Getting your first Credit Card? Important points to know

Getting your first credit card is rewarding but can also be challenging. As someone who’s new to credit, you may not have an ideal credit score or history. This makes financial institutions hesitate when it comes to approving your application. 

After all, a strong credit history and score reflect creditworthiness, whereas its absence implies a high risk of non-payment. So, how do you get a credit card with no credit history? Thankfully, today, having no credit history does not mean you can’t get a credit card. 

There are several tips you can rely on to get your first card and safely build your creditworthiness. Read on for more. 

Tips to get your first Credit Card

Here are some tips you can try to get credit cards for beginners:

Get a supplementary credit card

A supplementary credit card is dispatched when a primary cardholder puts in the request for it. Any primary cardholder can request a supplementary card for their family members and make them authorised users. 

With this authorisation, you can use the credit card and share its benefits with the primary cardholder. Generally, supplementary cards are issued without any hassles when the primary cardholder has good creditworthiness. 

Also Read: Benefits of Using Credit Card

Apply for a secured credit card

Another option is getting a secured credit card by putting up your assets, generally, a fixed deposit, as security. This works the same as a secured loan and your credit limit depends on the value of your FD or asset. Issuers offer these cards to individuals who don’t have a credit history and want to build a positive one.

Avail of a card against a savings account

Top banks in India also offer existing customers credit cards against their savings accounts. This way, you leverage your savings account to get your first credit card when you don’t have a credit history. However, this depends on the bank and you must maintain a minimum balance to qualify. 

Choose a prepaid credit card

Getting advance cash can be difficult if you don’t have a credit history. Therefore, many financial institutions offer prepaid credit cards. In these types of credit cards, you can preload an amount and make purchases with those funds. 

Apply For Instant Personal Loan 

Things to consider before getting your first card

Here are the most important points to keep in mind when getting your first credit card. 

Know the types of credit cards available 

Evaluate different cards, such as cashback, travel, co-branded, secured or prepaid credit cards to choose one based on your needs. Doing this ensures that you can make the most of your card, enjoying perks and saving more. 

Know how grace period works

This is the duration between your purchases and the due date for your credit card bill. It generally goes up to 45 days and the issuer does not charge any interest during this period. 

Opt for a lower card limit 

Starting with a lower credit limit minimises your risk of overspending and ensures that you can pay the bill on time. It also helps you learn how to use a credit card the first time and manage repayment on time. This will help you build a good credit score and get affordable loans in the future. 

Check the fees and charges

Being aware of the interest rates and other charges associated with the credit card is important. Credit cards come with various fees and charges like annual fees, joining fees, cash advance fees, balance transfer fees, etc. 

With this information, you can choose the right terms for your first credit card and get the maximum benefits. This is important to avoid any unnecessary financial burden. 

In addition to the above, you must also ensure that you choose the most secure card and take the right measures for added safety. Doing this will help protect your finances from fraud. For all these features and benefits, you can rely on the Fibe Axis Bank Credit Card. 

As India’s first numberless credit card, this card enables you to add another level of security to your finances. Moreover, it gives you several benefits, such as up to 3% cashback on your spending, zero annual and joining fees and seamless UPI transactions. Download the Fibe App or register on our website to apply for it now!

FAQs on Getting Your First Credit Card

How can a person get a credit card for the first time?

To choose from the best credit cards for beginners, research and compare the available options. Then, check the eligibility criteria set by the institution and apply if you meet the requirements. 

Is it easy to get the first credit card?

Getting a credit card without any credit history can be difficult since issuers need a good CIBIL score of 750 or above. However, you can get a secured credit card or an add-on credit card with ease. 

How to get the first credit card with no history?

You can apply for an add-on credit card if you don’t have a credit history. You can also get a credit card against your FD or savings account, depending on the issuer. 

Can I get a credit card without a salary?

Yes, you can get a secured credit card against your fixed deposit account. You can also apply for an add-on credit card if a family member is the primary cardholder.

Can I get a credit card on my first salary?

This depends on the issuers, as generally, they require salary statements of 3 months or so to evaluate your creditworthiness. You can check these details on your preferred issuer’s official website.