First Credit Card? Best 5 Credit Cards For People With No Credit

With a few basic principles, it is very easy to find a credit card that fits your every day use. It just takes a little research.

When looking for your first credit card it's important to keep track of the annual fees each bank charges. For a basic credit card you shouldn't be charged more than $40 a year. Also look for a card with a lower interest rate as that can raise the price of your payments. Here are some good companies for first time users.

* Orchard Bank Secured MasterCard - This is deposit based card where the amount you deposit into the card is your credit limit. This card comes with a 7.99 percent variable purchase APR and the $35 annual fee is waived for the first year.

* Chase Freedom Credit Card - This card offers 5 percent cash back at grocery stores, restaurants and gas stations. There is also a zero percent APR for the first 15 months on balance transfers and purchases.

* The Capitol One Cash Card - This card offers 1.5 percent cash back on every purchase and has no annual fee. There are also no foreign transaction fees.

Things are a little different if you are a student needing a credit card. A lot of places offer special packages for students currently going through school. These deals usually come with a smaller credit limit and close to no annual fees. Look for a card with a low APR as well. Here are a couple of good ones.

* Citi Forward for College Students Card - You earn points for every dollar spent on music, restaurants (including fast food), books and movies. This card offers zero percent APR for the first seven months and has no annual fees.

* Discover Student Card - Offers 5 percent cash back on restaurants, grocery stores and gas; all other purchases receive one percent cash back. No APR percentage for the first 9 months and there is no annual fee to pay.