At Kiu Global, we have a lot of clients asking us, “How do I get a credit card with no credit?”
While getting a credit card with no credit may be more challenging than getting a credit card with a plausible credit history, it isn’t impossible.
There are various ways to build your credit history like paying your bills on time, frequently using your credit card, paying your card in full each month and so on.
However, if you need a credit card and don’t have a credit history, there are still credit card options that you can pursue.
Which Bank is Best for Credit Cards
With hundreds of credit card options out there, it can be overwhelming to decide which is the right one for you.
Here are some of the best banks that'll provide you with a business credit card with no credit:
The Bank for Investment and Development of Vietnam offers individuals various benefits when they apply for a credit card.
Interest Rate: Competitive, calculated on reducing balance
Procedures: Simple and convenient procedures
Loan Term: Up to 5 years
Key Information:
Complimentary consultation on loan options
Preferential interest rate from time to time
Meet capital demand for business activities
Application Requirements:
Vietnamese citizen
Currently in Service Business, Sales Agencies, Commercial, Wholesale Business. Etc.
Application:
BIDV Business Loan Application Form
Valid ID Card, Family Register/KT3 of the borrower or legal representative under household business regulations
Valid Business Registration Certificate under current regulations
Documents related to collaterals
Yoma Bank Limited is one of Myanmar's largest commercial banks, offering personal and business banking solutions including: saving, credit and loans.
Yoma Bank works directly with you to find a loan that best suits your business goals and needs, from single asset purchases to long-term business plans.
Features and Benefits:
Fixed Interest: Know where you stand with your interest rates and repayments for the entire duration of your loan term.
Long Term: Repay over a period of up to 36 months.
Interest, Fees and Loan Terms:
Loan Term: 12-36 months
Interest: 10% per annum
Establishment Fee: 0.25%
Union Bank offers a wide range of credit cards based on your exact needs and desires.
The two business credit cards that they offer are:
Union Bank Corporate Visa Card:
Comprehensive Expense Management
Global Acceptance
Free Access to Club Manila Lounge at NAIA Terminal 1
Cash Advance
Travel Insurance
Corporate Identity
Low Fees
Rebates Program
Rewards Program
Suy Sing Visa Card
Earn Points
Earn 0.5% on Suy Sing purchases
If you're more interested in points and rewards, the Suy Sing Visa Card would be a better choice for you. Otherwise, the Union Bank Corporate Visa Card offers various benefits including their own rewards program.
What to Look for When Getting a Credit Card
There are a few factors to consider when applying for your first credit card:
Credit Reporting: Check to make sure that the card issuer reports to the credit bureaus because if not, you won’t be able to build your credit with the card.
Fees: Make sure that all the credit card fees are clear such as late fees, annual fees, returned payment fees, billing statement copy fees etc. to ensure that you won’t be charged for every minute detail when you swipe your card.
Interest Rate: Generally, you shouldn’t have a huge balance on your credit card for long periods of time. However, if you do, make sure that your interest rate isn’t too high because you’ll end up losing out on more money.
Qualification Requirements: Check the requirements before applying for the card because an application denial may hurt your credit score by up to 5 points.
Types of Cards:
Secured: Secured credit cards typically require a refundable deposit starting at $200 but are a great option for individuals with no credit history.
Unsecured: Most credit cards are unsecured and require no deposit.
Student: Student credit cards are typically targeted at students who are still in school or have recently graduated. Student credit cards offer various rewards in order to promote responsible use.
Rewards: Rewards credit cards typically require a credit score, but some beginner cards include rewards.
Gas: Gas cards usually require a lower credit score and are sometimes loyal to specific brands such as Visa or Mastercard.
Make sure you keep these considerations in mind when searching for the right credit card for you in order to avoid paying more than you need to and ensure that you’re building good credit.
Banks with Business Credit Cards
Landing a credit card with no credit is challenging, although it isn’t unachievable.
There are plenty of options out there that can meet your needs and the ones that we mentioned are a great start.