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Best Second Chance Credit Cards
WalletHub makes it easy to find the best second chance credit card for you.
Second chance credit cards are designed for people with bad credit, which means you should be able to get approved for one even if you’ve made mistakes with money in the past.... show more
show lessBest Second Chance Credit Cards of 2023
Secured cards are a lot cheaper and easier to get than unsecured cards for bad credit, which is why they’re the best second chance credit cards overall. The only downside is that a secured card’s spending limit usually equals the amount of the refundable security deposit you have to place to get one. In other words, you basically have to pre-pay your purchases.
So if you need to borrow money while you’re building your credit history, then you may have to apply for an unsecured credit card for bad credit. Just be warned that such a card will come at a steep price and only give you around $200 in available credit.
Finally, do not forget that in order to capitalize on the second chance provided to you by one of these credit cards, you must make on-time monthly payments and avoid maxing out your spending limit.
SECOND CHANCE CREDIT CARDS
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- Qualify with limited or no credit history
- Does not require security deposit
- Membership fees
- High regular APR
- Foreign fee

- No annual or monthly fees
- Starting credit line $200
- Great for credit-building
- No rewards
- Higher-than-average interest rate

- High rewards rate
- Bonus rewards categories
- Qualify with bad credit
- Does not require security deposit
- High membership fees
- High regular APR
- Foreign fee

- Low regular APR
- Qualify with bad credit
- Membership fees
- Foreign fee
- Requires security deposit

- Qualify with bad credit
- Does not require security deposit
- High membership fees
- High regular APR
- Foreign fee

- Qualify with bad credit
- Does not require security deposit
- $89 one-time program fee
- $75 annual fee for the first year
- $147 in fees starting year two
- High APR

- Qualify with bad credit
- Does not require security deposit
- One-time fees
- High regular APR

- No annual or monthly fees & No fees for account opening
- Up to 2% cash back
- First-year rewards doubled
- Relatively low minimum deposit
- High regular APR

- High rewards rate
- Bonus rewards categories
- Qualify with bad credit
- Does not require security deposit
- High membership fees
- High regular APR
- Foreign fee

- Qualify with limited or no credit history
- Low security deposit
- One-time fees
- High regular APR
- Foreign fee
Best Second Chance Credit Cards in 2023

With those criteria in mind, our editors compared 1,500+ credit cards in search of the best second chance offers available. You can find their favorites below.
Best Second Chance Credit Cards Comparison
Credit Card | Best For | Annual Fee | Editors’ Rating |
Discover it® Secured Credit Card | Rewards | $0 | 5/5 |
Capital One Platinum Secured Credit Card | International Travel | $0 | 5/5 |
OpenSky® Secured Visa® Credit Card | No Credit Check | $35 | 4/5 |
Credit One Bank® Platinum Visa® for Rebuilding Credit | No Security Deposit | $75 intro 1st yr, $99 after | 3/5 |
Unless you absolutely need an emergency loan, placing a refundable security deposit to open a secured credit card account is the best way to make the most of your second chance. The deposit makes it a lot easier to get approved, and you’ll get it back when you close your account in good standing. An unsecured credit card for bad credit, on the other hand, is likely to have high, non-refundable fees and provide only a very small credit line.
We also recommend signing up for a free WalletHub account to get free credit scores (updated daily) as well as personalized credit-improvement advice.
Methodology for Selecting the Best Second Chance Credit Cards
To identify the best second chance credit cards, WalletHub’s editors regularly compare the 1,500+ credit card offers in our database in terms of their approval requirements, fees, interest rates, rewards, credit limits, and deposit requirements. The goal is to find the cheapest cards that people with damaged credit can get a second chance with. So, after comparing cards based on their accessibility and overall cost, we select the cheapest cards in the most popular categories – from unsecured cards with no deposit to the cards with the best rewards.
Why People Trust WalletHub
Unlike other sites that only promote cards they're paid to recommend, WalletHub's editors focus on finding the best cards regardless of whether we get compensated as a result. WalletHub makes it easy to find the best second chance credit cards.
Best Second Chance Credit Cards FAQ
Comparing second chance credit cards can be tough. But you’ve got the knowledgeable WalletHub community on your side. We encourage everyone to share their knowledge while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not the financial institution’s responsibility to ensure all posts and questions are answered.show more
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Featured Credit Cards
Expert Opinions
Second chance credit cards play an important role in the personal finance marketplace. They are among the only credit-rebuilding tools available to people who’ve previously made financial mistakes, allowing them to gradually reverse credit damage and reduce the costs associated with loans, lines of credit, insurance and more. Neither choosing nor using a second chance credit card is necessarily straightforward, however. So we asked a pair of personal finance experts for their best advice on making the most of your second chance. You can check out their bios and responses to the following questions, below.
- What incentive does a bank or credit union have to offer second chance credit cards?
- Is it worth giving credit cards a second chance if you've had bad experiences with them in the past?
- What advice do you have for someone who is looking for a second chance credit card?
- Will it be easier or harder to get a second chance credit card 12 months from now?
- Which credit card companies are most and least likely to give a second chance to consumers with negative items on their credit reports?
Professor and Director of Graduate Programs, Rowland School of Business, Point Park University
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Professor and Chair of the Finance Department in the Neeley School of Business at Texas Christian University
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Robert Kavesh Professor of Economics in the Leonard N. Stern School of Business at New York University
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Associate Professor of Economics and Finance at Monmouth University
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Allen C. DuBois Distinguished Professor of Finance at Lehigh University
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University Scholar and Fellow in Commercial Law in the Maurer School of Law at Indiana University
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We work hard to show you up-to-date product terms, however, this information does not originate from us and thus, we do not guarantee its accuracy. Actual terms may vary. Before submitting an application, always verify all terms and conditions with the offering institution. Please let us know if you notice any differences.
† Approval Odds are WalletHub estimates intended to gauge your likelihood of approval for a particular product. Approval Odds are based on WalletHub data and are not provided or endorsed by the lender. Approval Odds are not meant to imply or guarantee that you will be approved by the lender or that credit will be extended. WalletHub may share your information with third-parties in order to show personalized offers, as well as enable you to interact more easily with pre-fill forms or applications. You can opt-out of sharing your personal info here.
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Editorial and user-generated content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by any issuer.
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