Poor Credit / Bad Credit
These credit cards are for people that have poor or less than perfect credit. Our objective opinion is included on each card.
1. First Option Visa® Card
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| Interest Rate*: | 19.5% |
|---|---|
| Intro Rate: | No Introductory Rate Available |
| Grace Period: | None |
| Credit Limit: | up to $5,000 |
| Annual Fee: | $59 |
Our Opinion: Created for those with no credit history, or past credit problems. Secured card that establishes an interest yielding collateral savings account on behalf of the cardholder. Each deposit is funded by the cardholder and is applied to the credit limit, which can be as much as $5,000. The interest rate is high, even for a secured card, so pay it off each month. $59 annual fee, plus a $99.95 processing fee. No monthly activity fee. If you aren't approved, processing fee is refunded. Allows you to establish a credit history with the three major credit bureaus.
2. Wired Plastic™ Prepaid Visa® Card
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| Interest Rate*: | n/app |
|---|---|
| Intro Rate: | No Introductory Rate Available |
| Grace Period: | n/app |
| Credit Limit: | n/a |
| Annual Fee: | None |
Our Opinion: Pre-paid card with no annual fee. Applicaion fee is $9.95; monthly fee is $3.95 (fees total $57.35 in 1st year). Minimum load is $10. Card offers direct deposit and a rewards program. Earn 1 point per $1 spent on purchases. Earn unlimited points; points do not expire. Points earned may be used for music downloads, ring tones, calling cards and prepaid wireless service. Employment verification and credit checks are not required for this card.
3. BuyRIGHT Pre-Paid MasterCard®
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| Interest Rate*: | n/app |
|---|---|
| Intro Rate: | No Introductory Rate Available |
| Grace Period: | n/app |
| Credit Limit: | up to $2,500 |
| Annual Fee: | None |
Our Opinion: Requires first load of $20. There is no fee to load the card with direct depost. You will pay a fee with other types of funding. Fees include: $29.95 set-up fee, choose betwee a $7.95 monthly fee or $1 per transaction fee (choose the monthly fee if you make over 8 transactions each month). They also offer a free BuyRight Membership. This gives you access to a pre-approved $5,000 line of credit that you can only use on purchases at the BuyRIGHT Marketplace; this is not connected to the BuyRIGHT prepaid card. The BuyRIGHT awards program offers 1 point per $1 on purchases. Earn unlimited points; points do not expire.
6. New Millennium Bank Secured Black Diamond Visa®/MasterCard®
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| Interest Rate*: | 19.5% |
|---|---|
| Intro Rate: | No Introductory Rate Available |
| Grace Period: | None |
| Credit Limit: | up to $5,000** |
| Annual Fee: | $59 |
Our Opinion: Created for those with poor or limited credit who may have difficulty in obtaining an unsecured credit card. Benefits include extended warranty for purchases, auto rental insurance, and travel accident insurance. Cardholder is awarded a free companion airline ticket. High APR, but interest is applied to the deposit. The card has a no turn-down, no credit check policy. The annual fee is $59 and the processing fee is $99.95. Please note that that there is no grace period for purchases, interest will be applied to any charges made with the card.
7. New Millennium Bank Secured Gold Visa® / MasterCard®
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| Interest Rate*: | 19.5% |
|---|---|
| Intro Rate: | No Introductory Rate Available |
| Grace Period: | None |
| Credit Limit: | up to $5,000** |
| Annual Fee: | $59 |
Our Opinion: Created for those with poor or limited credit who may have difficulty in obtaining an unsecured credit card. Benefits include extended warranty for purchases, auto rental insurance, and travel accident insurance. Cardholder is awarded a free companion airline ticket. High APR, but interest is applied to the deposit. The card has a no turn-down, no credit check policy. The annual fee is $59 and the processing fee is $69.95. Please note that that there is no grace period for purchases, interest will be applied to any charges made with the card.
8. Next Millennium MasterCard®
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| Interest Rate*: | 19.5% |
|---|---|
| Intro Rate: | No Introductory Rate Available |
| Grace Period: | None |
| Credit Limit: | up to $5,000 |
| Annual Fee: | $59 |
Our Opinion: The Next Millennium MasterCard®, issued by New Millennium Bank, is a secured card designed for people who have no credit history or who have had problems with credit in the past. This secured card establishes an interest yielding collateral savings account on behalf of the cardholder. Each deposit is funded by the cardholder and is applied to the credit limit, which can be as much as $5,000. Currently, the savings account earns an APR of 3% (6% for the first three months, 2% for the next nine months). Because the savings account serves as collateral for the secured card, cardholders will not be able to withdraw money from the account. The card has a fixed APR for both purchases and cash advances. The APR is considered high, even for a secured credit card. There is a $59 annual fee that applies for this card. This is in addition to the initial $35 processing fee (for one card) or a $49 fee (for two cards). If a cardholder is applying with a co-applicant, a $10 processing fee will be required. If a cardholder requires rush processing, the fee for that service is $10. There are no monthly activity fees for this card. If you are not approved for this credit card offer, the application fees will be refunded. The Next Millennium MasterCard® is a good option for people who need to establish credit history with the three major credit bureaus, while earning interest on the amount deposited as collateral on the account.
9. Facecard Prepaid MasterCard®
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| Interest Rate*: | n/app |
|---|---|
| Intro Rate: | No Introductory Rate Available |
| Grace Period: | n/app |
| Credit Limit: | up to $2,500 |
| Annual Fee: | None |
Our Opinion: The Facecard Prepaid MasterCard®,issued by MetaBank, is the equivalent of having a prepaid card, gift card and cash all rolled into one. This prepaid, reloadable card is a safe alternative to credit card debt, and can be used anywhere that MasterCard® is accepted, including ATMs. With the Facecard Prepaid MasterCard®, cardholders receive Prewards®, which are like coupons, put directly on their cards. The Facecard Prepaid MasterCard® doesn't carry the risk of debt or overdraft fees because you cannot spend beyond what you have on the card. Reloading your card is easy. Simply transfer funds from your bank account, and they will become available within 4-7 business days. You can also have your paychecks automatically deposited to your card through direct deposit. Or put money onto your card from your credit or debit card. However, there is a maximum total balance of $2,500 allowed for this card. The Facecard offers convenience by allowing you to manage your account online with 24/7 online account access. You can set your notification preferences and receive email and/or text message alerts about account activity. The Facecard Prepaid MasterCard® also offers a Prewards® program. You automatically receive Prewards once you sign up for a Facecard. A preward is a digital incentive, or coupon, that is automatically added to your Facecard. Merchants in the partner network send digital incentives to your Facecard that you can enjoy at restaurants, stores, and other businesses. For example, if you have a $2 Preward for your favorite burrito place, and a burrito costs $5, only $3 will be deducted from your Facecard when you purchase a burrito. While this card offers convenience and no set up fees, there are other fees associated with it. There is an ATM fee of $1.50 per transaction and an international purchase fee of $.50. If you choose to have your monthly statement printed and mailed to you, the cost is $2.95. Other fees include $9.95 for card replacement, a $9.95 shortage fee, a $19.99 chargeback processing fee, and a $4.95 inactive account fee.
10. Eufora Prepaid MasterCard® with Credit Builder - Elite Level
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| Interest Rate*: | n/app |
|---|---|
| Intro Rate: | No Introductory Rate Available |
| Grace Period: | n/app |
| Credit Limit: | up to $5,000 |
| Annual Fee: | $99.95 |
Our Opinion: The Eufora Prepaid MasterCard® with Credit Builder - Elite Level, issued by The Bancorp Bank, is a stored value card designed for those who have fair, poor, bad, or no credit history and would like to rebuild their credit, as well as have the chance to earn income for referrals. Not often do prepaid cards offer benefits; however, the Eufora Prepaid MasterCard® with Credit Builder - Elite Level offers a unique income opportunity for cardholders. Each time a cardholder refers a new applicant to the Eufora™ Elite MasterCard®, that cardholder will earn $90 per year if the referred applicant is approved and maintains their membership in good standing. Each time a cardholder refers a new applicant to the Eufora™ Preferred MasterCard®, that cardholder will earn $50 per year if the referred applicant is approved and maintains their membership in good standing. Lastly, each time a cardholder refers a new applicant to the Eufora™ Associate MasterCard®, that cardholder will receive $20 per year if the referred applicant is approved and maintains their membership in good standing. At the Elite level, the cardholder earns “commissions” for referrals at every card level. The two lower earning levels (Associate and Preferred) have lower annual fees, but the referral fees are considerably less. For instance, if an Associate level cardholder refers an Elite level cardholder, that cardholder will receive $20 as opposed to $50. The annual fee for the card is $99.95 per year, and is currently being waived for the first two years. In addition to the unique income program, the card offers the following benefits: purchase protection, auto rental insurance, and up to $200,000 in travel accident insurance. In order to use the card, cardholders need to first make a deposit in advance for a set amount (ranging between $5 to $5000 per deposit), which determines the amount that can be spent on the card. For instance, if an individual were to deposit $100, they could only use up to $100 of credit for future purchases (there is a maximum of $5,000 that can be held in the account at any one time). Funds may be loaded onto the card through an existing checking or savings account ($300 maximum), money orders, bank wire transfers, payroll direct deposits, or retail locations. Eufora™ may also load the card directly from earned referrals (subject to their terms and conditions). For those who wish to establish or rebuild their credit, the card offers a service called “Credit Builder” which reports to a credit bureau. The service is provided for a total of two years and has a $19.95 processing fee, along with a monthly fee of $10.00 for the first year (a total of $120.00). No monthly fee will be charged for the second year of service. Therefore, those who are looking for a stored value card in which they can pay in advance for purchases and would like an opportunity to earn extra income will benefit most from what the Eufora Prepaid MasterCard® with Credit Builder - Elite Level has to offer.
