Although having bad credit makes it challenging to qualify for a credit card, having no credit also comes with a challenge. Having no credit history means that credit card companies are taking a chance on you. It may not be possible to get a credit card in all cases. However, there are some great credit cards for no credit in 2020 to consider.
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1Capital One® Platinum Credit Card
This credit card has no annual fee and rewards you for being responsible over time. If you’re looking for good credit cards for no credit, this is one to consider. You’ll start off with a lower credit limit initially but the card allows users to access a higher limit after making their first five payments on time. This card also comes with fraud coverage if your card is lost or stolen. To make your life easier, you can pay online, by check, or at a local branch if desired. You can also choose the day of the month that works best for you. The flexibility and rewards over time with this card make it a great choice.
2Discover It Secured
This card also comes without an annual fee but allows you to earn 2% cash back on participating purchases. For new users, they can enjoy a match of all the cash back earned at the end of the first year. With responsible use, this card allows you to build credit history with all three of the major bureaus. You’ll have to secure your credit line by paying a $200 deposit after approval. Users also have to provide bank information. However, they’ll also enjoy an automatic review after eight months to determine if it’s possible to transition to an unsecured line of credit. If approved, your deposit will be returned.
3Petal® Visa® Credit Card
Also coming with no fee, Visa offers credit cards for no credit in 2020 and this is one of their best. They have a 1% rewards cash back rate and this card is designed for people with limited credit. What makes this card stand out among the competition is that it does not have any fees. No late, international, or other fees apply. The credit limit is tailored to each person and ranges from $500-10,000. Additionally, the mobile app available with the card makes it easy to track spending and set up automatic payments. You don’t have to pay a deposit so consider this card if it matches your needs.
4Deserve Edu Mastercard
Like its name suggests, this card is designed for students who likely don’t have any credit built up. After applying for a card, students can earn $30 in statement credits after making their first purchase. They’ll also get a complimentary Amazon Student Prime membership which can be an advantage for students. The card doesn’t have any annual fees and comes with a 1% cash back reward. While this card isn’t one of the best options available, it’s a great option for students who may enjoy the perks of the card.
5First Progress Platinum Select MasterCard Secured Credit Card
This card does have a $39 annual fee but it’s easy to apply and often makes it easier to gain good credit history over time. There is no credit history or score required in order to be approved. The application can easily be completed online and approved applicants receive a card quickly. A refundable deposit is required and varies from $200,2,000, depending on various factors. After you pay off your balance, you’ll be able to receive your deposit back. Additionally, this card participates in monthly reporting so you’ll be building good credit history with this card.
Conclusion
Not having any credit history can be a burden. Even if you’re responsible with your finances, having limited history means that creditors are going to take a gamble when they provide a loan. The good news is that there are many credit cards for no credit and they reward responsible behavior. They also provide rewards, giving you some great perks as you build credit history. These are a few of the best credit cards available in 2020 when you have no history. Use this overview to find the right choice for you.
FAQ
Getting a credit card when you have no credit history can be tough, but as long as you have certain things you might be able to get one. The main thing is to have a steady job, this will show you have income coming in consistently to be able to pay your credit card. You might also need a co-signer to vouch for you. Once you have these 2 ready, apply to one of the credit cards that are designed for people with no credit so you’ll have higher chances of getting approved.
Initially go for secured credit cards. This will increase your chances of getting approved since you have to give an initial deposit, reducing the risk of the credit card company.
Generally speaking, credit scores go on a range from 300-850. An excellent credit score is usually referred to a score of 800+, but 700-799 is considered good and will normally get you access to the credit cards you’re interested in.
