But the point is that many student cards are specifically designed for those who are just starting out with credit, meaning there may be no FICO history requirement at all. Both earn solid rewards for student cards. Store credit cards can be a bit of a double-edged sword: They tend to have lower credit rating requirements, which makes them among the best credit cards for fair credit or limited credit.
But they also typically feature lower credit limits and higher interest rates, and some can be used only within the physical or virtual walls of that particular merchant.
Still, these co-branded store cards can help you build a credit history, and many have seriously upped their game in recent years in an attempt to become top-of-wallet options, with richer rewards and perks even on everyday spending outside of the brand. Plus, there's no annual fee or store membership requirement to get it. What if you can't afford a security deposit or annual fee and aren't sure whether you have a sufficient credit history? The good news is that certain alternative credit cards may require none of the above.
Instead of relying entirely on the traditional FICO scoring model, these alternative products can often use their own proprietary underwriting standards to help determine your creditworthiness. They may, for instance, evaluate things like your income, your employer, your bank account balances and more.
Instead, the issuer can weigh factors like your U. International students don't even necessarily need a Social Security number to apply. Documents such as a student visa or passport ID may suffice. Ultimately, if what you want is a credit card with your name on it that you can use, then becoming an authorized user of someone else's account is perhaps the easiest route. That's because you don't need to open an account yourself. You just need to have a primary account holder add you to their existing account.
If a parent, spouse or another loved one agrees to do so, you'll get your own card to use. We and our partners process data to: Actively scan device characteristics for identification. I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Part Of. Student Credit Considerations. Best Student Cards. Getting a Credit Card. Personal Finance Credit Cards. Table of Contents Expand. Credit Card Approval Requirements. Easiest to Be Approved.
Easiest With No or Thin Credit. Easiest With Fair Credit. Easiest Unsecured Credit Card. Key Takeaways Credit card companies focus largely on credit scores when making approval decisions. A credit card can be secured, meaning it requires a cash deposit, or unsecured, meaning you don't need to make a deposit.
Unsecured credit cards typically offer better interest rates, rewards programs, and features compared with secured credit cards.
Note Checking your own credit reports before applying for a credit card won't affect your credit score. Important Before you apply for a starter or secured card, make sure the credit card company reports your activity to at least one of the major credit bureaus. Tip If you're considering a credit card that offers rewards , be sure to balance the rewards you're likely to earn against the card's annual fee if any. Article Sources.
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate.
You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. Related Articles. Student Cards Secured vs. Student Credit Cards: Which to Choose. Partner Links. A secured credit card is a type of credit card that is backed by a cash deposit, which serves as collateral should you default on payments. But this does not mean getting a credit card is difficult. It is similar to having a joint bank account.
This is the reason why this credit card is easy to get in India. The credit limit gets divided between the two cards primary and secondary. Monthly bills are in the name of primary card holder and statement is consolidated. The name on the new card is of the secondary owner. Although this is a hassle free way to get card in India, using it irresponsibly will affect the credit score of the primary owner.
So be very careful when using the card. So if anyone in your family member wants a card, ask the primary card owner to contact the bank and apply for the same. And depending on the payment history, credit score; banks will take a decision on the approval. All you need to do is open or use existing fixed deposit account and get card against it. The biggest advantage is that there is no minimum income requirement and income documents, credit score is not checked.
And other documents required are minimal.
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