Whether you have just turned 21 or you have recently received your first job, building a good credit should become one of your main necessities. Curious why? A top-notch credit score is imperative to secure upcoming loans in life, whether you plan to get a car or perhaps a home. At the same time, a good credit also allows you to use credit cards instead of cash for extra security. Choosing your first credit card might be a bit confusing.
There is a wide plethora of issuers out there, not to mention their special offers, which look quite exciting. However, when bumping into USBank credit card, you will get a little of everything. There are more types of credit cards available at USBank, so choose the right one for your necessities. Then, what do you need to look for?
Considering interest rates
A low APR should be one of your priorities. This is the interest rate you will pay month by month if you carry a balance and you do not pay within the grace period. The rate is irrelevant if you plan to pay the balance in full. It will never matter, especially if you mostly use this credit card for emergencies. With all these, unexpected situations may always arise, so try to keep the interest rate as low as possible. Plenty of issuers advertise a range for the interest rate. For example, they advertise a rate between 10% and 20%. However, you are more likely to end up on the upper end, especially as you are new. You have no history, so take your time to compare rates.
Analyzing annual fees of USBank Credit Card
Apart from the low APR, hunt a classic USBank credit card with no annual fee. The annual fee is practically paid for maintenance. But then, you do not want a membership fee only to keep a plastic card in your pocket.
Chances are your new profile will not even qualify you for major rewards and bonuses, so what is the point? Check the fine print and do not base your decision on ads only. Some banks may provide no annual fee offers, yet they only apply them to the first year. They kick in after. In conclusion, do not settle for a small fee. Instead, find a card with absolutely no such taxes at all.
Evaluating bonuses and rewards
Some banks keep bonuses, points and rewards for their high-end customers with high limits. While this old fashioned trend still persists, this rule does not apply to every bank. From this point of view, the USBank credit card offers all kinds of enticing bonuses. Some credit cards are designed for those who travel all the time, while others provide 5% back on each shopping session.
Retail rewards and introductory APR are not to be overlooked either. Credit cards are quite diversified, so a little research will lead you in the right direction. Apart from these features, consider the qualifications and requirements too. It is useless to find the perfect card if you cannot qualify for it.