In the middle of the pandemic, my phone pinged with an email from InterNations, an expat group I had joined after spending time in Switzerland.
22.07.2024 - 17:27 / thepointsguy.com
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.
Back 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.
Color 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 card
When 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.
I 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?
In 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
In the middle of the pandemic, my phone pinged with an email from InterNations, an expat group I had joined after spending time in Switzerland.
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Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit cards to write unbiased product reviews.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit cards to write unbiased product reviews.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit cards to write unbiased product reviews.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit cards to write unbiased product reviews.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit cards to write unbiased product reviews.
American Airlines will launch a new flight to Turks and Caicos next year, marking the first-ever direct flight from the United States to the island of South Caicos.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit cards to write unbiased product reviews.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit cards to write unbiased product reviews.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit cards to write unbiased product reviews.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit cards to write unbiased product reviews.