Warum ich meine erste Kreditkarte geschlossen habe und was ich anders machen würde, wenn ich zurückkehren könnte

Warum ich meine erste Kreditkarte geschlossen habe und was ich anders machen würde, wenn ich zurückkehren könnte

ADVERTISEMENTNewsWhy I closed my first credit card, and what I'd do differently if I could go backOlivia MittakOlivia MittakCredit Cards EditorOlivia Mittak is a credit cards editor at TPG. She specializes in maximizing earn for points and miles, finding the best welcome bonuses and choosing the right credit cards for your wallet.July 22, 2024•7 min readThe cards we feature here are from partners who compensate us when you are approved through our site, and this may impact how or where these products appear. We don’t cover all available credit cards, but our analysis, reviews, and opinions are entirely from our editorial team. Terms apply to the offers listed on this page. Please view ouradvertising policy andproduct review methodology for more information.If you've been in the credit card world for any length of time, you've probably heard the saying: "Don't ever close your first credit card." Since the length of your credit history is an important part of your credit score, closing one of your earliest credit cards can ding your score by a noticeable amount.So why did I ignore this advice and close my first credit card? And, looking back, what do I wish I'd done differently? Let's get into it.Opening my first credit cardBack in 2020, when the pandemic was in full swing, I developed an interest in personal finance while stuck at home. This new curiosity quickly turned into a passion, and I soon found myself diving deep into the world of credit cards. The idea of being able to travel for significantly cheaper by way of points and miles was intriguing.If I wanted to get into the points and miles game, the first step was getting my first credit card. I assumed this task would be pretty easy; I kept watching videos and reading articles about how the Discover it Secured was extremely easy to get approved for. So, when I sent in my application, I was certain I'd get approved.MIXMEDIA/GETTY IMAGESColor me surprised when my application was denied.This setback really discouraged me and caused me to lose interest in credit cards for a while. I didn't end up trying again until a year later. I asked my parents if they'd be open to adding me as an authorized user on their card, but they declined. Not wanting to be left out of the credit card game any longer, I rushed to get whatever credit card I could get approved for. That landed me with the Petal 2 card.The information for the Discover it Secured and Petal 2 credit cards has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.Related: 5 mistakes to avoid when you get your first credit cardWhy I closed my first credit cardWhen I received my approval for the Petal 2, I was ecstatic. It was a solid starter card: I was given a $500 credit line with the chance for a credit line increase after six months of responsible use. The card earned 1% cash back to start, but this gradually increased to 1.25% and then 1.5% as I continued using my card responsibly.Daily NewsletterReward your inbox with the TPG Daily newsletterJoin over 700,000 readers for breaking news, in-depth guides and exclusive deals from TPG’s expertsI remained diligent about following all of the credit card commandments, and my credit score slowly grew over time. Because of the Petal 2, I eventually got approved for cards like the American Express® Gold Card and the Chase Sapphire Preferred® Card.So why close my first card?DAMIRCUDIC/GETTY IMAGESIn 2023, I received an email from Petal informing me that my Petal 2 was being product changed into a Petal 1 Rise. While my Petal 2 had no monthly or annual fee, the Petal 1 Rise had an $8 monthly membership fee. For a card with very few benefits, paying $96 per year was absurd to me.No option was provided to product change to another card with no monthly membership fee. I ended up keeping the card for another year, using the credit history I had with it to aid my approvals for other cards. Once I had a solid set of other cards in my wallet to support my credit score going forward, I decided it was time to drop Petal. The process was easier than I anticipated; the representative I spoke with did not try to convince me to keep the card or seem surprised I was closing it.The information for the Petal 1 Rise credit card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.Related: How to decide if a credit card's annual fee is worth payingWhat I'd do differently looking backWith all of the knowledge and credit card experience I have now, I'd definitely handle my first credit card differently if I could go back. I wish I had taken more time to research Petal rather than rushing to open the first card I thought I could get.10'000 HOURS/GETTY IMAGESI don't believe anyone anticipated the product change they forced on their customers, but with more research, I would have learned why it's a good idea to stick with major credit issuers instead of startups. Major credit issuers like Chase and Capital One generally follow better practices, like allowing customers to swap to a no-annual-fee card if they want.I would also have applied for one or two other secured cards, like the Capital One Quicksilver Secured Cash Rewards Credit Card or the Capital One Platinum Secured Credit Card, before writing them off as an option. And since I was a college student at the time, I certainly wish I had looked into student cards.Related: Why the Citi Rewards+ is great for college studentsMy advice to credit card beginnersGetting started with credit cards can feel overwhelming, and experiencing rejection at the beginning can be discouraging. If you've been rejected for a starter card and cannot get authorized user status on another person's credit card, it can feel like you're running out of options. My first, and likely biggest, tip: Don't get discouraged.Remember that virtually everyone in the points and miles game has been rejected for at least one credit card. If you receive a rejection or two, step back and evaluate your personal situation to see what's going wrong. You might be applying for cards you don't qualify for, or you may not earn enough money to make an issuer feel comfortable lending to you.MINISERIES/GETTY IMAGESDon't rush like I did when applying for your first card. Stick with the major issuers or your local credit union rather than buying into the promises of startups.And finally, remember that the credit card world is a marathon, not a sprint. It's better to take your time, do thorough research and know for certain that you're making the right decisions for your wallet.Related: How to choose the best credit card for youBottom lineSometimes it's acceptable to stray from conventional credit card wisdom. In my case, closing my first credit card was necessary to escape a monthly membership fee that wasn't worth it. If you're currently searching for your first credit card, learn from my mistakes and take your time. Your future self will thank you.Related: My 1st-year journey into the world of cards and pointsFeatured image by MIXETTO/GETTY IMAGESEditorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.TPG featured cardBest for businesses with high spendingCapital One Venture X BusinessApply for Capital One Venture X BusinessTerms & restrictions apply. See rates & feesTPG Editor‘s RatingOpen Editors ratingCard Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.4.5 / 5Go to reviewApply nowApply for Capital One Venture X Businessat Capital One's secure siteRewards2 - 10X milesdetails2X miles2 miles per dollar on every purchase5X miles5 miles per dollar on flights and vacation rentals booked through Capital One Business Travel10X miles10 miles per dollar on hotels and rental cars booked through Capital One Business TravelIntro offerEarn 150,000 bonus milesdetailsEarn 150,000 bonus miles once you spend $30,000 in the first 3 months from account openingAnnual Fee$395Recommended Credit740-850Excellentmore infoCredit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.Why We Chose ItThe Capital One Venture X Business Card has all the Capital One Venture X Rewards Credit Card has to offer and more. It offers an incredible welcome bonus and requires an equally impressive spend to qualify. In addition, the card comes with premium travel perks like annual travel credit.Pros & ConsProsThe Capital One Venture X business card has a very lucrative welcome offer.In addition, the card comes with many premium travel perks such as an annual $300 credit for bookings through Capital One Business Travel.Business owners are also able to add employee cards for free.ConsThe card requires significant spending to earn the welcome offer.Another drawback is that the annual travel credit can only be used on bookings made through Capital One Business Travel. More DetailsEarn 150,000 bonus miles once you spend $30,000 in the first 3 months from account openingEarn unlimited 2X miles on every purchase, everywhere—with no limits or category restrictionsEarn 10X miles on hotels and rental cars and 5X miles on flights and vacation rentals booked through Capital One Business TravelWith no preset spending limit, enjoy big purchasing power that adapts so you can spend more and earn more rewardsEmpower your teams to make business purchases while earning rewards on their transactions, with free employee and virtual cards. Plus, automatically sync your transaction data with your accounting software and pay your vendors with easeRedeem your miles on flights, hotels and more. Plus, transfer your miles to any of the 15+ travel loyalty programsEvery year, you'll get 10,000 bonus miles after your account anniversary date. Plus, receive an annual $300 credit for bookings made through Capital One Business TravelReceive up to a $120 credit for Global Entry or TSA PreCheck®. Enjoy access to 1,300+ airport lounges worldwide, including Capital One Lounge locations and Priority Pass™ lounges, after enrollmentEnjoy a $100 experience credit and other premium benefits with every hotel and vacation rental booked from the Premier CollectionThis is a pay-in-full card, so your balance is due in full every monthApply nowApply for Capital One Venture X Businessat Capital One's secure siteTerms & restrictions apply. See rates & feesBest for businesses with high spendingCapital One Venture X BusinessTPG Editor‘s RatingOpen Editors ratingCard Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.4.5 / 5Go to reviewRewards Rate2X miles2 miles per dollar on every purchase5X miles5 miles per dollar on flights and vacation rentals booked through Capital One Business Travel10X miles10 miles per dollar on hotels and rental cars booked through Capital One Business TravelIntro OfferOpen Intro bonusEarn 150,000 bonus miles once you spend $30,000 in the first 3 months from account openingEarn 150,000 bonus milesAnnual Fee$395Recommended CreditOpen Credit score descriptionCredit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.740-850ExcellentWhy We Chose ItThe Capital One Venture X Business Card has all the Capital One Venture X Rewards Credit Card has to offer and more. It offers an incredible welcome bonus and requires an equally impressive spend to qualify. In addition, the card comes with premium travel perks like annual travel credit.View MorePros + consMore DetailsProsThe Capital One Venture X business card has a very lucrative welcome offer.In addition, the card comes with many premium travel perks such as an annual $300 credit for bookings through Capital One Business Travel.Business owners are also able to add employee cards for free.ConsThe card requires significant spending to earn the welcome offer.Another drawback is that the annual travel credit can only be used on bookings made through Capital One Business Travel. Earn 150,000 bonus miles once you spend $30,000 in the first 3 months from account openingEarn unlimited 2X miles on every purchase, everywhere—with no limits or category restrictionsEarn 10X miles on hotels and rental cars and 5X miles on flights and vacation rentals booked through Capital One Business TravelWith no preset spending limit, enjoy big purchasing power that adapts so you can spend more and earn more rewardsEmpower your teams to make business purchases while earning rewards on their transactions, with free employee and virtual cards. Plus, automatically sync your transaction data with your accounting software and pay your vendors with easeRedeem your miles on flights, hotels and more. Plus, transfer your miles to any of the 15+ travel loyalty programsEvery year, you'll get 10,000 bonus miles after your account anniversary date. Plus, receive an annual $300 credit for bookings made through Capital One Business TravelReceive up to a $120 credit for Global Entry or TSA PreCheck®. Enjoy access to 1,300+ airport lounges worldwide, including Capital One Lounge locations and Priority Pass™ lounges, after enrollmentEnjoy a $100 experience credit and other premium benefits with every hotel and vacation rental booked from the Premier CollectionThis is a pay-in-full card, so your balance is due in full every monthgtm--featured-card-10186