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    Best Time to Apply for Credit Card

    When to get a credit card?

    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.

    When is the right time?

    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.

    Why should I get a credit card?

    Listed below are some of the top reasons why you should get a credit card if you haven’t got one already:

    • Credit cards are very convenient and eliminate the need of carrying cash around everywhere.
    • Credit cards help you build a credit history and a good one, if you manage your credit card well.
    • Offers discounts and other perks in different categories all across the world.

    What first timers need to know about credit cards!

    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:

    • Know the type- It is important to know the types of credit cards that are present in the market. There are two types of credit cards that one can opt between, listed below are the two cards:
      • Secured credit cards
      • Unsecured credit cards
    • Check the charges- More often than not when it comes to purchasing credit cards, we pay more heed to the benefits and perks offered by the credit card and ignore the fees and charges on the card. It is very important to check the fees and charges on the credit card including charges such as APR, annual fee and late payment charges as these are the factors that will make your credit card expensive in the long run.
    • Ensure you make payments on time- Once you start swiping your first credit card, you will start getting monthly credit card bills. As tempting as it is to ignore the credit card bill and continue swiping, we suggest that you do not do that. Missing payments on your credit card can have many serious consequences, one of which is a low credit score. It is very important to make payments in full and on time in order to make sure you are handling your first credit card responsibly. Missing payments on your credit card will not only weigh heavily on your pocket but it might also ruin your chances of getting credit in the future.

    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!

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