Some people have no credit check credit cards, and they are perfectly fine with that. If you don’t have a credit history and are afraid of building up one, then this may be for you. Other people, however, aren’t so happy. Why is that? Because it can be a hassle getting credit if you have no credit history. Read on to learn about no credit check credit cards and why they’re such a big deal!
Most traditional credit cards come with huge fees. Fees for late payments, increased spending limits, being charged extra for using your phone, and many more. On top of those fees, most credit check credit cards require a major credit bureau to report your information each time you apply for a card or open a checking account with them. That’s a lot of data to keep track of, and it can be a hassle for the average consumer. This makes no credit check credit cards a much better option.
Instant Approval Visa/MasterCard Checks Credit Cards – These are no credit check credit cards that work with one of the major credit bureaus. They don’t require an annual fee for using an account, which is a huge bonus for most people. The big advantage of these types of no fee credit cards is that once you make your deposit, you can start using your new credit very quickly. There’s no need for an annual fee to open or maintain an account.
No Maintenance Fees No credit check credit cards comes with no maintenance fees. This can save you a lot of money over the life of the card. Credit card companies make all sorts of claims that their cards are absolutely free of charges. Not true. It’s true that you don’t have to pay a monthly or yearly fee, but there are other expenses associated with using your card. Some fees can be avoided if you’re smart about choosing your credit card.
High Interest Rates Credit cards with no credit check credit cards usually come with high interest rates. The interest rate is determined by the credit bureaus, and it doesn’t vary that much from year to year. Because there are so many transactions that can contribute to your credit score, high interest rates can be a problem. However, there are plenty of no credit check credit cards out there. In fact, if you choose a good brand and a low maximum line, you could end up with some great interest rates.
Major Credit Card Reports When you apply for a credit card, you’re asked to fill out a comprehensive application, including financial documents. You’ll also be required to fill out a credit report that details your payment history, outstanding debt, your financial history (or lack thereof), and any other items that credit card issuers may consider as relevant. If you don’t manage your payments well, you could end up hurting your chances of getting approved. This is why you need to monitor your credit report regularly.
Self Credit Builder Account Another option you have when you apply for a no credit check credit card is a self credit builder account. These accounts give you a way to build credit without needing to monitor your own credit reports and making payments on time. These programs do come with their own fees, but most people find that they don’t hurt their chances at being approved. In fact, many people end up having more credit cards and loans after using a self credit builder account. Don’t hesitate to look into this option.
Credit Check Credit Cards For People With No Credit History or Poor Credit: Some no credit check credit cards allow you to open an account without providing a credit score. If you’re applying for a regular card, you should still be monitoring your own bills and making sure your payments are made on time. These types of cards may still charge higher fees than regular cards, but you can often get a low introductory rate and lower interest rate after a while. Look for credit check credit cards that offer rewards programs. Some banks offer cards with hundreds of rewards points for just a few dollars per purchase.