Procrastination is like a credit card: it’s a lot of fun until you get the bill.
Many kids come out of college; they have a credit card and a diploma. They don’t know how to buy a house, a car or health insurance; but credit card? They consider it as some sort of a Master-Key.
Unfortunately, Credit Cards unlock the door to a poor credit score, bad credit rating, and financial insecurity.
Look away for a moment and you can’t buy a new car, your employer gives you cold looks now and then, and it’s almost impossible to get a new credit card- all of this because your credit score caught fire and it’s too late to extinguish it.
A bad credit score sucks- It doesn’t take rocket science to draw that conclusion. Funny thing is that to get out of bad credit, you need to prove yourself as a responsible, financially aware citizen. And what’s the best way to rise up from your bad credit? Get yourself a credit card for bad credit!
When you apply for a Secured Credit Card, you’re signing up for a credit card alright; but all you need is a small deposit, which basically becomes the credit limit. They’re designed to help consumers with bad credit or no credit build or re-establish credit with responsible use.
Let’s face it- we don’t have bad credit scores because we’re outlaws or something, we just missed a payment or two from time to time; an honest mistake. To err is human, to forgive divine. There’s always a way back to decent credit score and applying for a Credit card for bad credit is the right start.
You don’t need 10 credit cards and pay them off at once though; it doesn’t earn you brownie points. Test the waters- How much do you earn? Will you be able to meet the timely payments?
If you think you can, check out our list of Best Credit Cards for Bad Credit and apply for a Secured Credit Card to build your creditworthiness!
PRO TIP: Don’t apply for multiple credit cards at once; nothing harms your credit score more than that.
1. The First Progress Platinum Elite Mastercard® Secured Credit Card
If we are talking of best credit cards for bad credit, then we cannot forget this one. The First Progress Platinum Elite Mastercard® Secured Credit Card is one to look up to if your credit is in the red. There’s no requirement for minimum credit history or credit score, for that matter. The online application is super-quick and one can get their hands on the card ASAP.
The First Progress Platinum Elite Mastercard® Secured Credit Card
22.99% (V)
Est. APR*Damaged/Fair
Credit Score$29
Annual FeeWith decent terms and conditions, The First Progress Platinum Elite Mastercard® Secured Credit Card is a good choice for building your credit. Building credit from the ground up requires lots of grit but it is made simple with this secured credit card, which enjoys all Mastercard benefits.
- One-time Fee: None
- Regular APR: 22.99% (V)
- Annual Fee: $29
- Monthly fee: None
- Rewards: None
- Minimum Credit Score: Damaged/Fair
2. Indigo® Mastercard® for Less than Perfect Credit
The Indigo® Mastercard® for Less than Perfect Credit had us at choose-your-own-card-design feature, but there is more to it than that. It is a very decent card for borrowers with bad credit that are looking to build their credit score towards green. The credit limit is quite low, like $300 low if you have bad credit. One can pre-qualify for the Indigo® Mastercard® for Less than Perfect Credit so as to figure out their terms, without affecting their credit score.
Indigo® Mastercard® for Less than Perfect Credit
24.9%
Est. APR*300-640
Credit Score$0-$99
Annual FeeThere is no rewards program, which seems to be the case with all the other best credit cards for bad credit. The APR is pretty decent and credit limit, although low, will keep you on a leash while building credit. Even if you’ve been bankrupt before, you can start your road to recovery with Indigo® Mastercard® for Less than Perfect Credit. Also, the card is accepted at millions of locations worldwide.
- One-time Fee: None
- Regular APR: 24.9%
- Annual Fee: $0-$99
- Monthly fee: None
- Rewards: None
- Minimum Credit Score: Bad (300-640)
3. Milestone® Mastercard® – Less Than Perfect Credit Considered
If you are a firm believer of pre-qualifying for a credit card so that it doesn’t hurt your credit score, you should start with Milestone® Mastercard® – Less Than Perfect Credit Considered. This credit card is specifically for borrowers with bad credit who are looking to make their way into good credit.
Reporting to three major credit bureaus, the Milestone® Mastercard® – Less Than Perfect Credit Considered is an excellent one to have. If you are in dire need of credit and can’t access it because of low credit score, Milestone® Mastercard® – Less Than Perfect Credit Considered will be at your service as quick as possible.
Milestone® Mastercard® - Less Than Perfect Credit Considered
24.9%
Est. APR*300-640
Credit Score$35-$99
Annual FeeThe spend cap is somewhere less than $300, which is quite necessary for your creditworthiness and its sanity. The interest rate is modest as well. Although there are no rewards, it is a very useful card in the long run.
We’d recommend that you use the pre-qualifying feature to identify rates and fees before actually applying for the card. You can use the link above to check whether you qualify. Milestone® Mastercard® – Less Than Perfect Credit Considered can be accessed on your fingertips with its 24×7 mobile support. Disclaimer: *Dependent on credit worthiness.
- One-time Fee: None
- Regular APR: 24.9%
- Annual Fee: $35-$99
- Monthly fee: None
- Rewards: None
- Minimum Credit Score: Bad (300-640)
4. First Progress Platinum Select Mastercard® Secured Credit Card
Another one of the best cards for bad credit is the First Progress Platinum Select Mastercard® Secured Credit Card. If your credit score is suffering, you’ll appreciate the fact that there’s no credit check required to get approved for this card, nor is there a minimum credit score needed.
First Progress Platinum Select Mastercard® Secured Credit Card
16.99% (V)
Est. APR*Damaged/Fair
Credit Score$39
Annual FeeThis is a full-featured credit card, which means you get all the bells and whistles that you’d get with a traditional card (with certain exceptions). You can easily establish or re-establish good credit thanks to the reporting of your card activity to all three credit bureaus each month.
The annual fee is quite low, and the APR is on the lower end of the spectrum compared to most other secured credit cards, making this an affordable option. Check the numbers yourself:
- One-time Fee: None
- Regular APR:16.99% (V)
- Annual Fee: $39
- Monthly fee: None
- Rewards: None
- Minimum Credit Score: Damaged/Fair
5. First Progress Platinum Prestige Mastercard® Secured Credit Card
We are very much aware of the fact that secured credit cards help in building credit. First Progress and its Platinum range are very focused on customers shopping credit cards for bad credit. There’s no minimum requirement for credit score and history as it is specially crafted for borrowers with bad credit.
First Progress Platinum Prestige Mastercard® Secured Credit Card
12.99% (V)
Est. APR*Bad
Credit Score$49
Annual FeeFirst Progress Platinum Prestige Mastercard® Secured Credit Card is one of the three credit cards for bad credit; we’ve mentioned the other two as well. The annual fee is a bit high, but a low regular APR levels the scores.
The card reaches to you at lightning quick speeds, thanks to Expedited Processing option. Not only is this a good credit card for bad credit, but there are also Mastercard perks associated with it.
- One-time Fee: $0
- Regular APR: 12.99% (V)
- Annual Fee: $49
- Monthly fee: $0
- Rewards: None
- Minimum Credit Score: No Credit History/ Min. Credit Score
6. First Access Visa® Card
First Access Visa Card might be that one secured credit card for bad credit that builds your credit score in a matter of months, but it’s not the best idea if your income’s low. The fee structure is hefty and sometimes you may feel that it’s not worth the hassle.
First Access Visa® Card
See Terms
Est. APR*Fair/Bad
Credit ScoreSee Terms
Annual FeeBut again, your credit can be repaired quickly with monthly reports to all three major credit bureaus. The interest rates are on the higher side too, and if we were at your place we wouldn’t miss any payment deadlines. Here’s how the numbers add up:
- Regular APR: See Terms
- Annual Fee: See Terms
- Monthly fee: See Terms
- Rewards: None
- Minimum Credit Score: Fair/Bad
7. OpenSky® Secured Visa® Credit Card
OpenSky® Secured Visa® Credit Card—as the name suggests, is all about giving opportunities to everyone. This secured Visa credit card helps in building credit and there isn’t much to think about before applying for it.
Start with a refundable deposit limit which becomes your line of credit and it starts from as low as $200. If you are looking for a safe haven to build your credit, this would be it.
OpenSky® Secured Visa® Credit Card
20.39%
Est. APR*Poor
Credit Score$35
Annual FeeThis is one of the best credit cards for bad credit as OpenSky® Secured Visa® Credit Card reports to all three major credit agencies. If you believe that you can be a responsible credit card holder, then go ahead and apply forOpenSky® Secured Visa® Credit Card.
If you are into doing foreign transactions, this card might not be the best choice, as there is a foreign transaction fee of 3%. On the upside, there’s no credit check, so you can pocket this card with ease irrespective of your credit history.
- One-time Fee: $0
- Regular APR: 20.39% (Variable)
- Annual Fee: $35
- Monthly fee: $10
- Rewards: None
- Minimum Credit Score: Poor
8. Total Visa® Unsecured Credit Card
Let us just put it out there—The Total Visa credit card is definitely not the best credit card for bad credit, but it might be of use to some. The card’s rates and fees are similar to other credit cards for bad credit, which means you can get a better card for the same rate.
Apart from the usual rates and fees, there are lots of additional charges that are way too complex to understand. Also, one cannot use the Total Visa credit card outside the US of A. On the upside, however, Total Visa reports to all three major credit agencies every single month.
Total Visa Credit Card
See Terms
Est. APR*Bad
Credit ScoreSee Terms
Annual FeeTotal Visa also sports the choose-your-own-card-design. Opening an account is as easy as paying the inaugural program fee and voila! You can access your line of credit right away.
The problem with the Total Visa is high APR, annual fee and monthly fee. The card is fine, but for that money, one can opt for a better credit card which would hit birds with one stone.
- One-time Fee: See Terms
- Regular APR: See Terms
- Annual Fee: See Terms
- Monthly fee: See Terms
- Rewards: None
- Minimum Credit Score: Bad
9. Discover-It Secured Card
You’ll love the fact that there’s no annual fee associated with the Discover it Secured Card. While you’re making timely payments to repair your credit score, you can also get hefty cashbacks. Just like other secured credit cards for bad credit, you’ll need a minimum amount that shall be your credit limit.
Discover-It Secured Card
25.24%
Est. APR*Poor
Credit ScoreNone
Annual FeeAfter 8 months of using your card responsibly, your account will automatically be reviewed to see if you can get approved for an unsecured line of credit. In as little as a few months, you’ll be able to give your bad credit a boost. Check out the specifics below:
- One-time Fee: None
- Regular APR: 25.24%
- Annual Fee: None
- Monthly fee: None
- Rewards: 2% cash back on restaurants and gas-stations; unlimited 1% cashback
- Minimum Credit Score: Less than 3 years of Credit History
10. Capital One® Secured Mastercard®
This is probably one of the best credit cards for bad credit simply because there is no annual fee and the minimal security deposit amount required is very low. You can open an account with minimal funds right away and start building good credit within a few short months.
Capital One® Secured Mastercard®
26.99% (Variable)
Est. APR*Limited, Bad
Credit ScoreNone
Annual FeeAs long as you use your credit card wisely, there’s no reason why you shouldn’t be able to give your credit rating a boost. Your payments will be reported to all three major credit card bureaus, which is exactly what you want when you’re trying to improve your credit rating. Check these specific pointers:
- One-time Fee: None
- Regular APR: 26.99% (Variable)
- Annual Fee: None
- Monthly fee: None
- Rewards: None
- Minimum Credit Score: Limited, Bad
In my experience and through my research, I’ve found that the above-mentioned products are some of the best cards for bad credit. However, let’s not forget the reason why we’re opting for these credit cards- to Raise our Credit Score.
Check your credit score and try your hands on any of these credit cards for bad credit to witness the end result! Your journey from Zero to Hero begins here!
