Lisa Cahill, Credit Cards Moderator
The best unsecured credit card to rebuild credit with is the Credit One Bank® NASCAR® Credit Card. This card has a reasonable annual fee, gives 1% cash back on all purchases, and starts cardholders off with a $300 minimum credit limit. It also accepts people with bad credit, and you can check if you pre-qualify for this card.
Another good option to consider is the Credit One Bank® Platinum Visa® for Rebuilding Credit. It gives 1% cash back on eligible purchases.
Best Unsecured Credit Cards to Rebuild Credit
An unsecured credit card is one that does not require a security deposit or any other collateral to open the account. In addition, rebuilding credit generally means you have a credit score of less than 640. In that case, most unsecured cards that you may qualify for will be costly.
What you should know before getting an unsecured card for rebuilding credit:
- An unsecured credit card is typically not the most cost-effective way to rebuild credit. Because you’re considered a high credit risk, your options are very limited. In addition, your spending power will be greatly reduced by numerous fees and high interest charges.
- A better option to rebuild credit would be to open a secured credit card account. Your odds of approval will be greater because you’ll be setting your own credit limit with a refundable security deposit, usually starting at $200.
- Secured cards tend not to have one-time and monthly fees, so they end up costing you less in the long run. You’ll also get your deposit back in full when you close your account with no unpaid balance.
So, the best way to rebuild credit is by applying for a secured credit card. Some good options include the Capital One Platinum Secured Credit Card, and the OpenSky® Secured Visa® Credit Card.
Credit One Bank® Platinum Visa® for Rebuilding Credit
People also ask
Did we answer your question?