Updates to Standard and US Dollar Credit Card Pages

noreply@blogger.com (CCC-Central) — Mon, 30 Jun 2008 20:07:00 +0000

The list of standard credit cards and US Dollar credit cards now have images and websites associated with each card. So all cards now have images and websites associated with them.

Related Pages:
List of Standard Credit Cards
Standard Credit Card Search Engine
List of Canadian US Dollar Credit Cards
Canadian US Dollar Credit Card Search Engine

noreply@blogger.com (CCC-Central) — Wed, 25 Jun 2008 22:20:00 +0000

The secured credit card list, charge card list and retail credit card list have all been updated to display images for each card and link to the card's official website.

Related Pages:
List of Secured Credit Cards
List of Charge Cards
List of Retail Credit Cards

Updates to Prepaid Credit Card Pages

noreply@blogger.com (CCC-Central) — Sun, 22 Jun 2008 07:15:00 +0000

The prepaid credit card list and prepaid credit card search have been updated to display pictures of the card being listed as well as the card's website if one exists. Hopefully this can be done for other lists and searches in the future as well. Also, the Opus Prepaid MasterCard and Prepaid Travel Mosaik MasterCard have been added to the directory of prepaid credit cards.

Related Pages:
List of Prepaid Credit Cards
Prepaid Credit Card Search Engine

Is the need for secured credit cards oversold?

noreply@blogger.com (CCC-Central) — Tue, 17 Jun 2008 19:27:00 +0000

If you go to any forum related to credit cards, you will inevitably see someone asking how to get a credit card when they have no credit history, and you will inevitably see that most of the replies suggest something along the lines of "Get a secured credit card."

The be clear, secured credit cards were not created to be used by people with no credit card history, rather they were designed for people with a bad credit history. So bad that it's completely impossible for them to get any other type of credit card (except for prepaid credit cards, but those don't affect credit history.)

Of course, if having no credit history truly is disqualifying you from getting a credit card, then a secured credit card is indeed your only option, but there are a few things worth considering first:

- If you have a job, even just a part-time job, you should be able to get a credit card even with no credit history.

- Even with no income and no credit history, having a bank account can help you get a credit card from the bank you have an account (especially a checking account) at, especially if you've had a substantial amount of money in the account for a while. For getting a credit card this way, it's better to go to a bank branch and apply for a card in person rather than applying online or over the phone.

- Opening a checking account, or sometimes even a savings account, at a bank may result in you being offered a credit card, especially if you're a student or make a large ($1000+) initial deposit. When I was a student, I was offered a credit card upfront when I opened a checking account with an initial deposit of $1000 even though I had no income and no credit history.

- Anecdotally, I've heard that applying in person is more likely to get you approved than applying over the phone, and applying over the phone is more likely to get you approved than applying online. I'm not sure whether or not this is actually true, but there is a logic to this belief. If you're willing to go to the bank or other issuer in person to apply, and risk the embarrassment of being turned down, it means that you have reason to be confident that you will be approved. This would be especially true if you don't have a credit history, as the issuer would have to rely more on their "perception" of you.

There are considerable downsides to using secured cards, especially the need to make a deposit you can't get back until the card is canceled or expires, and the fact that they usually have more fees than standard credit cards. For those with no credit history, it's worthwhile to try and get a standard credit card before turning to secured cards.

Related Pages:
List of Secured Credit Cards
List of Student Cards
Standard Credit Card Search Engine

Canadian Credit Card Central Blog

Updates to Standard and US Dollar Credit Card Pages

Updates to Prepaid Credit Card Pages

Is the need for secured credit cards oversold?