The following article is for entertainment purposes only, and should not be read as financial advice. For individual advice on credit, credit cards or personal financial management, please consult a certified professional. All credit card APR's listed below are at time of writing. Please do your own research prior to applying to any of the following credit cards. Not a paid endorsement.
Bad Credit 101
If you have bad credit, it can be difficult to get approved for a credit card. Many traditional credit card issuers have strict eligibility requirements and may not approve individuals with poor credit histories. However, there are still options available for those with bad credit looking to build or improve their credit. Secured credit cards, in particular, can be a good option for individuals with bad credit, as you can place an upfront deposit in order to unlock credit building activity.
In this article, we will explore some of the best credit cards for bad credit. We will cover the features and benefits of each card, as well as the fees and rates associated with them. It is important to note that while these cards may be more forgiving in terms of credit requirements, they often come with higher fees and interest rates. It is crucial to carefully read the terms and conditions of any credit card you are considering and to use the card responsibly in order to avoid falling into debt.
1. Capital One QuicksilverOne Cash Rewards Credit Card
The Capital One QuicksilverOne Cash Rewards Credit Card is a good option for individuals with bad credit looking to earn cash back on their purchases. This card offers 1.5% cash back on all purchases, with no limit on the amount you can earn. It also has a $0 annual fee, which makes it a budget-friendly choice for those with bad credit.
One of the key features of the Capital One QuicksilverOne Cash Rewards Credit Card is its CreditWise tool, which provides you with access to your credit score and credit report. This can help you monitor your credit and make informed decisions about your finances. The card also comes with a 24/7 concierge service, which can assist you with travel planning, dining recommendations, and more.
However, it is important to note that this card does come with a relatively high interest rate of 26.99% APR. If you do not pay off your balance in full each month, you may end up paying a significant amount in interest charges.
2. Discover-it Secured Credit Card
The Discover it Secured Credit Card is a good option for individuals with bad credit who are looking to build or improve their credit. This card is a secured credit card, which means that you are required to make a security deposit in order to open the account. However, the Discover-it Secured Credit Card offers a unique feature called "Cashback Match," which will match all the cash back you've earned at the end of your first year. This can be a great way to boost your rewards and help you build credit faster.
In addition to the Cashback Match feature, the Discover-it Secured Credit Card also offers 2% cash back at restaurants and gas stations on up to $1,000 in combined purchases each quarter, and 1% cash back on all other purchases. There is no annual fee for this card, and it comes with a 0% introductory APR on purchases and balance transfers for the first 14 months.
3. Credit One Bank Platinum Visa
The Credit One Bank Platinum Visa is another good option for individuals with bad credit looking for an unsecured credit card. This card offers 1% cash back on eligible purchases, with no limit on the amount you can earn. It also has a $0 annual fee for the first year, after which the fee increases to $99.
One of the key features of the Credit One Bank Platinum Visa is its customizable account alerts, which allow you to stay on top of your account activity and manage your finances more effectively. The card also comes with fraud protection and 24/7 customer service.
However, it is important to note that the Credit One Bank Platinum Visa does come with a relatively high interest rate of 24.99% APR. If you do not pay off your balance in full each month, you may end up paying a significant amount in interest charges.
4. First Progress Platinum Prestige Mastercard
The First Progress Platinum Prestige Mastercard is a good option for individuals with bad credit looking for a credit card with a low annual fee. This card has a $49 annual fee, which is lower than many other unsecured credit cards for bad credit. It also offers a 0% introductory APR on balance transfers for the first 12 months, which can be helpful if you are looking to pay down debt.
One of the key benefits of the First Progress Platinum Prestige Mastercard is that it does not require a security deposit to open or use. This makes it a good option for individuals who may not have the funds available to make a security deposit on a secured credit card. The card also comes with 24/7 customer service and fraud protection.
However, it is important to note that the First Progress Platinum Prestige Mastercard does come with a relatively high interest rate of 22.9% APR. If you do not pay off your balance in full each month, you may end up paying a significant amount in interest charges, potentially further damaging your credit.
5. Milestone Gold Mastercard
The Milestone Gold Mastercard is a good option for individuals with bad credit looking for a credit card with a low annual fee and flexible credit limits. This card has a $35 annual fee and offers credit limits ranging from $300 to $5,000, depending on your creditworthiness. It also offers a 0% introductory APR on balance transfers for the first 12 months, which can be helpful if you are looking to pay down debt.
One of the key benefits of the Milestone Gold Mastercard is that it does not require a security deposit to open or use. This makes it a good option for individuals who may not have the funds available to make a security deposit on a secured credit card. The card also comes with 24/7 customer service and fraud protection.
However, it is important to note that the Milestone Gold Mastercard does come with a relatively high interest rate of 24.9% APR. If you do not pay off your balance in full each month, you may end up paying a significant amount in interest charges.
Conclusion
Secured credit cards can be a good option for individuals with bad credit looking to build or improve their credit. It is important to carefully consider the fees, rates, and terms and conditions of any credit card you are considering and to use the card responsibly in order to avoid falling into debt. However, using these cards correctly can set you on the path to building your credit back, which unlocks greater financial advantages in life, so the path is well worth it!
