What credit cards can I get with bad credit that have no annual fees?

The best credit card for bad credit with no processing fee is the Credit One Bank® Platinum Visa® for Rebuilding Credit. This card has an annual fee of $75 intro 1st yr, $99 after, but there’s no one-time fee for application processing. Although some unsecured credit cards for people withbad credit do charge processing fees, there are at least a few options without them.... read full answer

People in search of credit cards for bad 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, but it doesn’t charge an annual fee or a processing fee.

Some of the Best Credit Cards for Bad Credit with No Processing Fees:

If you’re worried about keeping costs down, try to get a credit card 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 way to get a $500 credit card limit with bad credit is to open a secured credit card account and put down a $500 security deposit. A secured card’s credit limit is generally equal to the amount of the deposit. Most secured cards require a refundable deposit of at least $200-$300. A bad credit score will make it difficult to get a $500 credit card limit without placing a $500 deposit.... read full answer

Ways to get a $500 credit card limit with bad credit:

• Get an unsecured credit card: An unsecured credit card for bad credit could give you a $500 credit limit, but it depends on just how damaged your credit is. Your income, debts, and overall ability to make credit card payments are also crucial factors that determine your credit limit.
  
  Like most unsecured cards for bad credit, the Credit One Bank® Platinum Visa® for Rebuilding Credit starts with a $300+ credit limit. But it’s not all yours to spend right away, as you’ll owe an annual fee of $75 intro 1st yr, $99 after.
  
  Many other unsecured credit cards for bad credit charge one-time processing fees and monthly maintenance fees, which further reduce your spending power.
• Get a secured credit card: Unlike unsecured cards for bad credit, most secured cards, including Bank of America Custom Cash Secured Card and the U.S. Bank Cash+® Visa® Secured Card, have $0 annual fees. And the deposit is fully refundable when you close the account in good standing.
  
  As you build good credit, you may be eligible for a credit limit increase without an additional deposit. In some cases, you’ll be allowed to graduate to an unsecured card with better terms and no fees.
• Alternatives: Another way to get a $500 credit card limit with bad credit is to become an authorized user. When you sign on as an authorized user on someone else’s credit card, you’ll share the account’s credit limit while you rebuild your credit history.

However, note that missed payments on the account can have a negative effect on the credit scores of both the primary cardholder and the authorized user. But as an authorized user, you have the right to dispute negative information to get it removed from your credit report.

Once you get approved, you can also look at ways to increase your credit limit. After several months of responsible credit card use, you can request a higher credit limit yourself. Alternatively, you might even be offered an automatic increase by the issuer. In addition, most secured cards also allow you to increase your credit line by adding to your refundable security deposit.

One of the best credit cards 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... read full answer (Equifax, Experian, and TransUnion) every month, which is your ticket to a better credit score. And a $35 annual fee isn’t too much to pay for that.

However, this isn’t the only credit card 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, which goes from 300 to 639. But picking the right 550 credit score credit card and using it responsibly could help you improve your score.

Some of the best credit cards for a 550 score:

You can also check our editors’ complete picks for the best credit cards for bad credit to see which one best suits your needs.

Before applying for a card, make sure to check out its terms and conditions, or an FAQ page if there is one. This way, you can 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.