There are many credit cards that you can apply for, whether you need credit to build credit or you are trying to rebuild it. Some cards are designed specifically for people with bad credit, while others are aimed at people with limited or no credit. Some cards are secured, which means you have to make a refundable security deposit before being approved. There are also student credit cards available.
Bank of America Student Travel Rewards Credit Card
Consider the Bank of America Student Travel Rewards Credit Card for Students if you're a student trying to build credit. It is free of annual fees and earns unlimited 1.5 points on every dollar spent. There are no blackout dates or restrictions on baggage or airline fees. A sign-up bonus is available of 25,000 points that can be used to redeem $250 for travel.
Students can check their credit score online when they apply for this credit-card. This way, they can understand the key factors that are affecting their credit score. They can also track their score and compare it with national averages. This is especially useful for students who want to transition from college to adult life. Your chances of getting approved to rent your first apartment or scoring the best credit cards will be higher if you have a better credit score.
Foreign transaction fees should be known by students. These fees can add up fast, especially if students are abroad. Students can still receive the $200 sign up bonus if they spend $1,000 within 90 days. The credit card also allows you to personalize your rewards. Cash back can be chosen from a variety of categories once per month. For example, you can choose to earn 1.5 points per dollar spent on dining, gas, grocery, and home improvement.
Discover it Secured credit card
You can build your credit by using a secured creditcard. This card has a generous Welcome Bonus and a high cash-back program. It also allows for a seamless switch to an unsecured card after seven months. This way you can continue to build your credit but still be able pay your bills promptly.
To open an account with Discover it Secured, you will need to deposit $200. This is mid-range for secured credit cards. Keep in mind, however, that after six months you will need to pay a balance-transfer fee of up five percent of the transferred amount. This fee is very low in comparison to the benefits you get from this card.
The Discover it Secured cards also come with a generous Welcome Bonus. In your first year of using the card, you will receive up to $200 in cash back. This is great as it will increase your credit score if every month you pay your bill on-time.
Petal 2 Visa Credit Card
The Petal 2 Visa Credit Card by Visa Credit Card isn't the best credit card to build credit. However, if you want a card that doesn't charge any fees and offers rewards for purchases, this card could be a good option. There are no annual fees, and you get 1.5% cash back for eligible purchases. It's specifically designed for people with bad credit or fair credit.
While applying for the Petal 2 Visa Credit Card, keep in mind that the issuer will perform a hard credit check on you. The issuer will assess your financial records and banking history. An applicant with poor credit history will most likely be turned down. In order to avoid any interest charges, it is important that you pay the entire amount in full by the due date.
Petal 2 Visa Credit Card may help you to build credit over the long-term. It offers features such as budgeting and credit monitoring. It is also a great choice as a first card because it was specifically designed for people trying to build credit.