Best Credit Cards for People With No Credit for March 2022 – CNET [CNET]

The Petal 2 Visa Card, issued by WebBank, Member FDIC, stands out as one of the best cards to begin establishing credit. It’s our top pick because it comes with no annual fees, no late fees, no foreign transaction fees and no returned payment fees — perfect for someone first handling the reins of managing credit. Your credit score, if you have one, and Petal’s Cash Score, which analyzes how you spend your money, may be used when evaluating your application. If you have no credit, this means you will need to provide some financial details.

Your credit limit will be between $300 and $10,000, based on creditworthiness. You also have the opportunity to earn 2% to 10% cash-back at select merchants, and your cash-back rate of 1% on eligible purchases will increase to up to 1.5% after 12 months of on-time payments. There’s also no need to worry about a security deposit.

The Deserve® EDU Mastercard for Students positions itself as an alternative to traditional banks and credit card issuers, and specializes in credit cards for students and first-timers. 

The Deserve EDU student credit card checks most of the important boxes: It offers 1% back on all spending, features a relatively low late-payment fee and comes with a flat 18.74% APR (which will vary depending on the prime rate). While it offers a lower student rewards rate than other cards, its relaxed eligibility requirements are well-suited for students with a brief or nonexistent credit history or other potentially disqualifying limitation — like not having a Social Security number if you’re an international student. 

Secured credit cards work differently than other credit cards. They require an upfront security deposit to open your account, which your “credit limit” is often based on. It’s an arrangement that’s especially useful as a credit builder account for someone who needs to show they can reliably pay a bill each month. 

The Capital One Platinum Secured Credit Card* gives you $200 in credit when you deposit $49, $99 or $200, depending on your credit history — making it one of the few secured cards to offer actual credit. (Your particular terms depend on your specific application.) And this card checks all of the boxes: $0 annual fee, modest minimum security deposit of $49 — and the opportunity to earn back your security deposit as a statement credit when you use your card responsibly, like making on-time payments. Also nice: Capital One will see if you’re preapproved with a soft credit check, providing a risk-free peek at eligibility before you submit an official application to the credit card company.