The best credit cards for poor credit with no processing fee are the Credit One Bank® Platinum Visa® for Rebuilding Credit and the Credit One Bank® NASCAR® Credit Card. Both have annual fees of $75 intro 1st yr, $99 after, 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 Capital One Platinum Secured Credit Card 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 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.
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