There is always a first time for everything and the same applies to getting a credit card. We all know how useful it is to own a credit card. Getting your first credit card is a big deal. It can be confusing to determine if you need a credit card and if you are one of those Singaporeans who do not have a credit card yet, figuring out the right time to get a credit card can be quite harrowing. Everyone needs a credit card at some point in their life. But when exactly is the right time to get a credit card? When is the right time to apply for a credit card? If you are a Singaporean wondering the same, you should read on.
There is no particular rule when it comes to the right time to apply for your first credit card. But the best time to apply for your credit card is before you even require it. Does it sound confusing? Let us explain. The eligibility criteria for credit cards with most of the banks is 18 years, the time when most of us will be in college. Now, getting a credit card when you are in college might seem unnecessary but a student credit card will not only offer you financial freedom and make you more responsible but it will also ensure that you get a head start on building your credit history for the future.
If you are below the age of 18 years it can be quite hard to get a credit card as not many banks offer credit cards for teenages under 18 years. But one can still get a credit card with the help of their parent/guardian as a cosigner. The parent/guardian will act as the cosigner on the account until the teenager reaches 18 years of age.
If you have already graduated and haven’t got a credit card, it’s never too late. A credit card can become quite a necessity when you are working and your expenditures keep piling up. True, while a credit card might not help you save up on your expenditures directly, it will help you cover up your expenses through many discounts and other benefits in different categories.
Listed below are some of the top reasons why you should get a credit card if you haven’t got one already:
Getting your credit card for the first time can be a big deal so here are a few pointers that you need to keep in mind while getting your first credit card:
If you haven’t applied for a credit card yet, it is time to do so. Following the above mentioned steps will ensure that you face no problem with your first credit card. After all, it is a big deal!