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Credit Cards for People with No Credit

What is the best way to get credit cards for people with no credit history It is quite ironic of the credit market that you need to have credit to demonstrate you're a safe credit risk. But if you've not been given credit before, how you can get it when applying for the first time? Essentially there are two options (1) Beginning with merchant cards or (2) Applying for a secured card.

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Credit Cards for People with No Credit

Even though most consumers would go with bank-issued credit cards and then decide on credit cards that are issued by a single - merchant, in case you experienced a hard time to secure a bank-issued card, its all right to begin with an oil company or department store card. Just make sure that you pay the total balance every month – it is well known that merchant cards are charging very high interests rates. Then when you've built some credit history, you can try to apply for a Visa or MasterCard. It's essential to finally get a Visa or MasterCard since these cards are more convenient for establishing credit. Most credit providers give less weight the merchant cards than bank cards when they evaluate your creditworthiness. In addition, a bank-issued card will offer you better flexibility, because Visa and MasterCard are accepted everywhere. Other option to get credit cards for people with no credit history is to obtain a secured credit card. You should be able to get a secured Visa or MasterCard card which works the same as a regular credit card. But in this case the bank will be not issuing you a line of credit, it is up to you to make a deposit. You will get credit line that equals the sum of the deposit. If you pay your bills regularly, your deposit is unharmed and it will help you to build a good credit history. Ultimately, after you have had many timely payments, you will develop a good credit history and then can obtain an unsecured credit card.

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