How do I apply for a credit card with bad credit?

Yes, there are credit cards with a $5,000 limit for bad credit. They are secured cards that allow you to place a high security deposit. A secured credit card’s credit limit is equal to the deposit amount. While most of these cards don't allow deposits as high as $5,000, there are some that do. A good example is the Harley-Davidson® Secured Credit Card, which allows a $5,000 deposit. The card also offers 1 point per $1 spent and has a $0 annual fee.... read full answer

There are also a few other secured credit cards with $5,000 limits that you can get with bad credit. These cards can help you rebuild your credit and eventually qualify for an unsecured $5,000 credit card limit.

Some of the Best $5,000 Limit Credit Cards for Bad Credit

The Harley-Davidson® Secured Credit Card offers 1 point per $1 spent on all purchases. This card has a $0 annual fee. The Harley-Davidson® Secured Credit Card card requires a $300 minimum deposit, $5,000 maximum ($100 increments only). The card has a 27.74% (V) regular APR.

The First National Bank of Omaha Secured Card has a $0 annual fee. The card requires a $300 minimum deposit, $5,000 maximum ($50 increments only). This card has a 24.49% (V) regular APR.

The U.S. Bank Secured Visa® Card has a $0 annual fee. This card requires a $300 minimum deposit, $5,000 maximum. The card has a 28.74% (V) regular APR.

Unless your income is really high, you have no debt, and your financial problems are long behind you, you will not be able to get an unsecured credit card with a $5,000 limit with bad credit. Unsecured cards with $5,000 limits are usually available only to people with good credit. So, you’ll need to start off with a secured card.

Other Ways to Get a $5,000 Limit Credit Card

Another way to get a credit card with a $5,000 limit with bad credit is to become an authorized user. When you’re an authorized user on someone else’s credit card, you’ll share a credit line with them. You’ll also rebuild your credit if the primary cardholder pays the bills on time.

If you go for a secured card, your credit limit is (almost always) equal to your deposit. So, depositing more money can give you a higher limit. However, the issuer will usually approve a personal maximum deposit for you. This may be below the card’s overall maximum, depending on your income and credit history.

Yes, you can get an unsecured credit card with a 500 credit score, but you will likely end up with high fees, high interest rates, and a low credit limit. The best unsecured credit card to get with a 500 credit score is the Credit One Visa card.

The Credit One Visa 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

Still, 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

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 banks with the easiest credit cards to get include Bank of America and Capital One. Both of these major banks are common choices for first credit cards. That’s because both have credit cards for every level of credit standing.

If you have bad credit or no credit, the best banks are the ones that offer ... read full answersecured credit cards. Capital One, Bank of America, Citibank, and U.S. Bank are some of the major banks that offer this type of cards. Secured credit cards require a deposit, which serves as your credit limit. And in general, you can get a secured credit card with bad credit.

Here are some of the easiest credit cards to get:

Other things to consider before getting a credit card:

It's worth noting that any previously-existing relationships you have with banks may come in handy, too. If the bank you have a checking account with offers a credit card, that will likely be an easy bank to get a credit card from.

Your established relationship with your bank gives them access to your day-to-day deposit account history, which doesn’t show up on your credit report. So, that’s extra potentially good information that’s available to your bank and not to other card issuers you might apply for a credit card with.