Advisor Kyle Luetters Featured in MoneyGeek

MoneyGeek recently featured Advisor Kyle Luetters in an article providing tips n finding the best first-time credit cards. Below is an excerpt from the original article, you can read the full piece on MoneyGeek HERE.

What APR might someone with no credit history expect from their first credit card?

With no credit score, offers may be scarce for consumers looking to apply for their first credit card. The Annual Percentage Rate (or APR) will largely depend on the issuer, the features of the card and its credit limit. A good tip here would be to find a card with a relatively small credit line. The less risk there is to the credit card company, the less likely they are to have a high rate. Always be sure to read through the disclosures to see what the rates are and the ranges they may go up to.

Are there any benefits of getting a credit card while still in college?

There are plenty of benefits to establishing credit in college. Your credit score will affect everything from your apartment rentals to car insurance to even future employment, as it has become a key element in our financial system. Again, starting with a card with a low credit line will ensure proper habit formation and discipline when it comes to credit. A good rule of thumb is to take a card and use it solely for one type of expense when starting out, say for groceries or gas.

Is there any particular credit card issuer that’s better than the others for first-time credit card users?

Without specifically endorsing this company, I do find that Discover tends to offer a robust student card program. I personally used them when I got my first card and really enjoyed the features of the card. I was able to earn rewards for books and other school-related costs. Another key item to pay attention to is the annual fee associated with having the card. Again, research is key, and there are several great options.


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