Prepaid Credit Card
A prepaid credit card is a good choice for first-time cardholders since the amount you can spend is limited to the amount on the card. That gives you good practice at using credit wisely and spending within your means. A number of prepaid cards are available so it pays to shop around for the one with the lowest fees and expenses.
Secured Credit Card
If you cannot get approved for a traditional credit card, a secured credit card can be a good alternative. With a secured credit card, you place a deposit in the bank and the amount you can spend is limited to the amount you have on deposit. That means the bank is taking virtually no risk, which means that almost everyone who applies is approved for a card. Be aware, however, that these cards often come with high fees, so try to use the card to build your credit to the point where you can qualify for an unsecured credit card.
Your Bank's Card
If you have a checking or savings account with a local bank, apply for a credit card offered by that bank. An existing relationship with a bank can help you get approved since the bank already knows you. Sit down with the bank manager or a bank representative to discuss your needs and the credit cards the bank has available.
Credit Union
If you are eligible for membership at a credit union, you might find that it is easier to get a credit card there than at a bank. Credit unions are owned by their members and operated for the benefit of those members. That means credit unions can often provide lower rates on loans and credit cards and higher rates on savings, than either large national banks or local community banks. If you are eligible for credit union membership, talk to a branch manager when you open your account. The branch manager can help you find the right credit card for your needs.
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