Best credit cards for young adults reddit

Most of the points rewards systems are either not really good (amounting to less than 2% cashback), rewarding but hard to redeem or that you need to use a complex system to make it work (mostly travel-related rewards and airplane tickets), or have good rewards points, but for rather specific and time-limited events (PC points with 20x reward periods and 2.5X redeem events, and weekly offers on food that change all the time).

If you are a young adult, I would recommend getting a simple straight cashback card to build up your credit first. I knew I wasn't going to travel, didn't want to spend time trying to time events, and wasn't interested in constantly converting dollars to points to looking what those points could redeem then figuring out the cost of the reward to calculate a dollar-to-point-to-reward-to-dollar ratio.

I'd recommend getting the fido mastercard. It's a free mastercard that most people will get approved easily for, gives 1.5% cashback on recurring bills (internet, phone, etc) and 1% on everything else. It's certainly not the best of all cards, but it's a great starter card.

After that you could look at the Tangerine card, 2% cashback on 2 categories, or 3 categories if you open a checking and savings account with them, and 0.5% on everthing outside of those categories. If you pair it with the fido mastercard, then you use the Tangerine card for those categories and the Fido for everything else. Tangerine is a free online bank so it doesn't cost you anything, and it could save you some banking fees too.

However Tangerine is a bit more picky on who they approve for some reason, and nobody has been able to figure why, so your odds of getting approved aren't as good. Having the Fido for a year to raise your credit score would probably help.

These starter cards don't have fantastic rewards, but rewards are a side bonus. You have to learn to not spend too much on credit for getting the rewards, because even if you have a card with 4% cashback on everything, you're still 'losing' 96% every time you buy something. My first card was the PC financial mastercard, I thought 1% rewards in food was great, until I was hit with a 400$ bill and only got 4$ back in return.

Credit cards are useful tools, but you have to be disciplined and careful in how you use them. You have to only buy what you need, be careful with your spending, don't buy what you can't immediately afford, and always always ALWAYS pay the bill in full. 20% interest means your debt is going to start going up FAST if you aren't careful.

My stepdaughter is 21, she's looking to get her first credit card. She lives with me and her mother, but has had a job for about 6 months (actually has 2 jobs), and makes about $500 a week. She pays for her cell phone and eating out, but I pay for everything else. She has plans in the next few months to start taking on bills a little bit at a time, and eventually get her own apartment. She wants a good starting credit card with a low limit to use for online purchases and to avoid using her debit card everywhere. A card from a bank that she can grow into over several years and hopefully can become a good, useful, utility credit card for her. Any suggestions?

She banks with Chase so I'm going to research some of the cards that they have to start. I personally have a Discover Card and a BOA Mastercard, both accounts more than 20 years old.

Chase Freedom if you can qualify is great. It's Visa, so it's accepted everywhere. Discover It is slightly better, rewards wise, but Discover isn't accepted everywhere.

Both are completely free, no fees at all. They both also have introductory 0% APR, meaning you just need to pay the minimum payment each month for about a year to 15 months. But then you have to pay off the entire balance before the normal interest rates kick in.

As usual, with these free cards, when normal interest rates are in effect, you really have to just pay off each month completely. Then you have no interest payments, no fees, consumer and fraud protections, you're building credit, reward points... all the great things credit cards give you.

I got a “student” Scotiabank credit card with a max limit for $1000 when I moved to Canada. I’ve used it ever since but finally it expired in January. I’m looking to upgrade but not sure which bank would be the best for me.

Some context, I’m 26(M), my monthly expenses are a little shy of $2000 and I earn about ~$70k after tax (salary + commission). I primarily need a credit card as a safety net in case of emergencies and to collect points on dining and traveling. I barely ever maxed out my old card so a big balance is not a necessity.

Just looking for low monthly charges and good rewards/points plan.

Any help is greatly appreciated!

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