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Benefits of Opening a New Credit Card

Posted by on Friday, June 10th, 2022 in Blogs
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The whole concept of buy now, pay later has helped propel consumerism through every ceiling since the advent of the credit card. Although lines of credit are not exactly new, the credit card gives the consumer a convenient way to open a revolving credit account to spend on whatever they please. However, the rise of credit cards also means the rise of credit card debt, which leads to a downward spiral of financial instability and emotional distress.

That does not mean every new credit card is detrimental though, and with careful planning and responsibility, a new credit card can actually be a blessing upon someone’s credit score and history.

When planning for the future, it’s best to be aware of how credit may affect fiscal opportunities. A young adult fresh out of university may not be thinking about grabbing a mortgage right away, but they will most likely think about getting a new car within the next few years. Having a good credit history now means having financial options in the future.

A new line of credit with a trusted creditor will enable such opportunities, and there are a few benefits you can get along the way. Even if a person does not plan on using the credit card, it will help with his or her overall credit history and score over time.

The New Card Perks

Every financial institution out there from American Express to Wells Fargo will offer some perks and benefits to new cardholders. This can range from extra points for rewards to special discounts on interest rates. Here are some things to consider when looking to open a new card:



Raising Your Credit Score

One of the major reasons to open a new credit card, even if it’s not being used, is to help raise your overall credit score. When people sign up for any line of credit, either a credit card or loan, it gets reported to the three credit bureaus (Transunion, Experian, and Equifax). These accounts will stay on a person’s credit history and add or subtract to that person’s credit score.

New Credit Card - Get Good Credit

What this means is that the card account will help raise a score the longer it stays on the report, the higher the limit, and how much debt is on the card; i.e., a high limit, old credit card with no debt will dramatically increase credit score. But that means people need to start opening credit cards earlier to benefit from that good score increase later.

Some credit card companies will even offer free credit history or monitoring services as well, so you can keep track of your credit score over time.

Be sure to shop around and find a credit card that lines up with your spending habits and benefits you the most. Even if you don’t use it a lot, the card will benefit you in the future.

If you have any questions, feel free to give us a call at 877-212-2450!

We also invite you to click on the following link to see our reviews on yelp.

You may also like : Fresh Out of School? Here’s How to Build Credit

Get Good Credit - Yelp

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