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

The best credit cards for poor credit with no processing fee are the Credit One Bank® Platinum Visa® for Rebuilding Credit and the OppFi® Card. Both have annual fees, 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.… read full answer

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.

• No security deposit: Credit One Bank® Platinum Visa® for Rebuilding Credit – No processing fee. Annual fee of $75 intro 1st yr, $99 after. $300+ limit.
• No monthly fees: OppFi® Card – No processing fee. $99 annual fee. $1,000+ limit.
• Partly unsecured: Capital One Platinum Secured Credit Card – No processing fee. $0 annual fee. $49, $99 or $200 deposit for a $200 limit.
• No credit check: OpenSky® Secured Visa® Credit Card – No processing fee. $35 annual fee. $200 deposit for a $200 limit.
• Rewards: Discover it® Secured Credit Card – No processing fee. $0 annual fee. $200 deposit for a $200 limit.

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 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 Visa 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 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. 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, or you might even be offered an automatic increase by the issuer. In addition, most secured cards also allow you to add 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.

Another good option is the U.S. Bank Cash+® Visa® Secured Card. This card offers 1 - 5% cash back, depending on the type of purchase and has a $0 annual fee.

However, 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.

The best credit cards for a 550 score:

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

Before applying for a card, though, 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.