Credit cards offer numerous benefits, but getting approved isn't always an easy task, especially for those with no credit history or poor credit scores. If you're in this situation, don't worry! We've got you covered. In this Flik Eco blog post, we'll discuss the easiest credit cards to get approved for, helping you build and improve your credit score while enjoying the perks that credit cards offer.
What Are The Easiest Credit Cards To Get Approved For Table of Contents
Secured Credit Cards
One of the easiest types of credit cards to get approved for are secured credit cards. These cards require a refundable security deposit, which acts as collateral. The deposit would be equal to your initial credit line, so if you deposit $300, you would have a $300 credit limit. Some key features of secured credit cards are:
- They report to the major credit bureaus and can help improve your credit score with responsible use.
- Many offer options to upgrade to unsecured cards after demonstrating responsible use and consistent payments.
- Some offer rewards programs, like cash back or points.
Top Secured Credit Card Recommendations:
- Discover it® Secured: Offers cashback rewards and no annual fee.
- Capital One Platinum Secured: Offers a lower initial deposit requirement and has the potential for a higher credit limit with responsible use.
- OpenSky Secured Visa Card: No credit check required, making it an ideal option for those with no credit history or poor credit.
Store Credit Cards
Store credit cards, which are issued by retail stores, often have more relaxed approval standards compared to regular credit cards. These cards can help build or rebuild credit, but they typically come with high-interest rates and may only be used at the issuing store. Some features of store credit cards include:
- Discounts and special offers for cardholders, such as exclusive sales and birthday rewards.
- May report to the major credit bureaus, helping you build credit with responsible use.
- Usually have lower credit limits, which can help with budgeting and prevent overspending.
Top Store Credit Card Recommendations:
- Amazon Store Card: Offers 5% cashback on Amazon.com purchases for Prime members.
- Target REDcard: Offers 5% off all purchases at Target and Target.com, plus free shipping.
- Walmart Credit Card: Offers 5% cashback on Walmart.com and Walmart app purchases, and 2% cashback on in-store purchases.
Subprime Credit Cards
Subprime credit cards target individuals with bad credit or no credit history. These cards often come with higher interest rates and fees, but they can help build or rebuild credit when used responsibly. Some features of subprime credit cards include:
- Easy approval process, even for those with poor credit.
- Reporting to major credit bureaus, helping improve your credit score with responsible use.
- Potential for credit limit increases after demonstrating responsible use and on-time payments.
Top Subprime Credit Card Recommendations:
- Credit One Bank Platinum Visa: Offers 1% cashback rewards on eligible purchases.
- Indigo Platinum Mastercard: Offers pre-qualification with no impact on your credit score.
- First Access Visa Card: Offers a manageable credit limit and a chance to improve your credit score with responsible use.
What Are The Easiest Credit Cards To Get Approved For Example:
Imagine you're a recent college graduate with limited credit history looking to build your credit score. You opt for the Discover it® Secured card, make a $300 deposit, and receive a credit limit of $300. With responsible use and timely payments, your credit score improves over time. After 8 months of consistent payments, Discover reviews your account and upgrades you to an unsecured card, returning your initial deposit. Now, your credit score is higher, and you have access to better credit card offers and lower interest rates for future loans.
Building your credit can be a daunting task, but with the right tools, it doesn't have to be. By opting for one of the easiest credit cards to get approved for listed above, you can take the first step towards a better financial future. Remember, it's crucial to use these cards responsibly and make payments on time to see the best results.
Feel free to share this article with friends and family who might be in a similar situation. And don't forget to check out other Flik Eco guides for more personal finance and investing advice tailored for millennials!