Credit Cards for People with no Credit Cards – A credit card is still one of the most popular payment tools all around the world. Undeniably, the cash payment is started to leave although it is not completely. Then, non-cash transactions also consider providing you with some benefits including in term of safety.
However, it doesn’t mean that credit card is without any risks. The scariest things about using a credit card are when you cannot fulfill the installment. Some stories like being chased by debt collectors are indeed haunting.
But actually, you should not worry about such a thing. As long as you are able to wisely utilize this facility, there will be no problem now and in the future. Moreover, there are now some banks that offer the features of credit cards for people with no credit. So, what is it?
In some cases, your job may require you to open a credit card but you still don’t have any credit score at all. It can also be for you who actually already have such a credit score but the value is very low. What should you do next? Fortunately, there are actually some ways you can do. What are they?
Credit Cards for People with no Credit Cards
Find a Job
One of the requirements for applying a credit card is that you must have a job. Although you may use your credit card only for requiring other things, not for paying, shopping, and the likes, this is a thing that must be fulfilled for mutual benefits.
The bank must not want to take a risk that you use the credit cards actively but then you can pay it back later. So, before starting it all make sure to have a job even if the salary is not that big. By showing that you have a fixed salary, it just makes you more trusted as a customer.
As it has been mentioned above, some banks give features of credit cards for them with no credit. But sure, it is not for them the unemployment.
Use a Student Credit Card
Thinking about the financial matters is good to be started as early as possible. Yes, when you are still a college student, you can start to apply for the student credit card. Since it is known that you may still not have any fixed job, the requirements are much easier. Moreover, it is also a good way to make a history of credit scores.
Aside from those credit cards that are specifically for them with no or few credit scores, the credit cards for students have its own category. Certainly, every bank may have its own terms and conditions that must be fulfilled by the applicants. The terms and requirements are often different from one to the others particularly when it comes to the details.
So, spare your busy time to conduct a small observation regarding which bank you want to choose. You should choose one of them that are really suitable for your current conditions and maybe the conditions in the future.
Interestingly, some student credit cards can also be used later even when you have graduated but still cannot find a job. The card can also be used to apply for a job and make other financial accounts if they require you to do so.
Apply for a Secured Credit Card
Some banks provide a type of credit card namely a secured credit card. This one is quite similar or under the category of the credit card for people with no credit. By using this credit card, you can save your money and use it as the credit limit.
With your current conditions that are probably not really secured in term of financial, you need to read carefully all the requirements. They are including all fees for the registration, processing, and the annual cost. When the cards require high costs for all of them, it can just simply lessen the credit limit you have. In this case, it is really disadvantageous for you.
So, obtain much information about this. You should not be simply tempted by all the offers outside there. Again, a small survey needs to be conducted to see which one to be the most beneficial for you. Many people are interested to choose a credit card from particular banks just for the awards they offer. This is surely not wise at all.
How is if the credit card application rejected?
The smartest thing you can do is stopping the application. Believe it or not, it simply influences your credit score. The reason is that you are considered being not trusted by some banks where you send the application.
During this time, you should do some other efforts like looking for a job with a fixed salary. Besides, you can also consider applying for a credit card in local banks. The requirements given by some local banks tend to be easier although the risks are higher.
But you should not worry; some local banks are already famous for their reputations. The branches are even spreading around. When there is one of them that meet your needs with no any complicated requirements, you can just choose it.
Examples of Credit Cards for them with No Credit
There are some credit cards that are intended for them with no credit card. Surely, it doesn’t mean that all of them enable you who don’t have any score to join. Here are some of the popular ones, issued by popular banks and companies also.
First, it is HSBC Cash Rewards Mastercard® Credit Card. This card is released by HSBC with some introductory offers including $150 cash back after spending $500 or more in the first 3 months starting from the account opening. Meanwhile, there is no annual fee charged here.
Second, still from HSBC Mastercard, there is HSBC Gold Mastercard®. The introductory offer is mainly about the APR on purchasing and balance transfers for the first 18 months. It also doesn’t require you an annual fee.
Third, the Luxury Card Mastercard® is for you who don’t have any credit card score at all. Moreover, it also features the 2% value for the redemptions of airfare as well as 1% value for the redemptions of the cash back.