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LEARN HOW TO START, RUN, OR GROW YOUR CREDIT REPAIR BUSINESS

Build Your Credit With These 3 Credit Cards

By: Daniel Rosen December 13, 2022

What's the best Credit Card for Building Credit? 

Well, to be honest, I hate credit cards, and I'm not paid to endorse any of them! 

So today, I'm going to help you protect your credit repair clients by sharing the Three Best Credit Cards for building credit!

 

There are about 550 million open credit card accounts in the U.S. The average American has 3.8 credit cards with a credit limit of about $30,000, a balance over $5,000, and an interest rate slightly over 19%. 

Credit cards have a bad reputation because of high-interest rates, hidden fees, and often shady practices. And everyone who works in credit repair knows that they cause people a lot of trouble. 

But because credit cards are one of the biggest factors affecting credit scores, that makes them a necessary evil in our culture that's so dependent on credit. See my Holiday Debt episode for more information about that.

Credit Heroes work hard every day, cleaning up credit reports, but being successful in credit repair is more than just deleting and disputing. It's also about coaching, encouraging, and teaching your clients better financial habits!

HERE'S THE THING TO REMEMBER…

The number one way that credit card companies make money is from interest on credit card accounts and fees from late payments. The number two way credit card companies make money is through fees collected from merchants, meaning your transactions. 

So basically, they make money every time you spend, and they make EVEN MORE when you spend too much, and you get penalties and higher fees when you miss a payment, and that, in turn, lowers your credit score, and then other companies can raise your fees.

And the whole system is designed to encourage you to overspend and to push you over that edge. 

But that shouldn't surprise you. The goal of a credit card company, like all For-Profit businesses, is to make money. And the best way for them to make money is to get people to overuse their product and charge a ton of fees. That's why so many credit repair companies report that their clients' BIGGEST problem is credit card debt. 

Credit cards are easy to apply for, they're addictive, and they're technically more secure than using a Debit Card. But If you close an account, your credit score goes down, and the Bureaus even recommend if someone's goal is to get or maintain a good credit score, they should have 2 to 3 active credit cards! 

They're unavoidable! 

And then, they do that trick where they send you those blank checks. I used to love when those would come. I'd be able to pay my rent. But then I learned those were the biggest trap of all because it's like a cash advance, which brings the highest fees! 

All this is why it's so important to understand the credit card system. 

If you know what to watch out for and a few safe options to recommend, you'll be able to guide your clients to build and repair their credit faster!

HERE'S WHY THIS IS IMPORTANT…

According to the analysis site Answer the Public, three of the most common searches people make about credit cards are 

  • Credit Card for Bad Credit
  • Credit Card to Build Credit
  • What Credit Card Should I Get

Now, it's perfectly fine to avoid credit cards. You may not need them. Roughly 20% of American adults don't own any credit cards. 

If your clients struggle with debt management, you may want to press them to avoid credit cards altogether. 

I don't use credit cards myself. Don't get me wrong, I do have credit card accounts that I opened many years ago, but I never use them because they got me into so much trouble in the past. 

But for those who want credit cards, need them, or already have them, it's your job as a Credit Hero to guide them to the safest options available. 

HERE'S WHAT YOU NEED TO KNOW…

There's always risk involved when people use credit. But, if credit is going to be used, it needs to be used the right way, and different types of credit fit different personalities. 

I hate credit cards. But they can be a tool to build and repair credit when used responsibly…

HERE ARE THE THREE BEST CREDIT CARDS FOR BUILDING CREDIT...


THE PETAL 1 "NO ANNUAL FEE" VISA CREDIT CARD

According to Forbes, Petal 1 is one of the best card options for people building credit and the best overall card for people with BAD CREDIT. 

It was chosen because there was no security deposit required, no credit score required, and no annual fee. It provides 2% to 10% cash back with certain merchants, it has a reasonable $300 to $5,000 starting point credit limit, and people can earn a credit limit increase in 6 months. 

THE CAPITAL ONE PLATINUM CREDIT CARD

According to Wallethub, the Capital One Platinum card is the best STARTER CREDIT CARD of 2022. 

The card is intended for people with "fair" to "limited" credit. There are no annual or hidden fees, it includes fraud liability protection so customers won't be responsible for unauthorized charges, and after six months, customers will automatically be considered for a credit limit increase.

THE OPENSKY SECURED VISA CREDIT CARD

According to LendingTree, Opensky is the best credit card to BUILD CREDIT with NO CREDIT.

There's a $200 minimum deposit and a $35 annual fee, but it doesn't require a credit check or bank account approval. It reports your credit usage to the bureaus allowing virtually anyone to build their credit. They also claim that nearly half of OpenSky cardholders who make on-time payments improve their credit score by 30+ points in the first three months.

So if you need to establish credit and to build credit, I recommend these three cards.

Now, none of the cards I mentioned today are affiliated with me or CRC in any way. 

Most people on the internet who recommend a credit card are doing that because they are getting paid by that credit card. 

They're gonna drive you to a link where you'll pay higher fees, and then they're going to gauge you and take a lot of your money, and that's how that person gets paid.  

So know that this is not the case here. There's no affiliate link. I do not get paid for promoting them. I'm recommending them because the offers are good, and I truly want to help people.  The terms are accurate as of  December 2022, and they may change. 

MY FINAL POINT…

As always, no matter the recommendation, it's still important for people to match the type of credit to their personality. As a Credit Hero, you need to figure out which option fits the person before you recommend anything. 

I may not like credit cards, but with responsible usage, these three cards can help your clients build their credit and achieve their financial dreams.

I'll end by saying…

If you don't already have a Credit Repair Cloud account, check it out. It's the software that most Credit Repair businesses in America run on. Just sign up for a 30-Day Free Trial at CreditRepairCloud.com/freetrial

And if you'd like to change lives and grow your own credit repair business, check out our Credit Hero Challenge!

Challenge-Stack-Mockup-Final

It's an amazing program, and we've got another challenge starting in a few days, so grab your spot right now at CreditHeroChallenge.com!

Until next time, remember…

If you know your rights, you can fight back, and you can WIN! Keep fighting!

Keep giving knowledge away and keep changing lives!

Be sure to subscribe on your favorite platform below!

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Topics: Podcast

Transcript

Daniel Rosen:

Hey, credit heroes, what's the best credit card for building credit? Well, to be honest, I hate credit cards. I'm not paid to endorse any of them. So today, I'm going to help you to protect your credit repair clients by sharing the three best credit cards for building credit. So you better stick around. 

 

So the big question is this, how can we take our passion for helping people with their credit and turn it into a successful business without taking loans, without spending a fortune, by bootstrapping it from nothing? So we can help the most people and still become highly profitable? That is the question, and this podcast will give you the answer. My name is Daniel Rosen, and welcome to credit repair business secrets. Okay, if this is your first time listening to my podcast, every week, I give credit repair tips and advice for bootstrapping your business from nothing. So be sure to click subscribe now and get ready to start changing lives. 

 

There are about 550 million open credit card accounts in the US. The average American has 3.8 credit cards with a credit limit of about $30,000, a balance over $5,000, and an interest rate slightly over 19%. Credit cards have a bad reputation because of high interest rates, hidden fees, and often shady practices. And everyone who works in credit repair knows that credit cards cause people a whole lot of trouble. But because credit cards are one of the biggest factors affecting credit scores that makes them a necessary evil in our culture that's so dependent on credit. See my holiday debt episode for more information about that. 

 

Credit heroes work hard every day cleaning up credit reports. But being successful in credit repair is much more than just deleting and disputing. It's also about coaching, encouraging and teaching your clients to have better financial habits. Here's the thing to remember the number one way that credit card companies make money is from interest on credit card accounts and fees from late payments. The number two way that credit card companies make money is through fees collected from merchants, meaning your transactions. So basically they make money every time you spend. And they make even more money when you spend too much. And you'll get penalties and higher fees when you miss a payment. And that in turn lowers your credit scores. And then other credit card companies can also raise your fees. And the whole system is designed to encourage you to overspend and to push you over that edge. But that shouldn't surprise you. 

 

The goal of a credit card company like any for profit business is to make money. And the best way for them to make money is to get people to overuse their product, and then charge a tonne of fees. That's why so many credit repair companies report that their clients biggest problem is credit card debt. Credit cards are easy to apply for they are addictive, and they're technically more secure than using a debit card. But if you close your account, your credit score goes down. And the Bureau's recommend that if your goal is to get or maintain a good credit score, you should have two to three active credit cards. So they're unavoidable. And then they do that trick where they send you those blank checks. I used to love when those blank checks would come because I'd be able to pay my rent. But then I learned that those were the biggest trap of all, because it's treated like a cash advance which brings the highest fees and all this is why it's so important to understand the credit card system. If you know what to watch out for, and a few safe options to recommend. You'll be able to guide your clients to build and repair their credit a whole lot faster. 

 

Here's why this is important. According to the analysis site, answer the public three of the most common searches people make about credit cards, or credit card for bad credit credit card to build credit, and what credit card should I get. Now it's perfectly fine to avoid credit cards, you may not need them. roughly 20% of American adults don't own any credit cards. If your clients struggle with debt management, you may want to press them to avoid credit cards altogether. I don't use credit cards myself. Don't get me wrong. I do have credit card accounts that I opened many years ago, but I never used them. And I never use them because they got me into so much trouble in the past. But for those who do want credit cards who need them or who already have them, it's your job as a credit hero to guide them to the safest options available. Here's what you need to know there's always risk involved when people use credit, but if credit is going to be used, it needs to be used the right way. And different types of credit fit different personalities. I hate credit cards, but they can be A tool to build and repair credit when used responsibly. 

 

Here are the three best credit cards for building credit. The pedal one no annual fee VISA credit card. According to Forbes pedal one is one of the best credit card options for people wanting to build credit and the best overall card for people with bad credit. It was chosen because there is no security deposit required, no credit score required and no annual fee. It provides 2% to 10% cashback with certain merchants, it has a reasonable 300 to $5,000 Starting Point credit limit and people can earn a credit limit increase in six months the Capital One platinum credit card. According to WalletHub. The Capital One platinum card is the best starter credit card of 2022. The card is intended for people with fair to limited credit, there are no annual or hidden fees includes a fraud liability protection, so customers won't be responsible for unauthorised charges. And after six months, customers will automatically be considered for a credit line increase the open sky secured VISA credit card. According to lending tree Open Sky is the best credit card to build credit with no credit, there is a $200 minimum deposit and a $35 annual fee. But it doesn't require a credit check or a bank account approval. It reports your credit usage to the Bureau's allowing virtually anyone to build their credit. They also claim that nearly half of Open Sky card holders who make on time payments, improve their credit score by 30 points or more in the first three months. So if you need to establish credit and to build credit, I recommend these three cards. Now none of the cards I mentioned today are affiliated with me or CRC in any way. 

 

Most people on the internet who recommend a credit card, they're doing that because they're getting paid by that credit card company. So they're going to drive you to an affiliate link where you'll pay a higher fee, and then they're gonna gouge you and take a lot of your money. And that's how that person gets paid. So know that that's not the case here. There is no affiliate link, I don't get paid for promoting them. I am recommending them simply because their offers are good. And I truly want to help people. Their terms are accurate as of December 2022. And they may change. And here's my final point. As always, no matter the recommendation, it's still important for people to match the type of credit to their personality. And as a credit hero, you need to figure out which option fits your client. Before you recommend anything. I may not like credit cards but with responsible usage. These three cards can help your clients to build their credit and achieve their financial dreams. 

 

And just a reminder, this podcast is brought to you by credit hero score Grennan euroscore is the only credit monitoring service that integrates directly with credit repair cloud get instant access to your credit reports and scores by signing up for a seven day trial for only $1 Sign up right now at credit heroes score.com. And now for my favourite part of the episode. Every week I feature one of our credit heroes inside our credit repair cloud Facebook community so that you can see firsthand what real people are doing as they run and grow their business. And today's spotlight is on Steven Gomez Steven posted a tonne of pictures in the community showing off credit reports with 26, deletions, 16, deletions and more. But what stood out was his message. Stephen said knowledge and persistence are the two most important factors in achieving success. Make your own way and don't give too much credence to the opinions of those who would tell you otherwise. Establish your comfort zone. Settle in and press forward. Let's go. And Steven. I love the way you said that belief is the key to success. If you don't have belief you won't get anywhere. Hashtag goat mez.

 

And I'll end by saying if you don't already have a Credit Repair Cloud account, check it out. It's the software that most credit repair businesses in America run on. Sign up for a 30 day free trial at credit repair icloud.com/free trial. And if you'd like to change lives and grow your own credit repair business, check out our credit hero challenge. It's a live experience that has helped tonnes of credit heroes to get certified in disputing and to gain confidence as they run their credit repair business on a solid foundation so they can change a whole lot of lives and make a great living in the process. We're starting the next challenge very soon. So you want to join before the door is closed. We're going to have a long wait until the next swan. So sign up right now at credit hero challenge.com. 

 

And if you're finding value in the things that I share on this podcast, click below to subscribe and follow and give me a five star review or share the show and help me to change more lives. And if you'd like to read the show notes, they're posted in my blog. And if you have a question or a comment, drop it down below, because I read each and every one of them, I would love to hear from you. And I'll respond as soon as I can. And if you want to learn the secrets to turning the tables on the credit card companies, check out my interview with Dan B. So take care credit heroes and keep changing lives. 

 

Hey, everybody, it's Daniel again. And really quick, I'd like to invite you to join what I believe is the best thing we have ever created inside the credit repair cloud community. And it is a challenge that we call the credit hero challenge. If you're just planning out your business, or you're just getting it started, and you dream of having a successful business of your own, so you can quit your nine-to-five and fire your boss and have financial freedom or so you can add another revenue stream to your existing business. If that's your dream, you need to get into this challenge. We created this challenge to help you to create and launch your very own credit repair business to build a proper foundation for a really successful business. This challenge is going to help you to understand the strategy, the tactics, and all the things you need to be successful at credit repair. It really is the greatest thing we have ever built, and it will change your life. So I recommend you do it right now. Stop everything pause this audio go online and go to credit hero challenge.com That's credit hero challenge.com and join the next challenge. And there's a challenge that starts in just a few days. So go get started right now at credit hero challenge.com

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