There are a variety of ways to build credit. One of the easiest methods to build credit is by applying for a secured credit line. These cards are available at a lower interest rate and often come with better features. You can also try a starter credit card or student credit card. These cards are a great way for you to improve your credit score and build credit.
Secured Visa(r). OpenSky(r). Credit Card
OpenSky Secured Visa (r) credit cards have a $35 minimum annual charge and do not require a credit review. The security deposit you must provide is between $200 and $3,000. After the account has been closed, the deposit will be returned to you. This reduces the risk for the lender and doesn't negatively affect your credit score.
OpenSky Secured Visa (r) credit card allows you to choose your credit limit. The credit limit is based on the amount of security deposit that you pay. Your financial situation may dictate which credit limit you choose.
Capital One Platinum Secured
The Capital One Platinum Secured Credit Card is an excellent choice for those who want to build their credit. It has a low annual fee and requires a deposit of just $49 or $99, depending on the security deposit you choose. The credit line of this card will grow as you make regular payments and your credit scores improve. The card also has helpful tools that help you keep track of your payments, credit score, and available credit limit.
The Capital One credit card does not require a Social Security number, which is especially helpful for those who are new to the country. To apply, you only need to provide proof of identification, such as a driver’s license. After six months, the company may consider increasing your credit limit. Capital One does NOT charge balance transfer fees. Therefore, you can transfer the balance to another card with no fees. You should keep in mind, however, that this card may not offer the best or cheapest balance transfer options.
Capital One Quicksilver Cash Rewards Credit Card
People who are looking to simplify financial matters will find the Capital One Quicksilver Credit Card a good option. It does not have an annual fee and provides unlimited cashback. It's ideal for people who use their credit to buy flights and other items. It does not have interest charges or offset expenses.
This card is for applicants with excellent to good credit. The rewards program includes a generous sign up bonus, unlimited 1.5% cashback, and very few redemption restrictions. You can redeem your cash back for gift cards, cash or statement credits. This is particularly useful for people who frequent restaurants and gas stations a lot.
Petal 2 Visa Credit Card
The Petal 2 Visa Credit Card is a great option for those looking to open a credit card without a high interest rate or fees. The card has no annual fee and doesn't charge fees for late payments or overspending. You won't be charged foreign transaction fees and it is ideal for anyone who makes frequent overseas purchases. Eligible purchases are eligible for cash-back.
Petal 2 cards have a tiered rewards program. This means you will receive progressively higher rewards for the more time you keep your card. The rewards start at 1.5% cash back and increase to 1.25% in six months. After twelve months, they rise to 1.5% and 1.5% respectively. Some merchants offer up to 10% cashback. Redeem Petal Rewards to receive rewards. This can allow you to earn as much as 10% cash back on certain purchases.