It can often seem like the odds are stacked against you, especially in our modern society, where having a credit history can be crucial for all sorts of financial activities. You may not have a lot of cash on hand, but you certainly want to protect what little you’ve got. This really leaves you with two options:
- You can put all your money in the bank, but then won’t have much at hand you want to make important purchases
- You can carry all your cash round with you, but risk losing it or having it stolen
Neither option is really that attractive, is it? Fortunately there is an easy solution at hand.
You Can Have Your Credit, and Use It Too
Your best choice, if you’re just starting out, is to get one of many available prepaid credit cards. As the name implies, you will have to put cash into the credit card account. This would be similar to having it in the bank, but you don’t have to lug a check book with you everywhere you go, and go through all the aggravations associated with cashing a check in a public place. More importantly, by using your card, you will start building up a credit history, and eventually you’ll be able to apply for a regular credit card that allows you to spend money now, and pay the bank back later. As this type of card works basically the same way as a regular credit card, you will enjoy many of the same benefits:
- You can use your card at almost any store, even to make online purchases
- You don’t have to pay the entire balance off every month. You will only be able to charge up to the amount that you have loaded your card with
- There are usually no transaction fees for your charges. There may be exceptions for international purchases. For this, you need to check with the bank that issues the card, or read the fine print that comes with the card
Applying is Easy
Since you don’t have to have a previous credit history, you don’t have the same concerns as if you were applying for a regular credit card, such as worrying what your score is, or if the bank will accept you or not. You can even apply online, making sure you have all your personal information that is required. In just a few minutes, the transaction can be completed, and all you have to do is wait for your new card to arrive in the mail.
Once you have your new card, you can enjoy the same benefits as other cardholders. Just be sure to have some financial responsibility, keeping track of all your purchases, and repaying part or all of the balance due so that you can keep using it.
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