- Posts: 2
- Joined: Sat May 31, 2014 1:01 am
- Location: United States of America
21 year old here who just got my real first internship starting this monday where i'll actually be making some decent income. My mom has been with AMEX for years, and she applied for me to be an authorized user on her credit card account, and it actually got approved. Got my AMEX green about a week ago. However, I am not sure if I really want this to be my first card, due to the annual fee of $95 after the first year, so I haven't even activated it yet. However, I know that it still impacts my credit score, having the card in the first place.
My question is, should I take advantage of the card for the first year where there is no annual fee to start building credit, then cancel it before the annual fee kicks in and switch to a different one? I'm not afraid to have a card w/ an interest rate because I plan to fully pay the interest at the end of each month, so I've been looking into other cards. Or should I immediately cancel this card, and apply for one of the either cards I'm more interested in without an annual fee attached?
Thanks for the info.
P.S. looking into the DiscoverIt and Wells Fargo Cash Back Credit Card if that matters. Chase Freedom looks good too, but not sure if I would get approved for that. Would canceling the AMEX hinder me from getting a new card for a while?