One of the best instant approval credit cards for bad credit that is unsecured is the Credit One Bank® Platinum Visa® for Rebuilding Credit. This card offers 1% cash back on gas and grocery purchases, as well as 1% back on mobile phone, internet, cable and satellite TV services. Credit One Visa also gives users a $300 initial spending limit, with no security deposit needed. In return, the card charges an annual fee of $75 intro 1st yr, $99 after.
Best Instant Approval Unsecured Credit Cards for Bad Credit
The only thing you’d have to worry about with unsecured cards and bad credit are the fees. Most unsecured cards for bad credit charge high fees - annual fees, monthly fees, and account opening fees. The Fingerhut Credit Card, however, doesn’t charge those fees because it’s a store credit card, meaning you can only use it at Fingerhut.com. But it’s unsecured, and it will still build your credit.
Lastly, you might want to check out several other credit cards for bad credit, that offer high instant approval odds for some applicants.
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 easiest unsecured credit cards to get generally work best for minor emergencies. You will only receive a small amount of spending power, after all.… read full answer
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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