When arguing about which of a thing is “best,” things can quickly become rather subjective and opinion-based rather than fact-based. But it doesn’t have to be that way when it comes to finding the best secured credit card for bad credit.
It’s true that the best offer available to one person may differ from what’s available to someone else. And one a borrower’s preferences can also affect what’s “best for them,” but nonetheless, there are some solid criteria by which we can compare and rank credit card offers.
Defining The Best Secured Credit Card For Bad Credit
The best secured credit card for bad credit can be defined in a number of ways. First of all, it’s a matter of the best offer for which a person with bad credit can expect to get approved. That may put some limitations on the terms, but don’t assume you can’t get a decent offer – because almost everyone can if they know what they’re looking for and now how to look for it.
Here are some reasonable features you can aim for when searching for a bad credit credit card:
- Quick, simple application process. Approval should be instantaneous. You should not have to wait for days on end to find out the lender’s decision.
- Bad credit should not be a reason for disapproval. Many card companies base approval on verifiable income, more recent credit history, or factors other than credit score.
- No annual fee. Yes, it is possible to get a bad credit credit card that has no annual fee. Otherwise, find as low an annual fee as you can. And check and compare late fees, cash ATM fees, and other fees as well.
- Relatively low APR. Bad credit may mean a higher APR, such as with bad credit personal loans, but you can get a lot lower rates with some cards than with others. It pays to shop around.
- A higher credit limit. One of the biggest restrictions of many bad credit cards is a severely low credit ceiling. Pay close attention to who will give you a higher limit and to how quickly it can be raised by making consistently on-time payments.
- Special perks. Even cards for bad credit may offer cash back, rewards points, or frequent flier miles. Don’t fail to take that into account.
- Reports to all three credit bureaus every month. Find out it this is true of the card company because, if it is, it will speed up the rate at which you damaged credit can recover.
Secured VS Unsecured Credit Card Offers
Many prefer an unsecured credit card, but if you can’t get one, a secured card may be an alternative. However, there are some who actually prefer secured cards because it involves less risk. After all, you can’t really get into “debt” when your security deposit is as high as the limit on your card.
Plus, you can often get the credit limit based on a multiple of the deposit, such as twice or three times as high. And as you continue to make on-time payments, you can eventually graduate to an unsecured card under the rules of many credit card companies.
Bonsai Finance Can Help You Find Your New Credit Card!
With so many offers out there, how do you find the one that truly best meets your needs? Bonsai Finance takes the work out of finding the best credit card for you. We save you time and frustration and help you end up with a better card.
How do we do it? We use high-powered search engines capable of comparing hundreds of card offers, feature by feature, in a matter of seconds. You can enter as many criteria as you like and refine your search until you find your best secured credit card for bad credit. It’s that simple! Here are some other articles you might find helpful:
3 surprising ways guaranteed approval credit cards are good for your credit
Your guide to credit cards for bad credit
Why use a credit card? 10 reasons it’s better than cash
7 of the best secured credit cards for rebuilding credit