The Ultimate Guide to Credit Cards

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Free Cancellations:

Free Cancellations: The ultimate form of parental control is being able to put a stop to “the madness.” In the event you don’t think your child has proven that he or she is ready to handle a credit card or prepaid card, you should be able to cancel the account free of charge. This will depend on the card issuer though, so make sure you check with your provider before cancelling.

Taking advantage of these great features will help you guide your child to be a more responsible and savvy consumer.

Adults with No Credit or Bad Credit

If you’re an adult with no credit or you’ve made some mistakes in the past, it’s important that you work to improve your credit score. When used responsibly, credit cards can help with this process

"The right credit card can help improve or establish your credit history."

Here’s a look at the best credit cards for those with no credit or bad credit.

1. Co-Signer

Having a co-signer on your credit application is one available option. A co-signer is someone else who agrees to take responsibility for charges on the account in the event the primary card holder can’t make payments. The co-signer’s credit score determines the credit limit that will be approved for the cardholder. This method is a slight risk for the co-signer if they are not actively monitoring the card activity. This is due to the fact that any unpaid balances will default to the co-signer and could negatively impact the co-signer’s credit score.

2. Unsecured, Low Limit Credit Cards

Most credit cards are unsecured cards. If you have no credit history you may be able to get approved for an unsecured card, but you will likely have a low credit line to start. This may not allow you to make really expensive purchases, but it will allow you to build your credit without putting your own money down first. If you make charges on your card consistently and pay it back in full each month, you should see your credit score rise in no time.

A popular option is the Credit One Bank® Gas Rewards Credit Card. This is one of the very few credit cards for those with no credit, or poor credit, that offers rewards. Cardholders earn 1 percent back on all gas purchases, with no limit to the numbers of rewards you can earn. There is a rather high annual fee, but it is reduced for the first year.