Are you dealing with bad credit? First things first, having bad credit doesn’t say anything about you as a person. Maybe you took out a personal loan online or installment loan and are struggling to pay it off. These things happen to the best of us, and let’s not even mention those difficult personal situations that come along.
One way to get started rebuilding is to obtain one or two unsecured credit cards. But when you have bad credit, getting an unsecured credit card can seem like a tall order.
Thankfully, there are many unsecured credit cards available that are geared toward consumers with bad credit. Some even offer rewards or cash back. Ready to get your credit back on track? Read on to learn about your options!
1. Capital One QuicksilverOne Rewards Mastercard
The best card comes first. The Capital One QuicksilverOne Mastercard is a lower-credit version of their popular Quicksilver card that’s reserved for people with excellent credit. This card is great for consumers whose credit is already on the mend because you’ll need average or fair credit to qualify for it.
The QuicksilverOne has a low annual fee of $39, and it has a 26.96% variable APR.
This card comes with perks! Cardholders enjoy 1.5% cash back on all purchases. Capital One also incentivizes users to make their payments on time. They’ll raise your credit limit once you make your first five payments on time.
2. Capital One Platinum Mastercard
If you don’t think you’ll qualify for the QuicksilverOne, then you may fare better with the Capital One Platinum Mastercard.
This card has no annual fee, and it comes with a 26.96% variable APR.
The Capital One Platinum Mastercard doesn’t come with any perks, but they track your on-time payments, and after five months, they’ll raise your credit limit to $500. New cardholders generally receive an initial $300 credit limit.
3. Indigo Mastercard
This Mastercard works well for people who are just beginning their credit repair journey. They even accept customers who have previously had a bankruptcy so these are certainly credit cards for bad credit with no deposit.
This card does have a yearly fee for most customers. The fee can be $0, $59, or $75 during the first year and it is $99 for each subsequent year. It has an APR of 23.9%.
In order to get this card, you must first pre-qualify. But that’s a good thing! Pre-qualifying means there won’t be a hard hit to your credit when you apply. Unlike Capital One, however, Indigo doesn’t make any promises about increasing your credit limit after a certain number of on-time payments.
4. Milestone Gold Mastercard
The Milestone Gold Mastercard is yet another card geared toward consumers with damaged credit who have potentially taken out payday loans online. It allows consumers to pre-qualify, and the bank won’t boot your application just because you have a bankruptcy on your record.
This card has an annual fee of $35 to $99 and a 23.9% APR. The annual fee converts to $99 per year after the first year. It may also have an account opening fee.
This is a fairly basic credit card, but it’s not without its benefits. It offers a $0 cash advance fee during the first year and a low 1% foreign transaction fee.
5. Surge Mastercard
This card is geared toward consumers who are trying to come up from a very poor credit score. This card is easy to qualify for and get started building up your credit.
Access to credit comes at a cost. It does not have a one time fee that you have to pay before accessing your credit, but it does have a $125 annual fee the first year, and a $96 fee for each subsequent year. It also has a monthly fee of $10 starting your second year. It also has a high APR of 29.99%
6. First Access Visa
The First Access Visa is similar to the Surge Mastercard, except it comes with an $89 fee you have to pay up front to access your credit line.
Like the Surge, it has a 29.99% APR, but its annual and monthly fees are significantly lower. It has a $75 annual fee the first year, and a $48 annual fee each year thereafter. There are no monthly fees the first year, but, starting the second year, it has a $6.25 monthly fee.
7. Credit One Bank Platinum Visa
The Credit One Platinum Visa is an excellent card for people with bad or fair credit who also want to get cash back rewards.
This card does charge an annual fee, but it will cost you $99, maximum. It also features a variable APR rate of 19.99% to 25.99%, depending on your creditworthiness.
This card gives cardholders 1% cash back on all purchases. It also offers travel and auto rental collision insurance. Bonus points for Credit One prequalifying potential cardholders without impacting their credit score.
8. Total Visa
If you’re struggling to qualify for any of the previous credit cards, then the Total Visa may be the card that works for you.
This card has a one time fee of $89, which you must pay up front in order to access your credit. It also has an annual fee of $75 the first year and $48 per year for each subsequent year. On top of that, it has a monthly fee of $6.25 per month after your first year.
With an APR of 29.99%, this is truly a stater card when you’re rebuilding your credit from the very bottom. Use it wisely, then you can start applying for credit cards with better rates, fewer fees, and rewards!
Want to Learn More About Unsecured Credit Cards?
Getting an unsecured credit card is the first step in moving your credit score from bad to excellent. But remember to use them wisely! Keep your balances low and don’t apply for more credit cards than you need or can afford. Easy peasy!
Have you worked on your credit and moved up to the good or excellent credit categories? Congratulations! If that’s the case, you’re probably on the market for unsecured credit cards that match your new credit score. Check out our list of the best credit cards of 2019 to see which one meets your needs! Here are some other articles you might find interesting:
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