✅In this video I discuss the best Credit Cards for Beginners in 2021 with no annual fee, good cashback rewards, interest rates, and ease of application in mind.

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You’ll notice a common motif and theme here with all of the cards I am suggesting you take a look at – and that is that they have no ANNUAL Fee.

That is one of the biggest factors to consider when considering whether or not a credit card is good for beginners or not.

1) No Annual Fee.
And this doesn’t mean it has no annual fee just for the first year, which many credit cards these days have – they like to offer you a promo for no annual fee the first year, but then they tack it on later. As a first time card holder, I would just go with something with 0 annual fee for life.

2) Low interest %. Now, if you’re being responsible you ideally have 0 balance from month to month, which means that you owe the credit card company 0, but sometimes life gets in the way, a low interest rate is going to help you out here.

3) How good are the benefits/cashback? They have to be worthwhile to make it more valuable than using a debit card at the very least

4) How easy is it to sign up for and actually qualify for? We want to be targeting cards that we have a good chance of applying for and actually being approved for early on in our credit card journey.

Cards for 2021:
1. Discover It Secured
This card is one of the best first time cards, because when you’re someone that doesn’t have any credit, it’s hard to establish a credit history.

A secured card essentially is a card that you need to put up collateral for. So you give Discover a low deposit (usually around $200) and in exchange they give you this card so that you can start spending money on it and building your credit.

After about 6-12 months of on time payments, you will be upgraded to an unsecured card which means they’ll give you back your deposit.

2. Apple Card
The Apple Credit Card is actually issued by Goldman Sachs, and came onto market in recent years.

It is on this list because of how easy it is to apply for. One of the biggest barriers to actually applying for a credit card is that a lot of people are intimidated by the application process. Apple makes it super easy to do by doing it all from your phone.

It has good cashback rewards and transparency when it comes to your spending.

3. Visa Petal 2
The Petal 2 is much more straightforward, which is just 1% cashback and up to 1.5% cashback on eligible purchases. Beginner friendly, easy to apply for.

4. Wells Fargo Cash Wise
This ugly yellow card is actually one of the best flat-rate cash back cards out there for beginners.

Interest rate is actually 0% introductory for the first 15 months, and then 14.49% after that.

You get 1.5% flat cashback on everything, I love this, its so straightforward. This is like a mini Citi-Doublecash card.

Lastly, you also get $150 cash back when you spend $500 in the first 3 months, which means you get 30% cashback on your first $500 spent with them.

5. Bonus: Citi DoubleCash
Gives you 2% back on your purchases, it’s one of the best cashback cards out there, and also has $0 annual fee.

It is one of the best cards out there so essentially your strategy when it comes to your own credit card journey should be that you apply for one of the first 4 cards i mentioned today, spend money on it for about 6-12 months and continually pay off the balance in full every time.

▶️ My name is Humphrey Yang, I’ve built multiple businesses and am passionate about Personal Finance. If you’re trying to build a solid foundation of financial literacy, learn to invest, or become financially free – then I’m here for you! This channel cover topics like getting out of debt, managing money, building credit, multiple income sources, passive income, etc.

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0:00 Intro
1:10 Why Credit Cards?
2:07 Benefits of a Good Credit Score
3:36 Criteria for Beginner Cards
4:52 1. Discover It Secured
6:01 2. Apple Card
8:36 3. Visa Petal 2
9:37 4. Wells Fargo Cashwise Card
10:58 BONUS: Citi DoubleCash Card
11:59 A note on Credit Utilization


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