Credit Cards (US)
The best credit cards for first savings of 2021
Using a credit card can be the best way to start saving money. So, check out our post where we show you the best credit cards for first savings!
by Victória Lourenço
Learn the best credit card options of 2021 for your first savings
Maybe you are a college student, and you want to start saving for your future goals, or maybe you are a beginner in the financial world, and you want to start saving as well. Either way, you can start saving by using credit cards. And we can give you some tips about which are the best credit cards for first savings.
In addition, it can be very beneficial to have a credit card because even if you just want to start saving money, you can earn rewards, cashback, and many other perks. Therefore, you can improve your credit score and be able to achieve some goals you might have, like buying a house, a phone, and others.
If you are a college student, you have many credit card options that can be great to start saving money. But even if you are not a college student, you can get some credit cards that will give you great options and rewards. However, if you are new to credit cards, you can also choose one that does not require a high credit score or some that don’t even require credit scores for their application.
Also, if you want to start saving money, we recommend that you learn how to create a budget. When you start budgeting, your financial life gets much easier to manage. Also, even if you have a good credit card that will help you start saving money, you have to be able to control your finances.
So, even if this is your first time dealing with your finances, it is better to start by understanding what are your needs and goals in life. Therefore, if you want some tips on how to create your first budget, check out our post below with 5 simple steps to start budgeting!
How to start budgeting: 5 simple steps!
Learning how to start budgeting doesn't need to be any harder than earning your money! Check out five simple steps to be on the right path.
Best credit cards for first savings 2021
To look for a credit card that can help you start your first savings this year, we recommend that you look for one with no annual fees. If you are a beginner, maybe think of getting secured cards. Secured cards can allow you to control how much you spend. With that, you can learn how to control your finances and save some more money.
Moreover, some credit cards can give you rewards and pay you back some money that you can use to start saving. For example, cashback credit cards and some other cards that do not necessarily give you specific rewards that are not cash you can use to save.
To help you start your first savings this year, we have prepared a simple but good list with 3 credit cards that can help you save money. So check out our list below!
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First savings Credit Card
The First Savings credit card is basically made to give you the help you need to start saving money. Above all, building your credit score can also be a great thing to do alongside start saving money. In addition, this card can help you build your score. However, you need an invitation to get this card.
But, even though this card does not offer any rewards or cash back, it can be good to build your credit. Moreover, this card tends to approve people who have lower credit scores. In addition, the card has a low limit, so it can help you control your money a bit better to save it. And there is no security deposit required.
We have prepared a table to help you understand a bit more about the features of this great first savings credit card.
|Credit Score||Poor credit score|
|Annual Fee||It ranges from $0 to $75|
|Regular APR||From 16.40% to 29.9%|
|Welcome bonus||The card does not offer a welcome bonus|
|Rewards||This card does not offer rewards|
Discover it Secured credit card
By using a secured card that offers cashback, you can save money on everyday purchases. The Discover it Secured credit card can be a great choice for people who are starting to save money. This card accepts poor credit scores and offers a welcome bonus and rewards.
Many secured cards do not offer rewards like the ones this Discover card does. And it even has a zero-dollar annual fee! Read our table below to see more features of this credit card.
|Credit Score||From 300 to 629 (poor)|
|Regular APR||22.99% variable APR|
|Welcome bonus*||At the end of your first year of account opening, Discover will match all the cash back you have earned|
|Rewards*||Purchases made at gas stations and restaurants get you 2% cashback. Every quarter, you can get up to $1,000|
On all other purchases, you get a 1% cashback
How to apply for Discover it Secured credit card
The Discover It Secured credit card is an amazing credit rebuilding card. Read more to learn how to apply for this secured card!
Discover it Student Chrome Card
This other Discover it credit card can also be great to start saving money if you are a student. So, the Discover it Student chrome card offers cash back rewards that can help you save money on gas stations and restaurants. Moreover, the card also offers a zero-dollar annual fee that can save you a lot of money.
Therefore, if you already have a relatively average credit score and you want to start saving money, this card can be great for you. Check out our table below to know more about this credit card that can help you start your very first savings.
|Credit Score||Average credit score|
|Regular APR||12.99% to 21.99% variable APR|
|Welcome bonus*||This card offers a welcome bonus of an unlimited cashback match. At the end of your first year, Discover will match the cashback that you have earned|
|Rewards*||As a cardholder, you get 2$ cash back at gas stations and restaurants (you can get up to 1,000 dollars for combined spendings every quarter)|
However, you might need to improve your credit before you start saving. For instance, if you want to start saving after not having a good start on your financial life and you have bad credit. So, check out our post below about how to build credit using a credit card.
How to build credit using a credit card
Do you need credit? You can use credit cards to help you with that. Read more to see how to build credit using credit card in 4 easy ways!
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