Best Credit Cards for Bad Credit

The best credit card that can offer you a $1,000 credit limit with bad credit is the Bank of America® Customized Cash Rewards Secured Credit Card ($200+ limit). However, as this is a secured credit card, you need to put down a $1,000 security deposit, which will act as your credit line. Without putting down a deposit, it will be difficult to get a credit card with such a high credit limit when you have bad credit. Most credit cards for bad credit start out with low limits in the $200-$300 range.

Ways to get a $1,000 credit limit with bad credit:

• Get an unsecured credit card: An unsecured credit card for bad credit could give you a $1,000 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 Surge Credit Card 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 - $99. Many unsecured credit cards for bad credit come with high annual, one-time, and monthly fees – it’s rarely worth all the money you spend just to keep the account open.
• 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.
• Get a store card: Some store credit cards, such as the Fingerhut Credit Card, will start out with a low credit limit but could increase your credit limit after you make a few on-time, above-minimum payments. You can get approved for a Fingerhut Credit Card with bad credit, and it has a $0 annual fee.
• Alternatives: Another way to get a $1,000 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.

Ultimately, if you’re not in need of emergency money, and your focus is more on building your credit, get a secured credit card. Your limit on a secured card is as high as your initial deposit in most cases. Alternatively, you can also look at ways to increase your credit limit after you get approved for a card. 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.

Yes, you can get an unsecured credit card with a 500 credit score. The best unsecured credit card to get with a 500 credit score is the Credit One Visa card because it 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.

The downside of applying for an unsecured credit card with a 500 credit score is that you will likely end up with high fees, high interest rates, and a low credit limit. 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 best credit card for a 500 credit score is Discover it® Secured Credit Card because it has a $0 annual fee and rewards cardholders with 1 - 2% cash back on purchases. Secured cards generally provide the best opportunity for someone with a credit score of 500 (or below) to rebuild their credit standing, thanks to good approval odds and monthly reporting to the major credit bureaus.

Best Credit Cards for a 500 Credit Score

When used responsibly, the right credit card for a 500 credit score can put you on the path to good credit. The key is to pay your bill on time every month.

For more tips, check out our guide on how to rebuild bad credit. You can also get personalized credit-improvement advice and credit card suggestions with a free WalletHub account.

The best instant approval credit cards offer really good rewards, low interest promotions and low fees, in addition to approving qualified applicants within minutes. Instant approval credit cards will evaluate applications in real time so that most people are able to get a decision – either approved or denied – right away. Getting an instant decision ultimately depends on the credit card company’s ability to validate your identity (some offers are from WalletHub partners). If a credit card issuer is unable to validate your identity, they may request additional information and take a few days to process the application.

The cards listed below offer high approval odds for people with bad credit, in addition to instant approval for some applicants. After all, people typically search for instant approval credit cards when they’re having trouble getting other cards due to damaged credit, and using a credit card responsibly is the key to rebuilding credit.
 
If you want to increase your odds of getting instant approval, focus on cards that are suitable for your credit standing. The higher your credit score is, the more instant approval credit cards there will be.

Best Instant Approval Credit Cards

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Yes, there are credit cards with a $5,000 limit for bad credit; they are secured cards that allow you to place a high security deposit. A secured credit card’s credit limit is equal to the deposit amount. While most secured cards do not allow deposits as high as $5,000, there are some that do, like the Harley-Davidson® Secured Credit Card. This card allows a $5,000 deposit, and it also has both a $0 annual fee and rewards.

There are a few other secured credit cards with $5,000 limits that you can get with bad credit. Some of your options include the First National Bank of Omaha Secured Visa® Card and the U.S. Bank Secured Visa® Card. And any of them can help you rebuild your credit and eventually qualify for an unsecured $5,000 credit card limit.

Some of the best credit cards with a $5,000 limit for bad credit:

$0 annual fee. $300 minimum deposit, $5,000 maximum ($100 increments only). 1 point per $1 on all purchases. 25.24% (V) regular APR.

$0 annual fee. $300 minimum deposit, $5,000 maximum ($50 increments only). 21.74% (V) regular APR.

$0 annual fee. $300 minimum deposit, $5,000 maximum. 26.24% (V) regular APR.

Unless your income is really high, you have no debt, and your financial problems are long behind you, you will not be able to get an unsecured credit card with a $5,000 limit with bad credit. Unsecured cards with $5,000 limits are usually available only to people with good credit. So, you’ll need to start off with a secured card.

Another way to get a credit card with a $5,000 limit with bad credit is to become an authorized user. When you’re an authorized user on someone else’s credit card, you’ll share a credit line with them. You’ll also rebuild your credit if the primary cardholder pays the bills on time.

If you go for a secured card, your credit limit is (almost always) equal to your deposit. So, depositing more money can give you a higher limit. However, the issuer will usually approve a personal maximum deposit for you. This may be below the card’s overall maximum, depending on your income and credit history.

There is no secret for how to get a credit card with bad credit, other than choosing the right kind of card. There are two types of credit cards that you can get with a poor credit score: secured credit cards and unsecured credit cards for people with bad credit. Both types report account information to the major credit bureaus each month, which means either can help you rebuild your credit if used responsibly. But they’re far from equal in terms of accessibility and cost.

Secured cards are the easiest credit cards for anyone to get, offering good approval odds even to people with bad credit. Some don’t even check applicants’ credit history, which means there’s no hard pull to hurt your score more. Secured cards also charge much lower fees than unsecured cards for bad credit.

All of that, from the good approval odds to the low fees, is thanks to the fact that you have to place a refundable security deposit to get a secured credit card. The amount of this deposit, which you typically have to place when you apply, usually serves as your spending limit. This prevents you from spending more than the card’s issuer knows for sure you can afford to repay. And without the risk of being left with an unpaid balance, the issuer can afford to approve more people as well as offer more attractive terms.

Now that you know the lay of the land, the path to plastic despite poor credit should be clear. But for your convenience, we’ll lay out step-by-step instructions below.

How to get a credit card with bad credit:

1. Compare secured credit card offers. Shopping around will help you find the card with the lowest fees, lowest deposit requirement and highest approval odds.
2. Fill out an application. Applying online is best because you get a decision soonest.
3. Place your security deposit. You’ll have to submit your deposit either when you apply or after approval but before opening an account. You can usually fund the deposit with a transfer from a bank account or prepaid card. The funds will be returned if you don’t get approved or when you close your account (minus any unpaid balance).
4. Get approved. It’s possible to get rejected for a secured credit card, but not likely.

Getting a credit card with bad credit can be tricky. But it’s crucial to open an account as soon as possible in order to begin repairing your credit reputation. A secured card allows you to do that. And it has the added benefit of helping you avoid being rejected repeatedly, which would only make matters worse.

When it comes to specific cards to consider, the Capital One Platinum Secured Credit Card and Discover it® Secured Credit Card are two of the best options available. And they’re generally available to people with bad credit. Alternatively, the OpenSky® Secured Visa® Credit Card, First Progress Platinum Prestige Mastercard® Secured Credit Card and First Progress Platinum Select Mastercard® Secured Credit Card won’t check your credit when you apply.

No matter which secured card you choose, paying your bill on time every month will add positive information to your credit reports, which will help cover up past mistakes. But sometimes that’s not enough. Some people with bad credit need a credit card with no security deposit to cover emergency expenses. In that case, an unsecured credit card for bad credit is your only option.

You won’t have much of a selection when shopping for an unsecured card with bad credit, unfortunately. You won’t get too much extra spending power, either, because high fees will initially consume much of your credit line. But it’s definitely possible to get approved for such a card. Just compare your options and double-check the eligibility requirements in their terms and conditions to make sure nothing in your background rules you out.

So, to recap, a secured credit card is your best bet if getting approved and beginning to rebuild your credit as soon as possible is your top priority. But if you need an emergency loan, you’ll have to make do with a costly unsecured card for bad credit.

The best gas credit card for bad credit is the Bank of America® Customized Cash Rewards Secured Credit Card, which gives cardholders 3% cash back in the category of their choice, including gas. Bank of America Custom Cash Secured Card has a $0 annual fee, but you need to place a security deposit of at least $200.

Gas credit cards for bad credit are hard to come by because fair credit or better is usually required. So the best choice for you will depend on whether you’re willing to compromise on a security deposit or an annual fee. Keep reading to learn more.

Here are the best gas credit cards for bad credit:

• Bank of America® Customized Cash Rewards Secured Credit Card: Get 3% cash back in a category of your choice, 2% back at grocery stores and wholesale clubs (up to $2,500 spent quarterly in the 3% and 2% categories combined), and 1% back on all other purchases. One of the categories you can choose from is gas. A $200+ security deposit is required, and your credit limit will equal the amount you put down. There is a $0 annual fee. Open to applicants with bad credit.
• Capital One Quicksilver Secured Cash Rewards Credit Card: Earn unlimited 5% cash back on hotel and rental cars booked through Capital One Travel, as well as 1.5% cash back on all other purchases, including gas. $200+ deposit required. $0 annual fee. Open to applicants with bad credit.
• Credit One Bank® Platinum Visa® for Rebuilding Credit: You’ll earn 1% cash back on gas and grocery purchases, as well as 1% back on mobile phone, internet, cable and satellite TV services. The annual fee is $75 intro 1st yr, $99 after. Credit One may apply the annual fee as equal charges each month. Open to applicants with bad credit.
• Harley-Davidson® Secured Credit Card: Earn 1 point per $1 spent on all purchases. So if you want to put your gas spending toward Harley savings, all while building credit, then this is your card. You’ll need a $300 minimum deposit, and the card has a $0 annual fee. Open to applicants with bad credit.

The biggest things to watch out for on these gas credit cards for bad credit are high interest rates and annual fees. That’s just the price of bad credit. But you can minimize the cost, and your credit can get better by paying on time and in full each month.

Gas cards can be a great way to build credit history since they are easy to get approved for. Plus, the best part of a routine purchase like gas is that you can pump your credit report full of on-time payments. Once you improve your credit score, feel free to also take a look at some of the best gas credit cards on the market.