Bad Credit - Security Deposit
Best Credit Card for Bad Credit Overall
Why it's one of the best credit cards for bad credit: Not only does the Discover it Secured Credit Card lack an annual fee, but it actually offers rewards – a rare combination for the bad-credit crowd. You will earn 2% cash back on the first $1,000 you spend at restaurants and gas stations each quarter as well as 1% on everything else. And everything you earn the first year will be doubled. Plus, the card’s $200 minimum deposit is lower than what many competing offers require.
Best Credit Card for Bad Credit with No Credit Check
Why it's one of the best credit cards for bad credit: The OpenSky Secured Card is notable not because of its $200 minimum deposit or $35 annual fee, but rather because no credit check is required for approval. That means you can begin rebuilding your credit right away, no matter how damaged it may be. And with that in mind, $35 seems like a bargain.
Best Partially-Secured Credit Card for Bad Credit
Why it's one of the best credit cards for bad credit: The fact that the Secured Mastercard from Capital One does not charge an annual fee and has the potential to be partially-secured makes it quite attractive for many people. With a partially-secured credit card, your credit line may exceed the amount of your security deposit, thereby providing you with an emergency line of credit, if needed, and enabling you to maximize your available credit. The more credit you have available, the faster your credit standing will improve. The Secured Mastercard credit card from Capital One is therefore an option that at least merits consideration if you have bad or limited credit. To learn more about this helpful credit-building tool, check out our full review.
Best Credit Card for Bad Credit with No Annual Fee
Why it's one of the best credit cards for bad credit: The Bank of America® Customized Cash Rewards Secured Credit Card is one of the best credit cards for bad credit because it has a $0 annual fee and great rewards. Cardholders earn bad on purchases, depending on the spending category.
Best Store Credit Card for Bad Credit
Why it's one of the best credit cards for bad credit: The Amazon.com Secured Credit Card is the best store credit card for bad credit because it has a $0 annual fee and allows you to put down as little as $100 for the refundable security deposit. It can also help you build credit, with monthly reporting to the three major credit bureaus, you may be eligible to get your deposit back after 12 months of responsible use and choose to upgrade to the unsecured store card version.
Bad Credit - No Deposit
Best Unsecured Credit Card for Bad Credit
Why it's one of the best credit cards for bad credit: We tend not to recommend unsecured credit cards for bad credit given the prohibitive costs and low credit lines typical of the genre. If you truly need an emergency loan, however, this Credit One Bank Visa Card is your best bet. It charges a relatively modest annual fee of $0 - $99. And it even offers 1% cash back on eligible purchases.
Methodology for Selecting the Best Credit Cards for Bad Credit
Questions & Answers
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