How To Get Your First Credit Debit Card

If you re a student and have at least a small part time income opt for one of these student credit cards.

How to get your first credit debit card. You just need to complete an application with the bank to get a debit card. The difference between this and a debit card is that your on time payments help establish a credit history. Each month transfer however much you budget for spending money into that account. The best first time credit card for you may be a secured card or student credit card. The complete guide to applying for a credit card for the first time.

Applying for cards that are geared toward your specific credit history improves your chances of getting approved. Simply make an account at the bank with a debit card on it. The bank will review your application and depending on your history with the bank approve your account for a debit card. Debit cards typically arrive by mail because they must be printed and customized with your account information but some banks and credit unions have card printers on site. With secured cards your credit line will equal the amount of the required one time cash deposit after you are approved.

Since you have already established your identity with the bank the only paperwork is the application. Look first at cards that are designed with students and young adults in mind. If you decide to get one of these cards be sure to pay off charges immediately to avoid the higher interest rate. If you have sufficient income to satisfy the requirements of the card act this is the point when you can truly have a credit card of your own. The bank may offer you the same more extensive fraud protections as a credit card when you use your debit card like one so check on their policies in that area as well.

In fact 75 of all american adults have at least one card according to the federal reserve bank. Move on to a student credit card between ages 18 and 21. Debit cards will stop letting you buy things when the. In the united states credit cards are everywhere. Avoid applications for credit cards requiring excellent credit as you probably will get denied.

It is a relatively easy process. If it s your first credit card it s unlikely you ll get approved for a card needing excellent credit. If you can get a reduced fraud liability 50 at most and easier fraud resolution process simply by signing instead of entering a pin take it. According to the american banking association there are over 364 million accounts which averages out to far more than one per adult. Once you get your debit card and activate it you can use it as you see fit including to get cash from atms.