| Even with no credit history, there are several types of credit cards that may be available to you. College students often have access credit card offers during orientation. Other options include getting a card through your bank or credit union, signing up for a finance company card from your favorite store, or signing up for a secured credit card. Here are five tips for choosing the best no credit credit card for you: 1. Consider your monetary habits. Do you spend money as fast as you earn it, or save up and spend frugally? Do you pay your bills on time or sometimes forget? Will you use your credit card frequently or just for emergencies? Considering questions like these can help you choose a card that meshes well with your monetary style. 2. Do some research. If you have never had a credit card before, the details of credit card agreements can be baffling. Try talking to your local bank or credit union, or searching the Internet for articles and information to help you understand the terms of credit agreements and avoid unpleasant surprises later on. 3. Consider which features are most important to you. A low APR can be important if you are likely to carry a balance from month to month, and rewards programs can be useful if you intend to use the card frequently. Fees and grace periods are also important to consider. For building your credit history, make sure the card company reports to the three major credit bureaus. 4. Compare several cards to find the best one. The more cards you look at, the more combinations of terms and features you can choose from to find the right card for you. 5. Use several sources of information. This will help you to be better educated about options and responsibilities, while offering you a wider range of options to choose from. The Federal Reserve publishes a survey of credit card terms every six months, and there are many websites dedicated to comparing credit card offers. |
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