Creating a list of best credit cards for new immigrants is essential because great financial products expedite the assimilation process. Credit and the American economy are intertwined. After all, seventy percent of America’s gross domestic product (GDP) is consumer spending. Most of that spending is done on credit, including credit cards. Assimilation and good credit score are a set of tools to help immigrants be part of this great American family. Consumers with bad credit scores, newly-minted immigrants or Mayflower’s descendants, pay more for products ranging from mortgage to car insurance. Here’s the list of the best credit cards for new immigrants that help them build excellent credit scores.
SECURED MASTERED FROM CAPITAL ONE
A secured credit card is funded by cash deposits you make. The deposit is usually equal to your credit limit. So, if you deposit $500, your limit is $500.00. If you want to improve your credit score, a secured credit is your best option. Since you can only spend what you deposited, you won’t have to be worried about overspending. The APR is 26.99%
Annual Fee. $0
Pricing. 26.99%. This APR will vary with the market based on the Prime Rate.
Credit. You need a “fair or no” credit to get approved.
Citi® Secured Mastercard®
The Citi Secured Mastercard might be the best-secured credit card on the market. The user-friendly platform, free access to your credit score, and no annual fee.
Annual Fee. No annual fee
Pricing. 24.74%. This APR will vary with the market based on the Prime Rate.
Credit. You need a “fair or no” credit to get approved.
PLATINUM VISA FOR REBUILDING CREDIT
The Platinum Visa for Rebuilding Credit is from Credit One. It can help you track your credit score, monitor how your credit score changes over time, and learn more about the details that go into your credit. This is an unsecured credit card. Like many all credit cards on this list, it’s expensive. The variable APR will be 19.99% – 25.99%, based on your creditworthiness.
Annual Fee. $0 – $99 based on your creditworthiness.
Pricing. The variable APR will be 19.99% – 25.99%, based on your creditworthiness.
Credit. You need “fair or no” credit to get approved
