Navigating the world of Credit Cards can feel like decoding a complex puzzle. With so many options available, understanding the key factors influencing Credit Card approval makes all the difference in securing a card that aligns with your financial goals. This article explores the types of Credit Cards accessible for different credit histories. With this knowledge, you can select a Credit Card that suits your financial profile needs and is relatively easy to obtain.
Which Bank Credit Card is easy to get?
Depending on your credit need and history, the easiest Credit Card and the card information will vary, but here are the top ones that are generally the easiest to get approval for:
College Students – Discover It® Student Cash Back
Bad credit - Mission Lane Visa® Credit Card
Secured card - Discover it® Secured Credit Card
Before we go further, you can clear your basics about Credit Cards:
- How to be a smart Credit Card user
- Debit versus Credit Cards: When to use each
- Top 5 reasons a Credit Card application was denied
Bank Credit Cards for Students
Make the most of the Discover it® Student Cash Back card by capitalizing on its rewards program and introductory APR offer. What sets this card apart is its accessibility, as it doesn't require a specific Credit Score, making it an ideal initial choice for students. This card, like most Discover cards, will most probably be accepted by rental car companies.
Annual Fee: N/A
Intro APR: 0% for 6-month purchases
Credit needed: Fair/new to credit
Rewards: This rewards card lets you earn arn an impressive 5% cash back on everyday purchases that rotate quarterly, including popular places like Amazon.com, grocery stores, restaurants, and gas stations. This rewarding feature is available up to the quarterly maximum once activated. You automatically receive unlimited 1% cash back on all other purchases.
A notable thing is its Unlimited Cashback Match®. At the end of your first year as a cardholder, Discover will match all the cash back you've earned. What's great about this offer is that there are no minimum spending requirements or cap rewards to worry about.
Considerations: While this card boasts high earning rates, it's essential to note that the 5% cash back applies only to rotating purchase categories up to a designated earnings cap, and you need to activate it to benefit fully. To make the most of the cash-back rewards, it's crucial to stay organized. Additionally, for new card members, the Unlimited Cashback Match® is an enticing bonus, doubling your cash back earnings at the end of your first year, again with no restrictions on minimum spending or maximum rewards.
2. Deserve® EDU Mastercard for Students
For students who lack a Social Security number, the Deserve® EDU Mastercard for Students* effectively addresses this critical requirement. It also provides essential rewards without imposing an annual fee, making it a well-rounded card option.
Annual Fee: N/A
Intro APR: N/A
APR: 18.24% - 27.24% Variable APR
Credit needed: Fair/new to credit
Rewards: Gain 1% cash back on all your purchases, allowing you to earn as you spend. Up to $600 in coverage for a covered stolen or damaged cell phone. As a Mastercard, the card comes with standard Mastercard benefits, including zero liability, global emergency assistance, and ID theft protection.
Considerations: One of the most remarkable aspects of this card is its unique capability to accept applications from individuals without a Social Security number, a significant advantage for international students. Furthermore, it includes several other perks, such as cash-back rewards on your spending and access to benefits like cell phone protection. Additionally, cardholders will get an Amazon Prime membership.
Bank Credit Cards for Bad Credit
1. Mission Lane Visa® Credit Card
For individuals working on building their credit and prefer not to commit to a security deposit, the Mission Lane Visa® Credit Card offers a potential solution. While approval isn't guaranteed for everyone, the card issuer extends a prequalification process, enabling you to assess your eligibility without undergoing a "hard" credit inquiry, which could negatively impact your Credit Score. This feature proves valuable, particularly for those focused on credit improvement while avoiding unnecessary credit checks.
Annual fees: Varied, ranging from $0 to $59.
Intro APR: N/A
APR: Variable APR, ranging from 26.99% to 29.99%.
Credit needed: Poor – fair credit
Rewards: Cardholders enjoy complimentary online access to their Credit Scores. No interest is charged on purchases when you settle your balance completely and punctually each month. There is no need to provide a security deposit to begin using the card. You can also access Visa® benefits and coverage.
Additional features: Automatic consideration for credit line increases, often achievable in as few as 7 months. Approval for this card is not guaranteed, and eligibility does depend on your credit profile. You will receive an immediate decision on your Credit Card account application. If interest charges are applied, the minimum amount will not be less than $0.50. You can also manage your card account conveniently through the mobile app.
2. AvantCard Credit Card
This Unsecured Credit Card simplifies the approval process by offering a quick online prequalification without affecting your Credit Score. It's an excellent choice for individuals looking to improve their credit.
Annual fees: 59 $
Intro APR: N/A
Credit needed: Poor – fair – limited credit
Rewards: There is no foreign transaction fee or penalty APR which makes it a good card for credit building. There are no other rewards offered
Considerations: It's advisable to pay your balance in full each month because the AvantCard Credit Card carries a higher APR, which can become challenging if you carry a balance. Avant branded credit products are issued by WebBank, a member of FDIC. This card reports your credit activity to all three major credit bureaus and aids in your credit-building journey. Interest charges when applicable, should not be less than $1.00, and late fees can go up to $39.
Secured Bank Credit Cards
Secured Credit Cards are a great first step to building your credit. These Credit Cards are also easy to get approval for.
This card not only offers the security of a secured card but also provides an opportunity to earn rewards and enjoy a potentially rewarding welcome bonus. What sets this offer apart is the absence of a minimum spending requirement, ensuring you won't miss out on your introductory bonus.
Annual fees: 0 $
Intro APR: N/A
APR: 28.24% Variable
Credit needed: New – rebuilding credit
Rewards: 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter and 1% cash back on all other purchases. As a welcome bonus, Discover matches your earned first-year cash back with no minimum spending requirement.
Considerations: While you may not get travel credits, the Discover it® Secured Credit Card is still travel-friendly, as it imposes no foreign transaction fees, making it an excellent companion for international adventures. There’s an automatic review after 7 months to determine your eligibility for an Unsecured Credit Card. You also have the option to redeem your cash back through Amazon and PayPal.
The OpenSky® Plus Secured Visa® Credit Card stands out by offering a straightforward application process without the need for a credit check, a bank account, or an annual fee. Whether you're looking to establish or rebuild your credit, this card provides a pathway without affecting your Credit Scores or requiring a traditional bank account.
Annual fees: 0$
Intro APR: N/A
APR: Variable 29.99%
Credit needed: Poor – excellent credit
Rewards: No rewards are offered.
Considerations: The OpenSky® card reports your credit activity to all three major credit bureaus, ensuring that your credit history is established across multiple agencies. After six months of responsible credit use, you may be eligible for an unsecured credit line increase without the need for an additional deposit. Start with a manageable $300 refundable security deposit to secure a credit line with the flexibility of paying in 25$ installments. The card application process is swift, taking less than 5 minutes, with a mobile-first approach for added convenience.
Choosing the right Credit Card, whether you're a student or have bad credit, is a crucial financial decision. It’s not a one-size-fits-all product. Various factors like cashback, rewards, credit building or foreign transaction fees are taken into account for your different need, and understanding your options based on those needs is essential.
Each card serves a unique purpose, from student-friendly rewards to credit-building options without the need for a credit check. To make the best choice, align the card with your financial goals, credit profile, and spending habits. Remember to use your credit responsibly, pay bills on time, and manage your credit wisely to achieve your financial objectives. Bright Money can help you with maintaining your financial well-being with customized plans crafted for your unique situation!
1. Can I get a Credit Card with no credit history?
Yes, some Credit Cards are designed for individuals with limited or no credit history. These cards typically have lower credit limits and may require a security deposit or higher interest rates.
2. What is a Secured Credit Card, and who are they suitable for?
Secured Credit Cards require a security deposit and are often easier to get approved for, making them suitable for individuals with poor or no credit history. These cards help rebuild credit when used responsibly.
3. What are some common reasons for Credit Card application denials?
Common reasons for Credit Card application denials include a low Credit Score, a high debt-to-income ratio, recent late payments or bankruptcies, and errors on your credit report. Review your credit report and address any issues before applying.
4. What is the easiest Credit Card for college students to get?
College students can often qualify for student-specific Credit Cards, like the Discover It® Student Cash Back, which are designed to accommodate those with limited credit histories.
5. How can I apply for a Credit Card with no credit check?
Credit Cards with no credit check, like the OpenSky® Plus Secured Visa® Credit Card, allow you to apply without undergoing a traditional hard credit check, making them accessible to a broader range of applicants.
For more information on Credit Cards, read other Bright Money articles: