The easiest credit card to get with no annual fee is the Capital One Secured Mastercard or the Fingerhut Credit Account, because neither has an annual fee and both will approve people with bad credit. The difference between these two credit cards is the Capital One Secured Mastercard is a secured credit card, meaning that you have to put down a deposit to open the account, and that deposit becomes your credit limit in most cases. With Capital One Secured, however, your deposit could be $49, $99, or $200 in exchange for a $200 credit limit. The deposit amount will depend on your overall creditworthiness, and Capital One Secured has a regular APR of 26.99% (V)
The Fingerhut Credit Account, on the other hand, is unsecured, meaning there's no deposit required. But it's a store credit card, which means you can only use it to buy merchandise from the Fingerhut online store. It's easy to get approved for this card, but it's not a good card to carry a balance with - the regular APR is 29.99%
To get a credit card with no credit, apply online for a starter credit card, student credit card or other type of credit card for people with limited credit history. By choosing a card designed for people with no credit, newcomers who are at least 18 years old with enough income to afford monthly bill payments will have good approval odds. You don’t need credit history to get credit. But you do need to demonstrate the ability to repay future balances.… read full answer
It’s actually easier than you might think to get a credit card with no credit. You just need to follow a few simple steps. We’ll tee them up below and then explain each in more detail.
How to Get a Credit Card with No Credit History
Check for a credit report/score to confirm you really have no credit.
See if your school email still works, as student credit cards are the best available to beginners.
Compare starter credit cards to find the lowest fees and highest approval odds.
Apply online and get a decision within days, if not instantly.
Activate your starter credit card.
So, if you want to get a credit card without credit history, start by making sure you really have no credit, then compare credit card offers, select the best one for your needs and submit an application. You could have a new card in your hands within 7-10 business days of applying.
But let’s not get ahead of ourselves. Let’s go through the steps involved in getting a credit card for the first time with no credit history in greater detail.
Step 2: See if your school email still works. College students typically get much better credit cards than other people with no credit. So if you have an active “.edu” email address, it will be an asset in your credit card search.
Step 3: Compare starter credit cards. You have to comparison shop if you want to find the best credit card deal. Your top priority should be getting a card with no annual fee whose other terms complement your spending and payment habits nicely.
Step 4: Submit your application. Actually applying for a credit card is the simplest part of the process. Just click “Apply Now” when you find your favorite offer, and we’ll redirect you to the issuer’s secure online application page. Applying online is the fastest application method. You could even be approved instantly.
Step 5: Activate your new credit card (or place a deposit on a secured card). If you don’t get approved the first time you apply for a starter credit card, place a refundable deposit on a secured credit card. Secured cards have the highest approval odds because your deposit usually matches your spending limit.
It’s simple to get a credit card with no credit. But once you open a credit card account, make sure to use it responsibly. Above all else, that means paying your bill on time every month and keeping your credit utilization as low as possible. That will ensure your credit score starts strong and stays headed in the right direction. You can track your progress for free on WalletHub, the first and only site with free daily credit score updates.
The best no annual fee credit card for no credit is the Capital One Platinum Card. In addition to its $0
annual fee, the Platinum Card has a $300 initial credit limit and gives access to a higher limit after the first 5 on-time payments. Capital One Platinum does not have rewards, but no annual fee and rewards are a tough combination to find if you have no credit.… read full answer
You could consider secured cards, too. You’ll have to put up a security deposit to open the account and set your credit limit. But it’s fully refundable once you close your account with a $0 balance. One of the best secured cards is Discover it Secured. It gives 2% cash back on restaurant and gas purchases (first $1,000 spent per quarter). All other purchases get you 1% back. The minimum security deposit is $200
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