The best credit cards for poor credit with no processing fee are the Credit One Bank® Visa® Credit Card and the Credit One Bank® NASCAR® Credit Card. Both have annual fees of $0 - $99, but there’s no one-time fee for application processing. Although some unsecured credit cards for people with poor credit do charge processing fees, there are at least a few options without them.
People in search of credit cards for poor credit with no processing fees have even more choices when they consider secured credit cards. For example, you’ll have to place a refundable deposit to get the Secured Mastercard® from Capital One and the Discover it® Secured Credit Card, but neither charges an annual fee or a processing fee.
The truth is, most credit cards for people with bad credit don’t charge processing fees. So, you shouldn’t ever settle for paying one. You can learn a bit more about the best alternatives below.
If you’re worried about keeping costs down, try to get a credit card for poor credit with no processing fee, no annual fee and no monthly fee. You should try to pay your bill in full every month too. Even the best cards for bad credit have really high interest rates.
The best credit card for a 550 credit score is the OpenSky® Secured Visa® Credit Card. There’s no credit check when you apply, so approval is almost guaranteed. You just need $200 for a refundable security deposit and enough income to make monthly payments. This card also reports to all three major credit bureaus every month, which is your ticket to a better credit score. And a $35 annual fee isn’t too much to pay for that.… read full answer
The Discover it® Secured Credit Cardis another great 550 credit score credit card. It has a $0 annual fee and actually rewards you for making purchases. A 550 credit score won’t keep you from getting approved either. But a pending bankruptcy will.
Those aren’t the only credit cards you can get with a 550 credit score. In fact, there are two kinds of credit cards for people at that credit level: Secured credit cards and unsecured credit cards for bad credit. A 550 credit score is within the bad credit range, unfortunately. Bad credit goes from 300 to 639. But picking the right 550 credit score credit card and using it responsibly could help you improve your score to “fair” territory within 12-18 months.
Before applying for a card, make sure to check out its terms and conditions, or a FAQ page if there is one, just to make sure you fit the criteria for eligibility. You can also try getting pre-approved for a credit card. It won’t hurt your credit, and it will give you a good idea of your odds if you decide to apply.
The easiest unsecured card to get approved for is the Fingerhut Credit Account. But it won’t suit everyone’s needs. Fingerhut is an online marketplace, and its card can only be used to make purchases on the site. So, while it will give you an unsecured line of credit, it won’t really help you cover emergency expenses.… read full answer
If you’re looking for a card that can be used for anything, the Credit One Bank® Visa® Credit Card is your best bet. You can get approved for it with bad credit. It offers a $300 starting spending limit. And you can use it wherever Visa is accepted.
Those aren’t your only options, though. WalletHub’s editors compared all of the unsecured credit cards in our database of 1,000+ offers. And we selected our favorite easy-to-get offers.
Easiest Unsecured Credit Cards to Get Approved For
The easiest unsecured credit cards to get generally work best for minor emergencies. You will only receive a small amount of spending power, after all.
Unsecured credit cards for people with bad credit also tend to be very expensive, charging lots of fees and high interest rates. So if you don’t need a small emergency loan, the best course of action is to improve your credit inexpensively with a secured card. Secured cards are cheaper than unsecured cards, build credit just as effectively, and offer the closest thing you’ll find to guaranteed approval.
To learn more, check out WalletHub's complete list of the year’s easiest credit cards to get approved for.
Plenty of secured credit cards have no processing fee. Credit One have pretty good ones, but you can easily count on Opensky.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.