Unlike the credit cards you can get with a good credit score, these are pretty simple cards. And that’s fine because the goal is to use them to build your credit and show that you are financially responsible and then look for a better option to access capital.
In fact, having several credit cards is not bad, the problem is when you use 30% of the line of credit, although the banks like you to be in debt to receive their famous surcharges, but it does not harm your credit as long as you comply with the minimum payments.
On the other hand, you should know that there are secured and unsecured cards for bad credit.
The difference is that secured credit cards require a security deposit. that protects the card issuer in case you don’t pay your debts. Generally, this security deposit works as your credit limit, they are the typical cards that you must deposit an amount for your line of credit. The advantage is that some year secured credit cards give you back your cash and leave you the line of credit with the advantage of requesting an increase and that helps raise your credit points. For this reason, it is easier to obtain a secured credit card.
On the other hand, unsecured credit cards for bad credit do not require a deposit , but generally have high interest rates and low credit limits. The limit of the line of credit of these credit cards will depend a lot on the financial institution or bank. But when there is no option, you start with what is there to show that you can control your finances and obtain better credit cards.
So the best credit cards for bad credit are.
Be careful this may vary so far it is the compilation but it can change I recommend reading once you enter the links your changes and terms.
Credit One Bank VisaCredit One Bank Visa is an excellent option that will help people with bad credit. The Credit One Bank Visa credit card has a rewards program that allows you to receive a 1% cash back benefit on purchases like groceries and gas, and on services like internet, cell phone and cable TV. Also, one of the biggest advantages is that you can choose your own payment due date.
Characteristics of the Credit One Bank Visa
Ideal for: building credit
Minimum credit score required to qualify: 300
Annual interest rate: 24-26.24% (variable)
Annual fee: $0-$75 for the first year, $0-$99 annually thereafter.
Discover it Secured
Discover it Secured is one of the best credit cards for bad credit if you want to get cash back. With its rewards program, Discover it Secured allows you to earn 2% cash back capped at $1,000 per quarter when you make purchases at restaurants and gas stations, plus 1% on all other purchases. Just keep in mind that you need to leave a $200 refundable deposit.
Features of Discover it Secured
Best for: getting cash back
Minimum credit score required to qualify: 350
Regular annual interest rate: 22.99%
Annual Fee: $0
Capital One Secured MasterCard
Capital One Secured Mastercard is one of the best cards for building credit since it has no annual fees or hidden costs. In addition, it is possible to obtain access to a higher line of credit if you make your payments on time for five months. However, you must leave a refundable deposit of $49, $99 or $200 to get a credit limit of $200.
Characteristics of the Capital One Secured Mastercard
Best for: Rebuilding your credit with minimal upfront costs
Minimum credit score required to qualify: 350
Annual interest rate: 26.99%
Annual Fee: $0
Indigo Platinum Mastercard
Indigo Platinum Mastercard is one of the best credit cards for people with bad credit or those who have filed for bankruptcy. Indigo Platinum Mastercard offers a simple pre-qualification process that does not affect your credit score. There are more advantages: foreign transaction fee of only 1% per purchase, and other advantages in travel. For example, if you rent a car using this card, you’ll get coverage against theft and physical damage.
Characteristics of the Indigo Platinum Mastercard
Idea for: Anyone who has filed for bankruptcy
Minimum credit score required to qualify: 350
Annual interest rate: 24.99%
Annual fee: $75 the first year, $99 thereafter
DCU Visa Platinum Secured
DCU Visa Platinum Secured is a great credit card for people with bad credit looking for an affordable solution. The DCU Visa Platinum Secured Credit Card has no annual fees, has a low interest rate, and is flexible in the amount of credit it offers you, meaning you can use just about as much credit as you want. In addition, there are benefits when renting vehicles, taking trips, and when you use it to pay for your insurance. But unfortunately, it does not offer rewards.
Characteristics of the DCU Visa Platinum Secured
Ideal for: its low interest and because there are no fees
Minimum credit score required to qualify: 300
Annual interest rate: 11.50%
Annual Fee: $0
Total Visa Credit Card
The Total Visa Credit Card is about the best credit cards to rebuild bad credit. The bank will report your payments to the three major credit bureaus. However, the Total Visa Credit Card requires a program fee, an annual fee, a monthly service fee, and has an initial credit limit of just $300.
Characteristics of the Total Visa Credit Card
Best for: Those who need to be disciplined about their credit
Minimum credit score required to qualify: 300
Annual interest rate: 34.99%
Annual fee: $75 the first year, $48 thereafter
7.OpenSky SecuredVisa
OpenSky Secured Visa is a convenient option for everyone who wants to avoid going through a credit history check when applying for a card. Plus, you don’t need to have a bank account to qualify, and you’ll be able to build your credit quickly since the issuer reports to all three major credit bureaus. But on the other hand, the OpenSky Secured Visa credit card has an annual fee and requires a minimum $200 deposit.
Features of the OpenSky Secured Visa
Ideal for: no need to check your credit.
Minimum credit score required to qualify: 300
Annual interest rate: 17.39%
Annual fee: $35
- Green Dot Platinum Card
Green Dot Platinum Card is one of the best credit cards for bad credit, especially if you’ve had trouble getting approved with other cards. The Green Dot Platinum Visa Credit Card is a credit card based on your initial deposit. That means your credit limit is equal to the amount of your deposit. If you pay on time and use it responsibly, you can see your credit score go up. And, since it doesn’t check credit status, it doesn’t affect your credit when you apply.
Characteristics of the Green Dot Platinum Card
Best for: The credit discipline you gain
No minimum credit score required to qualify
Annual interest rate: 19.99%
Annual fee: $39
Credit Builder Secured Visa
Although the Credit Builder Secured Visa credit card does not offer rewards and has a high annual interest rate, it has the advantage of having no annual fee and allows you to set your own credit limit between $300 and $3,000 based on the amount you deposit in your Credit Builder savings account. In addition, Armed Forces Bank will help you build your credit history by reporting your financial performance to the three major credit bureaus.
Features of the Credit Builder Secured Visa
Ideal for: having a flexible credit limit
Minimum credit score required to qualify: 300
Annual interest rate: 25.99%
Annual Fee: $0
- First Progress Secured Mastercard
The First Progress Secured Mastercard secured credit card , which offers three different products. No minimum credit score or history is required to get approved. Also, when you use this credit card, it will be reported to the three main credit bureaus. The minimum deposit required is $200.
Characteristics of the First Progress Secured Mastercard
Ideal for: building or rebuilding your credit history
No minimum credit score required to qualify
Annual interest rate: 5.24% for Platinum Prestige, 9.24% for Platinum Select, and 15.24% for Platinum Elite
Annual Fee: $29, $39, and $49, respectively
- Fingerhut
The last option when it comes to the best credit cards for bad credit is the FINGERHUT credit card that they offer. This program is designed to help people who are just starting out or starting over.
Features of the FINGERHUT
Ideal for: building or rebuilding your credit history
No minimum credit score required to qualify
- A one-time purchase program that is a step towards a traditional credit account.
- Your $30 down payment is deducted from the purchase price. #
- FreshStart customers who have successfully completed this program have seen an average increase of 30 points^ in their FICO ® Score.
- Build your credit history when you make a purchase and pay your monthly bill.
- After just 3 on-time payments, you could get a credit line increase!
This credit card allows you to buy within your website giving a closed security of use of your line of credit, each first purchase must be greater than 30 dollars to start making credit.
