It is not easy to find a credit card for people with no credit history or with a limited credit. Not every bank offers products, that are targeted to such new to credit customers. The first important step to start building your new credit is to get a credit card. Find a card that you can be approved for and start using it cautiously to improve your score over time. In our article we describe the most convenient options for no credit and limited credit. Some banks currently offer free credit monitoring tools, which is extremely helpful for people, building a credit history.
Credit cards
Some banks have credit product lines, catering higher-risk category of consumers and offer credit cards for people with no credit. Capital One is one of the …show more content…
Some banks allow you to check if you are pre-qualified for a credit card without pulling your credit score. Probably pre qualification will not wok for a no credit situation.
Best cash back cards for no credit
Capital One
Quicksilver One by Capital One bank offers 1.5% unlimited cash back, relatively high APR of 23.34% and intro 0% APR till November 2016. Annual fee is $39, which is affordable. Free CreditWise credit tracking tool will help to monitor your credit situation and see how your credit grow.
You can also apply for a basic version of that card with no annual fee but no cash back.
Best rewards cards for no credit
Barclay Rewards MasterCard
Barclaycard Rewards card is leading here with its 2x unlimited rewards for gas, utilities and groceries and 1x rewards on all other purchases. No annual fee makes this card a good economy option.
All Barclaycards in US offer free TransUnion FICO score monitoring in your online …show more content…
Secured cards are usually more expensive to own, has low limits and higher fees than regular credit cards, so usually secured cards is a last options after you couldn 't find a regular credit card.
It is important to find a secured card that reports about your payments and other credit issues to 3 major credit agencies – it will help you to grow your credit history.
Some banks even report that kind of cards as unsecured, but it is not that important.
Another important detail is a grace period - it is much more convenient to manage your finances with 20-25 days of free credit that offer a card with a grace period.
Regarding the APR: I have made it a strong point to not carry any balance on a secured card, but rather pay it off every month (or even several times a month) to maintain a lowest debt to credit limit ratio and grow your credit score as fast as possible.
A Word on Prepaid cards
Prepaid cards are the last option to consider – they are very easy to get, require no credit check, but are mostly useless for building credit since they do not report to credit
Credit cards
Some banks have credit product lines, catering higher-risk category of consumers and offer credit cards for people with no credit. Capital One is one of the …show more content…
Some banks allow you to check if you are pre-qualified for a credit card without pulling your credit score. Probably pre qualification will not wok for a no credit situation.
Best cash back cards for no credit
Capital One
Quicksilver One by Capital One bank offers 1.5% unlimited cash back, relatively high APR of 23.34% and intro 0% APR till November 2016. Annual fee is $39, which is affordable. Free CreditWise credit tracking tool will help to monitor your credit situation and see how your credit grow.
You can also apply for a basic version of that card with no annual fee but no cash back.
Best rewards cards for no credit
Barclay Rewards MasterCard
Barclaycard Rewards card is leading here with its 2x unlimited rewards for gas, utilities and groceries and 1x rewards on all other purchases. No annual fee makes this card a good economy option.
All Barclaycards in US offer free TransUnion FICO score monitoring in your online …show more content…
Secured cards are usually more expensive to own, has low limits and higher fees than regular credit cards, so usually secured cards is a last options after you couldn 't find a regular credit card.
It is important to find a secured card that reports about your payments and other credit issues to 3 major credit agencies – it will help you to grow your credit history.
Some banks even report that kind of cards as unsecured, but it is not that important.
Another important detail is a grace period - it is much more convenient to manage your finances with 20-25 days of free credit that offer a card with a grace period.
Regarding the APR: I have made it a strong point to not carry any balance on a secured card, but rather pay it off every month (or even several times a month) to maintain a lowest debt to credit limit ratio and grow your credit score as fast as possible.
A Word on Prepaid cards
Prepaid cards are the last option to consider – they are very easy to get, require no credit check, but are mostly useless for building credit since they do not report to credit