Bad Credit. You're stuck with a low credit score, making it difficult to get approved for things like a new apartment or take out loans. It can happen to us all, and it can feel like the end of the world when it does.
But don'tt worry - you can improve your Credit Rating and start rebuilding your Financial Future.
And I'm going to tell you how...
Enter credit cards for Bad Credit.
There are two options available for Credit Cards for people with Bad Credit: Secured and Unsecured. Secured Credit Cards require a deposit. This deposit usually equals your Credit Limit and acts as collateral if you Default on your Payments.
Conversely, an Unsecured Credit Card does not require a deposit. However, Unsecured Credit Cards for Bad Credit usually come with higher Interest Rates and fees.
There are certain factors to consider, no matter the credit route you choose to take. Firstly, make sure you make your payments ON TIME and IN FULL. It will help you improve your Credit Score and rebuild your Credit History.
Second, try to keep your balance low. Credit Utilization (the amount of credit you're using compared to your Credit Limit) is one of the significant factors affecting your Credit Score. The lower your utilization, the better.
Let's highlight some of the best credit cards for lousy credit, shall we?
OpenSky
No credit history? No problem.
No bank account? No sweat!
The OpenSky Secured Visa Credit Card is one of the GUARANTEED APPROVAL credit cards. Make a minimum deposit of $200 (this will be your Credit Limit), and you're good to go. Bonus, the deposit is refundable.
You'll also get a 0% APR for the first eight months. After that, a variable APR of 18.89% will apply. OpenSky reports to each of the three Credit Bureaus (Equifax, Experian, and TransUnion), so if you use this Card correctly, you can build your credit quickly and easily.
Key Features:
Card Type: Secured
Minimum Security Deposit: $200
Maximum Security Deposit: $3000
Fee: $35 annually
Foreign Transaction Fee: As low as $3
Rewards: No rewards
Pros of OpenSky:
OpenSky is one of the GUARANTEED APPROVAL credit cards that allows you to:
- Improve Credit Scores with an 85% success rate for the first five years
- Earn eligibility for the OpenSky Gold Unsecured Card within the first six months
- Get considered for an increased credit line within six short months.
Cons of OpenSky:
You may want to get another Credit Card for the following reasons:
- You may find options that don'tt charge an Annual Fee.
- You cannot upgrade to an Unsecured Credit Card. If you're unhappy with it, it'll be costly and difficult to cancel this Card.
- Other card options may give you a credit line of $200 with a deposit of only $49 - $99
If you prioritize card options with $0 fraud liability and flexible payment due dates, you should consider theOpenSky credit card
Merrick Bank Secured Visa:
Merrick Bank Visa Cards are globally accepted and can be used anywhere that accepts Visa. You can make a minimum deposit of $200 and a maximum deposit of $3000. Since the credit card reports to each of the three Credit Bureaus, you can also use this Card to help improve credit scores.
The Merrick Bank Secured Visa comes with a low APR of 17.45%, which is excellent regarding Secured Credit Cards. You also have the added benefit of No-Balance Transfer Fees and Fraud Liability Protection.
Key Features:
Card Type: Secured
Minimum Security Deposit: $200
Maximum Security Deposit: $3000
Fee: $36 Annual Fee for the first year, then a monthly cost of $3
Foreign Transaction Fee: As low as 2%
Rewards: No rewards
Pros of Merrick Bank Secured Visa:
Merrick Bank Credit Cards are known for the following reasons:
- You can choose your Credit Line depending on the amount you deposit
- You can increase your Credit Line after nine months - it doesn't require any additional deposit
- You get Fraud Coverage in case of theft or loss
Cons of Merrick Bank Secured Visa:
You may want to consider another Credit Card for the following reasons:
- The Annual Fees can be expensive, especially with other card options with no Annual Fees.
- The 2% Foreign Transfer Fee might not be ideal if you make foreign transactions regularly
- No rewards or sign-up bonuses are offered with this Card
Getting a Merrick Bank credit card can make improving your Credit Score much easier.
Get your Merrick Bank credit card Now
Merrick Bank Double Your Line
What's holding you back from improving your Credit Card Score? Is it the Credit Line? With Merrick Bank Double Your Line Credit Card, you can increase it after making your first seven monthly payments on time. You can quickly check if you qualify without damaging your Credit Card Score.
The Merrick Bank Double Your Line Credit Card reports to each of the three Credit Bureaus, so you can use this Card to help improve Credit Scores. The APR is 19.70%, which will vary with the Prime Rate.
Key Features:
Card Type: Secured
Annual Fee: Ranging from $0 to $72
Cash Advances APR: 24.70%
Foreign Transaction Fee: 2%
Interest Charges: Minimum of $1, if any
Rewards: No rewards
Pros of Merrick Bank Double Your Line:
There are some benefits to using Merrick Bank Credit Cards that distinguish it from others, such as:
Once you make your first seven monthly payments on time, you qualify for a Credit Line increase
You have 20 days to complete the process and make a deposit
There's no account Setup Fee
Cons of Merrick Bank Double Your Line:
No matter how great a Credit Card is, it will always have some drawbacks. Merrick Bank Credit Cards may not be the best fit for you if:
- You want to earn rewards and cardholder benefits
- You are looking for a low Annual Fee
- You make regular foreign transactions
Rebuilding your Credit Card Score with a card that reports to each of the three Credit Bureaus is a great way to improve your creditworthiness quickly.Apply for the Merrick Bank Double Your Line Card now
Self Lender
Some people have no idea where to start or what to do to build or rebuild their credit. In this instance, I'll usually recommend Self Lender.
Before applying for the Card, you must sign up for a Self Credit Builder Account. It guides you through the Process of Credit Building and helps you monitor your progress. Once you pay three monthly payments on time, you get a Credit Line increase. And yes, Self Lender also reports to all three Credit Bureaus.
Key Features:
Card Type: Secured
Annual Fee: $25 for 24 months
APR: 15.92%
Interest Rate: 14.14%
Credit Limit: $100 minimum
Rewards: Not applicable
Pros of Self Lender Credit Card:
Let's look at why Self Lender Credit Cards make a good choice:
- You can increase your Credit Line after paying three monthly payments on time
- There is no Foreign Purchase Transaction Fee
- 24-hour access to Visa representatives in case of emergency
Cons of Self Lender Credit Card:
Let's examine the drawbacks to help you make a better decision:
- You must sign up for a Self Credit Builder Account before applying for the Credit Card
- The Credit Limit is meager as compared to other cards.
- The Annual Fee might still be high for some people.
The Self Lender Credit Card is one of the no-credit-check Credit Cards, which makes it ideal for people with Bad Credit. If this is the right Card for your financial situation,sign up for your Self Credit Builder Account today!
First Progress Platinum Prestige MasterCard
If you keep struggling to meet Credit Card requirements, then the First Progress Platinum Prestige MasterCard Secured Credit Card is perfect for you.
It doesn't require a minimum Credit Score and offers a fast and easy online application process. First Progress Platinum Prestige MasterCard has the lowest APR compared to other Credit Cards. The Card is accepted everywhere MasterCard is. So whether you want to use it for a car rental or a hotel reservation, you'll be able to use it without any hassle.
Key Features:
Card Type: Secured
Annual Fee: $49
APR: 12.24% variable
Interest Rate: 12.99%
Credit Limit: $200 minimum Credit Line
Foreign Transaction Fee: 3%
Pros of First Progress Platinum Prestige MasterCard:
First Progress Platinum Prestige MasterCard has the following benefits:
- You have access to your Account 24/7
- You can extend your credit deposit anywhere from $200 to $2000
- An increased Credit Limit up to an amount of $5,000 may be available upon request if your Credit Score has improved
Cons of First Progress Platinum Prestige MasterCard:
First Progress Platinum Prestige MasterCard does have some drawbacks:
- You need to pay an Annual Fee much higher than other cards
- A low-Interest Rate is not helpful when establishing credit since carrying a balance isn't a good idea
- The Platinum Prestige MasterCard doesn't report to any of the Credit Bureaus
The First Progress Platinum Prestige MasterCard is best for people looking for an easy online application process who don'tt mind paying an Annual Fee. If this is the right Card for you financially, apply online today!
First Progress Platinum Select MasterCard
Sometimes, we just need a little help getting started. If you're starting from scratch, the First Progress Platinum Select MasterCard is one of the best choices.
The new expedited processing option allows you to receive your Card in as little as one week after approval. Bonus, your support doesn't depend on your Credit History. First Progress Platinum Select MasterCard doesn't run a hard credit inquiry, so your score won't be negatively impacted.
Key Features:
Card Type: Secured
Annual Fee: $39
Minimum Credit Deposit: $200 refundable
APR: 16.24% variable
Foreign Transaction Fee: 3%
Fraud Liability: None
Pros of First Progress Platinum Select MasterCard:
First Progress Platinum Select MasterCard has the following benefits:
- You can get your Credit Line increased after paying for six months
- You can get your deposit back anytime after paying off your balance
It's a nationwide program, so it is available in all U.S. states.
Cons of First Progress Platinum Select MasterCard:
Even though it's an excellent choice for those with no credit, First Progress Platinum Select MasterCard has some drawbacks:
- You need to pay an Annual Fee
- There's a Return Payment Fee of up to $29
- Your Credit Limit will be low, which could hurt your Credit Utilization Ratio
If you're searching for Credit Cards specifically targeting Bad Credit that provides instant approval and expedited processing, then the First Progress Platinum Select MasterCard is the best choice.Get your First Progress Platinum Select MasterCard, here!
Credit Strong
Do you enjoy tracking your Savings and Credit Score in one place? Then Credit Strong is a strong Credit Card contender for you.
This Card comes along with a Credit Builder Savings Account. When you open the Account, the bank instantly gives you a loan. The Savings Account Funds are locked to keep the loan safe. When you pay off the loan, the Account is unlocked, and you get to keep the interest. Not only do you improve your Credit Card Score, but you also get to save money while doing it! Using the Nest Egg feature, you can grow your savings with part of every payment.
Key Features:
Card Type: Secured
Fee: Variable Administration Fee ranging from $15 - $25
Amount: $1000 to $10,000
Duration: 12 to 120 months
APR: 5.85% to 15.73%, depending on the plan
Credit Check: Not required
Pros of Credit Strong:
There are a few reasons why Credit Strong is an excellent card to consider:
- You can cancel the Account and get your deposit back anytime without any penalties (it could affect your Credit Card Score, though)
- It doesn't require any upfront deposit - you only need $8.95 to get started
- You can save money and build your Credit Card Score at the same time
Cons of Credit Strong:
Credit Strong does have some drawbacks:
- The Admin Fee is charged monthly, which can add up over time.
- You have to pay interest over the life of the loan, making it an expensive way to boost your Credit Card Score.
- There's no app you can use to track your Account, and you'll have to rely on the Company's website.
Special promo payouts are available occasionally, and the Interest Rates are subject to change. Overall, this is an excellent choice for those who want to improve their Credit Score and grow their savings simultaneously.Apply for Credit Strong now!
The First Progress Platinum Elite MasterCard
The First Progress Platinum Elite Mastercard Secured Credit Card was created to assist cardholders in achieving credit without needing a Credit Check or Credit History.
Depending on your initial deposit amount, you can get a Credit Limit ranging from $200 to $2,000. This Card reports to all three Bureaus, making it easier to boost your Credit Card Score over time. It is a nationwide program and is available in all U.S. states.
Key Features:
Card type: Secured
Minimum Credit Deposit: $49, $99, or $200 depending on creditworthiness
Annual Fee: $29
APR: 20.24% variable
Foreign Transaction Fee: 3%
Rewards: Not applicable
Pros of The First Progress Platinum Elite Mastercard Secured Credit Card:
There are a few reasons why The First Progress Platinum Elite Mastercard Secured Credit Card would make an excellent choice:
- No Credit Check is required for your approval, so your Credit History doesn't make much of a difference
- A quick and easy Application Process
- It reports to the three Credit Bureaus, which boosts your Credit Score Quickly
Cons of The First Progress Platinum Elite Mastercard Secured Credit Card
There are a few reasons why you might decide against the First Progress Platinum Elite Mastercard Secured Credit Card:
- You need to pay $29 yearly in addition to your security deposit
- The APR is a 20.24% variable, which is relatively high
- Upgrading to an Unsecured Card is not an option
Taking these factors into Account, the First Progress Platinum Elite Mastercard Secured Card is an excellent choice for those who want to improve their Credit Score without going through a Credit Check.Get the First Progress Platinum Elite Mastercard Secured Card now!
Assent Platinum MasterCard
Do Interest Rates and high APRs always scare you away from getting a credit card? With the Assent Platinum Mastercard, you won't have to worry - there are none of those!
The 24/7 US-based Customer Service is always available to help you with any questions or concerns you may have. This Card is accepted wherever Mastercard is (pretty much everywhere), and it reports to the three Credit Bureaus, so it will help improve your Credit Card Score.
Key Features:
Card Type: Secured
Fee: $49 annually
Minimum Credit Deposit: $200
Foreign Transaction Fee: 3%
APR: 14.49% variable
Late Payment Penalty Fee: Up to $41
Pros of the Assent Platinum MasterCard:
There are several reasons why you'd want to consider the Assent Platinum MasterCard for building or rebuilding your Credit Card Score:
- Monthly reporting for better Credit Score tracking
- Low APR for a Secured Card at only 14.49% variable
- The security deposit is fully refundable
Cons of the Assent Platinum MasterCard:
Assent doesn't have many drawbacks, but there are a few things to keep in mind:
- The Annual Fee is $49, which is a bit high
- The high Late Payment Penalty Fee can dent your Credit Card Score if you're not careful
Apart from this, the Assent Platinum MasterCard is an excellent choice for those who want to improve their Credit Score steadily. You certainly don'tt get a low APR like this with many Secured Cards!Use the Assent Platinum Mastercard for a path to better credit!
Unsecured Card: Merrick Bank Double Your Line Visa
For those who don'tt like the limitations of Secured Credit Cards, the Merrick Bank Double Your Line Visa is a good option.
It's Unsecured, so you don'tt have to put down a deposit, but it still reports to all three Credit Bureaus. This Card is good for Bad, Fair, and Good Credit. You can use it anywhere Visa is accepted. The Credit Line ranges from $500 to $2700, higher than most Secured Cards.
Key Features:
Card Type: Unsecured
Annual Fee: $0 to $72
APR: 21.70% to 30.70%
Cash Advance Fee: 4%
Pros of the Merrick Bank Double Your Line Visa Card:
Here's why you want to consider this Unsecured Credit Card:
- These Credit Cards require no deposit
- You can get a Credit Line up to an amount of $2700. Reports account activity to all major Bureaus
Cons of the Merrick Bank Double Your Line Visa Card:
While the Merrick Bank Double Your Line Visa has a lot of great features, there are a few drawbacks to consider before applying:
- There's a potential Account Setup Fee
- The Annual Fee might be as high as $72
- The APR is on the high side at 21.70% - 30.70%
Despite these drawbacks, the Merrick Bank Double Your Line Visa is a good choice for those who want Unsecured Credit Cards with no deposit.Get your Unsecured Card: Merrick Bank Double Your Line Visa today!
Final Thoughts
There are many beautiful options for Credit Cards when you're saddled with Bad Credit. It can be tough to choose the right one, but the best way to do it is to think about your individual needs and match them to the Card that meets them.
Consider whether you want a Secured or Unsecured card, your Credit Limit needs, and what fees you're willing to pay. Once you've done that, you'll be well on finding the perfect credit card to start helping you build a solid financial foundation.