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What Is The Best Credit Card For New Users

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What’s The Easiest Card To Get Approved For

The 5 BEST Credit Cards For Beginners in 2021

Approval for a credit card is never guaranteed. Even if you have an excellent credit score, an issuer could still decline your application because you don’t have enough income, or because you’ve opened several other cards recently, or for some other reason. Plus, “easy” is a relative term. Someone with excellent credit and a good income will usually qualify for most cards. Someone with a middling credit score might struggle to get approved even with ample income.

With that in mind:

  • In general, the lower the risk to the credit card issuer, the easier it is to get approved. That’s why secured credit cards are a recommended starting point for people working to build or mend credit: The security deposit requirement reduces the risk. See our best secured credit cards of 2021.

  • If you’ve begun to build credit and have a score in the mid-600s, look at credit cards for fair credit. These provide more benefits but don’t require a top-tier credit score. See our best credit cards for fair credit of 2021.

  • Store credit cards are also generally easier to qualify for than bank cards. They tend to have low credit limits and high interest rates, but they’re a viable credit-building tool provided you keep your balances low relative to the limit and pay them off each month. See our best store credit cards of 2021.

What Is The Best Credit Card For Someone With No Credit

Quite often, banks lump consumers with bad credit and no credit into the same category, but there are major differences between the two.

If you have bad credit, that means you have previous financial mistakes, delinquencies, or a bankruptcy recorded on your credit profile. If you have no credit, youre what the finance industry calls .

These consumers dont have enough recent financial transactions on file to generate a reliable credit score. If thats you, youre not alone there are more than 26 million credit invisible adults in the U.S. alone.

That doesnt mean credit card issuers will line up to offer you their best cards, though.

Most credit-invisible consumers start with an entry-level credit card such as the Capital One Platinum Credit Card. Credit card issuers carefully examine an applicants risk levels when deciding whether to extend a credit card offer. Since you dont have any recent transactions that will help the bank determine your risk level, the issuer will likely take cautious steps when extending you credit.

The Platinum Card from Capital One is a great starter card because it has very competitive interest rates and no fees. Capital One will monitor your payment history and reward you with a credit limit increase after you make your first five payments on time.

And since Capital One offers many different types of cards, you can eventually upgrade to better cards as you work to establish your credit history.

Best Cash Back: Bank Of America Customized Cash Rewards Credit Card

Online $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening.

Rewards Earning Rate Earn 3% cash back in the category of your choice, 2% at grocery stores and wholesale clubs and unlimited 1% on all other purchases.
INTRO PURCHASE APR 0% for 15 Statement Closing Dates
INTRO BALANCE TRANSFER APR 0% for 15 Statement Closing Dates
Balance Transfer Fee Either $10 or 3% of the amount of each transfer, whichever is greater.
Foreign transaction fee
  • Why We Chose This Card:
  • Pros & Cons:

We selected the Bank of America Customized Cash Rewards card as the best cash back rewards option from Bank of America because of its lucrative cash back rate on purchases and simple statement credit, check, or gift card redemption options. The card offers bonus earnings on a category of choice as well as enhanced earnings on grocery purchases, with a base rate on all other purchases.

  • New cardholders earn a bonus offer easily

  • No annual fee

  • Fairly generous introductory 0% APR offer

  • Spending caps on premium rewards earnings

  • Limited redemption options

Read the full Bank of America Customized Cash Rewards credit card review

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Capital One Platinum Credit Card

Best for no annual fee

  • This card is best for: People with fair credit looking for a no annual fee card that will help build creditworthiness.
  • This card is not a great choice for: People who may need to carry a balance over time because of the fairly high regular APR.
  • What makes this card unique? This card charges no annual fee and its possible for people with a credit score as low as 580 to be approved.
  • Is the Capital One Platinum Credit Card worth it? If you use the card to build your credit score at the same time, it can definitely be worth it. However, once your credit score hits the high-600s, you might find more value in a rewards-earning card for good credit.

Indian Navy And Bob Finance Collaborates To Offer Co

The best credit cards of 2020

The Indian Navy and BOB Financial Solutions Ltd. , a wholly owned subsidiary of Bank of Baroda, have teamed to introduce a co-branded credit card for Indian Navy personnel. The card has contactless capabilities and runs on the RuPay platform. This card will be available to Indian Navy personnel up to the age of 64.

27 December 2021

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Best No Foreign Transaction Fee Card

Carrying a credit card that exempts you from foreign transaction feeswhich are charges of at least 2.50% on each purchase in a foreign currencyhelps you to significantly reduce your costs when buying abroad or online in a foreign currency.

Canadians can choose from a handful of cards that offer no foreign transaction fees, including cards that have no annual fee and basic perks cards with higher annual fees and premium travel perks and even cards that successfully offset foreign transaction fees with an accelerated rate of cash back on purchases made in foreign currencies.

How We Picked The Best Credit Cards

Different types of credit cards are designed to help you achieve different financial goals. As a result, comparing cards across categories can be difficult. The best rewards credit card, for instance, will be characterized by a solid base rewards program, generous sign-up bonus and ancillary benefits, while the best balance transfer credit card would depend on the length of its balance transfer offer, its balance transfer fee and what its APR might be once the balance transfer expires. Having said that, we picked the best credit cards in our database by considering the following criteria.

  • Standout terms in the cards category: We assessed whether a cards terms and conditions were competitive when stacked against other cards in its respective category. For instance, for a rewards card, we looked at its rate of return on spending and evaluated whether that return was competitive, compared to other cards in the rewards category.
  • Reasonable costs: We looked at the major costs associated with most credit cards to determine if a cards offer was competitive in its category.
  • Overall value: If a card does carry certain fees, could those fees be justified by its other benefits? For instance, could you recoup an annual fee via the cards rewards program? Could you still save on a balance transfer offer paying the balance transfer fee if you paid your balance off in the introductory 0% interest period?

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When Can I Get My First Credit Card+

You generally need to be at least 18 to get a credit card. However, there are still restrictions for applicants under 21 namely, youll need proof of your own income or a willing co-signer. Once you are over 21, your ability to get a credit card will hinge primarily on your income and credit profile.

The Amex Everyday Credit Card From American Express: Best For Getting Started With Amex

7 BEST Credit Cards of 2021

Welcome offer: 10,000 Membership Rewards points when you spend $1,000 within the first three months of account opening. These points are valued at $200 based on TPG valuations. However, be sure to check CardMatch to see if youre targeted for a higher bonus offer.

Annual fee: $0

Rewards: Earn 2x at U.S. supermarkets

Why this is a great first credit card: This is a credit card for points-and-miles beginners because it earns valuable Membership Rewards without charging an annual fee. It earns 2x at U.S. supermarkets and 1x on everything else plus you get a 20% bonus if you swipe it 20 times or more in a billing cycle.

The fact that it earns Amex Membership Rewards points is a large part of its appeal. Like Citi ThankYou Points and Chase Ultimate Rewards points, you can pool your rewards once you start earning more rewards with more premium Amex cards and Amex points are some of the most valuable out there.

For example, you can transfer your Amex points to Delta, which frequently has flash sales to destinations all over the world, so youre looking at an easy way to jump-start your free travels. You can also transfer your Amex Membership Rewards points to 19 airline and three hotel programs, including Delta and to really get a lot of value out of them.

The information for the Amex EveryDay card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

Recommended Reading: Should You Pay Off Your Entire Credit Card Balance

Cash Back Welcome Offers

If you pick up a new cash back card, thereâs a good chance it comes with some kind of promotional offer.

The welcome offers on cash back cards donât offer a one-time surge in rewards, but instead, let you earn an accelerated cash back rate for a limited period of time or up to a certain amount of spending. For example, while the BMO CashBack Mastercard lets you earn 1% cash back on all your purchases, as part of its welcome offer, youâll get 5% cash back on your spending for your first three months up to a maximum of $100.

When comparing cash back welcome offers, itâs important to not only look at the accelerated cash back percentage but to dig deeper into the terms and conditions to see how long the offer lasts for and what it maxes out at.

As part of their offer, some cards with an annual fee will often waive it for the first year.

One of our favourite things about cash back welcome offers is theyâre easy to take advantage of â youâll just earn more cash per dollar on your everyday spending. In contrast, sign up bonuses on most travel credit cards come with minimum spending requirements , which means you might not qualify for the offer if you donât spend enough on the card fast enough.

One final note: While bonuses may be enticing, it shouldnât be the only reason why you choose a cash back card. You should do the math to find which card works best based on your spending habits in the long haul.

Best Secured Credit Cards For No Credit

To get a credit card for the first time, you must be at least 18 years old and have enough income to afford monthly credit card payments, in addition to your other expenses. The minimum payments on a starter credit card usually are around $15 per month.

The two basic steps involved in getting a credit card for the first time are to: 1) compare credit card offers designed specifically for people with limited or no credit history and 2) apply for one with no annual fee, if available rewards and APRs can be the tiebreaker.

There are plenty of other things about the process of picking, applying for and getting your first credit that are important to learn, too. Well walk you through them below, step by step.

Also Check: Bestbuy Citibank Card

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Best Card For Balance Transfers

13 lucrative credit card deals you can get when opening a ...

A balance transfer credit card allows you to move a balance from one credit card to another, usually offering a very low interest rate on the transferred balance for a limited period of time.

Transferring a balance from a card with a high interest rate to a card with a low interest rate can be a financial life vest, significantly curbing the escalating interest on the amount you owe and giving you a window of opportunity to pay off your debt once and for all.

The key features to watch out for in a balance transfer credit card are the promotional interest rate, the length of time the special rate lasts, the fee charged for making the transfer and, of course, the cards annual fee.

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Think Twice About Ever Canceling Your Credit Card Especially Your First One

Your first credit card will have a big impact on your credit history. And as long as you use it responsibly, that impact can be very positive. Credit cards not only let you afford the basics, like everyday expenses, but they can earn you rewards when you charge and help you qualify for lower interest rates on loans.

Canceling your credit card can be harmful to your credit score, especially if it’s your oldest card. It will bring down the average age of your account, but perhaps more importantly it will decrease your overall credit limit, which is one of the most important factors in calculating your credit score.

While there are scenarios where it may make sense to close a credit card, such as you’re paying an annual fee on a card you no longer use or you are incurring a high interest rate, you should check first how your credit score will be affected. You can use online score simulators, such as from Capital One, to help you make the most informed decision.

For rates and fees of the Discover it® Student Cash Back, click here.

For rates and fees of the Discover it® Secured Credit Card, click here.

Editorial Note:

Best Secured Card With A Low Deposit Amount: Capital One Platinum Secured Credit Card

Secured credit cards require you to send the card issuer a refundable security deposit when you open your account. Your security deposit will typically determine your credit limit, and there’s often a $200 minimum deposit.

The Capital One Platinum Secured Credit Card is different from many secured cards because you might qualify for a $200 credit limit with a security deposit starting at $49.

If you want a higher credit limit, you’ll need to send a larger security deposit before opening your account. However, Capital One automatically reviews your account and might raise your credit limit after you make six on-time payments. It can also decide to refund your security deposit as a statement credit based on your responsible use.

In addition to potentially saving money on the security deposit, you won’t pay foreign transaction fees or an annual fee for the Capital One Platinum Secured Credit Card. But it also doesn’t offer any rewards.

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Cards For Those With Fair/bad Credit

Your credit score* is one of the primary factors issuers look at when deciding whether to approve you for a credit card. So what if you have fair or bad credit?

Related: From debt to over 20 credit cards: the story of my personal finance journey

Unfortunately, if your credit isnt that good, you may not be able to be approved for the rewards credit cards listed above. However, that doesnt mean youre out of luck. There are plenty of credit cards for fair or bad credit you can apply for to help you improve your credit score before you apply for a rewards credit card. But note that credit limits tend to be lower and the APRs for these cards tend to be higher.

Faqs About Credit Cards For Beginners

The 6 Best UK Credit Cards For Beginners in 2020

What is the minimum age required to apply for a credit card?

Do I have a credit score?

Can I get a credit card with no credit history

What is a good credit card for beginners?

Which bank is best for first time credit cardholders?

How do I get a credit card for the first time?

Can I apply for a credit card with no income?

What is the easiest credit card to get with no credit?

Can I get a credit card with no credit limit?

Read Also: Valerocard

Best Credit Cards For Beginners Of 2021

At Experian, one of our priorities is consumer credit and finance education. This post may contain links and references to one or more of our partners, but we provide an objective view to help you make the best decisions. For more information, see our .

If you’re looking for your first credit card, you could start by trying to get a credit card that’s created for people who are new to credit or rebuilding their credit. These cards often don’t come with a lot of benefits, but you can use them to establish and build good credit before applying for a different credit card later. Here are four of the best options from our partners.

4 Partner Offers

Our Picks for the Best Credit Cards for Beginners

Capital One Platinum Secured Credit Card

No annual fee

Refundable security deposit starting at $49 to get a $200 initial credit line terms apply

Capital One Platinum Credit Card

No annual fee

Capital One QuicksilverOne Cash Rewards Credit Card

$39 annual fee

1.5% cash back on all purchases

The OpenSky® Secured Visa® Credit Card

$35 annual fee

$200 minimum security deposit

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