There are many options for people that want credit cards and have no credit.
Banks, credit card companies and retail stores.
All three companies that offer credit cards have different rules to lending.
If you are 18 or 50 years old and do not have credit there is a credit card for you.
Some have annual fees and some require a deposit.
Annual fees are anywhere from $45 to $150 that you pay them to have a credit card.
This is usually applied on your card as if it was a purchase.
So every year about the same time you have to make sure that you have enough credit to cover this.
If you do not then you are over limit and will be charged a fee.
A deposit for a credit card is another way to establish your new credit.
Because you do not have credit you have no history on your spending habits.
You have no history on how responsible you are paying back loans.
This is handled the same way as if they gave you the credit but the only difference is it is your money you are spending.
It doesn't matter what route you choose on what credit you apply for.
But what does matter is how you handle that credit once you have it.
You should start out with small purchases that you can pay off in full when you receive your bill.
This way no interest is paid on top of what you spent.
This will show your creditor how responsible you are.
If you pay off your debt in full monthly then you do not have to worry about interest.
Interest can only accrue if you have a running balance each month.
This is how the companies make money.
They lend a certain amount to you and if you do not pay back in full you are charged interest.
Interest rates can vary among different companies and banks.