Real Answers for Life’s Money Challenges
Im in my mid-20s, and Ive never had a credit card.
And will a store credit card help me build credit?
-C.
Dear C.,
Getting your first credit card is a pretty big deal.
Any discount you get is a bonus and should not be the determining factor in what card you choose.
Payments are typically reported to the credit bureaus, meaning theyll help you build a credit history.
Store credit cards also have some serious drawbacks.
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For starters, the interest rates are usually higher than what youd pay with a regular credit card.
But heres where things get really tricky.
Before you apply for a store credit card, be sure youve researched multiple options.
Compare APRs, annual fees and benefits across cards to determine what options are best for you.
Regardless of what option you choose, remember that this is a big decision.
Robin Hartill is a senior editor at The Penny Hoarder and the voice behind Dear Penny.
Send your questions about credit cards to[email protected].
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
