Tips to Choose Credit Cards with no Credit History
There are many options available in the market for people who are looking for credit cards for no credit. When you are looking for this type of credit card, it means that you do not have any credit history; be it good or bad. It means that you have not taken any loan through a card and it is hard to tell if you are a credit worthy individual. Having said this, all people start from somewhere and when you have no credit history, the following tips will guide you on how to choose an ideal credit card to suit your needs.
The first thing is to get a card that you qualify for. Credit card companies have products specifically tailored to people with no credit history. A secured card or a student card designed for young adults can really help you get going. A secured card will require a certain amount of security deposit but it functions largely like an ordinary credit card. Each month a deposit will be required and when there is a balance, an interest will be attracted. A store charge card can also be worth your consideration when you are new to credit cards.
When looking for ideal credit cards with no credit, consider the terms and conditions. Avoid very poor terms as well as unfavorable interest rates. Some cards will have an interest rate of up to 30% and will not even carry a grace period. Go for cards that offer a grace period such as the Vanquis Credit Cards so that you can escape hefty charges. Do not be quick to have several credit cards when you are starting. Having just one will help you create a good credit history responsibly. When you are credit worthy, you can consider getting other accounts to meet your needs. Soon enough, you will no longer be a newcomer to credit cards and in this regard, you will be able to enhance your life accordingly.