What are the Best Credit Cards for Bad Credit?

Written by: Valencia Higuera

It’s normal for creditors and lenders to review credit reports and scores prior to extending financing. And if you have some credit problems in your recent past, this can trigger a fast denial. Improving your credit before applying for a vehicle loan or mortgage is one way to ensure an approval, and a credit card for bad credit can be your ticket to a higher score. These accounts are available to you if you have a low credit score, and since these cards are reported to the credit bureaus, maintaining a good payment record with your creditor helps reverse bad credit.

Capital One Secured MasterCard

MasterCard is accepted by millions of retailers and businesses globally, and if you apply for the Capital One Secured MasterCard, you can obtain a credit card with no processing or application fee. Submit a security deposit up to $3,000 with your application and receive a credit limit that matches this amount. This account will appear on all three of your credit reports, and if you maintain a good payment record, your creditor may increase your credit limit and refund your security deposit. The annual fee is $29.

First Premier Bank MasterCard

This credit card charges a $95 processing fee. But if approved, you can obtain a modest $300 credit limit. You’re eligible for credit limit increases after months of consistent timely payments. This creditor also reports to the major credit reporting bureaus. Pay your balance in full each month, make timely payments and you can slowly increase your bad credit score.

Credit One Bank Visa Credit Card

This bad credit credit card offers credit lines up to $300. Your account will receive periodic reviews that can result in a credit line increase. There is no enrollment fee and your account activity is reported to the three major credit bureaus. Enjoy the flexibility of choosing your payment due date, and you can receive due date reminders via text message or email. The annual fee is $75 the first year and $99 every year thereafter.

Applied Bank Secured Visa Gold Credit Card

With a security deposit between $200 and $5,000, you can be approved for an Applied Bank Secured Visa Gold bad credit card. This account is reported to the credit bureaus. And once approved, you pay a fixed interest rate as low as 9.99%. The annual fee is $50.

First Progress Platinum Secured MasterCard Credit Card

Not only is this credit card available to people with bad credit, but also to people with no credit history or credit score. The application process is simple and fast, and once approved, you can receive your card within five business days. You need a security deposit between $300 and $2,000. Credit limit increases are determined on a case-by-case basis after a review of your account activity. The First Progress Platinum MasterCard is not available in Arkansas, Iowa, New York and Wisconsin. The annual fee is $39.


What are the Best Credit Cards for Bad Credit?

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