How can I go about picking my first credit card?

I'm 23 years old and have never had a credit card. I don't really want one, but I figure I need to start building my credit. I am also moving overseas and would like to have one for emergencies. I have NO idea how to pick a good one or what to look for, or where to start gaining good information. Anyone have any good introductory info or tips? Thanks|||Capital One has a card that has no foreign transaction fees.

Just go to their site and see if you can find it.

http://www.capitalone.com/creditcards/

I am pretty sure it does not carry an annual fee.



Use your card wisely for top scores.

Use it for something you need like food or gas and pay in full each month.

Never dare carry balances - it only can ruin credit.

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Note: Always contact a credit card company before leaving the country and alert them.

If you use the card abroad without notifying them first, they could think this is fraud and put a block on your credit card...|||Compare interest rates. So you buy something, then you pay it back quickly. What credit card companies want is to keep you on the hook indefinitely. They don't care about the interest rate. They only care about the % of the balance they can charge you. So it would seem that having 5% of the bill due as an appropriate amount. But what really happens it that they want 2-21/2% each month. That makes the bill last forever when you are making minimum payments.





So beware of the minimum payments trap. Let's say you put a $500 purchase on your credit card. So you pay them back with the minimum payment method. You pay them just enough each month. The statements will tell you what minimum payment they expect to receive. So your $500 purchase ends up costing you $1000 instead.





And it you miss a payment, even for a day, they sock you with extra fees. Of course, this is also true for your utility companies.





My recent experience: I had a credit card bill for $3000. I paid it in one payment. Then the next month, I got a bill for $8.55. I called them. I said "you sent me a bill for $3000 and I paid that Are you trying to deceive me, that you didn't really bill me correctly in the first place? I want my bill to reflect that it is paid in full because it is. You want more money than you billed for."





According to the credit card company, I was supposed to call in advance for the payoff amount. I told them that THEIR BILL is the payoff amount. (Mortgages work this way, BTW.)





The credit cad company didn't pursue their tacky practice. All of them are doing this these days.





Don't ever cancel your credit card. This will reduce the amount of potential credit you have on hand, even if you don't use it.





Be sure you watch your statements carefully. Call them from time to time and ask for a rate reduction. If you have a good payment history, then you do actually get a smaller interest rate. Don't ever have a credit card that wants an annual fee. No one is this important.