Top Reasons to Apply for Your First Credit Card

It’s understandable why some consumers shy away from applying for a credit card. Above all else, they have concerns about running up debt that they can’t afford to pay.

According to CNBC, this remains a major problem throughout the United States:

“The average American has a credit card balance of $6,375, up nearly 3 percent from last year, according to Experian’s annual study on the state of credit and debt in America. Total credit card debt has reached its highest point ever, surpassing $1 trillion in 2017, according to a separate report by the Federal Reserve.”

Although debt is a concern, if you’re a responsible consumer you shouldn’t let this stop you from applying for a credit card. You can get a lot in return, including the following:

• The opportunity to build credit: There are many ways to build credit and boost your score, with using a credit card among the best. As long as you use your card and pay your bill on time, you’ll soon realize just how much it’s doing for you. The only things you want to avoid are maxing out your credit card and making late payments.
• You can get something in return: There are both rewards and cash back credit cards that allow you to receive something in return for the money you spend. With a rewards card, for example, you receive points every time you make a purchase. Just the same, a cash back credit card is exactly what it sounds like.
• Convenience: Are you tired of carrying cash? Are you tired of using a debit card, never knowing if you have enough money in your account to cover your next purchase? A credit card offers quite a bit of convenience. In addition to the safety and security of never having to carry cash, credit cards are widely accepted throughout the world.

These are not the only reasons to apply for your first credit card, but they may be enough to point you in this direction. Once you do your homework, you can decide once and for all if this is the right decision for you.