Tilt Essentials Card Review: Ideal for First-Time Users

The Tilt Essentials Card, issued by WebBank, is aimed at helping consumers establish and build a credit history through responsible behavior. It’s a solid first credit card option for those with little to no credit history. If you don’t have a credit score, Tilt uses your bank account history to determine your eligibility. Furthermore, Tilt allows you to see if you’re preapproved for the card with no credit check. Tilt only performs a hard pull of your credit once you apply.

There’s a $0 annual fee and the opportunity to earn rewards, which keeps more cash in your bank account. Even better is that there’s no security deposit required, which is rare among cards for people with little or no credit.

But if you have a blemished credit history, this isn’t the card for you. Instead, take a look at the Tilt Motion Card, which helps consumers rebuild credit.

Recommended credit: Credit scores ranges may vary. Your individual chance at approval may vary due to factors such as creditors using a particular variation at their discretion Limited / Poor / Fair / Good / Excellent

Rewards Rate: 1% - 1.5%

Up to 1.5% cash back on unlimited everyday purchases (1% right away increases to 1.25% after 6 monthly on time payments and 1.5% after another 6 monthly on time payments)

Welcome offer: None

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Rates

• Intro purchase APR: N/A
• Regular purchase APR: 29.24% Variable
• Intro balance transfer APR: N/A
• Regular balance transfer APR: N/A
• Regular cash advance APR: See terms
• Penalty APR: N/A

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Fees

• Annual fee: $0
• Balance transfer fee: N/A
• Cash advance fee: See terms
• Foreign exchange fee: $0
• Late fee: Up to $40

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Other benefits

• Mobile app with helpful financial tools
• Check your credit score
• Payment calculator to see how much interest you’ll owe
• Visa partnership benefits

• No credit history required

  The Tilt Essentials Card is an ideal beginner credit card, as a credit history isn’t required. Your eligibility may be determined by your banking history that’s run through an algorithm. You just have to link your bank account when you apply — then Tilt analyzes your info through a secure encryption process. So if you have limited credit and a great history of managing the money in your checking account, you may qualify for this card.

  However if your credit history is less-than-stellar, consider its sister card, Tilt Motion Card, which is specifically aimed at helping consumers rebuild their credit.

• Up to 1.5% cash back

  With the Tilt Essentials Card, you’ll earn up to 1.5% cash back on unlimited everyday purchases (1% right away increases to 1.25% after 6 monthly on time payments and 1.5% after another 6 monthly on time payments). Generally, beginner credit cards don’t offer rewards at all, so this is a nice feature.

  You can earn up to 3% cash back on your gas and grocery purchases if you enable autopay for your account in the Tilt mobile app. This is also a wise move for building credit history, as it can help prevent missed payments.

• Few fees

  Unlike many cards aimed at consumers with limited credit histories, the Tilt Essentials Card is a very affordable option. The annual fee is $0, there are no returned payment fees and no foreign transaction fees.

  The Tilt Essentials Card does have a late fee. You should pay on time because late payments will cost you, plus they’re reported to credit bureaus. Your payment history accounts for 35% of your FICO Score — so when you have a thin credit file, a single missed payment could do significant damage to your credit score.

• 4 ways to increase your credit limit

  The Tilt Essentials Card makes credit building easy by giving you multiple chances to increase your credit limit:

  1. When you link a bank account: If you didn’t link your bank account when you applied, you’ll get an automatic credit limit increase when you do.
  2. When you hit four months: You may be automatically considered for a credit card increase in as little as four months.
  3. With six months of on-time payments: If you make six months of on-time payments, you can potentially score a credit limit increase.
  4. Ongoing account reviews: Tilt will review your account on a regular basis and may boost your credit limit if you use your card responsibly.

• Builds credit history

  Tilt reports your credit card activity to the three credit bureaus: Equifax, Experian and TransUnion. You can build up to an excellent credit score with this card if you keep your credit utilization rate low and make on-time payments.

• Potentially high APR

  The Tilt Essentials Card has a 29.24% Variable APR, which is very high, even for a credit-building card.

  Be prepared for expensive interest charges if you carry a balance from month to month. You can avoid interest altogether if you pay your balance in full each month, which we recommend to help to improve your credit score.

• No sign-up bonus or intro APR

  Without a sign-up bonus or intro APR there’s little incentive to apply for this card aside from building credit. This is typical of cards that are geared toward building credit and shouldn’t be a deal-breaker. In the long-term, building your credit history is more important than getting a one-time bonus or short-term interest rate.

Tilt Essentials Card vs. Discover it^® Secured Credit Card

If your credit history is damaged, or you’d prefer a potentially more rewarding card for building credit, check out the no-annual-fee Discover it^® Secured Credit Card

Like the Tilt Essentials Card, you won’t need a credit score to apply. You’ll need to put down a $200 to $2,500 deposit to open the card — but that deposit is fully refundable if you close your account in good standing or are transitioned to an unsecured Discover card.

You’ll earn a solid rewards rate of 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. 1% unlimited cash back on all other purchases - automatically. In addition, there’s a unique welcome offer for new cardmembers. Discover will match all the cash back you’ve earned at the end of your first year. If you earned $200 in cash back over the year, you’ll receive an additional $200.

Starting at seven months, Discover reviews your account each month to potentially graduate you to an unsecured card and refund your deposit. Discover will look at your behavior across all of your financial accounts to determine your eligibility.

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Tilt Essentials Card vs. opensky^® Secured Visa^® Credit Card

Like the previously mentioned cards, the opensky^® Secured Visa^® Credit Card doesn’t require a credit check to be approved, which makes it a good choice if you have limited / poor / fair credit (you will have to provide basic financial information). If approved for the opensky^® Secured Visa^® Credit Card, you’ll need to submit a minimum of $200 security deposit and pay a $35 annual fee.

Through responsible use of the opensky^® Secured Visa^® Credit Card, you can build your credit history and improve your credit score. It reports to the three major credit bureaus: Equifax, Experian and TransUnion. The opensky^® Secured Visa^® Credit Card also offers a path to upgrading to an unsecured card — you’ll be reviewed for the upgrade after six months, and there’s no application or credit check required.

Unlike other secured cards, you’ll get a reasonable 23.89% (variable) APR. Unfortunately, there is no sign-up bonus or intro APR offer with the opensky^® Secured Visa^® Credit Card.

For those who have a thin credit history, or none at all, the Tilt Essentials Card could be your gateway to building your credit score. It’s an ideal credit card to build credit with because it has few fees, meaning more cash in your bank account. The mobile app offers you tools to manage your card including making payments and redeeming your rewards.

Since you’ll be able to see if you’re prequalified for this card without hurting your credit score (if any), it’s worth trying especially if you’ve been unsuccessful in getting a credit card with no credit.