No Credit History Credit Cards for those with Bad Credit.
It is tough enough for people with ordinary credit records to get approved for a good credit card; there are lots of requirements needed to get approval. Imagine how hard it is then for people with bad credit to get a credit card. For individuals with bad credit, they can apply for no credit history credit cards.
These cards are easy to apply for compared to regular credit cards because they require no credit check for applicants. There are two main types of no credit history credit cards. These are the unsecured and secured cards. The unsecured card works just like your ordinary MasterCard. A credit line is given to an applicant. There is a difference however. This card usually has higher fees and lower credit limit compared to ordinary cards.
The second type is the secured card. Secured no credit history credit card requires a bank account from the individual, which will then be linked to the card. They also require the individual to make a substantial deposit before the card can be used or activated. This serves as a security for the bank that issued the no credit history credit card. Essentially, the credit card functions more like a debit card because of the backup account.
There are lots of no credit history credit cards that people with bad credit can apply for. Features include extended warranties, insurance for travel accidents, waived annual fees, point system for every dollar spent and savings from online shopping. Some cards offer balance transfer and cash advance.
These cards are easy to apply for compared to regular credit cards because they require no credit check for applicants. There are two main types of no credit history credit cards. These are the unsecured and secured cards. The unsecured card works just like your ordinary MasterCard. A credit line is given to an applicant. There is a difference however. This card usually has higher fees and lower credit limit compared to ordinary cards.
The second type is the secured card. Secured no credit history credit card requires a bank account from the individual, which will then be linked to the card. They also require the individual to make a substantial deposit before the card can be used or activated. This serves as a security for the bank that issued the no credit history credit card. Essentially, the credit card functions more like a debit card because of the backup account.
There are lots of no credit history credit cards that people with bad credit can apply for. Features include extended warranties, insurance for travel accidents, waived annual fees, point system for every dollar spent and savings from online shopping. Some cards offer balance transfer and cash advance.
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