Having a credit card is very important to build your personal credit. This is crucial for making sure you can rent an apartment, or take out loans in the future. Building credit, however, is not the only reason to have a credit card, you can also get some rewards, as long as you’re smart about using the card. Remember, with credit cards, the higher the risk, the higher the reward.
Typically if you haven’t built much credit yet, and have a limited income, you’re best bet will be a more basic card. This will be something without a fee, and with low monthly interest rates. It would also most likely have more basic rewards, like 1% cash back.
After building up some credit with a basic card, or paying off loans, you can get a better rewards card. These may have higher interest rates and a yearly fee, but they’ll have much better rewards. These rewards may include 2% or 3% cash back, travel credits, free TSA Global Entry, and much more. The key to these cards is making sure you’re paying off the card monthly so it doesn’t add interest, while spending enough to earn rewards that will make the card worth the annual fee.
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