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.
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. You will also get access to a higher credit line after making your first five monthly payments on time with no additional deposit needed. You will build credit by using this card since it reports to all three of the major credit reporting bureaus.
First Access Visa
The First Access Visa card
is not as well known as these other cards but it is a solid card to have when trying to build your credit. It is offered by Mid America Bank & Trust Company. It gives the security and convenience of a full-feature, unsecured Visa card and is accepted at millions of merchant and ATM locations nationwide. Your information will be reported to all three major credit reporting agencies. With the First Access Visa, you may be eligible for a credit line increase in as little as six months. The card has a secure and easy online application, and you will find out whether your application is approved in a matter of minutes. If approved, pay a Processing Fee and you can access the $300 credit limit (subject to available credit).
Assent Platinum Mastercard
The Assent Platinum Mastercard
is a secured card issued by Synovus Bank. This card will help build your credit history since it reports to all three of the major credit bureaus. The card has an interest rate of 23.99% (V). There is no annual fee on the card during the first year; then $29 annually in subsequent years. Your credit line is secured by your deposit of $200 to $2,000 which is submitted with your application, and is fully refundable. Cardholders have online access to their accounts 24 hours a day. The card is offered throughout the United States except in New York, Iowa, Arkansas and Wisconsin.
Official NASCAR Credit Card from Credit One
The Official NASCAR Credit Card from Credit One will help build your credit by reporting updates to the major credit bureaus each month. This card has an APR between 17.24% - 25.24% Variable. The annual fee is between $0 and $99. You do have an option of receiving text and email alerts about your account. The Zero Fraud Liability ensures that your account is protected against unauthorized charges. You do receive 1% back on eligible purchases, and double cash back at the NASCAR.com superstore.
Credit One Bank Platinum Visa
The Credit One Bank Platinum Visa card provides some perks for cardholders. You will receive 1% back on eligible purchases. The card’s APR on purchases is 19.15% - 25.24% Variable and it has a yearly fee of $0 to $99. Email or text alerts to remind you when your payment is due which can help in avoiding late payments. You can 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.
The Milestone Mastercard is a nice option for those with bad credit. You can pre-qualify for a card and it will not impact your credit score. Cardholders receive fraud protection in the event of a stolen card, and have mobile access to their account at any time. Your account history is reported to the three major credit bureaus. There is an annual fee ranging from $35 to $99. The ongoing APR is 23.9%. The foreign transaction fee is 1%, less than the average for the industry.
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, most of these cards will not give you rewards programs that are offered to consumers with good credit scores. 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.