Getting a credit card can be challenging at most times if you have a bad credit. However, no matter how bad your credit is, there are credit cards that are easy to get. The question remains; ‘what is the easiest credit card to get in 2020?’ You will learn more about these credit cards later, as you read through this article. Everybody deserves a credit card to use to buy goods and services.
Even though credit cards charge interest for the services offered, it is not such a significant interest to harm you financially. If you have a credit card, you can borrow money from your bank within the line of credit given to you. Again, there is always a credit limit whereby you cannot spend beyond the set limit. The better your credit scores, the higher your credit limit.
The issuance of credit cards is an excellent business to banks and other financial institutions since you have to repay the credit with interest. Some financial institutions can issue instant credit card approval for bad credit no deposit in an attempt to help you improve your credit scores. The approval time is mostly within a few minutes, so long as you have provided all the necessary documentation, including the identification card number and the social security number.Home
How many types of credit cards do we have?
There are two types of credit cards you can get at any issuing institution in the world. You can get secured credit cards as well as unsecured credit cards. Secured credit cards require you to deposit some amount of money before you take the card.
Upon deposit, you are then allowed to borrow against your collateral. The more you deposit, the more your credit limit increases. If you show excellent payment behavior, then you can have your deposit back for use and start benefiting from unsecured credit cards with higher credit limits.
Unsecured credit cards do not require you to make a deposit when getting the card. Mostly, beneficiaries must have credit scores to get it. You can have a credit card for good credit scores or one for bad credit scores. Credit cards for bad credit scores help one to prove how or her scores within a given time. Unsecured credit card with bad credit has low credit limits and high-interest rates as compared to secured credit cards.
Can someone without a credit history get a credit card?
It is possible to get a credit card without a credit history. Secured credit card issuers do not bother about your credit score or history. After all, why follow up with your credit history when you have deposited money to act as a guarantee?
People without a credit history can also get a credit card in the name of someone else with a good credit score. Although the card details are for the other person, your payment history goes into records by your name. After a specific duration, you can get your credit card.
The above are popular ways on how to get a credit card with no credit history. However, if you are just starting life from college, you can start by growing your scores and registering a credit history by opening a bank account and topping up with some cash from your small jobs. With such a top-up, you can then pay rent.
How do you use a credit card?
A credit card has various uses to help you in everyday life. Most people use credit cards to buy goods and services from shops and stores accepting the cards. Businesses have invested in the cheapest ways to accept credit card payments by buying card readers and other payment systems such as the point of sale.
Apart from using a credit card to buy goods and services, you can send money to someone else. The send money reflects as used money. You can also receive funds from someone else into your credit card account.
Again, you can use your credit card to pay your monthly bills such as electricity, internet, and water. Most billing companies have come up with apps for secure payments whereby you give your card number and the security code during checking out.
Today, most credit card processing for small businesses no monthly fee, relies on smartphone apps for efficient billing. There are fewer fraud incidences when using an encrypted app than using a website.
How do I know my credit scores?
Various companies offer free credit scores upon request. Most people think that Equifax, Experian, and TransUnion credit history includes your credit scores, of which it is not valid. If you want to get scores from the three bureaus, you have to pay a fee.
However, free credit scores companies are always waiting for you to request. The most renowned companies include the following.
i) Credit karma
The Credit karma provides free credit scores from Equifax, Experian, and TransUnion. They update the scores weekly, and you only need to log in to their website to check. They rely on the Vantage score 3.0 models, which is more precise as compared to FICO.
ii) Credit Sesame
Whereas credit karma provides free credit scores from all the three credit bureaus, credit Sesame only provides scores from TransUnion. Credit Sesame also gives personalized tips based on your credit score.
You will also benefit from alerts concerning your identity compromise to take the necessary action. Also, you can get free fraud resolution assistance for up to $50,000 from Credit Sesame. You do not need a credit card to join.
The quizzle provides free credit scores from Vantage as well as a free credit report from Equifax. You do not need to have a credit card to join. The company also gives you detailed information on how various factors are affecting your score.
The company earns money from recommending financial institutions on how to issue loans and credits to customers. Other companies offering free credit scores include Credit.com and WalletHub. Some credit card companies such as Discover Card, Barclaycard, and Capital One Card offer free credit score checks.
Which are the easiest credit cards to get in 2020?
The various credit card companies which will quickly give you credit cards easily include the following.
1) First Progress Platinum Select Secured Mastercard
The card requires you to join with no credit checks. Everyone has an opportunity to join the company and enjoy credit card services. You can choose a credit limit of as low as $200, which is linked to your security deposit. The card charges an interest rate of 17.39% with variable APR.
The cash advance APR is 17.39% variable while the security deposit ranges from $200-$3,000. The foreign transaction fee is only 3%. Also, the cash advance fee is $6 or 5%, whichever is higher. In case you make late payments, you will pay a fee of up to $38. The annual fee is $35. Apply here.
2) Capital One VentureOne Rewards Credit Card
The card requires credit scores of 670 and above. You will be able to earn a 20,000 mile sign up bonus worth $200 upon spending $1,000 on purchases within three months from account opening. The Intro APR on purchases is 0% for 12 months while you will get a 15.49%-25.49% variable APR afterward.
You will also earn 1.25X miles on every purchase you make. The annual fee is $0. It makes the card economical to hold since you spend less to have it. Apply here.
3) Capital One Platinum Credit Card
The card requires a minimum credit score of 580. The annual fee for the card is $0. Due to the low credit score requirement; the card is thus suitable for people with low credit scores. Again, get a higher credit line if you make your first five monthly payments on time.
Although the card does not offer a reward, it is a great tool to improve your credit scores. Furthermore, it has a high chance of approval. Apply here.
4) Chase Freedom Student Card
The card gives you 1% unlimited cash back on all purchase you make using the card. Moreover, you will benefit from a welcome bonus upon meeting the minimum expenditure level. Also, you will pay a $0 annual fee. It is a good credit card for students since it requires scores as low as 670.
Also, the credit card gives you a $50 welcome bonus. The Purchase APR is14.99%, which is variable. The balance transfer APR is 14.99%, which is variable. The balance transfer rate is $5 or 5% of the transaction, whichever is greater. Apply here.
5) Journey Student Rewards from Capital One
The card is also suitable for students. However, non students can also apply for the card. The card gives you unlimited 1% cashback on all purchases. If you make payments on time, the cashback increases to 1.25%. The card requires scores of 580 and above.
The card has a 26.99% Purchase Rate variable APR. With this card, you will be considered for a higher credit within six months if you make timely payments. There are no foreign transaction fees. Apply here.
6) Capital One Secured MasterCard
The card gives you an initial credit line of $200 upon making the lowest required security deposit, and you can deposit more money before your account opening to increase your credit limit. The security deposit is usually $49, $99, or $200.
Interestingly, you can access a higher credit limit after the first five months of making on-time payments. There are no additional deposits to make whatsoever, and at the same time, the company reports to Equifax, Experian, and TransUnion credit bureaus. The card charges no annual fee. Apply here.
7) OpenSky Secured Visa Credit Card
OpenSky Secured Visa Credit Card is an excellent option to improve your credit scores if you have bad ones. Furthermore, the company does not need to check your credit scores since you have to pay a refundable deposit to act as security.
OpenSky Secured Visa Credit Card reports to the three credit companies every month, and you are sure that at one point, you will have excellent credit scores if you utilize the card well. Apply here.
8) Credit One Bank Visa Credit Card
You will always receive a 1% cashback on eligible purchases, including gas, groceries, and phone services. There is no security deposit required. The initial credit limit is $300, and your account gets an automatic review for credit line increase opportunities at any time. The annual fee is between $0-$95 for the first year, $0-$99 each additional year.
The Cash advance APR is 23.99%, which is variable while the cash advance fee is 8% or $5, whichever is greater. The minimum interest rate is $1, while the foreign transaction fee is 3% in US dollars or $1, whichever is greater. You will also benefit from free Experian credit scores as well as report summary. Also, enjoy $0 fraud liability. Apply here.
9) Wells Fargo Business Secured Credit Card
It is a good credit card to start a business. You will earn 1.5% cashback on every $1 you spend. Also, earn 1 point on every $1 you spent and receive 1,000 bonus points when your company spends $1,000 or more in a monthly billing period. The card gives you a 500 to $25,000 credit line with zero liability protection.
The annual fee for the card is $25. The card has no foreign transaction fees. You can get up to 10 employee cards. The card has invested in high security to protect you from fraud. The Chip on your card adds security for your card. The card has a zero liability program, and you will get full compensation in case of unauthorized transactions. Apply here.
10) Chase Slate credit card
The card offers 0% intro APR for 15 months on all purchases as well as balance transfers. The card does not charge a balance transfer fee. Also, get a free credit score with the Credit journey and know where you stand. The card has no annual fee.
The minimum credit limit with this card is $500, while it requires credit scores of 551 to 600. It also helps you to improve your credit score with time. Apply here.
Credit cards with ease of access are the best since almost everyone can get one. Credit cards that do not require a deposit make it easy for people with various credit scores to apply. Moreover, you should choose a credit card with cash back rewards and points to redeem them in the future. Timely payments increase your credit limit to a significant extent. You can always choose between secured and unsecured credit cards.