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WalletHub 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
- No Credit Check: OpenSky® Secured Visa® Credit CardOpenSky® Secured Visa® Credit CardLearn MoreLearn Moreon issuer's website
- International Travel: Capital One Platinum Secured Credit CardCapital One Platinum Secured Credit CardLearn MoreLearn More
- No Security Deposit: Credit One Bank® Platinum Visa® for Rebuilding CreditCredit One Bank® Platinum Visa® for Rebuilding CreditLearn MoreLearn Moreon issuer's website
- Rates & FeesRewards: Discover it® Secured Credit CardDiscover it® Secured Credit CardLearn MoreLearn Moreon issuer's website
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
The best second chance credit card is the cheapest offer that you can get approved for with damaged credit. After all, your top priority at this point in your credit career should be to open a credit card and make on-time payments in order to add positive information to your credit reports every month. Beyond that, you should try to save as much money as possible.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.
About the Author
John S Kiernan
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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What are the best second chance credit card companies? Reply
The best second chance credit card companies are Continental Finance/Genesis Financial Solutions and First Progress.
Here are a few cards they offer for people with bad credit who made some financial mistakes in the past:
- Reflex Mastercard
- Milestone Mastercard
- Indigo Mastercard
- Surge Mastercard
- First Progress Platinum Elite Mastercard Secured
- First Progress Platinum Prestige Mastercard Secured
- First Progress Platinum Select Mastercard Secured
Keep in mind that secured credit cards are always cheaper and have the highest approval odds. That's why they're considered the best second chance cards overall.
What is the best second chance credit card with no security deposit? Reply
The best second chance credit card with no security deposit is the Credit One Bank® Platinum Visa® for Rebuilding Credit. This credit card is good for a second chance because it accepts applicants with bad credit and offers 1% on purchases like gas, groceries, mobile phone service, internet, and cable. It’s less expensive than similar cards, too, charging an annual fee of $75 for the first year and $99 after that. The card doesn’t have a monthly fee, or any one-time fee...
What are the easiest credit cards to get approved for?
Secured credit cards are the easiest credit cards to get approved for when you have bad credit or no credit because they require a refundable security deposit that protects the issuer. Secured cards have annual fees as low as $0, report monthly to the 3 major credit bureaus, and often give rewards of 1% or more. To help people with no credit or bad credit maximize their odds of approval for a credit card, WalletHub’s editors compared the approval requirements for more than 1,500 credit card offers, along with their fees, rates and rewards.
Easiest Credit Cards to Get Approved For
- Easiest to Get: OpenSky® Plus Secured Visa® Credit CardOpenSky® Plus Secured Visa® Credit CardLearn MoreLearn Moreon issuer's website
- Best Unsecured: Credit One Bank® NASCAR® Credit CardCredit One Bank® NASCAR® Credit CardLearn MoreLearn More
- Best for No Annual Fee: Petal® 2 Visa® Credit CardPetal® 2 Visa® Credit CardLearn MoreLearn Moreon issuer's website
- Best for Cash Back: Capital One Quicksilver Secured Cash Rewards Credit CardCapital One Quicksilver Secured Cash Rewards Credit CardLearn MoreLearn More
- Best for Students: Capital One SavorOne Student Cash Rewards Credit CardCapital One SavorOne Student Cash Rewards Credit CardLearn MoreLearn More
- Best for No Credit: Capital One Platinum Credit CardCapital One Platinum Credit CardLearn MoreLearn More
It’s important to get a good credit card because credit cards are the best credit-building tools available to us. They all report information to the major credit bureaus on a monthly basis, and unlike loans, they don’t require you to incur any debt. Some credit cards are much easier to get approved for than others, though. You can learn all about the best easy approval credit cards below.
This content is not provided or commissioned by any issuer. Opinions expressed here are the author’s alone, not those of an issuer, and have not been reviewed, approved or otherwise endorsed by an issuer. Please keep in mind that while some offers may come from WalletHub advertising partners, sponsorship status played no role in card selection.
What are the best last chance unsecured credit cards? Reply
The best last-chance unsecured credit card is the Indigo® Mastercard® for Less than Perfect Credit because it allows people with bad credit to rebuild their score and offers an annual fee of $0 - $99. The Indigo Credit Card also has a 24.9% APR, which is comparable to or better than what other last-chance unsecured cards charge. Additionally, the offer doesn’t include a monthly fee, making it a bit more cost-effective than some of the other credit cards for rebuilding bad credit.
In general,...
How do I get a $500 credit card limit with bad credit? Reply
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.
Ways to get...
Is there an account for people hoping to get a second chance? Reply
Of course! If you’ve been turned down for a regular checking account but need access to traditional banking services, a second chance checking is a great option. Prepaid cards are another option, offering all of the features and functionality of a checking account/debit card combo – just without the physical checkbook. You can compare our picks here.
With this said, it’s important to mention that checking accounts and prepaid cards will not help you rebuild...
What are the best second chance credit cards from Capital One? Reply
Capital One’s best second chance credit cards are the Capital One Quicksilver Secured Cash Rewards Credit Card and the Capital One Platinum Secured Credit Card. Both cards are available to people with bad credit and have a $0 annual fee.
Capital One Quicksilver Secured and Capital One Platinum Secured each require a refundable security deposit, making them easier to get than unsecured credit cards for bad credit, and both report your account activity to the three major credit bureaus every month.
Capital One Second Chance Credit Cards
- Rewards: Capital One Quicksilver Secured Cash Rewards Credit CardCapital One Quicksilver Secured Cash Rewards Credit CardLearn MoreLearn More
Rewards: 5% cash back on hotels and rental cars booked through Capital One Travel, as well as 1.5% cash back on all other purchases
Minimum Deposit: $200
...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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