Professor Dot Kelly Discusses Starter Credit Cards in WalletHub

Professor Dot Kelly shares invaluable advice on choosing and utilizing your first credit card wisely, building credit, and maximizing value in a recent interview with WalletHub.

Photo by Christiann Koepke on Unsplash.

Photo by Christiann Koepke on Unsplash.

When is the right time for someone to apply for their first credit card? And what kind should they try to get?

Dot Kelly

Dorothy Kelly, a Chartered Financial Analyst and Personal Finance Lecturer at the McIntire School of Commerce. (Photo by Dan Addison, University Communications)

In a recent interview with personal finance website WalletHub, McIntire’s Professor Dot Kelly lent her expertise to their subject expert panel on starter credit cards.

Kelly, the Commerce School’s Robert B. Hardaway, Jr. Lecturer of Personal Finance, discussed the security of starter credit cards, the right situation for applying for one, how they help build credit, and more.

Known for her Personal Finance course, offered to students across the University, Kelly provides practical advice about using starter credit cards, explaining the possible requirement of a security deposit when opening an account, the reasons that banks offer them, as well as the advantages the cards have over starter loans.

“Banks are in the business of lending money, and they are always looking for new customers. Young adults need to build credit, so it makes sense to offer starter credit cards,” says Kelly. “Borrowers need to remember that the bank is trying to make as much profit as it can. Smart consumers avoid paying more than necessary and seek to obtain as much value as possible. It pays to be an informed consumer.”

Read the full interview at WalletHub.

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