Qualifying for Your First Credit Card

Whether you’ve just become a legal adult, or you’ve been adulting for years, getting your first credit card requires you to follow a few steps.

Firstly, it’s crucial to note that you must first be able to afford debt, before you enter any credit or worse, a credit card.

Although applying for a credit card might seem like something that is simple and easy, there are many factors to consider before you apply.

You should, above anything else, ensure you know about the risks involved when applying for a credit card. Since credit cards come with extremely high-interest rates and allow you the freedom of simply swiping a card to purchase nearly anything you want, at any time, it poses some type of danger to your financial well-being.

If you can manage a credit card in the right way and don’t consider yourself to be a reckless spender, then you can apply for a credit card and enjoy the benefits thereof. That is if you can do so responsibly.

How to qualify for a credit card

#1 Ensure you’re ready for a credit card

As mentioned above, you need to be wary about whether you’re in such a position, financially, that you can afford to pay off debt, to begin with. Since credit cards are known to be the number one reason people get stuck in debt, you need to have self-control, discipline, and stay aware of your budget.

#2 Understand what it means to be approved for a credit card

You can get approved for a credit card at the age of 18, but that doesn’t mean you should. You won’t qualify for one unless you have a proper job/ income, which means 18-year olds aren’t very likely to qualify for a credit card in the first place.

If you don’t have a proper income, you can open a joint credit card with somebody who does, to make it easier for you to qualify and afford the credit card.

#3 Employment is everything

If you really want a credit card for yourself and aren’t big on sharing, you’ll have to get a proper job, which should ideally be full-time and provide you with a proper income, to afford repayment terms on your credit card.

Get debt counselling and debt review help from Credit Matters. Call us today! 086 111 6197