When you don’t have good credit, trying to get a credit card is hard, and even once you do get a credit card, it’s easy to get trapped.
You will have a hard time improving your credit score if you do not have the opportunity to rebuild your credit. There are still credit cards available for people with bad credit, though you may not realize that.
If you wish to raise your credit score, you should consider getting a credit card with on-time payment options. Even though getting a new credit card can help your score, it can also bring it further down if it is not managed properly.
Most often, the best credit cards will depend on the individual’s individual situation, but secured cards tend to be the best choice for people with less than perfect credit. You have to put down a cash deposit when you get a secured credit card. Your credit is usually determined by that amount.
Once you use that card repeatedly, you’ll build credit, and ultimately, you’ll be able to get an unsecured card. The cash security deposit that you paid for your secured credit card can be refunded if you obtain another type of credit card.
Some of the best credit cards for people with bad credit can be found below.
Best Credit Cards For Bad Credit
In this article, we review credit cards for people with bad credit in an effort to help them rebuild their credit scores.
1. OpenSky Secured Visa
The Secured Visa from OpenSky does not require a credit check as it is a secured card. When a person opens an account, they opt for a credit line, and then they make a refundable deposit based on the credit line they choose. A major advantage of the card is the fact that you don’t have to worry about your credit score being affected by a hard pull since there is no credit check.
Depending on your creditworthiness, you may receive up to $3,000. Using OpenSky, users can improve their credit scores because their credit information is reported to all three major credit bureaus each month.
$35 is required for the annual fee, and the APR is approximately 19.64%. You can use it just like a regular Visa card. 99 percent of customers with no credit score who started with the company built their score within six months.
2. Indigo® Platinum Mastercard® Credit Card
People with low or bad credit often choose the Indigo® Platinum Mastercard® Credit Card. An applicant can utilize the pre-qualification option without affecting his or her credit score. Each of the major credit bureaus receives a report from the company.
Typical Mastercard fraud protection is available with the Indigo® Platinum Mastercard® Credit Card. Bankruptcy may not be an obstacle to obtaining this card.
3. Milestone Gold Mastercard®
There is no security on the Milestone Gold Mastercard®. Before submitting your application, you can see if you qualify. You will usually be approved for a credit limit of $300 upon approval. During the application process, you will need to consider a $35 to a $99 annual fee.
It costs $35 – $99* per year after the first year of free usage. Benefits of Mastercard Gold are included in the Milestone Gold Mastercard®.
4. Green Dot Platinum Visa
Secured credit cards are specifically designed to establish or rebuild credit. If a credit line is needed, a refundable security deposit of $200 is required, and no bank account is needed.
Consumers can deposit money in certain participating retail stores to report their payment and usage histories to credit bureaus.
This Green Dot Platinum Visa offers an annual percentage rate of 19.99%. Credit limits range from $200 to $1,000. Annual fees are $39 and credit limits are $200 to $1,000.
5. DCU Visa Platinum Secured Credit Card
This Visa Platinum Secured Credit Card is offered by Digital Federal Credit Union. The account allows account holders to borrow money against their savings accounts with DCU. It has no annual fee. You can make purchases with Apple Pay and Visa Checkout. With DCU Visa Platinum Secured Credit Card, you can get low-interest rates. Current interest rates are 13.75 percent.
6. Citi Secured Mastercard
Users of Citi Secured Mastercard can deposit between $200 to $2,500 as a security deposit, granting them a larger credit line than that offered by other secured cards.
Credit requirements are part of the approval process for this card, including a review of income and debt. There is a 24.74% variable APR on purchases. The account holder must not have filed for bankruptcy within the past two years to qualify for this card. Annual fees are not charged for this card.
7. USAA Secured Platinum Visa
A $35 annual fee is associated with the USAA Secured Platinum Visa, but there is no foreign transaction fee or penalty APR. It varies from 11.65% to 21.65%, which is on the lower end when compared to other cards.
Military recruits will benefit from the special features, security protection, and no liability associated with the card. All cardholders will receive a free credit score.
The credit limit is determined by the security deposit users make when applying for credit. A $250 security deposit is accepted. Interest is also earned on the security deposit, unlike many other cards.
8. Credit One Bank® Visa® Credit Card
People with no credit history or poor credit tend to apply for Credit One Bank credit cards. Among the credit cards available in the Credit One Bank® Visa® Credit Card.
One of the best things about this card is that it allows skilled applicants to earn 1 percent cash back on all purchases and that the rewards post to their accounts each month.
Credit score monitoring is free for account holders. Due to the fact that this is a Visa card, it offers all the standard benefits. The annual fee ranges from $0 to $99. Variable APR ranges between 17.99% – 23.99%.
9. Discover it Secured
There is a refundable security deposit required for the Discover it Secured Card. Cardholders do not have to pay an annual fee, and the standard variable APR is 22.99%. By using this card, users can receive free monitoring of their Social Security numbers.
Customers can view their FICO credit score for free online and on statements if they hold a Discover it Secured Card.
Account-holders of this card can earn 2 percent cash back on up to $1,000 in purchases every quarter at restaurants or gas stations, and 1 percent on everything else. Upon opening the account, the company matches your first year’s cash-back earnings.