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2 Credit Cards to Consider to Start Your Credit Building Journey in 2022
Start the year off on the right financial path
Building a strong credit profile is an important factor in establishing a path to long-term financial success. One of the best ways to start to build your credit profile is through a line of credit via a credit card. In utilizing a credit card responsibly by only making purchases you can afford and paying your full statement balance monthly, you will be able to better position yourself for that apartment, auto loan, or mortgage you have been eyeing. The following are two credit cards to consider to start your credit building journey in 2022:
1. Discover it Secured Credit Card
1. Discover it Secured Credit Card
The Discover it Secured Credit Card is a secured card, meaning that it requires a security deposit reflected as your line of credit. The minimum-security deposit is $200 for the Discover Card. The good thing is that after seven months, your usage is reviewed, and if you qualify, you receive your security deposit back and your card is converted to an unsecured card. The Discover Card offers 2% back at gas stations and restaurants, 1% cashback on all other purchases, and 2x Cashback match (an unlimited dollar-for-dollar match of all cashback you earn in your first year with the card). There is no annual fee.
The Petal 2 Visa Credit Card is an unsecured card out of the gate, meaning no security deposit is required. The minimum credit limit offered is $300. The Petal Card offers 1% cashback immediately and allows you to earn up to 1.5% cashback after you have paid off the card on time over a specific period. The card also offers 2% — 10% bonus cashback at select merchants offered in the Petal App. There is no annual fee.
One of the easiest ways to keep track of your credit profile is via Experian. Once you create your account, you will have access to your FICO Score and Credit Report using Experian data for free. You can also pay for a premium upgrade to get access to your Equifax and TransUnion FICO Scores and Credit Reports. Let me know what you think of the Discover it Secured Credit Card and the Petal 2 Visa Credit Card. Feel free to recommend any alternatives that will be helpful to those looking to start their credit-building journey in 2022!
