Credit card companies are increasingly offering credit card-style products, and some are making them available to consumers who don’t have a credit history.
Here’s how you can do it.
Read More “These products are intended to help you get a free credit report, and are not required to provide you with a loan,” according to the credit card company, which makes the products available through its own website.
“They will not give you a loan unless you have an existing credit score or other type of personal information,” the credit cards website adds.
“If you do not have credit history, these products are not necessary.”
Many of the credit products available are more expensive than other alternatives.
Some offer an “in-person” or online option, while others offer a mobile version.
For example, a card that offers to lend you a car loan or a business loan would be the “cash back” option for many consumers, according to Experian.
The credit cards are also more expensive for consumers to use, and they often do not offer many consumer protections.
“When a consumer has a credit score, they can pay with their card,” Experian says.
“A credit score is not used for anything other than the purpose of the product.
They don’t get anything for the credit score.
They’re not eligible for other benefits or benefits for consumers.”
Consumer advocates say that while credit cards have the potential to help consumers save money, they are not a replacement for a bank account or a bank loan.
“The card is a credit report that is used by credit bureaus and lenders,” Laura Johnson, director of policy at Consumers Union, told Business Insider.
“There is a cost to having this credit report and these other services.”
For consumers who do not already have a bank, the credit-card companies may have the option of making them sign a “guarantee,” a legally binding contract that obliges them to make certain financial decisions, including how to spend their money.
Consumers often use these contracts when they shop for credit cards.
The consumer-protection group Credit Card Accountability International says it has filed hundreds of complaints against credit card companies over their marketing practices and over the years.
Some companies have been fined, but many have not been sued, the group said.