Many people have to resort to credit cards to meet their day-to-day expenses. Unfortunately, though, many people with bad credit have difficulty getting approved for any card, even though having a credit card allows you to establish a more positive credit history. Luckily, some fantastic banks will provide cards for those with less-than-excellent credit. Here is a list of the best credit cards to help improve a poor credit score (all prices quoted in USD):
1. Discover It Secured credit card
The Discover It Secured credit card can be very beneficial for people with bad credit or a high risk of defaulting on credit, as it features a low APR of 10.99% and no annual fee. In fact, the only fees are the activation fee, which can be up to $38, and $25 for some late payments. This card can help you gain the confidence and knowledge needed to improve your credit score in the future.
2. BankAmericard Secured credit card
The BankAmericard Secured credit card may be just what you need to boost your low credit score. It does not have a credit inquiry fee, and you do not need to be approved for this card before you apply. There are administrative and late fees of between $25 and $35 and also a penalty fee that could be charged if you have been late paying your credit card bill in the previous 12 months. Otherwise, though, there are no fees other than the monthly maintenance fee.
3. Capital One Platinum credit card
Capital One, one of the best banks for bad credit, offers the Platinum credit card, which allows those with less-than-excellent credit to rack up some dollars on their card. First and foremost, the card requires you to have a credit score of 600 or higher to be considered for a credit line. Second, you need to have an opening balance of at least $5,000. Your interest rate will be 9.99%. Finally, your credit limit will be determined by your age.
4. nRewards Secured credit card
Although it has a low APR of 9.9%, the nRewards secured credit card is still great for those with bad credit or a high risk of defaulting on credit. The bonus amount you earn on this card depends on how much you pay in interest charges—if you have paid more than $25,000 in interest charges over the past year, the bonus is $200. On the other hand, if you have paid more than $50,000 in interest charges over the past year, the bonus is $300.
5. DCU Visa Platinum Secured credit card
Another good option for those with bad credit is the DCU Visa Platinum Secured credit card, as it is a secure way to pay off your bad debt. The card does not have an activation fee, and there is no annual fee whatsoever. The APR and fees on this card are still relatively low at 14.99%, with up to $25 late payment fees. You can also check your credit limit before you apply for the card.
