Let's be honest, we all want that feeling of empowerment that comes with swiping a credit card and knowing we are building our credit history. But getting approved for a credit card can be an uphill battle, especially if your credit score is not at its best or you're new to the world of credit. Don't worry! This detailed guide from Flik Eco will walk you through credit cards that are easy to get approved for and how you can maximize their benefits.
Credit Cards That Are Easy To Get Approved For Table of Contents
Why Some Credit Cards Are Easier to Get Approved For
There are several factors that determine whether you'll be approved for a credit card. These include your credit score, income, and financial history. Some credit card issuers have less stringent requirements, making it easier for people with lower credit scores or limited credit history to get approved.
Secured Credit Cards
- A good option for those with limited or poor credit history
- Requires a security deposit that serves as your credit limit
- Helps build credit as payments are reported to the credit bureaus
Store Credit Cards
- Generally easier to get approved for compared to standard credit cards
- Can only be used at specific retail stores
- High interest rates, so it's crucial to pay off the balance in full each month
Student Credit Cards
- Designed for college students with limited or no credit history
- Typically have lower credit limits and higher interest rates
- Helps students build credit responsibly
Three Credit Cards That Are Easy to Get Approved For
1. Discover it® Secured Credit Card
The Discover it® Secured Credit Card is a top choice for those looking to establish or rebuild their credit. It requires a minimum security deposit of $200, which becomes your credit limit. You'll also earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter and an unlimited 1% cash back on all other purchases. Additionally, Discover matches all the cash back you earn at the end of your first year.
2. Capital One® Platinum Credit Card
This card is a great option for those with average or fair credit. It offers a $0 annual fee and access to a higher credit line after making your first five monthly payments on time. While it doesn't offer rewards or cash back, it does provide fraud coverage and the ability to choose your monthly payment due date.
3. Amazon Prime Store Card
If you're an Amazon Prime member with fair or limited credit history, the Amazon Prime Store Card might be a good choice. You'll earn 5% back on Amazon.com purchases and access to special financing options. There is no annual fee, but remember that this card can only be used for Amazon purchases.
Credit Cards That Are Easy To Get Approved For Example:
Jenny, a recent college graduate with a limited credit history, is looking to build her credit score. She already has an Amazon Prime membership and shops there frequently. Jenny applies for the Amazon Prime Store Card and gets approved with a $1,000 credit limit. By using the card wisely and paying off her balance in full each month, Jenny starts to build a positive credit history. As her score improves, she later becomes eligible for other credit cards with better rewards and benefits.
While starting your credit journey or rebuilding your credit score may seem daunting, there are credit card options available to help you get there. The key is to choose a card that caters to your specific credit situation and use it responsibly. By doing so, you'll be well on your way to a strong credit history and a bright financial future. If you found this guide helpful, don't forget to share it with friends and explore other personal finance topics on Flik Eco!
