Many people see applying for their first credit card as a daunting proposition, especially if they don’t have a spotless credit history. Credit cards differ in their features and benefits, so it can take time and research to determine the best way to build or to rebuild your credit. Fortunately, we have taken a lot of the guesswork out of this process by suggesting 10 options for the best first credit card to apply for.
Product FAQ’s
1. What Is A Credit Card?
2. How Do Secured Credit Cards Work?
3. What Does The Best First Credit Card Do For You?
4. Where Can You Apply For The Best First Credit Card?
5. Price Range Of Annual Costs
How We Reviewed The Cards
We reviewed the financial products in this article with the following criteria in mind: the benefits offered with using the card, the annual price of the card, the reward rate of the card, and the minimum credit needed to apply for the card successfully. We’ve done our best to balance these factors and recommend only the top ten best first credit cards available to consumers.
What We Reviewed
- Capital One® Platinum
- Discover it® Secured
- Journey® Student Rewards from Capital One®
- Capital One® Secured Mastercard®
- Capital One® QuicksilverOne® Cash Rewards
- First Progress Platinum Select MasterCard® Secured Credit Card
- USAA® Secured Card American Express® Card
- Chase Freedom®
- OpenSky® Secured Visa®
- Green Dot Primor® Visa® Gold Secured
Capital One® Platinum
Source: https://www.creditkarma.com/reviews/credit-card/single/id/CCCapitalOne1009
Credit Card Details
The Capital One Platinum credit card features many great benefits to those just getting started with using credit cards such as: no annual fee, the ability to access a higher line of credit after making your first 5 monthly payments on time, the use of online banking from mobile devices or the web, and fraud coverage in the event that your card gets lost or stolen. There is no introductory APR offered. This means the first number of purchases will get charged the regular APR. The regular APR is about 24.99%, and there is no introductory APR offered for transferring balances from another credit card.
Minimum Credit Needed To Apply
The minimum credit history needed to apply for this credit card successfully is rated as limited, which means you can have less than 3 years of credit history.
Rewards Rate
The card offers no reward rate, which is the amount of cash back given to you for each purchase made with the credit card.
Annual Costs
Consumers can expect to pay nothing in annual costs for this credit card.
Discover it® Secured
Source: https://www.businesswire.com/news/home/20160125005220/en/Discover-it%C2%AE-Secured-Credit-Card-Helps-Consumers
Credit Card Details
The Discover it Secured credit card features many great benefits for those who have had trouble qualifying for credit cards such as: no annual fee, the ability to earn higher rewards by using the credit car at gas stations or restaurants, the ability for an account review at 8 months to see if you can transition to an unsecured card, and fraud coverage in the event that your card gets lost or stolen. There is no introductory APR offered. The regular APR is about 24.74%, and there is no introductory APR offered for transferring balances from another credit card.
Minimum Credit Needed To Apply
The minimum credit history needed to apply for this credit card successfully is categorized as bad, which means you can have a credit score between 300 to 639 and successfully qualify.
Rewards Rate
The card offers 1% reward rate on all purchases and then 2% for gas stations and restaurants up to $1,000 per quarter. Reward dollars are the amount of cash back given to you for each purchase made with the credit card.
Annual Costs
Consumers can find expect to pay nothing in annual costs for this credit card.
Journey® Student Rewards from Capital One®
Source: http://top10creditcards.com/cards/journey-student-rewards-from-capital-one/
Credit Card Details
The Journey Student Rewards from Capital One credit card is a great option for students looking to get their first credit card with features such as: no annual fee, $0 fraud liability in the event that your card gets lost or stolen, the ability to access a higher line of credit after making your first 5 monthly payments on time, and the use of online banking from mobile devices or the web. There is no introductory APR offered. The regular APR is about 24.99%, and there is no introductory APR offered for transferring balances from another credit card.
Minimum Credit Needed To Apply
You can have less than 3 years of credit history and still qualify for this student credit card because the minimum credit history needed to apply for this credit card successfully can be limited.
Rewards Rate
The card offers 1% reward rate on all purchases and then 1.25% when you make your payments on time. Reward dollars are the amount of cash back given to you for each purchase made with the credit card.
Annual Costs
Consumers can expect to pay no annual fees for this credit card.
Capital One® Secured Mastercard®
Source: https://www.safml.com/capital-one-secured-business-credit-card/capital-one-secured-business-credit-card-cute-capital-e-panies-news-videos-websites-wiki/
Credit Card Details
The Capital One Secured Mastercard credit card features benefits such as: no annual fee, $0 fraud liability in the event that your card gets lost or stolen, access to a higher credit limit once you’ve made your first 5 monthly payments on time, and the use of online banking from mobile devices or the web. There is no introductory APR offered. The regular APR is about 24.99%, and there is no introductory APR offered for transferring balances from another credit card.
Minimum Credit Needed To Apply
You can have a credit score ranging from 300 to 639 and still qualify for this secured credit card.
Rewards Rate
The card offers no rewards for your purchases. Most cards offer a reward rate of at least 1%, which makes this card less competitive than others.
Annual Costs
Consumers can expect to pay no annual fees for this credit card.
First Progress Platinum Select MasterCard® Secured Credit Card
Source: https://www.creditkarma.com/reviews/credit-card/single/id/FirstProgress01
Credit Card Details
The First Progress Platinum Select MasterCard secured credit card features benefits such as: no minimum credit score needed to apply, no credit history required to apply, fraud protection in the event that your card gets lost or stolen, and the use of online banking from mobile devices or the web. There is no introductory APR offered. The regular APR is about 14.99%, and there is no introductory APR offered for transferring balances from another credit card. The APR of this card is favorable when compared to some other cards.
Minimum Credit Needed To Apply
You can have no credit score or credit history and still qualify for this secured credit card.
Rewards Rate
The card offers no rewards for your purchases. The lack of reward dollars makes this card less competitive than others.
Annual Costs
Consumers can expect to pay $39 in annual fees for this credit card. This means each year they will charge you this fee to use this card.
USAA® Secured Card American Express® Card
Credit Card Details
The USAA Secured Card American Express Card offers you many benefits such as: the ability to determine your own credit limit from $200 to $5,000, fraud protection for a lost or stolen card, the use of online banking from mobile devices or the web, and travel benefits like coverage for damage to most rental vehicles. There is no introductory APR offered. The regular APR ranges from about 11.65% to 21.65%, and there is no introductory APR offered for transferring balances from another credit card. The card also offers an extended warranty for a purchase made with the card for up to one year.
Minimum Credit Needed To Apply
You can have a credit score ranging from as low as 300 to 639 and still qualify for this secured credit card.
Rewards Rate
The card offers no rewards for your purchases, which makes this card less competitive than others.
Annual Costs
Consumers can expect to pay $39 in annual fees for this credit card. This means each year they will charge you this fee to use this card.
Chase Freedom®
Source: https://www.amazon.com/Chase-Freedom%C2%AE-Credit-Card/dp/B00AMPEHYS
Credit Card Details
The Chase Freedom credit card offers benefits such as: a $150 bonus when you spend $500 on purchases within the first 3 months, no annual fees, up to 5% reward rate on bonus categories, fraud protection in the event that your card gets lost or stolen, and the use of online banking from mobile devices or the web. There is a purchase intro APR offered, which means the purchases within the first 15 months get charged a 0% APR. The regular APR ranges from about 16.74% to 25.49%. All balance transfers qualify for an introductory APR of 0% for 15 months if charged within the first 60 days. The introductory APR of this card is favorable when compared to many other cards.
Minimum Credit Needed To Apply
You will need a credit score between 700 and 725 to qualify for this credit card easily, but there are reports of people being accepted with credit scores as low as 645.
Rewards Rate
The card offers 5% rewards for your purchases in bonus categories up to $1,500. The designated categories or retail brands eligible for this promotional reward rate get selected by Chase each quarter.
Annual Costs
Consumers can expect to pay nothing in annual fees for this credit card.
OpenSky® Secured Visa®
Source: https://www.mybanktracker.com/credit-cards/expert-reviews/opensky-secured-visa-credit-card-review-257590
Credit Card Details
The OpenSky Secured Visa credit card features benefits such as: bad credit scores can still apply, fraud protection in the event that your card gets lost or stolen, and the use of online banking from mobile devices or the web. There is no introductory APR offered. The regular APR is about 18.89%, and there is no introductory APR offered for transferring balances from another credit card. They require you to make a deposit as low as $200 to secure the card.
Minimum Credit Needed To Apply
The minimum credit history needed to apply for this credit card successfully is a credit score between 300 to 639 to successfully qualify.
Rewards Rate
The card offers no rewards for your purchases. The lack of reward dollars makes this card less competitive than others.
Annual Costs
Consumers can expect to pay $35 in annual fees for this credit card.
Green Dot primor® Visa® Gold Secured
Source: https://www.creditkarma.com/reviews/credit-card/single/id/primorSecuredVisaGoldCard
Credit Card Details
The Green Dot primor Visa Gold Secured credit card features benefits such as: a fixed rate of 9.99%, no penalty rate, credit lines up to $5,000, and the use of online banking. There is no introductory APR offered. The regular APR is about 9.99%, and there is no introductory APR offered for transferring balances from another credit card. They require you to make a minimum deposit of $200 to secure the card.
Minimum Credit Needed To Apply
You can have a credit score between 300 to 639 to qualify successfully.
Rewards Rate
The card offers no rewards for your purchases. The lack of reward dollars makes this card less competitive than others, but comparatively low APR may be more attractive for those who plan to carry a balance.
Annual Costs
Consumers can expect to pay $49 in annual fees for this credit card.
The Verdict
You can take the first step to taking charge of your financial future by applying for any of these cards. The best first credit card for you will be determined not only by your situation, but by what you value most from your credit cards. The Chase Freedom card offers the best benefits on the list but is more for those with established credit. The Journey Studen card can be a great option for students. The Green Dot card offers the lowest APR out of all cards, so those with limited credit who need to carry a balance could enjoy the low APR. We hope the information contained within this article made your choice easier in finding the best starter credit card for you.
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