Choosing a First credit card can be a difficult task when you have never dealt with a credit card companie before. At first glance the terms and conditions can be overwhelming. You may ask – What is APR? Compounding interest?  How much would my minimum payment be? What is a credit limit and how much will mine be?

Well it doesn’t have to be that difficult. My journey began when I was about 18; I had no money in my wallet and needed a couple new tires for my car. After eliminating the possibility of asking my parents for money I decided to take matters into my own hands and apply for a credit card.

I applied for the first credit card that I found in my mailbox. When your tires are about to fall off of your card and you have no cash there are not too many options. I filled out the little boxes with all of my information and sent if off in the mail. A couple weeks later a shiny new credit card appeared in the mail. After charging several hundred dollars on this card I read the statement that they sent at the end of the month. 23.4% interest? Are they crazy? I quickly found a way to pay that card off and never used it again.

Afterward, I received more offers in the mail and ultimately figured out which ones to apply for and which ones to pass up.

I use the following criteria while selecting a credit card:

1. Nice introductory period  – I go for 0% for at least one year
2. Cash back rewards – nothing beats cash
3. Low interest rate after intro period -  this is important especially if you plan to keep the card for a while
4. No annual fees – Why pay annual fees when most cards offer great rewards and no fees.
5. Low balance transfer fees – if you are interested in transferring balances from your other credit cards
6. Credit limits – I want the largest credit line that you can offer

Theses are 6 basic criteria that I look at while selecting a card. You will have to look at your individual needs in order to determine which card is best for you. One word of advice is not to get too carried away with credit cards. Only charge what you know you can pay off in the immediate future.