WalletHub has identified the best credit cards for each of the primary needs that young people have in order to protect them from beginning financial independence on a bad note.
As we all know, the CARD Act significantly restricted the access that people under the age of 21 have to credit cards, which means that more people than ever are graduating from college without even the beginnings of the credit history needed to one day buy or lease a car or get a mortgage for their first home.
While a credit card is the easiest way to build credit, finding the right one can be quite a chore for young people, especially given their varied financial needs. To help prevent the high costs and hassle associated with picking the wrong card, please find WalletHub’s recommendations below.
Building credit: - Finding a credit card with the lowest fee structure possible should be the primary focus of any young person wishing to build credit. One should not even consider carrying credit card debt when they are trying to establish a responsible track record.
Making Big-Ticket Purchases & Earning Rewards: - Some recent college graduates may have already built credit history with the aid of a co-signer. The main focus of this demographic is either earning rewards on everyday spending or finding a 0% APR offer in order to avoid interest on upcoming big-ticket purchases.
Traveling: - For many college graduates, backpacking through a foreign country is a rite of passage. A credit card with no foreign transaction fees is the best type of card for such a purpose because it will help mitigate both the hassle of currency exchange and the danger of pickpockets while also protecting against fees amounting to 3% of every transaction processed abroad.