Best credit cards for consumers with no credit history
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.
Latest No / Limited Credit Card News
A recent CreditCards.com poll showed that 6 million or 8% of parents in the U.S. have at least one child using a credit card. Of course, children can’t apply for their own credit card until they turn at least 18, but most issuers allow to add them to their parents’ card accounts as authorized users.
The wedding season is coming up—meaning brides and grooms-to-be are busy tasting wedding cakes, refining guest lists, and booking photographers. But there’s something else they should add to their to-do list, financial advisors warn.
They say knowledge is power. And in the case of credit scores, it seems to be true.
A recent survey by the Consumer Federation of America (CFA) and VantageScore Solutions, LLC, found that people who had recently gained access to their credit score knew more about how credit scores are calculated than those who are unaware of their scores.
New reward options for Chase card users may get them to download and use a mobile wallet app, even if they’ve been reluctant to do so before. Chase Freedom is offering 5% cash back on up to $1500 in purchases over the first quarter of 2018, when they make purchases with Chase Pay, Apple Pay, Android Pay, or Samsung Pay.
When you’re in the market for a new credit card, nabbing one with the lowest APR possible is of primary importance. So customers of Navy Federal Credit Union will be glad to hear that the APR for its Platinum and GO REWARDS credit cards have been lowered, to 6.74% and 9.74%, respectively. The change took effect June 30 and will be the ongoing rate for an unlimited period of time.