If your credit is broken but you work hard to fix it, credit cards for no credit can help you rebuild your credit score. What are the credit cards for people who have no credit? This post, we will introduce about these cards for you.
In the previous post, Info Credit Free introduces people to some of the necessary information that is useful for getting the low-interest credit cards in the US, to get more information people can read the article Somethings about student credit cards people should note. Now, let find knowledge about the credit cards for no credit in the post today.
CREDIT CARDS FOR NO CREDIT
Just like a lot of article posts such as instant approval credit cards, low-interest credit cards, pre-approved credit cards, best credit card offers…, this post about credit cards for no credit also includes some main parts. They are:
1. The benefits of the credit cards for no credit
1.1. Credit cards for poor credit can rebuild your credit
If your credit is broken but you work hard to fix it, guaranteed credit cards can help you rebuild your credit score.
Credit cards are guaranteed for people with bad credit supported by cash deposits – usually for $ 250 or $ 500 – usually equal to the credit limit. This is often used by people with bad credit or no credit to prove their credibility before upgrading to unsecured cards.
After obtaining a secure credit card, be sure to pay the bill on time every month. It is also a great practice to pay off the money every month if you can. When you pay on time, your payment will be reflected in your credit report, proving to the lender that you are the responsible cardholder.
To make the most of your secured credit card, make sure the card issuer reports your payments to all three credit reporting companies – Experian, Equreb and TransUnion – ensuring that your efforts are Your credit good is recorded.
1.2. Move up to an unsecured card
If you have used a secured credit card for a while and have made a timely payment, your credit score may have improved, giving creditors a good reason to accept your credit. no guarantee. Your guaranteed credit card issuer may also start offering you unsecured credit on your card, providing you with more spending power. But be sure to check interest rates in the future, as it may be high.
1.3. Learn to manage your money
Perhaps one reason your credit is less desirable and poor money management can be a major factor. If this is the case, a credit card for people with poor credit can help you learn money management skills. You will be more careful about what you charge with a secured credit card and monthly payments on time.
If you’re determined to rebuild your credit, you’ll also pay off your balance each month to avoid high interest rates that often come with a security card.
2. The three best credit cards for no credit
2.1. Discover a secured credit card is the best cash back secured
Credit card Discover it Secured is a credit card guaranteed with additional privileges. Your purchase earns a refund reward that you can exchange for credit to your account. Earn two percent cash at a restaurant or gas station for up to $ 1,000 when you buy a mix in those categories every quarter.
All of your other purchases will earn back one percent of your cash. Keeping your card open for the whole year and Discover will automatically match all the money you earned in the first year.
A security deposit of at least $ 200 is required to open your credit card. When your account has been open for eight months, Discover will consider switching your account to an unsecured credit card. You will receive a refund for your security deposit and keep your credit limit. For this benefit, it may be a good idea to make a larger secured deposit for higher credit limits.
Discover include free FICO points with your monthly payment report, so you’ll be able to see how your credit card usage helps your credit score.
Important price: APR is 24.99% and there is no annual fee.
2.2. Discover it Student Cash Back is the best cash rewards for student
Student credit cards are a good option for those who do not have credit. Credit card issuers may request proof of registration before approving you for a credit card – so make sure you are a student before applying.
Discover it Student Cash Back credit card returns five percent of cash on purchases in quarterly revolving categories and a one-percent refund for everything else. Just like you have to register for classes, you must register to earn back five percent of cash in the bonus categories. Register before the start of the quarter to ensure access to bonuses throughout the quarter.
Keep your card active and in good standing, and at the end of the first year, Discover will match all the money you earned at the end of the first year. You can also earn $ 20 in bonuses each academic year for the next five years if you keep your GPA at 3.0 or higher.
Important price: No annual fee. Enjoy APR with zero percent referrals when making purchases and 10.99 percent when transferring balances in the first six months. After that, the normal APR is 14.99 to 23.99 percent.
2.3. OpenSky Secured Visa is the best for no credit check
Although you can deposit money as collateral for your credit line, most guaranteed credit cards still perform credit checks. Visa guarantees OpenSky is the exception. This guaranteed credit card does not require a credit check, which makes approval much easier.
You can open a Guaranteed OpenSky Visa with a deposit of between $ 200 and $ 3,000, you can do it by debit card, bank transfer to Capital Bank, Western Union or by check or money order. These options are ideal for those who do not have a traditional checking account.
Your credit history will be reported to the three major credit bureaus, which means you can start building good credit as long as you pay on time and keep your credit card balance reasonable. Unlike most other secured credit cards, your card has been successfully converted into an unsecured credit card. However, when you have started building credit, you may be eligible for an unsecured credit card.
Important price: APR is 19.39 percent and annual fee is $ 35.
3. Somethings make the great credit cards for no credit
- No or low fees: You may need to pay an annual fee if you just start building your credit profile, but not in all cases. Avoid hunting cards with exorbitant settings or monthly fees.
- Reports for all three major credit bureaus: To build a credit history, your card activity needs to be reported to major credit bureaus, Equifax, Experian, and TransUnion. All tags mentioned on this page will report activity in this way.
- Easy to use: Setting up credit history does not need to cause headaches. The best credit cards without credit have won problems when charging cards, paying or checking account information.
- Reliable customer service: Many issuers provide cards for those without credit that tend to support poor customers. Save yourself a lot of trouble by sticking with the largest card issuers possible.
- Reward: Credit cards without credit often provide rewards, but some can do it. Rewards are important for establishing a credit history, but they are a great reward.
- Other perks: Most cards without credit only come with some basic shopping and travel protection measures. But in some cases, you will find some more valuable benefits provided.
This post is about credit cards for no credit. We provide this information to offer you some of the necessary information that is useful for getting the credit cards for no credit. Also if you are using credit cards and would like to know how to borrow money, please refer to the personal loans for people with bad credit link we just provided in the previous article.
Hillary (Team Content) – Info Credit Free