Top 6 Credit Cards For Bad Credit
Most individuals with poor credit don’t have a lot of options when it comes to credit cards. In fact, most people with bad credit don’t even apply for a credit card for fear of being rejected. But that doesn’t have to be the case, as there are a variety of card options for individuals with less than stellar credit. And the good thing is, if you build your credit standing with these cards, you can eventually be approved for a more attractive credit card that extends a larger and less expensive line of credit.
You are not going to find strong rewards programs on these cards, and they will not have very low interest rates. The cards below are good options for individuals with poor credit or those who are starting out and want to get access to credit. You don’t have to feel shut out of the card market any longer, and over a period of time, prudent use of these cards will raise your credit score.
1: Capital One Secured MasterCard
Capital One is one of the top credit card issuers, and they offer a very good secured card. Any new Capital One Secured MasterCard customer must submit a refundable security deposit of $49, $99, or $200, depending on your credit worthiness. You will then receive a credit line between $200 and $3,000. As you can see, this secured card offers spending power beyond the amount of your security deposit, something rather unusual in the industry.
2: Credit One Bank Earn More Credit Fast
The Credit One Bank Earn More Credit Fast card provides some solid perks for cardholders. The card’s APR on purchases is 17.9%-23.9%, and it has a yearly fee of $35 to $99. If you make your first six payments on time, you will get a credit line increase, which makes this card attractive. You can also get pre-qualified for the card without making any negative changes to your credit score. The card offers free online monthly credit score tracking, and you’ll also be able to choose when you want to make payments each month. Other benefits include $0 fraud liability and 1% gas rewards.
3: The First Progress Platinum Elite MasterCard Secured Credit Card
The First Progress Platinum Elite MasterCard Secured Credit Card is a solid option for individuals with bad credit. The card offers a number of benefits, including monthly reporting to all three major credit bureaus. However, to open an account with the First Progress Platinum Elite MasterCard Secured Credit Card, you will need to send a refundable deposit of $300 to $2,000 with your initial credit application. Your deposit will be eligible to be returned to you anytime that you have paid back your balance.
4: OpenSky Secured Visa Credit Card
The OpenSky Secured Visa Credit Card will help build your credit by reporting updates to the major credit bureaus each month. This card also has a security deposit, but it can be as low as $200. No credit check is required to apply for the card, and you won’t have to pay any interest if the balance is paid off by the due date every month. You have the option of increases in your line of credit up to $5,000. This card has an APR of 17.5% on both purchases and cash advances. The annual fee is $29.
5: Horizon Gold
The Horizon Gold card is a nice option for those with bad credit. The Horizon Gold card has a quick and simple online application, and then you will be eligible to get as much as $500 in the form of a line of credit. There is no credit check needed. Approval is guaranteed.
6: First Progress Platinum Select MasterCard Secured Credit Card
The First Progress Platinum Select MasterCard Secured Credit Card is another solid option for those with bad credit. You don’t need any credit history or minimum credit score to be approved for the card. With monthly reporting to each of the major credit bureaus, you have a chance to build up your credit relatively quickly. The card is available in most states, except for New York, Iowa, Arkansas and Wisconsin. Like other cards on this list, the First Progress Platinum Select MasterCard Secured Credit Card has a security deposit, which can be as low as $300.
For those without access to high-end credit cards, these cards are great options. You might have to deal with security deposits and other fees that higher end credit cards may not have. In addition, you won’t get the bonus points and rewards programs that are offered to consumers with good credit scores. But you also won’t have to deal with high annual fees. Approval is all but guaranteed. If you need access to a line of credit in order to make purchases from month to month, you should look at the listed cards and figure out which one best fits your lifestyle.