Five Minute Finance

23,300 subscribers

⏱ 👁 525,849 views

Getting Your First Credit Card

Video Overview & Insights

If you’re thinking about getting your first credit card, watch this!

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Appreciate the help, while the bank does send a detailed sheet it's all just kind of overwhelming and in my case I didn't really want to spend so much time looking at it. This video really helped me get the basics even though I've had a card for 8 months already.

— @Wizard_Bondo

Best First Credit Cards: https://www.youtube.com/watch?v=KJE_nh7sWoM

How to Check Your FICO Credit Score for Free:

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Step one: DO NOT GET A CREDIT CARD!

— @theword2011

Your credit score is a rating of your credit risk and ability to repay loans. Discover offers a free service to check your score here: https://www.discover.com/free-credit-score/

0:00 Intro

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I’m 14 rn, should I be worrying about this right now?😭😭😭

— @TheActualErgo

0:34 How Credit Cards Work

1:10 Annual Fees

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Why is no one saying you need to have worked a year anywhere to show that you have a salary??????

— @killsevenbillionpeople

1:40 Annual Percentage Rate (APR)

2:07 Foreign Transaction Fees

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I learned a lot from this video! Thank you

— @kayamakesmusic

2:23 Rewards

2:42 Issuing Banks

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Thank you, nice place to start for me

— @LizDerrick-sd3ox

3:57 Application Process

5:12 Setting Up Your Card

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I had a question about the billing cycle and due date. so going to your example how you have cycle then the due date isn’t until a month after, let’s say between end of cycle and payment date, will you get charged APR or not until payment date?

— @s0906

5:38 Billing Cycle Explained

6:27 Credit Card Debt

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Best video thanks.

— @yukhirsusen

6:44 Should You Carry a Balance?

7:00 Getting Denied for a Credit Card

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I feel comfortable enough to use borrowed money now

— @SCPlayz7000

DISCLAIMER: The information provided by Five Minute Finance and from any communication related to Five Minute Finance is for education purposes only. The creator(s) of Five Minute Finance is not registered to provide investment advice and as such does not make any recommendation or endorsement as to any investment, advisor, or other service or product or to any material submitted by third parties or linked to this channel. Five Minute Finance does not hold itself out as providing any legal, financial, or other advice. No content provided by Five Minute Finance constitutes - or should be understood as constituting - advice and you should not rely on any material by Five Minute Finance to make (or refrain from making) any decision or take (or refrain from taking) any action. We make financial suggestions and it is up to our viewers to make their own decisions, or consult with a registered professional.

Music: https://www.bensound.com/royalty-free-music

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Thank you for your advice...it was very helpful.. and Stay Blessed and safe.. love you too...

— @williejefferson7825

More User Perspectives

I’m a college student, and all I have to worry about is my car insurance and gas payments. I deeply appreciate all of the help I get from my parents while I’m getting my education. However, I don’t want to be on their tabs forever. I think getting myself a card and building my credit while I’m young will set me on the path for success. This video educated me a lot! Thank you!

@caroline_the_jojo

Thank you, GRIZZLYGLITCH for your great physical card really working beyond expectations and the outcome balance is impressive 🔥

@JamesTapp-c6q

You need credit score to get a credit card??

@owieAmazing

i’m 30 years old and i’m just barely getting to understand this stuff

@starry-p

As a 18 year old who pays taxes this was a good thing to learn about

@022yYt

I’m 18 and a half years old

@022yYt

Thanks bro great video

@woenow-yq3mb

As an adult whose mother never taught him credit, this was so easy to digest. Thank you for teaching me about credit, it’s not as scary as I thought.

@JustMyExistence

This is 7:47 minute finance I want my money back 😡

Lol but no seriously, thank you. I'm 24 years old and was taught next to nothing about credit cards and credit history, having only used debit cards my whole life. I'm just now taking it upon myself to build my credit score and learn more about my finances and how it impacts said credit. This was very helpful. Thank you so much.

@misskitty8282

ido

@AncientRylanor69

I learned a lot from the way you explained it. Thank you for the help!

@lmetzMO

Thank you!

@saavanpalee-ft2xd

@KhadijahRoyer

Thank you! God bless you

@Philosophertres

I heard that paying off your credit card at the end of the month bring your score down?? So confused

@masterchef7888

Probably should’ve watched this before I got a card from credit one….

@Annaleecexx

how about credit card numbers, expiration date, and the 3 digits on the back, or a check with your signature would be even better :) sincerely Rick Grimes

@Rick_Grimes21-fun

Very helpful thank youu

@afikoumasse3470

I just got approved for my first credit card from LMCU and I'm both terrified and excited. I think it'll help me out a lot

@scrambledpp8956

I'm 20 who can't get a car, or rent because of no credit history

@Shanya-g2i

Thanks for getting this info out there in an easy-to-digest format. I have a weird situation, but I’m trying to learn everything I can to hopefully move out asap.

@maladjustedmaverick6619

Synchrony shut my account after 2 years of no missed payments when I had my first missed payment-
Mind you, it was March 2020 when I got furloughed from my job..
Stimulus came, I went to make my payment and find out my entire account had been terminated 🥴

@zumeybear

I LOVE U UR SO UNDERATED ❤

@ChloeNguyen-f2u

This has helped me a lot, thank you

@Maxy_1999

R E A L.

@RileyHamilton-o5b

Really enjoyed this video, I’m from the UK, but I found it very useful and well explained ! ✨🤍

@stantarasylvia

what tier is truist ? a , b , or c

@ctrlwtf

Hey thanks. Very concise

@humayranur1754

Men you really get me everything that I needed to know. So kindly❤❤❤

@Killer99RR

Not to call you out but this video was 7 minutes not 5 like your name implies 😕

@limon7470

You are an amazing teacher. Thanks!

@jessicagp

I had a few CC;s back in the 80's. I have not used any since and have not had any loans either. I remember that when i cut my last one in half that I had a credit score of over 800. So after 40 years of not using the system, Am I considered no credit history or old history? How does that work?

@noneyabiz8225

Thanks bro, so many people when asked about credit card overcomplicate things or gives vague answers, some even dodges the question cuz of ridiculous reasons like being ageist, or postulating, or underestimating the value of learning early. I'm over here 20 years old, but these stuff can be taught to 15 year olds, giving them 5 whole years to build up proper credit and actually getting ahead

@Hari-om6yx

What about Wells Fargo

@gageparker2397

thanks
this is helpful.

@romeorossroger5607

Thanks, I'm 22 and am getting my first credit card!

@Life_of_Matthew

Well explained!!! Thank you 🙏

@nashelycastro2684

Hi , if anyone can help I would appreciate it. I’m very confused on paying off your CC. if you have $1000 limit and you spend $300. Should you pay off those $300 on due date or should you not pay it all off ? Some people say don’t pay it all off and to just pay ( in this case ) $270 ? Or to just pay the minimum amount? I’m very confused on that too

@LizLopez-q5p

Thanks

@coachsolaonbeautyandwellness

❤❤❤

@mildredsasan4889