Is there a no-fee secured credit card? Credit Card Application any think ?
Is there a no-fee secured credit card? Credit Card Application any think ?
, I am asking this question on behalf of a friend who is a recent
immigrant. Since he has no credit history, I advised him to apply for a
secured card. He got a few offers but all have annual fees ranging from $20
to $60 (half of which charge an additional application fee). Since he
intends to pay in full every month, he wants to know if there are any
secured cards that charge neither an application fee nor an annual fee.
Anyone can help?
Not likely. No-fee cards are generally reserved for those who have a good
credit history. However, I would not advise that your friend apply for a
secured card UNLESS he is turned down for an unsecured card. Unsecured
cards are almost always better deals, and of course they are unsecured.
Your friend could also build up a credit history (I assume he has a job)
by applying for department store and gas cards, using them, and paying them
on time. After a year or so he should have a decent enough credit history
to get an unsecured Visa or MasterCard.