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Step 1
First, open a checking and savings account with a bank or credit union, and set up direct deposit for your pay check if possible. These things establish your financial trustworthiness.
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Step 2
Next, apply for a credit card through your bank. You can get a lower interest rate applying through your bank than you can applying directly to a credit card company. This is because the bank can easily check your banking records. They can see that you have income to pay off your balances.
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Step 3
Be willing to accept a lower line of credit. The trade off for securing a good interest rate is having a lower spending limit at first. The good news is that the credit card company will raise your limit periodically, provided that you make your payments on time.
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Step 4
Read the fine print carefully if you sign up for a credit card online. There are some pretty good credit card deals online, but they often come with restrictions. You may have a shorter grace period to pay off the balance, low spending limit etc. Make sure the card fits your needs before you sign on the dotted line.
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Step 5
If you have trouble getting a credit card with fair rate, it won't hurt you to obtain a credit card with a high rate, temporarily. If you are good at controlling your spending, use it for small purchases, and pay off the balance before the interest accrues. This will help you build good credit so that you can get a low rate card in the future.
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Step 6
Research checking account debit cards, and prepaid debit cards that allow you to reload the card with more money. More and more hotels and rental car agencies accept such cards.
