4 Credit Cards for Bad and Limited Credit with Cash Back
When you have bad or limited credit, it can be very difficult to build your credit history. The largest factor in your FICO credit score is your payment history, so you need a new account to build a record of on-time payments. And needless to say, there aren’t many lenders who seek out those with bad credit or a limited credit history.
Thankfully, there are some companies that are willing to offer new accounts to people with these credit profiles. If you have bad credit or a limited credit history, it is vital that you maintain a perfect record of on-time payments with one of these cards. If you manage your new card responsibly, you could qualify for another card with more competitive terms, perhaps within a year.
Here are four cash back credit cards for those with bad credit or a limited credit history:
In addition, it takes up to five days to make payments via their standard option, or you can expedite the process for a small fee. The annual fee ranges from $0- $99 annually (dependent upon good your credit is when you applied), plus an additional $19 if you add on another cardholder. There is a foreign transaction fee of 3%.
Those looking to use this card while traveling are in luck as there are no foreign transaction fees. There are also other benefits such as travel accident insurance and 24 hour travel assistance services. If you’re on the go a lot, you can now link Apple Pay with any Capital One® card to make your shopping experience more convenient. Unlike the Credit One Bank® Cash Back Rewards Visa card, you get to choose your monthly due date and payment options without being charged an extra fee. Another option is to enroll in the autopay feature so your payments are automatically paid each month. The annual fee for this card is $39.
Unlike the Credit One Bank® Cash Back Rewards Visa card, this one gives you the flexibility to pick your payment date. You also get access to free monthly tracking score tracking and reviews for credit increase opportunities automatically. If you like having reminders to make payments, you have the option of receiving email or text messages to alert you when you have a payment due. The annual fee for this card ranges from $0 to $99 depending on how good your credit is, and a 3% foreign transaction fee.
Even though you may start with a low credit limit (the minimum is $300), you can get access to a higher one if you make five payments on time. If you travel abroad anytime during your studies, there are no transaction fees. You also have access to a host of other services such as automotive rental insurance, travel accident insurance and 24 hour travel assistance services. Those looking to improve their financial literacy will be happy to know that there is a Capital One community where you can ask questions or interact with others on various personal finance topics. There is no annual fee for this card or foreign transaction fees.