What is required to get a credit card?
Card issuers consider your income, employment status, credit score and other factors to determine whether they will issue you a specific card. If you're struggling to get approved for the best credit cards, you may be able to build your credit with a secured credit card, which is typically easier to be approved for.
- Full name.
- Social Security number.
- Birth date.
- Address (and how long you've lived there)
- Annual income.
- Current employer (and how long you've worked there)
Card issuers consider your income, employment status, credit score and other factors to determine whether they will issue you a specific card. If you're struggling to get approved for the best credit cards, you may be able to build your credit with a secured credit card, which is typically easier to be approved for.
| Eligibility Criteria* | ||
|---|---|---|
| Salaried | Age | 21 - 60 years |
| Self-employed | Average Account Balance | PKR 105,000 |
| Age | 21 - 65 years | |
| Supplementary | Age | 18 years and above |
Your credit score is an important guide for lenders in deciding whether you're eligible for a credit card, although it's not the only factor. Card issuers will also look for: Proof of your home address and how long you've been there.
Secured credit cards are another option for people with little or no credit history. To open a secured card account, you have to put down a one-time security deposit. The deposit is typically refundable. For some secured cards, the security deposit may be the same as the card's credit limit.
- Best for students: Discover it® Student Cash Back.
- Best for no annual fee: Citi Double Cash® Card.
- Best secured credit card: Discover it® Secured Credit Card.
- Best for cash back: U.S. Bank Cash+® Visa® Secured Card.
- Best for no credit: Petal® 2 “Cash Back, No Fees” Visa® Credit Card.
First Latitude Select Mastercard® Secured Credit Card
Choose your own fully-refundable credit line – $200 to $2000 – based on your security deposit. No minimum credit score required for approval!
If you don't have much experience with credit or have negative factors weighing you down, such as late payments in your credit history, you may have difficulty receiving approval for a new account. If you do receive approval, you'll likely receive less favorable terms.
Discover credit card limits will always be at least $500, and there's no disclosed maximum. How much you get is determined by your creditworthiness. The only exception is if you have Discover it® Secured Credit Card.
What is the minimum starting credit limit?
The usual credit limit for a first credit card is $100 to $500, on average, depending on which card you get. The credit limit could be as low as $100 for store credit cards or up to $500 if your first credit card is issued by a bank or credit union.
Yes, you can have a credit card without a job or salary slip, but in such a case you either need to show other sources of income or a good bank balance. You can also get a secured credit card against fixed deposits or mutual funds.
When averaging credit limit data across generations from Experian®, the average credit limit in America is $28,929.80. Your credit card limit depends on your credit score, age, income, and other factors. Credit card limits can range anywhere from $300 to more than $100,000.
Applying for a credit card online is often the quickest option. You could get a near-instant answer to your application. And if you're approved, some lenders may give you a virtual card number to start using straight away.
Insufficient credit history
If you have a short or nonexistent credit history, you may not qualify for a credit card. This can be frustrating if you're looking to build credit, but there are still options available, such as secured cards, credit-builder loans and becoming an authorized user.
| Card | Best for | Annual fee |
|---|---|---|
| Capital One SavorOne Student Cash Rewards Credit Card | Cash back | $0 |
| Self - Credit Builder Account + Secured Visa® Credit Card | Building credit | Secured Card $25 |
| Secured Chime Credit Builder Visa® Credit Card | Building credit with no deposit and annual fee | $0 |
- Top credit cards you can use instantly after approval.
- Chase Sapphire Preferred® Card.
- Blue Cash Preferred® Card from American Express.
- Citi Custom Cash® Card.
- Capital One Venture Rewards Credit Card.
- U.S. Bank Cash+® Visa Signature® Card.
A credit score of 700 or better is typically needed for a card that offers a $5,000 credit limit. This means that these cards usually require you to have good or excellent credit. You will normally need a high income and little to no existing debt to get a limit that high, too.
The best credit card overall is the Wells Fargo Active Cash® Card because it gives 2% cash rewards on all purchases and has a $0 annual fee. For comparison purposes, the average cash rewards card gives about 1% back. Cardholders can also get an initial bonus of $200 cash rewards after spending $500 in...
But Capital One's cards are more than hype — they include generous rewards cards as well as excellent products for business owners, students and those with average or poor credit. What won't you find on any Capital One card? Foreign transaction fees.
How to get a credit card with no deposit?
- See if you're pre-approved for a credit card with no deposit. ...
- Explore credit cards for fair and building credit. ...
- Become an authorized user on someone else's account. ...
- Improve your credit and chances of getting an unsecured card. ...
- Start building credit with a secured credit card.
- Chase Freedom Rise℠ New to Credit. ...
- Petal® 2 “Cash Back, No Fees” Visa® Credit Card. Limited, Fair, Good, Excellent. ...
- Capital One Platinum Credit Card. Average, Fair, Limited. ...
- Petal® 1 “No Annual Fee” Visa® Credit Card. Fair, No Credit. ...
- Upgrade OneCard.
History isn't instant. If you haven't used credit before, it usually takes at least six months to generate a credit score – and longer to earn a good or excellent score.
You can walk into many banks or credit unions and fill out an application there. Again, credit card offers are usually the same if you apply in person or online, but on occasion, an issuer might offer a different deal — better, worse or just different — in its bank branch.
Capital One Venture X Rewards Credit Card
A rating of 5 is the best a card can receive. Why it's one of the hardest credit cards to get: The Capital One Venture X Rewards Credit Card is hard to get because it requires excellent credit for approval and charges an annual fee of $395. You get a lot in return, though.
