Just because you have no credit or little credit, it doesn’t mean that you cannot have a credit card. In fact, you can actually benefit by having and using a credit card.
Each time you may a payment on time, it would be reported to the credit bureau. This is a great way to build your credit and improve your credit score. Since you don’t have any credit yet, you would need to look into easy approval cards and instant credit cards. There are certain cards that are designed for people who are in your situation.
Capital One Platinum Credit Card
The Capital One Platinum credit card is geared for people with average, fair, or limited credit. When you are initially approved, your credit limit will be low. After you make your first 5 payments on time, you would have access to a higher credit limit. The card offers fraud protection if your card is lost or stolen. Things like this can destroy your credit before you are even able to establish it, therefore, fraud protection is very important. To make accessing your account easy, you can download the app to your Smartphone. When it is time to make a payment, you can do so on the mobile app, at a local branch, online, or with a check. There is no annual fee with this card and the average APR is 24.99%, however that varies depending on your credit score. This may seem a bit high, however, considering you have no credit, it is a good starting off point.
Discover it Chrome For Students
If you are a student and you are trying to build your credit score, this card has plenty of benefits that are geared towards students. For example, you can take advantage of the Good Grade Rewards. You can earn $20 cash back for each school year that your GPA is 3.0 or higher for up to 5 years. If you leave your card behind at home, on campus, or if you lost it, you can use Freeze It. This is an on and off switch that allows you to temporarily freeze your card in seconds so that no new purchases, cash advances, or balance transfers can be made when the card is turned off. This is also a great rewards card. You can earn 2% cash back at restaurants and gas stations on up to $1,000 on combined purchases for the quarter. You can also earn 1% cash back on all of your other purchases. At the end of the year, you can get a dollar-to-dollar match on all of the cash back that you earned throughout the entire year. Best of all, you don’t need to sign up for any of these benefits. There is no annual fee with this card and you won’t be charged a late fee on your first late payment. Also, your APR will not increase if you make a late payment. This card is geared towards people with fair credit. The average APR is between 13.74% and 22.74% depending on your credit.
Discover it For Students
This card is similar to the Discover it Chrome For Students in that the card offers the Good Grades Rewards and Freeze It. They also offer a dollar-to-dollar match for all of the cash back that you earned at the end of the year, the same as Discover it Chrome For Students. The cash back rewards on this card differ from Discover it Chrome For Students. You can earn 5% cash back in rotating categories each quarter from restaurants, ground transportation, Amazon.com, and many more. Once you have reached the quarterly maximum, you would lose your cash back rewards until the next quarter begins. There is no annual fee on this card and there would be no late fee on your first late payment. This card is designed for students with a fair credit score and the APR varies between 13.74% and 22.74%, depending on your credit score.
Capital One QuicksilverOne Cash Rewards Credit Card
This is a great card if you have little or no credit and you want to earn cash back and other rewards. You can earn 1.5% cash back on every purchase you make, any day that you make it. If you have a monthly subscription to Spotify Premium, you can earn 50% back as a statement credit when you use your QuicksilverOne Card to pay your bill. There are no rotating categories or sign up fees necessary to earn cash back. Even better, the cash back does not expire ad there is no limit as to how much you can earn. After you make your first 5 payments on time, you will have access to a higher credit limit. This card is designed for people with average, fair, or limited credit. The average APR is 24.99 percent and it varies depending on your credit score.
Capital One Secured Mastercard
This card is designed for anyone who has been denied a traditional credit card or a rewards card. To use this card, you would start with an initial credit limit of $200, however, you would need to put down a security deposit of $49, $99, or $200, depending on your credit score. After you make your first 5 monthly payments on time, you would have access to a higher credit line without making an additional security deposit. Unlike a prepaid credit card, you can build your credit with this one when it is used responsibly.
Capital One will report your payments to the three major credit bureaus. This card is designed for people with limited or bad credit. The average APR on the card is 24.99% and that number varies depending on your credit score. Just because your credit isn’t the best or if you have no credit at all, it doesn’t mean that you shouldn’t have all the benefits that go along with having a credit card. If you choose the right card for your credit situation, you can not only build your credit, you can also earn money as you spend.
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