Best Credit Cards for Bad Credit
Best Credit Cards for Bad Credit
A “bad credit” score is below 600. There are several reasons you can fall into this category:
- You don’t make timely payments
- You have an account in collections
- You have declared bankruptcy or you are going through foreclosure
These faults can make you a risky candidate to get an approval for credit cards or loans.
It is also likely that you do not have any credit history at all. In either case, responsible use of credit cards can help you build or boost your credit score. If you manage to make all payments on time and keep the credit card balance low, your credit card score will rise with time. Subsequently, you will have access to better credit card offers and loans.
Here are top three bad credit credit cards:
- First Progress Platinum Prestige MasterCard Secured Credit Card
According to analysts, this credit card is the best in the market for bad credit. Cardholders can receive a First Progress Platinum Prestige Secured MasterCard without submitting an application or processing fees.
A credit check is also not required for approval. The card reports to 3 major credit bureaus: Equifax, Experian and TransUnion so the cardholder’s worthiness can be assessed. The First Progress Platinum Prestige Secured MasterCard has an APR as low as 11.99% and comes with a fully refundable security deposit that is secured by a credit limit between $300 and $2000.
Additionally, cardholders can qualify for higher credit limits without additional deposit. The cardholder can track his activity with simple but useful online tools.
- Credit One Bank Gas Rewards Credit Card
This is also one of the best credit cards for bad credit. The Credit One Bank Gas Rewards Credit Card does not affect the credit score of potential cardholders to pre-qualify them. The variable APR ranges from 17.9% to 23.9%. Like the former, this credit card also reports to 3 major credit bureaus – so responsible use can lead to improved credit score.
As the name suggests, the Credit One Bank Gas Rewards Credit Card is the only bad credit credit card in the market that comes with a rewards program – 1% cash back on all gas purchases.
- First Progress Platinum Select MasterCard Secured Credit Card
This credit card rounds the list of best credit cards for bad credit. A major advantage of the First Progress Platinum Select Secured MasterCard is that no credit history or minimum credit score is required to get approved for it. A low ongoing APR of 14.99%, no set-up fee and credit limit of up to $200 make the card more desirable. The deposit is fully refundable and the card offers 24/7 online account access.
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