Best credit cards for consumers with no credit history

Wednesday, October 13th, 2010

The biggest challenge for students graduating from college in terms on money is obtaining a good credit card that is not only light on their pocket, but can also provide them with means to create a good credit history from scratch. There must be a lot of deliberation before deciding on the first credit card since it plays a very important role in determining the financial well being in future.

For consumers who have had no line of credit in the past, the secured credit cards are the easiest to obtain. In fact, a lot of banks and other credit card lenders are offering this as the first choice of no credit cards for applicants without a credit history. In addition to being the easiest to obtain, they are also the easiest to operate. The applicant will have to pay a certain amount upfront to avail a certain credit limit. Repaying the dues on the card in full each month ensures a blemish free credit history for better financial prospects in future. Look out for the best deals and compare various secured credit cards offers before choosing one.

There are unsecured credit cards that consumers can opt for as well. It is imperative for people with no credit history to stay away from cards that offer rewards for purchases made or money spent. Without these extra fringes itself, the credit cards available for people with no credit carries high fees and rate of interest. Coupling it with reward is a sure recipe for disaster. Simple unsecured credit cards with no fringes are the perfect options for people with no credit history to consider.

There are other options for first timers to establish a good credit history and then avail the perfect credit card they are looking out for. Getting a gas card or a departmental store card can work wonders. These cards are easy to obtain and can help in creating a good credit history. These cards, however, have a high rate of interest since the amount of risk involved is higher. But, repaying the dues on time each month without having to carry over the outstanding balance from one month to the other can prove to be really beneficial.

Irrespective of the type of card consumers choose, it is crucial to find out all the details, including the terms and conditions associate with each card to ensure they are not making a wrong decision.

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