Credit card companies usually deny credit to people with poor credit scores or no credit history. This does not mean that people without credit history have no chances of getting hold of a credit card and building up a good credit score. Several credit card companies do have products designed for people without credit history.
People without credit history stand a better chance if they apply at small retail stores for credit cards because smaller companies are more willing to give them a chance. Once you get a credit card, you can use it to purchase something from the store and make the minimum payments every month. Another good idea is to apply for secured credit cards or request a trusted friend or family member, preferably someone who has an excellent credit score, to co-sign a credit card with you.
If you have no credit history, you can easily apply for and obtain the following credit cards and use them to establish a blemish-free credit history in no time. All you need to do is make the minimum monthly payments on time and ensure that your balance is well below the credit limit assigned to you. Before applying for a credit card, check out its APR and annual fees and ensure that you have read everything in fine print.
The following are some good credit cards for people with no credit history.
Low Rate Guaranteed Secured MasterCard
You can use this card to not only save money, but also establish a good credit history. The credit card comes with a typical APR of 14.90 percent, a balance transfer APR of 14.90 percent, and an annual fee of $69. This MasterCard is a Capital One card with benefits such as MasterCard Global Service, Master RoadAssist, MasterCard PayPass, 0 percent fraud liability, and so on. You don’t even need to swipe the card to make purchases.
Platinum Zero Credit Card
Issued by Applied Bank, this is a secured card with guaranteed approval. The card comes with 0 percent interest on purchases, fraud protection features, and much more. However, you will not get any interest on your deposit amount.
Guaranteed Secured MasterCard
This credit card is great for those who have declared bankruptcy and for those who have never had a credit card before. The card is associated with a balance transfer APR of 19.80 percent, an annual fee of $59, a typical APR of 19.80 percent, and 0 percent fraud liability, along with the MasterCard Global Service and Master RoadAssist features. This card does not require any swiping.
Classic Secured Credit Card
Since the Public Savings Bank issues this Visa credit card, it is great for people without credit history eager to build up a credit score. The Public Savings Bank makes monthly reports to all major credit bureaus, making this credit card ideal for those seeking a flawless credit history. Since this is a secured card, approval is guaranteed; and you can make a minimum deposit of $200 or a maximum deposit of $3000.