Thursday, August 2, 2012

Things to Know Before Getting Credit Cards for No Credit History


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 excitingyou 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.



No comments:

Post a Comment