What is the Easiest Credit Card to Get Right Now? Your Guide to Accessible Credit Options
If you're considering applying for a credit card and are apprehensive about your approval, you're not the only one. This has created a surge of individuals looking for credit cards that are easy to get approved for, especially when they have limited credit or an imperfect credit score. But with all these options available, how would you know which credit cards give you the best chance of approval?
In this post, we are going to talk about some of the easiest credit cards to get right now, explain why these particular cards might be easier to get, and provide actionable tips so you will increase your chances of being approved. Whether you're building credit from scratch or want to improve your score, there's an option for you.
Understanding Why Some Credit Cards Are Easier to Get
Before looking into the cards in detail, it is important to look at what makes some credit cards easier to qualify for compared to others. Generally, such cards have fewer requirements and, most importantly, are flexible with credit scores. Here's why:
Secured Credit Cards: These cards are one where the refundable security deposit is an equivalent of the credit limit. Since there is some security, the bank would want to take less risk; hence, approval is more likely for poor or no credit history. Student Credit Cards: Since students have limited credit history, these are specifically designed for students. The card is granted with typically lower credit limits, and the credit score may not be necessary in some instances.
Store Credit Cards: Similarly, departmental store credit cards are more lenient in their approval criteria, but then they have the highest interest rates and can be availed only from a specific store.
Tip: If you're building or rebuilding your credit, getting approved for one of these easier options will get you on the right track in no time.
Top 5 Easiest Credit Cards to Get Right Now
1. Discover it® Secured Credit Card
In this case, the Discover it® Secured Credit Card is an excellent choice for those with no credit or bad credit. It necessitates a refundable security deposit, which determines your credit limit but offers fantastic benefits.
Benefits: cashback rewards, 2% cash back at gas stations and restaurants, 1% on all other purchases; no annual fee; and automatic reviews to see whether one can transition to an unsecured card.
Approval Requirements: There is no credit score required; however, you will need a security deposit of at least $200.
Why It's Easy to Get: This is a secured card, meaning that you are more likely to get approved, as long as you can pay the deposit.
Example: Maria didn't have any credit history, but she was approved for the Discover it® Secured Card. She used it responsibly for a year, brought up her credit score, and was rewarded with an unsecured credit card.
2. Capital One Platinum Secured Credit Card
Another great secured credit card is the Capital One Platinum Secured Credit Card. It is designated for people who either want to build or rebuild their credit and has an added advantage in flexibility about the security deposit.
Benefits: No annual fee, increases the credit line with responsible use, and automatic credit monitoring with CreditWise.
Approval Requirements: Requires a refundable security deposit.
Why It's Easy to Get: It's accessible due to the deposit options available-even for those with smaller amounts.
Tip: Track your credit score with your Capital One mobile app and stay on top of your spending habits. This will help you get onto an unsecured credit card much faster.
3. Petal® 1 "No Annual Fee" Visa® Credit Card
If you are looking for an unsecured credit card without an annual fee, then the Petal® 1 Visa® Credit Card may be a game-changer. Ideal for limited or fair credit, it uses alternative data-including your banking history-to determine whether to approve you for credit.
Pros: No security deposit required, earn 1% - 10% cash back at some merchants, and credit limits range from $300-$5,000.
Approval Requirements: Accepts applicants with limited or no prior credit history and offers approval for other factors outside of credit score, including income and banking history.
Why It's Easy to Get: The Petal approves via unconventional methods when considering your application. If you're a newbie in the world of credit, then this is your card.
Example: James, a recent graduate from college, had a thin credit file. The Petal 1 card approved him through his income and steady banking history, which helped him get started building his credit.
4. OpenSky® Secured Visa® Credit Card
The OpenSky® Secured Visa® Credit Card is one of a kind-it doesn't require a credit check at all, making it one of the easiest to get approved for.
Benefits: No credit check; reports to all three major credit bureaus; $200 or more refundable security deposit required
Approval Requirements: None regarding credit history or credit score, but a security deposit is needed
Why It's Easy to Get: Since there is no credit check required for this card, virtually anyone can qualify if they make the security deposit.
Actionable Tip: Make small, manageable purchases each month with the OpenSky card and pay off your balance in full. This will build up your credit score without debt.
5. Chime Credit Builder Visa® Credit Card
The Chime Credit Builder Visa® Credit Card is unlike any other secured card available on the market. One doesn't have to go through a credit check or pay any kind of traditional security deposit.
Perks: No annual fees are taken, no credit check is required, and no interest is charged. It helps in building credits as it reports to all three credit bureaus.
Approvement Requirement: Chime Spending Account is required, with the setup for qualifying direct deposit.
Why It Is Easy to Get: As there is no credit check, your credit score is not affected; hence, this account gets approved on easy grounds, provided that your requirements for opening an account match with their approval criteria.
Example: Alex set up direct deposit through his Chime Spending Account and got approved for the Chime Credit Builder Card in the blink of an eye. In as little as six months, his credit score went up 60 points.
Tips to Improve Your Odds of Approval
Getting a credit card approval doesn't have to be very daunting. Following is a set of actionable steps that'll improve the odds of getting approved:
1. Check Your Credit Score
Before you apply for a credit card, know your credit score. Understand what kind of shape you're in. You can use free tools like Credit Karma or your bank's free credit monitoring service.
Tip: If it's on the low side, you may want to work on bringing it up by paying down some of your debt and making payments on time.
2. Limit Your Applications
Applying for too many credit cards within a short time is harmful to your credit score. Focus on one or two cards in which you're confident.
Tip: Research the card's approval criteria before applying. Many websites allow you to get pre-qualified using a soft credit check.
3. Have Proof of Income
Having a regular income can increase the chances of approval, even with an imperfect credit score. Be prepared to show proof, including pay stubs or bank statements.
Conclusion: Find the Right Card to Build Your Financial Future
Applying for your first or next credit card needn't be intimidating. From the no-annual-fee Discover it® Secured Credit Card to the no-annual-fee Capital One Platinum Secured Credit Card, to the no-annual-fee Petal 1 Visa, there's almost a card for every kind of credit profile. Just remember, the idea behind these cards is responsibility-to use them to build or rebuild your credit score in order to set yourself up for even more and greater financial opportunities later on.
Assess your needs, understand the requirements, and choose a card that best complements your financial goals. And remember: responsible credit use today means a stronger financial foundation tomorrow.
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