Getting approved for a credit card can be daunting especially if you don’t have a good credit history. What’s more, it is not easy to build your credit without a loan, and no one would want to give you a loan if you don’t have a credit history. Thankfully, there are good credit cards designed for individuals with limited or no credit history. Some of these cards might not give you super-low interest rates or incredible rewards but will surely get you approved to start building your credit. Here is a list of the best credit cards to build credit you should consider.
Discover it® Secured
First on our list of the best credit cards to build credit is Discover it® Secured. This is a real credit card that helps you to build a positive credit history with three credit bureaus. Once you’re approved, you can build your credit profile and start earning rewards by providing a refundable security deposit that ranges from $200 to $2,500. You earn 1$ cash back on all your purchases and 2% at restaurants and gas stations on up to $1000. Discover matches the cash back you have earned annually and interestingly, it doesn’t charge you an annual fee.
Capital One® Secured Mastercard®
If you are looking for a strongly secured credit card on the market, Capital One® will be your ideal choice. It is accepted at millions of location throughout the world and you can easily manage it twenty-four hours a day seven days a week with online access, use of a mobile app or by phone. Once you make a security deposit of $200, $99 or $49, you get an initial $200 credit line and your credit profile increases if you successfully make your first five monthly payments on time.
OpenSky® Secured Visa® Credit Card
OpenSky Secured Visa does not pull your credit after application meaning that anyone can be approved with any type of credit. You can comfortably pay the security deposit from $200 to $3,000 with a MasterCard or Visa debit card which will be advantageous given that many credit cards issuers expect you to use a bank account. Interestingly, once your account is opened, you can request for credit card limit increment or increase it by yourself through additional deposits.