10 Must Have Credit Cards for No Credit History in 2024 A credit score is what helps gauge a person’s financial stability. But what about someone with no credit history? There are specific credit cards for no credit history that come with a hassle-free application process.
So if you fall under the no credit history bracket, you must check out this list of the best credit cards for people with no credit. We have given a brief overview of its features, charges, and how to shore up your credit score . Read this blog till the end to learn more.
10 Best Credit Cards for No Credit History When you have no credit score, you may tend to say yes to any card that accepts your application instead of exploring. To your surprise, there are many cards out there specially designed for people with little to no history. So you can take time and learn about the features and charges of all of them.
Here is the list of the best credit cards for no credit history. We have given a brief of each one to help you understand better.
Cred AI is a fintech company that offers Unicorn credit cards and a deposit account that helps boost credit scores upon correct usage. These cards have unique features like stopgaps that prevent you from overspending or making late payments. These are easily one of the best credit cards with no credit history. Read our Cred.ai review for in-depth details.
Features: Increase of 90 points with 60 days of usage. Earn reward points for every penny spent towards bill payments. Keep track of expenses with AI-driven features. Get a secondary card (Stealth card) to use on not-so-trustworthy websites. Access to 55,000 ATMs across the US. There are no charges on foreign transactions, cash advances, or balance transfers. Pros: Powerful features to maximize control over security. No hard credit pull or history checking. Low credit utilization rate. Minimal documentation. Hassle-free application process. Cons: Do not have reward programs. Do not offer frequent cashback on transactions. Does not add interest on the saved amount in the deposit account. Do not provide a web account. APR: 17.76%
Annual Fees: $0
Rating: ⭐⭐⭐⭐⭐
These cards are issued by Credit One Bank to people with little to no CIBIL score. You can get a complimentary high-yield savings account along with a Visa Platinum card. Not only does it help you build credit and earn cash back, but you can even borrow money as an emergency expense.
Features: Tools to track credit scores and view a summary of credit reports each month. Make payments and update information on any device. Simple and stress-free activation process via an online webpage . Fraud liability protection for unauthorized charges. 5% cashback on first purchase of $5000. 1% cash back on all transactions. Get discount offers and reward programs. Pros: Automatic increase in credit points. Multiple cashback on regular transactions. Rewards points on gas, grocery shopping, and recharges. Cons: High annual fees. High APR. Low credit limit. APR : 29.24%
Annual Fees : $75 for the first year, $99 after
Rating : ⭐⭐⭐⭐⭐
These are unsecured credit cards specially designed to cater to an audience with no financial history. The card requires no deposit or no background check, it offers limited rewards and discounts.
Features: Provides personal dashboard with multiple tools. Responsive platform for activation and Avant card login . Fraud liability protection at $0. Responsive customer support helpdesk. Improves CIBIL score automatically upon using it responsibly. No hidden charges, over-limit fees, or security deposit. Pros: Increases credit limit over time. There is no deposit requirement. No hard credit inquiry. No foreign transaction fees. Cons :Late fees up to $39. Does not offer rewards. No welcome bonus. High yearly fees and APR. APR: 30.24% variable
Annual Fees: $59
Rating: ⭐⭐⭐⭐
Milestone credit cards are one of the best credit cards for people with no credit. It comes with many credit-building tools and has an excellent customer support team.
This one gives many reward points that can be redeemed as cash, gift cards, and vouchers.
Features: Cardholders can earn cash back with every purchase. Reward points can be redeemed and do not have any expiry date. You can schedule payments ahead of time and even set autopay for recurring deposits. Simple application and Milestone card activation procedure. Build a great CIBIL score with regular payments. Pros: No security deposits are necessary. Build or rebuild creditworthiness smoothly. MasterCard zero liability protection and cell phone protection. No expiry of reward points. Cons: High APR. Lofty annual maintenance charges for the first year. Does not give any welcome bonus. APR: 35.90%
Annual Charges: $175 first year, $49 thereafter
Rating: ⭐⭐⭐
Chime is a fintech company that offers secured credit builder cards issued by Stride Bank N.A. It is quite simple to get these cards. To qualify, one must receive a direct deposit of $200 or more from employers, gig payers, and legitimate sources.
Features: Complimentary high-yield savings account. Access to 60,000+ ATM network. No charges for debit cards and account overdrafts. Stress-free application procedure. You can add money through multiple Chime Reload locations. Pros: No monthly fees. No overdraft charges. Reports to three bureaus. Benefits of low credit utilization ratio. Cons: No welcome offer. No reward earnings. Required security deposit. APR: 0
Annual Fees: $0
Rating: ⭐⭐⭐⭐⭐
These are the best credit cards to build credit with no credit for the students. It offers unlimited rewards and cashback for the new members. You can get familiar with many credit-building ways with the tools provided by the company.
Features: Earn 5% cash back quarterly on everyday purchases. You can also get 1% cash back on all transactions. Helps to build credit for students on responsible use. Match on cashback feature for the first year. You can turn $50 to $100, $100 to $200, and so on. Pros: Cashback-Match for the first year. 5% cash back quarterly. Easy approval. No credit history checking. Cons: Low 1% base reward rate. Only quarterly bonus. No cashback- match feature after the first year. APR: 18.24%-27.24%
Annual Fees: $0
Rating: ⭐⭐⭐⭐⭐
If you love shopping from Amazon, this card can be one of the best ways for you to build a credit history. This is a secured retail card that can only be used for shopping at the online store. Issued by Synchrony Bank, you can also use them to pay Amazon digital charges for Prime or Kindle subscriptions.
Features: Multiple cash-back offers for the cardholders. Extra 2% cash back for eligible Prime members. You can carry the past balance to another month. Gives several tools for credit building. Reports to credit bureaus each month. Pros: One can graduate to an unsecured card with responsible use. An alternative option for those who do not qualify for the unsecured cards. No annual fee Get your deposit back after 12 months of responsible usage. Cons: Late payment fee of $5. Required to put $100 to $1000 as collateral. Can only be used on the Amazon store. No welcome bonus. APR: 10%
Annual Fees: $0
Rating: ⭐⭐⭐⭐
This is another student card on our list that helps to save money, track expenses, minimize personal financial mistakes, and also provides cell phone insurance. These cards are even accessible to international students without SSN requirements.
Features: 1% cash back on every purchase. Free Amazon Prime membership for a year if spend $500 in the first three statement cycles. Cellphone insurance with coverage up to $600. Automatic increase in line of credit. Pros: No annual fees. No fees on foreign transactions. Do not ask for an SSN. Auto rental damage and collision damage waiver. No deposit is required. Cons: High APR. No intro offer. Late payment fee up to $25. Do not allow balance transfers or cash advances. APR: 22.99% variable
Annual Fees: $0
Rating: ⭐⭐⭐⭐
Its strong features are what make it one of the best credit cards for people with no credit. This one is a secured card and gives decent rewards for making online transactions.
Features: Credit of $15 annually towards eligible streaming services. 1 point per $1 spent on purchases. Reports to three major credit bureaus and offers monthly credit reports to the cardholders. No foreign transaction fees. Pros: No annual fees. Annual credit for eligible streaming platforms. Automatic upgrade to advanced features card. Cons High APR. A security deposit of a minimum of $300. No welcome bonus. APR: 29.99% variable
Annual Fees: $0
Rating: ⭐⭐⭐⭐
Capital One Quicksilver is one of the popular cash-back cards and the best credit cards for no credit. Like other secured cards, you need to deposit a refundable amount to start making transactions with the new card.
Features: $0 fraud liability protection. Multiple reward programs and cash back on every purchase. Periodic review of accounts to increase the limit. Pre-approval process with no history checking. Simple application and activation process. Pros: No annual maintenance charges. Offers better-than-average rewards. Increase in credit limit. Cons: A minimum deposit of $200 is required. Very high APR. Low initial credit limit. APR: 30.74% variable
Annual Fees: $0
Rating: ⭐⭐⭐⭐
So these are the best credit cards for no credit history that you can choose to maintain your finances. If you pay your bills on time, all the cards on our list will help you build credit on responsible usage.
What You Need to Look for When Choosing a Credit Card with No Credit History? Well, it can be intimidating to pick one card given the fact that there are thousands available on the market. Here are a few points to keep in mind that will help you find the right one for you:
Look for a card with minimal or no annual fee. Read all the information carefully and select the card with no hidden charges. Look for cards offering cash back and run discount programs. Search for cards that give rewards and have a high redemption rate. Get familiar with the card interest rates and APR; try to pick the one with a moderate to low APR with high reward earning rate. By keeping all these points in mind, you will be able to make better comparisons and eventually find the one that fits your needs.
How to Apply for Credit Cards with No Credit History? Although it may seem difficult, applying for a credit card is a fairly simple process. Finding a card that will likely approve you without a credit history is the first step. This is where lists like the one above can come in handy.
Generally, you can apply for an issuer’s card by mail, over the phone with its card services line, or online through its website. To prepare for the application, make sure you have the required financial and personal data. Among the details you may require are:
Your complete name Residential address Your last four digits of SSN Occupational details Date of Birth Choose your credit cards carefully because every application you submit will result in a hard credit inquiry. Hard inquiries can temporarily lower your credit score by several points. However, many issuers provide pre-approval tools that require soft credit inquiries. This inquiry does not affect your credit score.
How to Build Score with Credit Cards for No Credit? The credit bureau to which the issuer reports card activity is a fundamental component of any credit card and it will assist you in building credit. Consumer credit behavior is created and monitored by credit bureaus . You can be sure that future borrowers will be able to access your creditworthiness report from any bureau by making sure your card issuer reports to all major bureaus.
It’s important to adopt responsible card usage and healthy spending habits after you’ve selected the ideal card and confirmed it reports to the three main consumer credit bureaus, Equifax , TransUnion , and Experian .
Knowing how to calculate credit card payments is crucial to avoiding accumulating interest. You can use our credit card payment calculator to get an idea of the amount you’ll be paying to each credit card company.
That being said, avoid incurring interest on making all of your payments on time and in full. Also, make sure to keep your credit utilization ratio at its lowest.
So, this was all about credit cards for no credit history and how to apply for the card. That being said, make sure to keep all the discussed points in mind and pay your credit bills in full every month to avoid difficult circumstances. We hope this article will help you make correct decisions.
Read Next: 10 Must-Have Credit Cards for Fair Credit in 2024.
Frequently Asked Questions Ans: Apply for a secured card, pay your bills on time, and keep your utilization low.
Ans: These cards are specially designed for people who have little to no credit score.
Ans: Yes, it usually takes around six months to see a rise in score.
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