of the top 10 credit cards for young adults.
1. Capital One Platinum Credit Card
With no annual fee, no overseas transaction fees, and the option to increase your credit limit after 5 months of regular, on-time payments, the Capital One Platinum credit card is worth considering. Additional benefits include the opportunity to build your credit history (the issuer reports to all three major credit bureaus) and excellent approval odds. On the other hand, there are no real advantages to speak of, and the variable APR of 26.99% is, although it is certainly not the highest, nor the lowest. Those two points aside, the card is still a good choice for young people looking to establish their credit rating.
2. Capital One QuicksilverOne Cash Rewards Credit Card
If you’re looking for a card that rewards you for your spending, look no further than the Capital One QuicksilverOne Cash Rewards credit card. You can charge an annual fee of $ 39, but with its 1.5% cash back offer on all purchases, you will be able to break even as long as you spend a minimum of $ 217 per month. The APR is not the lowest (26.99%), but with no overseas transaction fees, the ability to increase your credit limit if you make your first 5 monthly payments on time, and a variety of consumer benefits is worth the worth considering.
3. Discover It Student Chrome
Some of the main advantages of Discover It Student Chrome are the 2% refund for every $ 1000 spent in restaurants and gas stations each quarter, the 1% refund on all other purchases, a point bonus scheme that will double your refund in the first year. , a reasonable variable APR of 15.24% -24.24%, and as long as you get good grades, a $ 20 statement credit bonus each year for up to five years.
4. Capital One Venture Rewards credit card
If you’re a frequent traveler, the Capital One Venture Rewards credit card might be the one for you. As long as you spend $ 1000 within the first three months after account opening, Capital One will reward you with 20,000 miles. You’ll also earn 10 miles for every $ 1 spent on hotels.com/venture and 1.25 miles on all other purchases. The APR is reasonable at 14.24% – 24.24%, with an introductory APR of 0% for the first 12 months.
5. American Express Cash Magnet Card
If you like a card with benefits, the American Express Cash Magnet has them in abundance, starting with a $ 150 cash bonus when you spend $ 1000 within three months of opening your account. Other ongoing benefits include a 1.5% refund and 0% introductory APR for the first 15 months.
6. Find out for sure
Discover it Secured has some very good perks for those looking for a credit card that pays back. In addition to the 2% rebate for every $ 1000 you spend in restaurants and gas stations per quarter, you will also benefit from an anniversary bonus payment equal to all the rebate you accumulate during the course of the year. Other benefits do not include foreign transaction fees or annual fee; just keep in mind that this is a secured credit card and will require you to make a deposit of at least $ 200.
7. Credit One Bank Platinum Visa for credit rebuilding
While there may be cards with lower APRs (this logs at 20.24% – 26.24%), Credit One Bank’s Platinum Visa for Credit Rebuilding is a good option for those looking for a basic credit card that will allow them. ..