subject: How Do I Get a Credit Card with No Bank Account? Your 2 Options [print this page] How Do I Get a Credit Card with No Bank Account? Your 2 Options
Having your own credit card is one of the easiest ways to manage your expenditures each month. Rather than the risk and inconvenience of carrying cash around on your person, you can simply carry around your card. Then, when you want to make a purchase, just pull out your card, swipe it, and sign your name. That's it - purchase made!
It can be challenging to get a credit card, however, if you have no bank account.
Why Checking Accounts Are Usually Required
Most credit card issuers require that you have a bank account in order to be approved. The reason for this is that having a bank account shows the bank that you are a responsible individual. Your ownership of a bank account also ties your financial life to a specific identity and physical address. In short, a bank account is a way that banks can confirm you are who you say you are.
If you are wondering, "How do I get a credit card with no bank account?", here are your options.
Your Options
If you do not have a bank account but want a financial institution to issue you a credit card, you have two options:
1. Get a pre-paid credit card: if you do not have a checking account and do not have plans to get one anytime soon, your best option is a pre-paid credit card. This offers all of the benefits of a credit card, but without the need for a bank account.
2. Apply for a second chance checking account: if you do not have a checking account, the reason for this is likely because you have been rejected for an account by one or more banks. The truth is that 99% of bank account rejections occur because the applicant's name shows up in something called Chex Systems. This is a database that contains the names of customers who are deemed credit risks by banks.
The good news is that there are a few but growing number of banks who offer something called second chance checking. This simply means that these banks do not (and will not ever) refer to Chex Systems when considering your application. If you can establish your identity, you will get accepted.
How to Apply for a Second Chance Checking Account
Second chance checking is remarkably easy to apply for. Just find a list of banks who consider themselves to be second chance checking banks and apply to one or more of them. Make sure the bank you apply to is FDIC insured, and be sure that you get a good overall impression from the way their website looks and the way they treat you. Then, sign up. You'll have your new credit card in no time.
