- August 25, 2023
- Posted by: legaleseblogger
- Category: Related News
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Heading: Seeking Advice on First Credit Card: Should I Opt for Amex Gold or Explore Other Options?
Introduction:
I am a 22-year-old working individual who recently graduated and has been employed in my graduate job for almost a year. As I contemplate getting my first credit card, I am seeking guidance on the most suitable option. Initially, I was inclined towards the Amex Gold card due to its rewards, although they may not be as promising as those offered in the United States. However, I am now uncertain whether I should consider a credit builder card or a credit card from a high street bank. I have heard that maintaining your first credit card account open indefinitely is advantageous for your credit score/report. Additionally, I am unsure whether it is advisable to start with a fee-paying card like the Amex Gold since I would be required to pay the fee for the duration of my life. Hence, I would appreciate insights and opinions from individuals experienced in this matter.
Exploring Options and Considering the Amex Cashback Card:
Apart from the Amex Gold card, I have also considered the Amex cashback card. However, opting for the cashback card would mean forfeiting the sign-up bonus that comes with the Amex Gold. It is essential for me to weigh the benefits and drawbacks of each option before making a final decision.
How AI Legalese Decoder Can Assist:
Considering the complexity of credit card terms and conditions, an AI Legalese Decoder can be invaluable in helping me navigate through the intricacies of credit card agreements. This intelligent tool can analyze and interpret the sometimes convoluted language used in these legal agreements, ensuring that I fully comprehend the implications associated with each credit card option. The AI Legalese Decoder can simplify complicated jargon, highlight key points, and identify any potential drawbacks or hidden fees, thereby enabling me to make a well-informed decision that aligns with my financial goals.
Final Request for Opinions:
In conclusion, as I embark on my journey to select my first credit card, I kindly request individuals to share their opinions and experiences with various credit cards. Additionally, if anyone has utilized the AI Legalese Decoder to assist in understanding credit card agreements, I would greatly appreciate any insights on its effectiveness. With your valuable input, I will be able to make a confident and informed decision that sets me on the path to responsible credit card ownership. Thank you in advance for your assistance.
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You don’t have to keep your first card you get – that and the credit score in the UK aren’t that important. I don’t even have my first card that I opened, and I doubt many people actually do keep theirs because it’s not as helpful as others you can get.
The Amex Gold is decent, and for some reason, [TopCashback](https://www.topcashback.co.uk/american-express/) are offering ┬ú70 cashback for using their link. If you’re unsure about TopCashback, you can search through this sub to see how much money people have been saving.
For a more in-depth guide about the points and miles games, read up articles on Head for Points. The Amex Gold is my main card because I make use of the lounge passes and Deliveroo credits.
Hi /u/FewAd1510, based on your post the following pages from our wiki may be relevant:
– https://ukpersonal.finance/credit-cards/
– https://ukpersonal.finance/credit-ratings/
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^(These suggestions are based on keywords, if they missed the mark please report this comment.)
My first credit card was with my first bank, I don’t have that card nor that bank account now.
My second credit card was a student credit card with my student bank account, both now long defunct.
My third credit card was a Halifax Clarity card, because at the time over ten years ago it offered near perfect exchange rates on overseas spending with no fees, and still does. I still have that card and use it occasionally.
It’s not what card you get, it’s what you use it for, and the length of your relationship with that credit card company, that will matter for your credit report.
Figure out what you want from a credit card and choose appropriately. https://www.moneysavingexpert.com/credit-cards/
I still have my first credit card, a Barclaycard. Originally, it had a limit of £500. I now have a platinum Visa Barclaycard with a limit of £14,000 (£216 owed). My credit score is 938.
It’s not the first credit card you should keep open for the sake of your credit score, it’s your oldest bank account.
To answer your actual question – the AMEX rewards depend on your spending. How much money will you spend on the card each month? Once you know that, you can calculate if the rewards will be enough to cover the annual fee. Then it’s a question of whether you will actually make use of those rewards with your lifestyle.
I don’t have an AMEX but I’ve heard they accept and offer good credit limits to people with little credit history. If you have been banking with a high street bank for a while, e.g. Lloyds, Barclays, etc, you will also have a high chance of being approved for a credit card. So I don’t think you need to look at credit building cards.