You need to build your credit before you'll get an acceptable rate on a card with good rewards.
When starting out, you used to look for a store card. But these days, a better move is a secured card.
A secured card is usually from a bank and you plunk down a deposit which will become your credit limit. A secured card may have rewards, but probably like cents off a tank of gas at some local gas station or spend eight billion dollars and get a five dollar amazon gift card.
Use it as you would have used your debit card or cash: for everyday expenses. BUT: you only want to use about 10% to 20% of your available credit.
Do this regularly and watch your credit rating skyrocket.
Then you can get a rewards card with a reasonable enough rate where you can actually use it.
You may have to start with a 35% and up card just to establish a good credit score.
But I would seriously reconsider getting one, only get one if you know you will have a good job for a long time or some source of guaranteed income, because if you start failing payments for a while... you will get black listed and it will be very difficult to be accepted for credit anywhere.
[Edited by DABhand, 5/18/2013 9:47:11 PM]
Duh forgot to say which card its a BNZ globalplus visa
[Edited by benduhova, 5/18/2013 8:10:21 PM]
[Edited by benduhova, 5/18/2013 8:15:37 PM]
After 6 months they added an extra grand onto it's limit because I rarely use it.
Only reason I got one in the first place was to act as a safety net incase of emergency, I'd recommend the same for anyone else, they are the devil.
A debit card is fine for me, and I've got enough history built to keep my score high for a while without maintenance.
If you are located in the US, and are a young guy, you can apply for the card I have, which is meant for those who want to start establishing credit.
Its the Journey Student Rewards Card by Capital One. It has some good benefits, low interest, and starts you off at a low balance so you can't spend so much that you will be screwed for life.
You can look at it here-> Link
One tip I can give you is to always pay on time, and pay ABOVE the minimum payment. If you pay above the minimum, credit raters will notice, and it will up your score. And in response to the person who talked about the Secured Card, I talked to a banker about those when figuring out Credit Cards for myself, and he said that it was actually a bad idea these days. Cant remember exactly why, as it was months ago, but he said to try and avoid those as a way to build credit.
Hope this helps!
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