During my search for the right credit card for my friend, Cindy Charger, I also learned a lot more useful information before committing to bank for one. The three main credit cards I was researching and finding information on were Chase Sapphire Preferred, American Express-Bank of America, and Capital One Venture. There are many positive things about credit cards, like immediate gratification, and reward points. Some negative things about credit cards are identify theft, and the high interest and fees.
After coming to a conclusion, I think the best credit card for Cindy would be Capital One Venture. I chose this card because it would be a good first credit card. The APR’s are lower compared to the other two cards. Capital One Venture has no set-up fees. They also have no over-the-credit-limits. The late fee is less than 35 dollars which is good because it teaches Cindy to be more responsible and how to manage everything. All three cards I chose have annual fees. Capital One Venture had the cheapest one which is good for Cindy. Capital One Venture’s credit limit will be based off of Cindy’s credit score which means she will need to prove herself responsible if she wants to be able to use her credit card. Overall, this credit card would be the best fit for Cindy as her very first one.
The other two cards were quality cards and also would have benefited Cindy in other ways; but as this being Cindy’s first credit card, she would need one perfect for her situation. I also think that the visa card from bank of America would fit Cindy to because it has more advantages then disadvantages. Cindy could get cash back on certain things, there aren’t very many fees to worry about, and the interest doesn’t change. But, there aren’t any grace periods which might be hard for a junior in high school to take care of. She will have to pay everything on time or she’ll have to pay more for each thing that’s late. Compared to Citi, Bank of America wasn’t as good or fit...