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The Best Banks For Building Credit

The Best Banks For Building Credit

If your credit has seen better days, you might be worried that no one will issue you a credit card at all. This puts you between a rock and a hard place, as they say. To improve your credit, you’ve got to have a line of credit to use. But without good credit, it can be hard to get that line of credit in order to prove that you are creditworthy.

The good news is that there are plenty of banks that will issue you a credit card, even if your credit isn’t stellar. The trick is knowing which banks and credit issuers will cater to your needs, and to apply for a card that’s meant for people who are building or establishing credit.

Not every credit card is an elite credit card; look for banks and credit issuers that offer a wide variety of cards, like Citi, Chase, Capital One, and Discover. All of them have credit cards that are targeted at consumers who have less than perfect credit, as well as cards that are meant for a more elite level consumer with good or excellent credit.

What to look for

Credit cards with lower credit limits, simple rewards programs, and low fees are going to be your best bet. A no-annual-fee credit card with a reasonable interest rate might be the best way to go; many elite cards charge steep annual fees and are only available to folks with excellent credit histories. Avoid applying for these cards while you’re trying to build your credit history; being turned down for a card can damage your credit score even further.

Don’t think, however, that a rewards program is out of reach if you don’t have perfect credit. Many cards for people with fair credit, or even limited credit, offer 1% cash back on purchases, or other rewards. Discover is a card issuer known for pioneering cash back cards and offering great rewards across their entire line of credit cards, for people with scores across the whole credit spectrum. They also have great customer service and a long track record of providing high-value credit card rewards.

The bottom line? If you’re looking for a credit card to build your credit, don’t despair. There are plenty of banks and credit issuers who will be happy to help you reach your financial goals.

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