First Credit Card? Here’s What You Should Know Before Applying
00:00:00.000 | If you're helping someone who's just turning 18,
00:00:02.360 | you're helping someone who's moved to the U.S.,
00:00:04.660 | first option is a secured credit card.
00:00:06.760 | This is a credit card that requires a deposit.
00:00:08.520 | That deposit is, of course, refundable,
00:00:10.540 | but then it gives access to spend.
00:00:12.200 | Important distinction is it is not a prepaid card.
00:00:14.420 | It's similar, but you can take the money out much more easily.
00:00:17.160 | And so this is a great option.
00:00:18.840 | Another option is a student card.
00:00:20.980 | Note that for both of these kinds of cards,
00:00:23.220 | anyone under 21 will probably need to have proof of income
00:00:26.140 | or a co-signer to get approved.
00:00:28.420 | Some popular cards for people with little to no credit.
00:00:30.920 | Chase student cards,
00:00:32.280 | but they sometimes need a little bit of history
00:00:34.480 | on your credit report.
00:00:35.280 | But Discover secured cards, easy.
00:00:37.480 | Some Barclays cards have been pretty easy.
00:00:39.860 | Surprisingly, Amex cards are quite easy
00:00:43.780 | and they do pre-approvals on their website.
00:00:45.680 | This seems counterintuitive
00:00:47.000 | because they're usually more premium cards.
00:00:49.040 | And I have seen so many au pair mailers
00:00:52.140 | offering Amex Gold, Amex Platinum pre-approvals,
00:00:55.040 | even with very little credit data,
00:00:57.840 | if not any credit data,
00:00:59.100 | they're getting some of these pre-approvals.