No, there aren’t any charge cards for bad credit. Most of these cards require at least good credit for approval. So, it’s better to wait until your credit score has improved before submitting an application for a charge card.
Alternative Credit Card Option:
If you have bad credit, it would be best to apply for a secured credit card. Secured cards require security deposits, but they have the highest approval odds of all credit cards and accept people with bad credit. In addition, you will be able to build your credit and you’ll eventually be eligible for a charge card.
A good example is the Capital One Quicksilver Secured. This card offers 5% cash back on hotel and rental cars booked through Capital One Travel, as well as 1.5% cash back on all other purchases. Keep in mind, however, that Capital One Quicksilver Secured requires a security deposit of $200, which will act as your credit limit.
Yes, you can get an unsecured credit card with a 500 credit score. The best unsecured credit card to get with a 500 credit score is the Credit One Visa card because it offers a $300 starting credit limit, the potential for automatic credit line increases, and an annual fee of $75 intro 1st yr, $99 after. Cardholders earn rewards on select purchases, too.… read full answer
The downside of applying for an unsecured credit card with a 500 credit score is that you will likely end up with high fees, high interest rates, and a low credit limit. The odds of getting approved for a decent unsecured credit card are higher with a credit score of at least 640. And the higher your credit score is, the better your chances of getting an unsecured card with good terms will be.
Unsecured Credit Cards to Get with a 500 Credit Score
Best for Credit Line Increases: Credit One Bank® Platinum Visa® for Rebuilding CreditLearn Moreon issuer's website
Best for No Upfront Fees: Milestone® Mastercard® - Less Than Perfect Credit ConsideredLearn Moreon issuer's website
Best for Pre-Approval: Indigo® Mastercard® for Less than Perfect CreditLearn Moreon issuer's website
While Credit One Visa may be the best unsecured credit card for people with a 500 credit score, it’s still not the most attractive option overall. People with bad credit who are in the market for a credit card should look into applying for a secured card instead. Most secured cards come with $0 annual fees, and some cards, such as the Bank of America® Customized Cash Rewards Secured Credit Card, give rewards on purchases.
Secured cards are also easier to get than unsecured cards because you’ll have to pay a security deposit, usually $200 at a minimum, to open the account. The amount of your deposit determines your credit limit in most cases, and you can increase your limit by adding more money to your deposit. Your deposit is fully refundable when you close the account in good standing.
The best high limit credit card for bad credit is the Bank of America® Customized Cash Rewards Secured Credit Card ($200+ limit). “High limits” for bad credit will be very different from high limits for better credit scores, though. Most people with high credit scores looking for high-limit credit cards want $10,000+. That’s not going to be possible with credit cards for bad credit, unless you place a deposit of $10,000+ too. … read full answer
You can aim for a limit of a few hundred dollars with poor credit. But just getting approved usually is the biggest priority for people with bad scores.
The Bank of America Custom Cash Secured Card minimum credit limit is $200+. However, this is a secured credit card, so you need to put down a deposit of at least $200, which equals your credit limit. The card offers 1 - 3% cash back on purchases and has a $0 annual fee.
The Surge Credit Card credit limit is $200-$1,000. The Surge Credit Card's potential for a high starting credit limit is perhaps its most appealing feature. However, it all depends on your overall creditworthiness when you apply. Plus, cardholders have the opportunity to double their credit limit after the first 6 on-time monthly minimum payments. The card does not offer rewards.
The Sable Credit Card credit limit is $10-$10,000. There’s no minimum deposit required, but your spending limit equals the amount of your deposit. So, you’ll need to put something down for the card to work. The card also offers 2% cash back at Amazon, Netflix, Hulu, Uber, Uber Eats, Spotify, and Whole Foods, and 1% cash back on all other purchases.
With secured cards, you have to put down a security deposit. This deposit then acts as your credit line. Secured credit cards are a popular choice for individuals with bad credit since it’s easy to get approved. In addition to easier approval, secured cards usually have lower fees as well.
In general, you likely won’t get a very high credit limit with bad credit. However, these cards are a great place to start and you can always request a credit limit increase once you’ve had your account open for at least six months.
There is no minimum credit score to get a credit card, if any credit card will do. Some credit card companies don’t even check applicants’ credit history, and the main approval requirement is that you earn more money than you spend. So it’s certainly possible to get a credit card even if you have a very low credit score or no credit score at all.… read full answer
But there is a difference between getting approved for a credit card in general and getting one of the better offers.
The credit score needed for credit card approval ultimately depends on which specific card you want to get. Most of the time, credit card companies have a credit score tier they’re looking for, and applicants will need a score in the required tier (or higher) for a good chance of approval. The tiers are bad, fair, good and excellent.
The thing is, credit cards require scores that are a bit higher than the traditional minimum for each tier in the overall credit score range, according to WalletHub’s research. So for each credit tier, you can see a “traditional” score range and a “WalletHub recommended” score range below.
Here is the credit score needed for a credit card at each level:
One way to estimate your credit card approval odds is to check for pre-approval. Many major issuers will allow you to check for free. It won’t hurt your credit score. And you’ll get a pretty good idea of your chances. Plus, if you’re not sure what your score is yet, you can check your latest credit score for free on WalletHub. You’ll also get personalized credit card recommendations with high approval odds.
Just remember that having a qualifying credit score does not guarantee credit card approval. The credit card application process takes many other factors into account. Payment history, existing debt and income play big roles, too.
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