Is there a way where I can setup Itunes without entering a credit card number?

Yes, but you must be in the iTunes App Store and try to buy a free app. This explains how:

http://support.apple.com/kb/HT2534

Follow the links, do exactly as it says. When the payment page comes up it will say none in gray on the right side of payment options, ie. Visa, Mastercard, Am Ex, NONE

http://support.apple.com/kb/ht2534