The 5 Best Credit Cards for Bad Credit
If you have bad credit you know how hard it can be to get a new credit card or any type of loan. If you want to start building your credit score back up, you should be responsible and ensure you only use your credit card when you know you’ll be able to pay it back. Here are some of the best credit cards you can get if you have bad credit (all dollar amounts in USD):
1. Capital One Platinum Secured Credit Card
With $0 of annual fees, this credit card is a great way to start rebuilding your credit score. It has variable APR of 29.74%, and requires an interest-free, refundable security deposit of $49, $99, or $200 that you can pay all at once or with installments over 35 days. If you ever close the account you will get the security deposit back. There are no hidden fees and this credit card offers you the opportunity to upgrade to the standard, unsecured card over time. This credit card also reports to the three major credit bureaus which will help you build your credit score.
2. Discover it Secured Credit Card
This credit card also offers $0 of annual fees and doesn’t require a credit history to apply to it. It reports your credit history to all 3 major credit bureaus helping you build up your credit score. The credit line will equal that of your security deposit amount, starting at $200 minimum. The deposit will be returned if you ever close your account. After 7 months they will review your account to see if you qualify to upgrade to the standard unsecured credit card. It has a standard variable purchase APR of 27.24%.
3. OpenSky Secured Visa Credit Card
This card has a standard annual fee of $35 and doesn’t do a credit check when you apply so it is great for those with poor or no credit. It requires a minimum security deposit of $200 to receive the card which is paid back if you ever close your account. As far as fees go it has a 3% foreign-transaction fee and a late fee of up to $38. It has a variable APR of 21.14%.
4. Capital One Quicksilver Secured Cash Rewards Credit Card
The credit card also offers a $0 annual fee and has a $200 minimum, refundable security deposit. It has 29.74% variable APR and offers 1.5% cash back on every purchase. This card also has $0 fraud liability, meaning you won’t be responsible for unauthorized charges if your card is lost or stolen. If you are responsible with the card you have the opportunity to upgrade to an unsecured Quicksilver card.
5. Credit One Bank Platinum Visa for Rebuilding Credit
This card has the most expensive annual fee out of this list with an annual fee of $75 for the first year and then $99 annually. It has a variable APR of 27.74%. With free online access to your credit score and an easy to use mobile app this credit card makes it easy to keep track of your credit score.