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Where To Get Your First Credit Card With No Credit

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Know Where To Go To Get Your First Credit Card

How To Get Your First Credit Card

If you’re enrolled in college, you have a good chance of getting approved for a student credit card from a major credit card issuer. However, some student credit cards have high interest rates and annual fees, both bad options for a first credit card.

If you’ve been responsible with a checking or savings account, try applying for your first credit card at your bank. An existing banking relationship can improve your chances of getting a credit card application approved, especially if youve handled your account responsibly. You can apply online, but visiting a bank branch would put you face-to-face with a representative who may have more authority to get your application approved.

Retail and department stores typically have more favorable approval odds. On the downside, they have high interest rates that make it expensive to carry a balance from one month to the next. Another downside of these cards is they aren’t versatileyou can use them only in that store. However, retailers often encourage spending by offering discounts for using the card and having a retail store credit card as your first credit card can help you build up a good enough credit history to apply for a major credit card within a few months.

Pros Of Credit Cards For People With No Credit History

  • Grow your score. Most cards designed for those with limited or no credit history come with perks built to help increase your credit score. Be sure that your card reports payment habits to the three major credit bureaus, a must-have benefit found with the majority of cards here.
  • Control when you spend. With several of the cards here, you can work with your provider to negotiate a payment schedule that works for you. Setting your calendar to work smoothly around when you get paid and when your bills are due can be a flexible solution for some hectic schedules.
  • Establish good habits. Because these cards are a fresh slate for so many cardholders, you have the opportunity to start on a high note. If youre an exemplary cardholder and commit to a routine of good habits while keeping the demerits away, your score could grow expeditiously.

Choosing The Best Card For A First

Consider applying for a Secured Credit Card or a Student Credit Card

When youre just beginning to build your credit, look into cards that require little or no credit history. The best first-time credit card for you may be a secured card or student credit card.

With secured cards, your credit line will equal the amount of the required one-time cash deposit after you are approved. The difference between this and a debit card is that your on-time payments help build credit with responsible use.*

Also consider a student credit card with a low annual percentage rate and a rewards program. You could earn cash back on purchases that will come in handy when its time to buy books.

Learn about credit card rewards

Student credit cards with rewards are just one type of the hundreds of rewards cards available. With so many different rewards cards to choose from, it can be challenging to find the right card. Since rewards are earned based on the amount of your purchases, identify what you want out of your credit card and apply for cards that make the most sense for your lifestyle and spending habits. For example, Discover it® Chrome gives you 2 percent cash back on gas stations and restaurants on up to $1,000 in combined purchases each quarter.*

Be sure to pay attention to annual fees when evaluating rewards card offers. If you find yourself carrying a balance consistently, you may want to switch to a non-rewards card with a lower APR.

Choose a credit card you wont want to cancel

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Check Your Credit Report Once A Year

Now that you’re actively building credit via your first credit card, it’s a good idea to monitor it. Three major credit bureaus keep track of your credit history: Equifax, Experian and TransUnion. You’re entitled to a free report from each of them once a year. To get your free credit report, simply visit annualcreditreport.com or call 877.322.8228. Check your report to make sure there are no mistakes, since errors can hurt your credit score. If you find an error, we’ve put together some tips on what to do if you find a mistake in your credit report.

Applying For A Student Card As Your First Credit Card

Ready to get your First Credit Card?

Student credit cards are designed for students and can be a good option for young people with little or no credit history. These cards can help students establish a credit history and build credit scores while learning how to responsibly manage their finances.

Student cards are generally backed by major credit card issuers, and your payment and account information is typically reported to one or more of the three major credit bureaus.

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Pay Off Bills On Time

Now that you have your credit card in hand, you should be responsible enough to handle your finances as well. The most basic and important thing to come into play is to pay off your bills on time. Not to forget that this way you are getting benefited from both ways.

1. You wont have to pay the interest and the

2. Youll be building your credit scoreby paying all the bills on time.

Chase Freedom Student Credit Card: Best Sign

Why we picked it: This student credit card from Chase offers new cardholders a $50 bonus after they make their first purchase within the first 3 months from account opening.

Pros: The card features a good base rewards program: Cardholders receive 1% cash back on all purchases and an additional 4% cash back on Lyft rides . They also receive a $20 bonus each account anniversary that their account is still open and in good standing for up to the first 5 years of card ownership.

Cons: This card is designed for student credit cardholders, so if youre outside that demographic, you might want to consider other credit cards for no credit.

Who should apply? With a decent sign up bonus and solid rewards rate, this is a good fit for students who want to build up their credit. For more credit cards tailored to college students or recent graduates with a short or no credit history, see our student credit cards.

Read our Chase Freedom® Student credit card review.

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Can You Get A Credit Card Without A Social Security Number

It may surprise you to learn that there is no legal requirement for a lender to collect your Social Security number as part of a credit card application. That being said, youll be hard-pressed to find a credit card application that doesnt ask for this information.

The Social Security number requirement can make it challenging for resident aliens, foreign nationals, or other non-U.S. citizens living in the United States to qualify for a credit card account. Thankfully, there are some card issuers that may be willing to accept alternative documentation if you dont have a valid Social Security number.

Even if you dont have a Social Security number you may be able to qualify for an Individual Taxpayer Identification Number from the IRS. Some card issuers will allow you to apply for a credit card with an ITIN, a foreign passport, or other government-issued ID in lieu of a Social Security number.

WARNING: Do not be tempted to misrepresent your Social Security number with a different nine-digit number. That is fraud. If you dont have a Social Security number, leave that field of your application blank.

Know Your Credit Score

Best First Credit Card – Starter / Beginner Cards for No Credit History

When you go to borrow money, the first things the lender looks at are your credit history and credit score. The score is basically a measure of how reliable you are about borrowing and paying back money. The higher your score, the better your chances of being approved for a card and the lower your interest rate is likely to be. If you have a low credit score, or no established credit, consider starting with a secured credit card to build your credit history.

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Get A Student Credit Card

If youre a student, you may qualify for a student credit card. These cards are designed for college students who may not have enough income or credit history. To qualify, you may have to provide proof that you’re enrolled in a qualified college or university.

There are several great student credit cards that you can choose from. Narrow down your options by comparing student credit cards based on the fees, interest rate, and other perks.

Some credit card issuers allow you to use use scholarships, grants, or work study as income to qualify for a credit card.

What Is The Difference Between Unsecured And Secured Credit Cards

Unsecured credit cards and secured credit cards are almost entirely identical, except for one major difference. Secured credit cards require you to make an upfront deposit with the issuing bank. Unsecured credit cards, on the other hand, do not require a deposit.

After your initial deposit , unsecured and secured credit cards behave the same. If you make a charge on either type of account, you must pay it back or at least make a minimum payment by the due date that is found on your statement.

If you fail to pay your bill on time, you could be faced with penalty fees, credit damage, account closure, and other negative consequences such as collection lawsuits.

Both unsecured and secured credit cards can be used to help you build or rebuild your credit history. Either type of account will likely appear on your three credit reports, provided the lender chooses to report them to the credit bureaus.

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How To Choose Your First Credit Card

When you apply for a credit card, a lender will look at your to see how responsible you are at borrowing and repaying money. Theyll use this to help them decide whether to accept your application.

If youre new to borrowing, you may not have a credit score. Without a credit history, you may be limited in your choice of credit cards but you can still find ones to suit your needs.

Confirm You Have Enough Income

How to Get Your First Credit Card

If youre at least 21 years old, you can list household income and assets that you have reasonable access to on your credit card application. Applicants who are 18-20 years old can only list independent income and assets, but even having a part-time job should provide enough income to get a credit card for the first time.

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Selecting The Best First Credit Card For You

The current credit card market is glutted with options, even for first-time cardholders. Here are a few things to keep in mind while looking for your first credit card:

  • Annual fee: Some credit cards charge you an annual fee to keep your account open. While these fees can be worth paying in some cases, avoid cards with annual fees for your first credit card if possible.
  • Grace period: The grace period indicates how many days after the end of the billing cycle you have to pay your bill before you start accruing interest fees. If you pay your balance in full during this time, you’ll only pay the cost of your purchases. It’s rare for credit cards to not offer a grace period, but it’s worth checking before you apply.
  • Annual percentage rate : The dictates how much interest you’ll be charged on any balances you carry from month to month. If you pay your balance in full each month, the APR shouldn’t matter. In general, though, a lower APR is better.
  • Rewards: Although rewards shouldn’t be a top priority in choosing your first credit card, they can be a good way to choose between otherwise similar options. Choose the rewards that best match the purchases you make to get the best return on your spending.

In the process of choosing your first card, remember that it’s just that: your first card. This isn’t your forever card. Pick a card that helps you build credit responsibly without breaking the bank. Everything else is gravy.

Best First Credit Cards For College Students

4. Discover Student Card

To me, this is the best first credit card for students. First time users will find it attractive to get this card as it charges no APR for the initial nine months.

However, getting this card could be difficult for those with no exposure to credit.

The rewards you can expect from this company include:

  • 5% cash back on things like gas, groceries and restaurants, which most students love.
  • For rest of your purchases you get 1% cash back.
  • Theres no annual fee to be paid.

5. Capital One Journey Student Rewards Card

Those with some degree of credit history can qualify for this card that charges 19.8 % APR.

You are also rewarded if you pay your bills in time: a bonus of 25% on the cash back earned during that month.

Again, theres no fee charged annually.

6. Citi Forward for College Students Card

I know the title says 5, but this one is such a great card that I just had to include it in this list.

This card presents great rewards. You are rewarded for every dollar you spend at restaurants including fast food joints, music, movies, and books too.

They dont charge annual fee and the APR for purchases made during the initial seven months is zero.

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Get A Secured Credit Card

Secured credit cards are the go-to cards for people who cant get approved for a traditional credit card. What distinguishes a secured credit card from other credit cards is that you make a security deposit to get a credit limit. Nothing is wrong with having a secured credit card as long as you pick one that reports to the major credit bureaus and has few fees.

If you dont have enough money for a security deposit right away, you can spend a few months saving up for the security deposit. The Capital One Secured MasterCard has a minimum security deposit of $49, $99, or $200 for a $200 credit limit.

What Members Are Saying

Getting Your First Credit Card

one transaction at a time.

â My score is up almost 100 points since I first started using Extra. I recommend it to my friends, especially those that are just getting started with their credit journey.â

âExtra has been a game changer for me. My credit was so bad that it was in the lower 400s in September of 2020. Itâs now February 2021 and my credit score has risen to nearly 600! â

âI have had Extra for 4 months now and my individual reporting has bumped over 25 points, helping my score go above 750.â

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What Do You Need To Open A Credit Card

When you apply for a credit card online, youll need to provide your full name, email address, physical address, phone number, citizenship information, housing payment, income, employment information, and other information. Some credit card issuers may ask for other types of information for certain cards.

Apply For A Credit Card

Opening a credit card account is a major step on the road to building credit history, so take time to find the right credit card. Evaluate the key features, credit score requirements and any fees . Pay particular attention to the annual percentage rate , which determines how much interest you would pay for carrying a balance.

A secured credit card that requires a deposit might be a viable option for someone with no credit history. You can build credit and qualify for a refund of your deposit after making consecutive on-time payments.

Before applying for any credit card, see if pre-qualified offers are available. A pre-qualified offer can give you an idea of your approval odds without initiating a hard credit check that can temporarily lower your credit score.

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Can I Get A Credit Card With No Credit

All credit cards have different requirements to qualify, but many credit cards may have eligibility requirements that preclude those with limited or no credit. If you have no established history of credit, many issuers of no-credit credit cards typically offer special terms, like requiring a credit card or an upfront deposit.

How To Get A Credit Card With No Credit

What You Need To Know Before Getting Your First Credit ...

Credit history is an important factor when you’re applying for a credit card. If you don’t have a long history of credit, you may have limited options, but there are still starter credit cards you can choose from. There are plenty of ways you can use those cards to establish credit and increase your .

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Discover It Student Chrome

Our pick for: Student card simplicity and value

Simplicity makes the Discover it® Student chrome a standout for students searching for their first credit card. You’ll earn bonus cash back at restaurants and gas stations with no activation required and no rotating categories to keep track of. Read our review.

What Is An Instant

Instant-approval credit cards are cards with an expedited approval process through a streamlinedpractically instantapplication and approval process that will help to save you time and stress. Rather than applying and waiting for the final decision to come through, the issuer will let you know immediately whether youve been approved or if there needs to be a manual review.

Canadian TiresTriangle Mastercard allows newly approved cardholders to make purchases on their card via Apple Pay or Google Pay before they receive their physical credit card in the mail.

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