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What are the Best Credit Cards for Bad Credit?

John ShahidiVerified
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Summary：Discover the best credit cards for bad credit, including secured and unsecured options. Build or rebuild your credit with responsible use and on-time payments.

If you have bad credit, you may think that it's impossible to get a credit card. But the good news is that there are many credit cards available for people with bad credit. In this article, we'll take a look at some of the best credit cards for bad credit.

Secured Credit Cards

One of the most common types of credit cards for people with bad credit is a secured credit card. These cards require you to put down a deposit as collateral, which acts as your credit limit. For example, if you put down a $500 deposit, your credit limit will also be $500. Secured credit cards are a great way to build or rebuild your credit, as long as you use them responsibly and make your payments on time.

Capital One Secured Mastercard

The Capital One Secured Mastercard is a great option for people with bad credit. It has a low deposit requirement of $49, $99, or $200, depending on your creditworthiness. The card also offers a credit limit increase after your first five months of on-time payments, which can help you build your credit quickly.

Discover it Secured

The Discover it Secured card is another great option for people with bad credit. It offers cash back rewards on all purchases, with 1% cash back on all purchases and 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. The card also has no annual fee and offers a credit limit increase after your first eight months of on-time payments.

Unsecured Credit Cards

Unsecured credit cardsare another option for people with bad credit, but they can be harder to get approved for. These cards don't require a deposit as collateral, but they usually have higher interest rates and fees. However, if you use them responsibly and make your payments on time, they can help you build your credit.

Credit One Bank Visa

The Credit One Bank Visa is an unsecured credit card that's available to people with bad credit. It has a variable APR of 17.99% to 23.99%, depending on your creditworthiness, and an annual fee that ranges from $0 to $99, depending on your credit limit. The card also offers cash back rewards on all purchases, with 1% cash back on eligible purchases.

Indigo Platinum Mastercard

The Indigo Platinum Mastercard is another unsecured credit card that's available to people with bad credit. It has a fixed APR of 24.90% and an annual fee that ranges from $0 to $99, depending on your creditworthiness. The card also offers pre-qualification, which can help you see if you're likely to be approved before you apply.

Tips for Applying for Credit Cards

When applying for a credit card, there are a few things you should keep in mind. First, make sure you check your credit score before you apply. This can help you determine which cards you're likely to be approved for. Second, read the terms and conditions carefully before you apply. Make sure you understand the APR, fees, and rewards program. Finally, make sure you use your credit card responsibly. Make your payments on time and keep your balance low to avoid damaging your credit further.

In conclusion, there are many credit cards available for people with bad credit. Secured credit cards are a great way to build or rebuild your credit, whileunsecured credit cardscan offer more flexibility. Just make sure you do your research and choose a card that's right for you. And remember, using your credit card responsibly is the key to building good credit and achieving your financial goals.

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