My First Credit Cards

My First Credit Cards

Credit cards are extremely useful tools for maximising return on spending. But be wary. One man's tool is the same as another man's weapon. I am cautious when it comes to credit card spending. I always pay back in full every month via direct debit. Repeat, I pay back the full balance monthly, not the minimum. That way, it doesn't matter what the interest rate is, because I will never pay interest. I just have to look at the benefits of spending on that card. 

A credit history to get credit

The cards I outline here are the ones I own and use. I am young, and just over one year ago, my credit history was minimal. I had a phone contract here and there and I was present on the voting roll. But the irony of getting your first credit card is that you tend to need a credit history to be accepted for a card with a valuable rewards scheme.

So I started out small. I applied for a capital one credit card which was designed for someone with little/no credit history. I was accepted and given a £200 limit, which is minimal. But the card served it's purpose. I watched my credit score increase and built up a 5 month history before applying for an American Express card. Amex rewards, to me, are highly valuable. I used to think avoiding them was sensible as I heard on the grapevine that their store acceptance rate is very low. Now, I would say that is no longer the case. Most major retailers accept Amex, and the acceptance rate is increasing year on year. 

On this page I have outlined the cards I currently own. You will note that I have not reported the APR (interest rate) of any accounts. This is because I do not take into account APR as I pay off the balance in full every month. 

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Current Credit Cards

Capital One Credit Card

Capital One Classic

Opened: February 2017

Credit Limit: £450 

Best Usage: Credit builder (small monthly spend)



Amex Rewards Card

American Express Rewards

Opened: July 2017

Credit Limit: £1500 

Best Usage: Amex Rewards (everyday spend)