Young adults face the future with enthusiasm to see themselves prosper financially and built their material wealth as they grow into their professions. When one has started off a financial carrier, it is essential to focus on areas of financial budgeting and remain relevant in the current world operations. Before settling in the right credit card, there are questions that one should think about and make a decision on the best. Here are some questions we asked ourselves before choosing the best credit cards for young adults:
Most young professionals do not have any credit history because they are beginners and as such, it is imperative to think about the best card that would fit in such a case.
Mostly when young professionals are just from College, they somehow have obligations that they need to repay. This could be money lent by financial institutions to aid in payment of college fees. It’s always good to look back and evaluate the much that these organizations offered support whilst in school and ensure this debt is paid back.
As such, ensure that the card can be easily linked to the institution and repayment of such debts does not become a hassle.
Depending on a budget of spending on a monthly basis, checking the limit that a card can allow you to spend is necessary. This will avoid disappointments of lack of cash while out for shopping.
Some cards offer rewards while using them at one point or another. Such cards can motivate a young professional because, at one time or another, the points can be redeemed and support when it comes to an emergency.
When employed, the job may involve much travel, and it’s imperative to check on the best that suits someone who goes a lot and also confirms on the points awarded upon its usage.
With these points in mind, one can make a concrete decision and have a smooth ride in the journey of making financial decisions by use of credit cards.
Below are some of the best Credit cards that are well known for Young Adults. However, these should not dictate to a person to be confined to them since there are very many others that are outside there in the market.
As one advances in his or her finances, dig deeper and understand how each of the available cards works.
This is an excellent credit card for those professionals who are engaged in traveling during their day to day duties.
The Bank of America®Travel Rewards Credit Card has a great feature in the sense that as soon as you sign up for it, you are eligible for 20,000 bonus points so long as the customer spends a minimum of $1000 within the first 90 days upon opening of the account.
Besides this, one can earn 1.5 points for every dollar spent on purchases no matter the type of a purchase that is made.
For those who travel outside their country, this card does not have any charge for foreign transactions making it a credible card to use during travel.
This is an all top cash credit card that should be envied by all young professionals. The good side of it is because of the great rewards it offers, in addition to interest rates that one cannot miss to have.
It’s one of the top-rated credit cards in the US, and the customer service it offers is an exclusive one. With the easy to operate app, any upcoming young professional can have confidence in using it.
Think about the issue of late payment; it is resilient in that it can extend for a few more days as it awaits the owner to reorganize the finances without any penalties.
In the new categories of shopping such as shopping with Amazon and established restaurants, Discover it ®Cash Back credit card offers bonuses regarding cash backs.
Another great feature is that it offers a 0 percent intro Apr for all purchases including transfers of over 14 months.
Young professionals do not like to waste any chance of earning rewards in any way. Capital One ®Venture ®Rewards Credit card is the way to go because it keeps earning rewards in all your travel costs even when making double miles at any one time.
In recent research, it was discovered that Capital One ®Venture ®Rewards Credit card rewarded the most bonuses to its customers which was inclusive of the annual bonuses and also the sign-up fees. This gave venture a lucrative mileage, and more people signed up for it which meant better profits for the company.
Since it does not have any transaction fees on foreign travel, it makes the card a great deal to sign up for especially if one is a professional and frequent traveler.
Chase Freedom® is best used by those professionals who have just graduated from college more so because of the flexibility of loan repayments. It’s essential for the user to understand that one needs to have a good credit history in order to qualify for the cash back bonuses.
Some of the advantages of Chase freedom is that it does not have an annual fee, and if one happens to spend $500 within the first three months of sign up, you get a bonus of $150 cash back which is a significant saving indeed.
Another great feature is that the card has a 0% intro on Annual Percentage Rate for any purchases made within the first 15 months.
However, it is not a recommendable card for travel since it charges 3% for foreign transaction fees. This means that any purchases made outside the country will have an extra charge.
This is another excellent card that was termed as the Best Travel Credit Card by the money magazine, 2016-2017.
It is loved for the significant advantages that it has which include;
- Use of the rewards earned to book for ant travels that one intends to take.
- Points are redeemable from a wide range of hotels, airlines and it’s not confined to be used by any specific company.
- In comparison to most of the credit cards around, Chase Sapphire Preferred Card has better sign up bonuses which are a huge plus to its users.
However, it imperative to know that there are annual charges pegged on the card and before signing up for it, research and understand the costs and be ready to pay as per the terms and conditions.
After college, one feels good to start earning and have some freedom when it comes to managing finances. Every adult finds it more exciting to operate credit cards rather than walking to the bank any time when you need to transact. However much one may feel like it’s a risk, the mindset matters most, and it is worth taking time to choose wisely.
Credit cards will also help a person to maintain a good credit history and achieve the dreams that are mostly longed for in the later years. As such it’s good to navigate, research and trend carefully.
Always ensure that the cards have rewards, benefits that include interest rates which are reasonable.
Annual fees should not be high since as a beginner one needs to maintain the expenses as low as possible as you plan for the future. The bottom line is, ensure your credit history is recommendable and you will be at an advantage of signing up for any card with ease.