Traditional Credit Cards
01.Revolving Credit Basics
Once you have built a basic credit score (usually 670+), you can apply for traditional unsecured credit cards. These cards do not require a security deposit. They offer rewards like cash back, travel points, and purchase protection.
02.Understanding Statements
Every month, you will receive a statement showing: 1. Total Balance, 2. Minimum Payment Due, and 3. Statement Due Date. To avoid paying interest, you must pay the 'Statement Balance' in full by the due date. Paying only the minimum is a debt trap.
03.Selecting Your First Unsecured Card
Look for cards with no annual fee. Foreign transaction fee exemptions are also valuable if you plan to travel back to your home country or buy items online in foreign currencies.