American Express Business Credit Card
Credit Cards for College Students
Credit Cards for People with No Credit
No Credit Check Credit Cards
Written by: Bill Matthews
Getting a Credit Card with No Credit
If you have yet to establish a credit history, you may be worried that you won't qualify for a credit card or some other type of loan. Credit cards for people with no credit are usually available through most well known card issuers, although each may have their own terms and conditions.
Maintain Good Credit
Today it's more important than ever to have and maintain good credit, fortunately there are ways to do that with different types of credit cards for people with no credit, or for those who have had bad credit in the past.
Generally, credit cards for people with no credit usually have a few positive benefits such as no employment or credit status required, as well as reporting to all three credit bureaus, which allows you to build your credit history.
Other credit cards for people with no credit include gas rebate cards and credit cards geared toward students. Considering the high prices of gasoline, a gas reward credit card that offers rebates or cash back on gas purchases may save money in addition to establishing credit. Some of these cards also give initial cash back bonuses and then a percentage back on purchases following an introductory period.
There are some credit cards that offer bonuses and savings on purchases made at grocery or drug stores, while others feature points programs that are redeemable on merchandise, travel, gift cards, or for cash rewards.
Student Credit Cards
Student credit cards are useful for college students who may not have credit or who might not qualify for another type of card due to lack of an employment history. Some of the benefits of these types of cards include zero percent annual percentage rates (APR) for an introductory period, no annual or initial fees, no minimum income, and no previous credit requirements needed.
Department Store Credit Cards
Another option to consider when shopping for credit cards for people with no credit is one issued by a department store. Once credit is established using this type of card, it's easier to qualify for those issued by the major credit card companies. Most department store cards also report to the three major credit bureaus so that all of your timely payments are noted, however, the downside is that many may have high interest rates, but low spending limits.
Secured Credit Cards
There are also secured credit cards for people with no credit or with a poor credit history, which also enables the user to rebuild or establish good credit standing. A secured card that's kept in good standing tells future creditors that you are then financially responsible enough to have an unsecured line of credit.
Pay Your Payments On Time
Once you've obtained your card, it's wise to pay off the balance at the end of every month to avoid paying hefty interest charges. This simple move also raises your credit rating, enabling you to qualify for loans or cards with better rates or perks in the future. If paying off the entire balance isn't possible, then be sure to make the minimum payment on time every month. Often adding just a few extra dollars to a payment can make a big difference in the long run with savings on interest.
