If your credit score is in the doldrums, you won’t qualify for a lot of standard credit cards–especially those with robust rewards programs. But some cards are targeted toward those who have bad credit. Many of the strongest options are among secured credit cards, which require the cardholder to make a security deposit as collateral. If you deposit $200, for example, you may have a $200 spending limit on a secured card. Some unsecured credit cards are available to those with bad credit, but they often come with high interest rates and fees, and you won’t be able to fall back on a security deposit if you miss payments. Show
To help you choose a card that you may qualify for even with bad credit, we’ve rounded up top options here. All of our selections are secured credit cards with reasonable deposit requirements. They report to the three major credit bureaus–Equifax, Experian and TransUnion–giving cardholders the opportunity to build a positive credit history by making on-time payments. One of them even offers cash back rewards (opens in new tab). Subscribe to Kiplinger’s Personal FinanceBe a smarter, better informed investor. Save up to 74% Sign up for Kiplinger’s Free E-NewslettersProfit and prosper with the best of Kiplinger’s expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail. Profit and prosper with the best of Kiplinger’s expert advice - straight to your e-mail. Sign up Our best credit cards for bad credit are selected based on securitization, credit bureau reporting terms, and deposit requirements. Interest rates, fees, rewards and other terms listed in this article are subject to change. Before you apply for a credit card, check its current terms and conditions with the issuer. Discover It Secured Credit Card(opens in new tab)Discover It Secured Credit Card (opens in new tab) - 2% cash back Earn 2% cash back rewards on everyday spending plus a cash back bonus after a year of card membership. The card charges no late-payment fee the first time you miss a payment and no penalty APR. (But late payments can damage your credit score, so it’s wise to pay on time.) View (opens in new tab)
Capital One Platinum Secured Credit Card - Low Deposit(opens in new tab)Capital One Platinum Secured Credit Card (opens in new tab) - Low Deposit Amount Availabe If you prefer a secured credit card with a low deposit requirement, this card is a good choice. With responsible card use–including on-time payments–you can eventually get your deposit back and graduate to an unsecured card. View (opens in new tab)
Chime Credit Builder Secured Credit Card(opens in new tab)Chime Credit Builder Secured Credit Card (opens in new tab) - No interest Created by financial-technology Chime, this card is a little different from typical secured cards. You can use the security deposit itself to pay your credit-card bill–and because you can’t spend more than the deposit amount, you won’t be able to carry a balance and rack up interest charges. You must have a Chime checking account that has received a direct deposit of at least $200 to be eligible to apply for the Credit Builder card. View (opens in new tab)
How to Get a Credit Card With Bad CreditBefore you apply for one of these credit cards, take a few minutes to go over your application information and strategy. Doing so can save you time and protect your credit score from falling even further. For a detailed explanation, see How to Get a Credit Card With Bad Credit. What is the easiest card to get with bad credit?The Best Credit Cards For Bad Credit. Petal® 1 “No Annual Fee” Visa® Credit Card: Best Overall.. Navy FCU nRewards® Secured Credit Card *: Best Credit Union Card For Bad Credit.. Tomo Credit Card *: Best for Newcomers to the U.S.. OpenSky® Secured Visa® Credit Card: Best for No Credit Check.. Which card is easiest to get approved for?Easiest Credit Cards to Get with Bad Credit. No Credit Check: OpenSky® Secured Visa® Credit Card.. No Deposit: Credit One Bank® Platinum Visa® for Rebuilding Credit.. Rewards Categories: U.S. Bank Cash+® Visa® Secured Card.. Unlimited Cash Back: Capital One Quicksilver Secured Cash Rewards Credit Card.. What's the fastest I can build my credit?14 Tips on How to Build Credit Fast. Apply for a Secured Loan or a Credit-building Loan. ... . Apply for a Secured Credit Card. ... . Use Less Than 30% of Your Available Credit. ... . Stop Shuttling Debt From One Interest-free Card to Another. ... . Request a Higher Credit Limit. ... . Keep Credit Cards Open. ... . Cluster Your Hard Credit Inquiries.. What credit cards can I get with a 590 score?Popular Credit Cards for a 590 Credit Score. Best Overall: Discover it® Secured Credit Card.. No Credit Check: OpenSky® Secured Visa® Credit Card.. Unsecured: Credit One Bank® Platinum Visa® for Rebuilding Credit.. Rewards & No Annual Fee: Capital One Quicksilver Secured Cash Rewards Credit Card.. |