featured
2024-08-12
Credit Card
published
featured
2017-04-24
category
published
3 minutes
First Credit Card: Do's and Don'ts
Ready to make the big leap into the land of credit? Credit cards offer great ways to earn points and rewards, get peace of mind for emergencies, and build your credit history. However, they can also come with surprise fees, high interest rates, and the risk of falling into a cycle of debt.
By doing your homework, you can spend with confidence. Just remember, you have to be at least 18 with a steady income to apply for your own credit card.
DO:
- Look for a card with good benefits: Compare offers such as cash back and travel rewards to see what makes the most sense for your spending habits. Student and secured cards are also good options for first-time cardholders.
- Read the fine print: Make sure you understand the terms and conditions before you apply, especially regarding features like fees and payment schedules.
- Pay off your entire bill every month: It’s simple: if you plan to spend more than you can afford, don’t apply for a credit card. By paying off your balance every month, you’ll avoid paying any interest and going into debt.
DON’T:
- Pay a fee for your card: Credit cards with annual fees aren’t necessarily a bad idea, as they often come with many perks. But when opening your first credit card, basic is better.
- Spend more than 30% of your credit limit.: Say you have a $1,000 limit. You don’t want to have a balance of more than $300 at any given time. It’s not the end of the world if you do, but don’t make a habit of it, as this is an important aspect of your credit score.
- Apply for multiple cards at once: Many credit applications over a short period will reflect poorly on your credit score. Do your research and apply for the one card you really want.
WyHy’s VISA Credit Cards
Our VISA Credit Cards are just another example of how WyHy provides you with excellent products, services and protection. With our low-interest rate, contactless credit cards, you receive flexible rewards without the annual fees!
WyHy Credit Card Options
- VISA Platinum Rewards: Earn points while you're spending money! For each dollar ($1) you spend using your WyHy VISA Platinum Rewards card, you receive one point. As you accumulate points, you can redeem them for merchandise, travel, or cash back.
- VISA Platinum: The WyHy VISA Platinum Card is a perfect companion to your checking account in managing your finances. This card is ideal for those who maintain a balance and want the lowest possible interest rate with no annual fee.
- VISA Secured: We're here to help you safely build or rebuild your credit with an introductory credit limit and a reasonable interest rate. The WyHy VISA Secured card is designed to help you take charge of your finances and your financial future.
At WyHy, we are committed to helping our members make smart financial decisions. Our range of financial products, including credit and debit cards, is designed to provide you with the tools you need to manage your finances effectively. Whether you are applying for your first credit card or looking for a reliable debit card, WyHy has you covered.