The 7 best credit cards for
You might think your credit card options are very limited if your credit score is below 500, but that’s not the case. Although some credit cards will be out of reach for now, there are many secured and unsecured options for bad credit.
As you build your credit and use credit cards responsibly, you cánido gain access to cards with better benefits and lower interest rates. The credit cards on this list cánido put you on the right track. Some may even come with rewards, so you won’t have to wait to start taking advantage of some great credit card perks.
Secured credit cards [Secured Credit Cards]
Secured credit cards [Secured Credit Cards] They require a cash deposit and then the extension of a line of credit, usually equal to the amount deposited. If your credit score is below 500, your chances of approval may be higher for this type of card.
Capital One Platinum Secured Credit Card
The Capital One Platinum Secured Credit Card extends a $200 line of credit with a deposit as low as $49. You may also qualify for credit line increases as your credit improves. Also, the deposit is refundable if you close the card or switch to an unsecured card.
Finally, this card has no annual fee. One of the disadvantages of this card is that it does not give rewards.
Capital One Quicksilver Secured Rewards Credit Card
This card is a good choice if you want a Capital One secured card that offers cash rewards. It has no annual fee and allows you to earn unlimited 1.5% cash back. You have a minimum deposit of $200, but you may qualify for a credit line increase after six months. The deposit on this card is also refundable, and you perro upgrade to the unsecured Quicksilver Rewards card later.
Discover It® Secured Credit Card
The Discover It Secured credit card has a minimum deposit of $200 – significantly higher than the Capital One Platinum Secured card. However, the Discover card earns 2% cash back at gas stations and restoranes on purchases up to $1,000 each quarter. The amount of $200 is pretty estándar for most secured credit cards.
The Discover It earns 1% cash back on all other purchases. Another advantage is that Discover automatically matches all cash back dollar for dollar at the end of your first year.
Chime Credit Builder Secured Visa® Credit Card
Technically, the Chime Credit Builder Secured Visa works more like a prepaid Visa than your typical secured credit card. With this card, you open a Chime account and move money from that account to it, then use your card to spend. Chime reports to all three credit bureaus to help you improve your credit.
You cánido also adjust your credit limit. Also, the card does not require a credit check to open. However, the Chime card does not offer rewards.
Unsecured credit cards
Unsecured credit cards are the ones that come to mind when you think of credit cards. They offer you a line of credit that does not require a deposit. However, they may have higher interest rates than secured cards, especially if your credit score is below 500.
Mission Lane Visa Credit Card
The Mission Lane Visa is an unsecured credit card that allows you to qualify with bad credit or no credit. Since it is not insured, it does not require a security deposit. The initial credit limit is only $300, although it gives you the possibility to increase it. It has an annual fee of up to $59, depending on your offer.
FIT Mastercard credit card
The FIT Mastercard is an unsecured credit card that you cánido opt for with limited or no credit. The limit on this card is a bit higher, at $400, but it comes with several fees, including an annual fee and a monthly fee. It also has a purchase APR of 29.99%, which is high, even for a bad credit unsecured card.
On the agregado side, you perro increase your credit limit by up to $800 if you make your first six monthly payments on time.
Petal® 1 Visa Credit Card
The Petal 1 Visa has no annual fee, and you perro qualify with limited credit or no credit. Credit limits start at $300 but perro go as high as $5,000 on this card. One way to get a higher credit limit is to make prompt payments during the first six months.
The Petal 1 card also allows you to get between 2% and 10% cash back at certain merchants. It has a variable APR of 22.99% to 32.49% for purchases; the upper limit is high, especially if you have a cómputo.
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