Is there an option to have no credit cards?

Answered on October 11, 2010
Updated on October 11, 2010
The content is accurate at the time of publication and is subject to change.
Amy Miller Amy Miller
Many people think that credit cards cause a lot more problems than fixing anything. A common conclusion that people derive to is that credit cards are not necessary in order to lead a successful life. This is partly true, but you need to know what you might stand to lose when you decide not to go in for credit cards. Depending on whether or not this is a scenario that you like, you can decide on what you might possibly want to do next. Hence, this is something that you might want to look into and seriously consider only if you feel there is no other option out. Firstly, when you decide to go ahead with no credit cards, you give up a big opportunity of being able to build your credit records. This can be quite damaging, depending primarily on how important it might be for you to build your credit record. For those with a poor credit score, this might probably be something that they might want to seriously consider. Hence, you might have to substitute the credit card with some other option to build your credit records and get a better score overall. Next, with no credit cards, you automatically give up your ability of being able to afford pretty much anything that you might have set your sights on. You should know be restricted to only picking up the options that you might be able to afford. As one might imagine, this is definitely not something that can be considered to be particularly pleasing. In most cases, you might miss out on this when it comes to purchasing electronics or even financing a car. The credit card does come in handy in such situations, when you need money upfront but don`t have it in your bank account. Lastly, with no credit cards, you might not be able to rent cars or purchase something online, all of which prefer to have credit cards. The lack of plastic money can be considered as a reasonably big handicap today and essentially is a roadblock of sorts for many people. Hence, this is something that you would want to carefully think about. The repercussions of not having a credit card are quite far reaching. Therefore, weighing all your options and concluding based on what you obtain is definitely considered as the option to go in for and possibly end up selecting in the long run.
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User Comments about This Question


You can choose one of the credit cards for limited credit to make your credit profile better. Or you can consider secured credit card. Some card offers have no annual fee and pretty nice rewards programs. Thus, you may save more money than spent on the security deposit.
If you do not have any credit history, you should consider credit cards for people with limited or no credit history. We recommend you consider secured credit cards. Don't worry about security deposit as it is refundable. Also, some secured cards have rewards programs that allow you to earn cash back on your purchases that may potentially cover your deposit expenses.
We can recommend you start with secured credit cards. These cards require a security deposit paid upfront. A secured credit card is a good way to build your credit history as it reports the account activity to major credit bureaus. You just need not to miss payments and pay off your balance. After that, getting approval for an unsecured card will be much easier. For example, you may consider the Merrick Bank Secured Credit Card. This card can help you build credit, since your account activity will be reported to all three major credit bureaus. The amount of your deposit determines your initial credit...

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There is a credit card for any credit and for any purpose. Whether you want to start building your credit from scratch or earn rewards on purchases, save on gas or travel for free, you can find a good credit card offer for that.