Credit
cards for no credit history are the types of cards that are best for people who
are still trying to build their credit. These are best for
individuals who are at least 18 years of age and who are just starting out to
use credit cards. Having your first credit card can be exciting—you can purchase by plastic
so you do not have to spend real money. The problem here, though, is that not
all credit card companies will be happy to give you a card because you do not
have credit history yet. Fortunately, there are creditors that you can
communicate with and who will issue you with a card especially designed for
people with limited to no credit history.
Credit Cards for Students
If
you are a college student, there is a good chance that you will be able to get
an approval if you apply for a credit card. You might get a ton of offers from
several companies, but it is good practice to start with just one card. Since
it is your first time to have a card, it is essential that you take a closer
look at all the offers of the creditors you are considering. There are numerous
deals at present, but they also come with high interest rates and annual fees
among others. You may find these fees too high so simply stick with those that
have low APR with no annual fee.
Credit Cards from Banks
If
you already have a savings or checking account, you can visit your bank and
apply for a credit card. Since you have an existing relationship with the bank,
this will give you better chances in getting your application approved. Most
banks are now offering online application so you can simply send the form
without the need to leave your home. However, it is advised that you
communicate face to face with the bank representative so you can get more
assistance.
Gas or Department Store
Credit Card
There
are numerous department stores and gas firms that offer credit cards. Most of
them accept applications even if you have no credit yet. The downside here is
that you should be prepared to pay high interest rates. Make sure that you pay
your balances on time to avoid getting into debt. These cards are ideal for
those that shop at a particular department store or purchase gas from a
specific gas company. They can give you great discounts so you can save money
as you spend.
Credit Cards to Consider
CashRewards for Newcomers from Capital One is a good choice. This has no annual fee
and there is a good rewards program. You can get a refund for your travel
expenses and a rebate on other purchases. You can also check Prepaid MasterCard
from AccountNow which gives you the option to pay in advance for your
purchases. This is a good alternative if you formerly had a checking account.
If you want 0% APR, rewards, and extra bonuses, the Discover Student Open Road
Card is ideal for you.
If
you get denied for an application, you can check the details as to why you have
been turned down. Use the information to your advantage so that you can finally
get your first credit card.
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