Hai,

I don't possess a credit card till now. I am planning to buy a car by applying loan. My friends advised me that if I pay my loan premium using a credit card, it would help building my credit history. They also told me to look for 0% APR (any such offer for the first year) or less APR to reduce the interest. Could anyone please tell me which credit card can I apply? Just looking for some recommendations for genuine companies.

Thanks for your time!

Your friends are idiots.

I shouldn't say that I general, but on this point, they are giving you BAD advice.

Do NOT get into debt.

Credit Card debt is one of the WORSE kinds of debt you can have.

Paying you premium every month (in cash), will HELP your credit rating.

Don't even go down that route with a credit card. Live within your means.

You will pay 1 loan with another? Very silly idea.

Credit card debt is not the "worst" kind of debt that you can have, but it can be very troubling if you do not manage it well. "Consumer debt" as a whole, is the worst kind of debt you can have, regardless of the particular medium; you can actually have good credit card debt, depending on what the purchases were used for.

In any event, it seems like you have friends who are willing to help you, so what I would first suggest is asking one of them to help you improve your credit rating, THEN go apply for a credit card. Now, again, depending on what you're using these cards for, my recommendation for a company would vary. Capital One is pretty good with approval rates and also credit limit increases, but if you're only looking for a card to get your score up, I would opt for an AMEX business. Again, AFTER asking a couple friends for their help in getting your FICO up.