You might not be shocked about being denied for a credit card when you have a history of poor credit or lack any credit history whatsoever. However, don’t panic or lose hope. There are actually alternatives to credit cards that can help you navigate real world financial situations when they arise.
Put your money upfront for credit
If limited credit or not having any credit history is a problem, you can readily use a secured credit card. You will simply be required to put up a cash deposit as collateral, which also becomes the card’s credit limit. As an added bonus, most secured credit cards help build up your creditworthiness over time. Just remember to be punctual with payments.
Internet friendly payment platforms
The Internet is not solely for watching funny cat videos or playing games. If getting a credit card is not a viable option, you can always consider using online payment platforms like Paypal, Skrill, or Amazon Pay instead. You can keep track of your transactions, and even get money sent from friends and family.
Bank associated debit cards
Debit cards will almost give you as many flexible options as a credit card, especially if there is a logo from Visa or Mastercard on the front. However, you won’t be able to spend more money than what is actually in your account. Some debit cards even reward you with points for your purchases.
Leave the cards behind
The future is digital. Thanks to advancements in technology, credit cards may be increasingly passe. Due to the ubiquity of smartphones and Internet-connected devices, many financial transactions can take place using an electronic wallet like Apple Pay, Venmo, GoogleWallet, or Android Pay. Need to split a bill with a friend or pay for a purchase in a flash? There’s an app for that.
Give yourself a gift
Prepaid gift cards may be reloadable, or they may be linked to a specific retailer with a fixed amount. Gift cards are accepted for payment at more places than you may realize, especially when there is a major logo from a credit company displayed. The only downside with a gift card is that it will not help build your credit score.