Why I closed my first credit card, and what I'd do differently if I could go back
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 card
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
Why I closed my 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 (see rates and fees).
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 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 paying
What I'd do differently looking back
With 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.
I 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 students
My advice to credit card beginners
Getting 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.
Don'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 you
Bottom line
Sometimes 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 points
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