What Are the Guaranteed Credit Cards for Everyone's Approval?
Eva MarcilleWhen looking for a credit card, it can be frustrating to be denied due to aPoor creditscore or lack of credit history. However, there areGuaranteed approval credit cardsavailable for those who may not meet traditional credit card requirements.
Secured Credit Cards
One type of guaranteed approval credit card is a secured credit card. These cards require a security deposit, typically equal to the credit limit of the card. This deposit acts as collateral and reduces the risk for the credit card issuer. Secured credit cards are a good option for those looking to build or rebuild credit. As long as you make timely payments and keep your balance low, your credit score will improve over time.
Retail Store Credit Cards
Another option for guaranteed approval credit cards isRetail store credit cards. These cards are typically easier to obtain because they are tied to a specific store or brand. However, they often come with higher interest rates and lower credit limits. Additionally, they may not be as widely accepted as traditional credit cards.
Prepaid Cards
Prepaid cards are another type of guaranteed approval card. These cards work similar to debit cards and require you to load funds onto the card before making purchases. While they do not help build credit, they can be a good option for those who want to avoid overspending or do not want to carry cash.
Credit Builder Loans
Credit builder loans are another option for those looking to build credit. These loans work by having you make payments that are reported to credit bureaus. Once the loan is paid off, you receive the funds. While not a credit card,Credit builder loanscan help improve your credit score over time.
In Conclusion
There are a variety of guaranteed approval credit cards available for those with poor credit orNo credit history. Secured credit cards, retail store credit cards,Prepaid cards, and credit builder loans are all options to consider. It’s important to do your research and choose a card that fits your needs and financial goals. Remember to make timely payments and keep your balance low to improve your credit score.
Article review