Bad credit greatly influences your financial choices. It can be difficult to buy a car, a house and even qualify for a credit card. You can’t snap your fingers and wish away your low credit score. But you can take steps to rebuild your history.
Several banks may turn down your application for a credit card, which makes it practically impossible to fix your score. Knowing how to recognize the best credit cards for bad credit, and applying for these types of accounts can boost your approval odds. You deserve a second chance at credit and many banks are ready to accept your application.
Here are five of the best credit cards for bad credit.
This credit card features a low $29 annual fee and a 22.90% regular APR. A refundable security deposit is required to open an account, but there are no application or processing fees. A secured credit card with Capital One results in automatic reporting to the three credit bureaus each month, plus access to your personal credit score. Use this credit card wherever MasterCard is accepted. Maintain a good payment record and you may be eligible for credit limit increases and an unsecured credit card.
Approvals are guaranteed and there are no credit checks or credit score requirements. Submit your security deposit and receive a credit limit between $200 and $5,000. Enjoy a low fixed APR of 9.99%. Credit activity is reported to the bureaus on a monthly basis, thus helping to increase your credit score faster. There is a $50 annual fee.
Submit a security deposit between $500 and $5,000 and receive a credit limit of equal amount. This credit card features a fixed 0% regular APR. Your rate will never increase, even if you’re late. Other perks include zero application fee, free personal ID protection and monthly credit bureau reporting. There is a $9.95 monthly fee.
This credit card requires an active checking account. You aren’t required to pay a security deposit. However, there is a one-time processing fee of $95 and a $75 annual fee. The monthly service fee is waived the first year, and then $6.25 a month. Apply online and receive a credit limit up to $300. Use the credit card wherever MasterCard is accepted. Credit activity is reported to the major credit bureaus. The Premier Forward MasterCard features a 36% regular APR.
Get approved with a refundable deposit between $200 and $2,000. The bank reports to the credit bureaus monthly. Apply online and receive your credit card in as little as five days. There are no credit requirements, and you can get approved with no credit or bad credit. Access your account online anytime and use your secured credit card wherever MasterCard is accepted worldwide. Enjoy a low 11.99% regular APR. There is a $44 annual fee. This credit card is not available in New York, Iowa, Arkansas and Wisconsin.