Are you trying to get your hands on a credit card, but worried that your credit score or lack of credit history will hold you back? You've come to the right place! In this guide, we'll discuss several credit cards that are relatively easy to get approved for, so you can start building your credit and enjoying the perks of card ownership. Let's dive in!
What Credit Cards Are Easy To Get Approved For Table of Contents
Why Some Credit Cards Are Easier To Get Approved For
The market is filled with numerous credit card options that target different types of consumers. While some cards require excellent credit scores and high incomes, others are geared towards those looking to build or repair their credit. Generally, these cards have lower credit score requirements and more lenient approval criteria, making them easier to get.
Secured Credit Cards
One of the top options for people with bad credit or no credit history is a secured credit card. These cards require a security deposit, which acts as collateral and determines your credit limit. Lenders are more willing to approve applicants for this type of card because the deposit minimizes their risk should you fail to pay your bills. Some popular secured credit cards include:
- Discover it® Secured: No annual fee, 2% cash back at gas stations and restaurants (up to $1,000 per quarter), and 1% cash back on all other purchases.
- Capital One Platinum Secured: No annual fee, low minimum deposit to establish your initial credit line, and access to a higher credit line after making your first five monthly payments on time.
Store Credit Cards
Store credit cards are another option for those seeking easy approval. These cards are typically issued by retailers and can only be used at their specific stores or online platforms. Since store cards tend to have higher interest rates and lower credit limits compared to traditional credit cards, lenders may be more willing to approve applicants with lower credit scores. Some popular store credit cards include:
- Target REDCard: 5% off purchases at Target, free shipping on online orders, and an extended return policy.
- Amazon Prime Store Card: 5% back on Amazon.com purchases for Prime members, special financing options, and no annual fee.
Subprime Credit Cards
Subprime credit cards are designed for people with less-than-stellar credit histories. These cards typically have high annual fees, high-interest rates, and few rewards. Although subprime cards may not be the most cost-effective solution, they can help you rebuild your credit if you use them responsibly.
- Credit One Bank Platinum Visa: No security deposit, 1% cash back on eligible purchases, and the option to select your payment date.
- Indigo Platinum Mastercard: Quick pre-qualification process, customizable card designs, and free online account access.
What Credit Cards Are Easy To Get Approved For Example:
Imagine you're new to credit or have experienced some financial hiccups in the past, leaving you with a not-so-great credit score. After researching, you decide to apply for the Discover it® Secured credit card. You submit a $300 security deposit, which will act as your credit limit. With responsible use, paying your balance in full and on time each month, you demonstrate good credit behavior and eventually improve your credit score. Over time, you may even qualify for an unsecured card and receive your deposit back.
There you have it – a comprehensive guide on credit cards that are easy to get approved for. Secured, store, and subprime credit cards are all solid options when it comes to rebuilding or establishing your credit. As you embark on this journey, remember that responsible credit card usage is critical in improving your credit history and achieving financial success.
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