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Best Credit Cards for Building Credit September 2022
Boost your credit score
A credit building card is a great way to build or repair your credit history. Compare our credit cards and start improving your credit today.
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- Rewards Rate: None
- Welcome Offer: None
- Balance Transfer intro APR: None
- Purchase intro APR: None
On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.
Security Deposit Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.
To be eligible to apply for Credit Builder, you need to have received a qualifying direct deposit of $200 or more to your Spending Account within the last 365 days of your application. The qualifying direct deposit must have been made by your employer, payroll provider, or benefits payer by Automated Clearing House (ACH) deposit. Bank ACH transfers, Pay Friends transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, and cash loads or deposits are not qualifying direct deposits.
Chime Credit Builder has no annual fees and no interest. No minimum security deposit is required and no credit check is needed to apply. You can withdraw cash using the Credit Builder card at any ATM with zero interest and there are no fees when you use any of the 60,000+ in-network ATMs.
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- Rewards Rate: None
- Welcome Offer: None
- Balance Transfer intro APR: None
- Purchase intro APR: None
Minimum Finance Charge - If you are charged with interest, the charge will be no less than $1.00.
Cash Advance Fee: 3% Min: $10
- Rewards Rate: None
- Welcome Offer: None
- Balance Transfer intro APR: None
- Purchase intro APR: None
The Varo Believe Credit Card is a secured credit card designed to help you build your credit; however, a variety of factors impact your credit including payment history, utilization, derogatory marks, account age, total number of accounts, and inquiries–not all factors are equally weighted. Building your credit may take time and is a process, but the Varo Believe Program may be able to help.
Your credit limit can’t exceed your available to spend balance in your Varo Believe Secured Account, up to $2,500 per day for purchases or $1,000 a day for cash advances, totaling no more than $10,000 total per billing cycle.
- Rewards Rate: None
- Welcome Offer: None
- Balance Transfer intro APR: None
- Purchase intro APR: None
† APR will vary with the market and is based on the Prime Rate.
The Prosper Credit Card is an unsecured credit card issued by Coastal Community Bank, member FDIC, pursuant to license by Mastercard® International.
- Rewards Rate: 2%-10% cash back at select merchants
- Welcome Offer: None
- Balance Transfer intro APR: None
- Purchase intro APR: None
- Rewards Rate: 1% cash back right away and earn up to 1.5% after 12 on-time payments. 2%-10% cash back at select merchants
- Welcome Offer: None
- Balance Transfer intro APR: None
- Purchase intro APR: None
Our product scores consist of a combination of the following 2 components:
Click Trend
Products & Features
BestMoney measures user engagement based on the number of clicks each listed brand received in the past 7 days. The number of clicks to each brand will be measured against other brands listed in the same query. Therefore, the higher the share of clicks a brand receives in any specific query, the higher the Click Trend Score. BestMoney accepts advertising compensation from companies, which impacts their (and/or their products’) position, and in some cases, may also affect their Click Trend Score.
How Credit Cards Work
Credit cards take the form of a revolving debt instrument. This means you can carry a debt balance on the credit card from month to month without paying off the balance in full.
When you make a purchase, the money doesn’t come out of your bank account. Instead, you build a balance on your credit card. Until you pay this amount off, you owe a debt to the credit card company.
Credit card companies report this debt to the credit bureaus, which helps you build your credit history based on your payment and other debt habits. If you miss payments or incur a large debt balance, these negative credit actions could harm your credit score in addition to the interest payments and other fees you may have to pay.
Most credit cards offer grace periods where you don’t incur interest on the amount owed immediately. As long as you pay your statement in full and on time every month, you usually get around 20-25 days after the statement date to pay without incurring interest. After the grace period expires, interest charges start getting added to your balance.
Credit cards may offer benefits, such as credit card rewards on your purchases. These can take the form of cash back, rewards points, statement credits, and more. These payment cards may also offer protection when you make purchases, such as extended warranties, travel insurance, or auto rental insurance. Cards with more benefits may come with an annual fee.
Credit cards typically offer more robust fraud protection than debit cards. The money doesn’t come directly out of your bank account, so the credit card companies have a vested interest in fighting fraud. While laws limit your liability for fraudulent purchases to $50, most credit card companies have better fraud policies that won’t hold you liable for any fraud as long as you report it immediately.
Pros & Cons of Credit Cards
| Pros | Cons |
| Credit card rewards | Interest |
| Build credit history | Annual fees |
| Credit card benefits, such as extended warranties, purchase protections, and more | Can incur debt |
| Fraud protection | Could hurt your credit score |
| Grace periods to make payments |
