Credit Guide

A credit card is a big deal to young adults. It's one way for them to feel like they're part of the grownup world. But credit cards can also be a way for a youngster to get themselves into serious adult trouble before they're ready for it. That's why it's important to follow a few important-but luckily simple-steps when shopping for your first credit card.

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1. Shop Around

Impartial guide about credit card types available in the UK. Ensure you choose the right credit card type for you and save money with uSwitch.com

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One of the first things you should know about getting your first credit card is how to shop around. Sure, you probably get a few dozen credit card offers in the mail every month. And every time you go to a ballgame, somebody offers you a free beach towel if you join their credit card. But these offers may not be the best. Try doing your own research on the Web to find the best credit cards for your situation.

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2. Compare Annual Percentage Rates

Applying for Credit Applying for credit used to mean asking your neighborhood banker for a loan. Now, with national credit cards and computerized applications, the day of personal evaluations may be over. Instead, computer evaluations look at, among other things, your income, payment history, credit card accounts, and any outstanding balances. Paying in cash and in full may be sound financial advice, but they won't give you a payment history that helps you get credit.

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Once you come up with a list of cards you may want to apply for, compare their interest rates, or the percentage fee they charge you for debt left on your card every month. It's important to know the difference between variable rate cards, and fixed rate cards. Variable means that the interest rate can change over time, so it may start out extremely low, but in six months, it could triple, quadruple, etc.

. Creditors consider your work history and income before they extend credit, so start applying after you have had a job for at least 6 months. Start small by applying for gas or department store credit cards. These are easier to qualify for than major credit cards. Just make sure your credit information (payment history) will be reported to the national credit bureaus. (There is no point applying for and paying credit bills if there is no record of it.)

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3. Compare Fees and Grace Periods

ONLY Credit will be applied to your Account, not your credit card, for all returns minus the restocking fee.

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Don't just compare interest rates on cards either. You should know each card's annual fee, grace period (or time they give you to pay off each month's charges), late-payment penalty fees, over-the-limit penalty fees, and charges for cash advances. Of course, for these penalties and cash advance fees, you hopefully will never have to experience them firsthand. But it's still important to know what they are just in case.

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4. Read the Fine Print

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Also read the fine print of any credit card deal. Some cards offer great interest rates, fixed or otherwise, but warn that these low rates disappear as soon as you make one late payment. Credit card companies put this and many other loopholes in their contracts to make the most money off a person with too much debt and too little responsibility. Be aware of them so you can avoid them.

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5. Review the Agreement

Bad Credit Loan Once you figure out which card you want and apply for it, you should get the card and the full agreement in the mail. Make sure you review this agreement completely to make sure that you're getting everything you agreed to-the right interest rate, spending allowance, etc. These things can change during the card's approval process.

Credit Definition Derivative Joshua Shapiro recommends Find Credit Cards to find an American Express credit card application that's right for you.

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