Assistant Professor of Finance Andrew Schwartz spoke with WalletHub about starter credit cards in their article "Best Credit Cards For Beginners."
Andrew Schwartz, assistant professor of finance in Elon University’s Martha and Spencer Love School of Business recently spoke with WalletHub about starter credit cards.
“Starter credit cards can be safer because their lower credit limits, and sometimes security deposits, make it harder to rack up a large, unmanageable balance,” said Schwartz. “That said, they’re still real credit cards. If you spend more than you can afford or carry a balance, you can still get into financial trouble.”
In the WalletHub article, “Best Credit Cards For Beginners,” Schwartz discusses why banks offer the cards, how easy they are to obtain and their benefits.
“Starter credit cards make the most sense when you’re trying to build or rebuild credit, typically when you have little credit history or a low score,” said Schwartz. “If you’re getting denied for most standard cards, that’s often a sign a starter card could be right for you.”