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Unsecured Credit Cards Bad Credit
It’s hard to get a credit card if you have bad credit. A secured card is a good option, but not everyone can make a deposit. Unsecured credit cards for bad credit offer a way to rebuild your credit score without requiring a security deposit, but these cards often come with high fees, charge more interest and spend less money, making them a less than ideal choice.
Unsecured Credit Cards For Bad Credit
To help you choose the best one, we’ve narrowed down the best unsecured credit cards for bad credit. We’ll examine their features and whether they’re the best option for rebuilding your credit
You can trust our reviews: authors and editors follow a strict policy to ensure our reviews are unbiased and trustworthy with customers first. Check out our picks for the best unsecured credit cards for bad credit.
An unsecured credit card for bad credit is a regular credit card, meaning it has the same features and functions as any other credit card, without the security. The difference is that it is designed specifically for people with bad credit. These credit cards have higher approval standards, making it easier for people with bad credit to qualify. They also tend to have high prices and high interest rates. There are many annual and monthly fees, plus a hefty fee.
⚠️ If you use one of these items, you may want to treat it as a loaner from time to time. Use it only when you need it, pay your bills in full and on time each month (so you don’t have to pay interest), and switch to a card with a lower rate when your credit allows.
Best Unsecured Credit Cards For Bad Credit With No Deposit
The Indigo® Mastercard® Credit Card offers fast, easy advances and no monthly fees. The annual premium is still on the high side and the initial limit is low.
The Surge® Platinum Mastercard® has a higher credit limit than most unsecured bad credit cards, but watch out for those fees!
The Credit One Bank Platinum Visa is one of the few unsecured bad credit credit cards that offers lenders a refund.
The Milestone Mastercard® is designed specifically for borrowers with poor credit history. The $700 credit limit is pretty high for a card in this category, but the fees are on the high side.
How To Get A Credit Card With No Credit
The Destiny Mastercard is priced on the high side, but the card is accessible to people with bad credit and the exchange rate is reasonable, making it one of the best options in the bunch.
👉 Summary: With no monthly fees and easy prequalification, the Indigo® Mastercard® Credit Card is the best credit card for bad credit.
The Indigo® Mastercard® Credit Card can help people with bad credit rebuild their credit. You can check if you qualify in minutes for an initial credit limit of $300 without affecting your credit score.
Unlike other unsecured cards for bad credit, Indigo doesn’t bury you in monthly maintenance fees or payment fees. There is a flat annual fee ranging from $0 to $75 during the first year and $99 per year thereafter. The price depends on your creditworthiness. If Indigo considers you a high-risk customer, the price will be at the higher end of the spectrum.
Best Credit Cards For Bad Credit Of February 2024
Overall, it’s a fair price to pay to improve your credit because most cards of its type have higher fees. If you want to improve your credit without paying a fee and don’t need an emergency loan, a secured credit card is a better option.
Indigo advertises your business to all three major lenders. Using credit cards responsibly can improve your credit score and help you qualify for better credit cards in the future. As long as you pay off your balance in full each month to avoid paying a hefty 24.9% APR, Indigo is a better option in this category.
👉 Summary: If you have less than perfect credit and need access to a higher limit, the Surge® Platinum Mastercard® can help, but it will cost you money.
Celtic Bank’s Surge® Platinum Mastercard® differentiates itself by offering borrowers access to an initial credit limit of $300 and $1,000. The amount you get approved for is up to you.
Easy Credit Cards To Get With Bad Credit (feb. 2024)
Once approved, you may qualify for a limit increase within 6 months. This can help you improve your credit score faster because it can lower your credit utilization ratio. Free monthly access to monitor your credit score is another benefit.
If you’re looking for an affordable way to rebuild your credit score, Surge isn’t the best option. You’ll pay $125 a year during your first year ($75 after that), and $120 in monthly fees every year after that. Monthly fees are waived if your credit limit is $750 or $1,000. Surge also has one of the highest APRs on the market and no rewards.
Overall, Surge is a short-term solution if you need access to funds. High rates and APRs mean you should focus on rebuilding your credit quickly and switch to more expensive products.
👉 Details: The Credit One Bank Platinum Visa is one of the few unsecured bad credit credit cards that offers lenders a refund.
Best Credit Cards For Bad Credit February 2024
Credit One lets you rebuild your credit by earning 1% cash back on purchases like gas, groceries and more.
While the cashback rewards can be like a $75 to $99 bonus per year, you need more limits than the initial $300 there is if you want to increase your maximum content. If earning points is important to you, this type of credit card is not the best choice. There are better secured credit cards with no annual fees that offer better cash back rewards.
Credit One regularly reviews your account to determine if you qualify for a limit increase and offers free access to your Experian credit score. This will help you rebuild your credit and ultimately qualify for a better credit card.
👉 Details: Milestone Mastercard® is specially designed for borrowers with difficult credit history and is a card with more restrictions.
How To Get A Credit Card? Steps To Apply And Get Approved
The initial credit card fee is over $700, which is reduced when you waive the annual fee. The credit limit is too high for this format. Even when you deduct the annual fee, it can still buy more than most cards.
A high credit limit can help you keep your credit utilization low if you keep your balance low. It may also encourage you to build up a balance with a very high interest rate.
In the first year of using the card, the annual fee can be as high as $175, so it’s best to focus on improving your credit score and switch to a card with lower fees. Despite its high annual fee and APR of 35.90% (which you won’t have to pay if you pay each time and in full), it may still be one of the cheapest unsecured rates Secured Credit Card for Bad Credit in store .
👉 Details: The Destiny Mastercard® is available to people with bad credit. The prices are on the high side, but the card can be used and the exchange rate is reasonable, making it a better option in this category.
How To Fix Your Bad Credit
Like most credit cards of its type, it has a very high APR (35.90%), so carrying a balance from month to month can cost you money.
A $700 credit limit can help keep your credit utilization low, but it can also encourage you to go into debt.
The best way to take advantage of this card or any other unsecured credit card for bad credit is to pay off your balance each month and keep your credit utilization low.
Although there are no rewards, it gives bad credit borrowers the opportunity to improve their credit history.
Pros And Cons Of Secured Credit Cards & How To Choose One
Unsecured credit cards for bad credit and secured credit cards can help you build a good credit history. If you pay your bills on time and keep your credit utilization low, you will improve your credit.
👉 In general, “bad” or negative scores are anything below the 600 mark. For example, Vantage considers a score between 500 and 600 poor, while FICO considers a score between 300 and 570 very poor.
Secured credit cards are often a better option. The best secured credit cards have no annual fees, offer great rewards and have a lower APR than unsecured credit.
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