Credit cards for bad credit
Having a bad credit history can affect your chances of getting any credit. Credit card issuers always look for clients whose credit score are high. They favor people whose credit score fall within 750 and above. And sometimes this can be unfair to others who have a credit score below 750.
With credit cards for bad credit, you can get to own a credit card of your choice and still build your credit score. Here we will provide you with a list of the best credit cards for bad credit to meet your needs. Click Here to learn how to build your credit score.
Capital One Secured Mastercard Review
If your trying to improve your credit score rating then this credit is the best for you. Capital one secured MasterCard doesn’t have hidden charges which means you don’t have to pay any excess fee which you might not be aware of. Normally hidden charges are found in your credit card agreement.
One merit of using this credit cards for bad credit holders is that it requires a deposit which serves as a security and is refundable. This feature makes the capital one secured master card unique as most secured credit card don’t offer this. For a starting credit line, the deposit may be between $49, and $200.
Capital one secured credit card lets you make multiple payments of the deposit in 5 installments. This makes it easier for you to pay your secured deposit. Once you make these payments on time, you will be rewarded with a higher line of credit. You do not have to make an extra deposit to have access to this reward.
One drawback of using this credit cards for bad credit holders is that it has a high annual percental rate. APR refers to the cost of borrowing from the credit card issuer. Higher APR is usually offered to credit card holders who have a credit score of 650 and below. If you have credit which has been extremely poor then you are unlikely to get this. People who want this credit for bad credit should have either a savings or checking account.
OpenSky Secured Visa Card Review
OpenSky secured visa credit cards for bad credit is a reliable credit card option. Especially for people who are striving to build their credit score from the bottom up. You don’t even need to have a bank account to have access to this credit card.
One good thing about OpenSky visa credit card is that you do not need a credit check to own one. What this means is that people with extremely bad credit can get one. This credit cards for bad credit holders allows you to own a credit card without even having a bank account.
These credit cards for bad credit holders don’t have a lot of demerits. However, one notable drawback here is that you cannot change your card to an unsecured credit card. Meaning you cannot upgrade to cards which do not need any deposit.
Discover it Secured Card Review
Usually secured credit card will need a deposit to serve as security as it is the norm. This credit cards for bad credit holders allows for deposit as low as $200 which would become your credit limit. What this means is that the limit of your credit card all depends on your secured deposit.
Some may consider this the best credit cards for bad credit holders as there no annual fee involved. You will also love the fact that they give a maximum of 2% cashback. Also, if you use your secured credit card with great care, you will get the chance to upgrade to an unsecured card.
A de-merit of using this card is that you must have a bank account. This bank account will be used to make the secured deposit. Without the bank account, you may miss out on this incredible offer.
Digital Federal Credit Union Visa Platinum Secured Card Review
One thing that Digital Federal Credit Union Visa Platinum Secured Credit offers that most don’t is 0% annual fee. This gives it an edge over other credit cards for bad credit. It has an APR percentage of 12.50% which, if I might say, is quite low. When you compare the APR of this secured credit card with others of its kinds, you might not get a better offer.
The rate of the APR is 12.50% which, judging by other cards, is a very good offer. There is no limit to the amount of secured deposit you can make. Therefore, there is no limit on the amount of credit you can have.
Being eligible for this card is not easy. To be able to use this credit card you must be a member of the Digital Federal Credit Union. Becoming a member isn’t a work in the park.
Worst Credit Cards for Bad Credit
People looking for credit cards for bad credit, there will always come across a secured credit card that is expensive. This is in the sense that even though they may not require a secured deposit, you may need to pay a lot of extra charges.
These extra charges when added together over the years might turn out to be more than the secured deposit of a good credit card for bad credit. Here we will give a short list of credit cards for bad credit you avoid.
First Premier Bank Card Review
We placed first premier bank credit cards for bad credit among credit card you should avoid because the charges here are quite costly. When you try to apply for a credit card at the beginning, you must pay a processing fee.
This processing fee will cost $95 which most people who are building credit score might find costly. As you progress with the usage of this card, there are charges you have to pay which depend on the limit of your credit. Another reason you should avoid first premier bank credit cards for bad credit is that they charge one of the highest APR. The APR at 36% wins the highest APR charged by a credit card for bad credit.
Horizon Gold Credit Card Review
One reason you should avoid this card is that it can only be used in one place. The only place you can use this credit card is the horizon outlet online mall. You are also required to pay an issuance fee to get the card. This issuance fee is worth $5 and is paid only once. If you feel that’s not enough, you also get to what’s called membership fee each year. This membership fee can turn out to total $300.
Credit One Credit Card Review
They offer 3 credit cards which you can use to rebuild your credit score. These credit cards are cash reward visa cards, platinum visa for rebuilding credit and official NASCAR visa. They are not specific about the credit card you will get when you apply on their site. A lot of their offers are not clearly stated. This is because they don’t tell if you get an interest rate grace period or not.
There is also the question of if you will get rewards or not hanging in the air. A whole lot of things are unclear about this credit card. So, for those looking for credit cards for bad credit, don’t even bother with this.
Surge Card and Matrix Credit Cards Review
One reason why you avoid this card is that you have to pay in the first year an annual fee of $125. This fee grants you a minimum line of credit of $500. Though the annual fee may drop in the second year, doesn’t still make it a good one.
In that same second year, you start to pay a monthly $10 maintenance fee which is added to the dropped annual fee. As of the time of writing this article, the APR is 30.49% which is considered way too high.