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Indigo Mastercard
Indigo Mastercard
- 24.90% Regular Purchase APR
- 29.99% Cash Advance APR
At a Glance
The Indigo Mastercard is rapidly becoming recognized as a top credit card option for applicants with less-than-perfect credit. It is a great resource for anyone who wants to establish, build, or repair their credit score. What’s more, benefits of the Indigo Mastercard include quick pre-qualification with no impact on your credit score, 24/7 mobile account access, chip card technology, and more.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Great for demonstrating responsible use of credit
- Short and easy-to-complete pre-qualification form
- 24/7 mobile account access
- Choose your card design free of charge
- Regular Purchase APR: 24.90%
- Cash Advance APR: 29.99%
- Cash Advance Transaction Fee: Either $5 or 5% of the amount of each cash advance, whichever is greater (not to exceed $100)
- Penalty APR: 29.9%
- Annual Fee: $0 to $99 depending on the card issued
- Foreign Transaction Fee: 1% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
- Over Limit Penalty Fee: Up to $40
- You want to build or repair your credit score with a decent credit line
- You have a history of poor credit and have been declined by other credit card issuers
- You want a credit card whose application will not impact your credit score
- You don’t want a secured credit card or can’t afford a security deposit
- You would like to show some personality with several card designs
- You would like a tool for building credit that is accepted worldwide – anywhere Mastercard is accepted
Merrick Bank Double Your Line® Secured Credit Card
Merrick Bank Double Your Line® Secured Credit Card
- 21.95% Variable Regular Purchase APR
- 26.95% Variable Cash Advance APR
At a Glance
The Merrick Bank Double Your Line® Secured Credit Card is a useful tool for boosting your credit score thanks to its Double Your Line® feature. The card features a decent APR, and the chance at credit limit increases without making further cash deposits.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Put down $200, which becomes your credit line. Then, if you qualify, double your credit line to $400 without making another deposit
- Double your $200 credit line by making at least your minimum payment on time each month for the first 7 months your account is open
- Secured Credit Cards are great for people looking to build or rebuild credit and are available to people with all kinds of credit backgrounds
- Unlike a debit card or a pre-paid card, it helps build your credit history. We report your payment history to all three major credit-reporting agencies
- Get your FICO® Credit Score for free each month
- Fraud coverage if your card is lost or stolen. Access your account 24 hours a day, 7 days a week. Get help staying on track with available Auto Pay and account alerts
- Card issued by Merrick Bank, Member FDIC
- Regular Purchase APR: 21.95% Variable
- Cash Advance APR: 26.95% Variable
- Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater
- Annual Fee: $36 the first year. Billed $3 per month thereafter
- Foreign Transaction Fee: 2% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
- Minimum Deposit Required: $200
- You're seeking to establish credit for the first time
- You only have enough available funds for a small deposit
- You have credit problems or no credit history
- You want the chance of additional credit limits with no added deposit
Milestone Mastercard
Milestone Mastercard
- 24.9% Regular Purchase APR
- 29.9% Cash Advance APR
At a Glance
Designed for folks with less-than-stellar credit (or no credit at all), the Milestone® Mastercard® credit card is issued by the Bank of Missouri. Featuring all the benefits of a Mastercard at no extra cost, it allows customers to begin their credit journey with a valuable tool in their wallet. A quick qualification process, free online account access, and Mastercard® benefits – it’s easy to see why this card is a strong option for anyone who is looking to build, or repair, their credit history.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Extended warranty protection
- Fraud liability
- Price protection
- Reports to major credit bureaus
- Regular Purchase APR: 24.9%
- Cash Advance APR: 29.9%
- Cash Advance Transaction Fee: $0 during the first year; after first year, either $5 or 5% of the amount of transaction
- Penalty APR: 29.9%
- Annual Fee: $35 to $99
- Foreign Transaction Fee: 1% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
- Over Limit Penalty Fee: Up to $40
- You have low credit standing or have not yet begun your credit journey
- You wish to build or re-build your poor credit score
- You want a credit card that reports to the three major credit bureaus
- You prefer the freedom of an unsecured credit card over a secured card
First Progress Platinum Prestige Mastercard® Secured Credit Card
First Progress Platinum Prestige Mastercard® Secured Credit Card
- 14.49% variable based on the Prime Rate Regular Purchase APR
- 23.49% variable based on the Prime Rate Cash Advance APR
At a Glance
The Platinum Prestige Mastercard Secured Credit Card offers an excellent rate, robust Mastercard security, and the ability to rebuild or establish credit – all in one package.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 1% Cash Back Rewards on payments!
- No minimum credit history or credit score required
- Past credit issues shouldn’t prevent you from getting a credit card with great benefits & rewards!
- Accepted wherever Mastercard® is accepted, online and worldwide!
- Reports to all 3 major credit bureaus.
- Manage your statements, transactions & rewards on-the-go with the First Progress Card Mobile App!
- Regular Purchase APR: 14.49% variable based on the Prime Rate
- Cash Advance APR: 23.49% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater
- Annual Fee: $49
- Foreign Transaction Fee: 3% of the transaction amount
- Late Payment Penalty Fee: Up to $41
- Return Payment Penalty Fee: Up to $30
- Minimum Deposit Required: $200
- You're looking to rebuild a damaged credit score
- You plan to carry a balance
- You prefer the versatility of a credit card vs. a debit card or prepaid cards
- You want the freedom to use your card virtually anywhere worldwide
Destiny™ Mastercard®
Destiny™ Mastercard®
- 24.9% Regular Purchase APR
- 29.9% Cash Advance APR
At a Glance
The Destiny Mastercard is an ideal credit card for those with bad or fair credit who want the purchasing power of Mastercard but without the security deposit requirement of a secured credit card. With a modest annual fee and manageable initial credit limit, the Destiny Card doesn’t care about your credit past – instead, it helps you focus on your credit repair journey.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Accepted nationwide, wherever Mastercard is accepted
- Simple and fast application process
- Less than perfect credit is okay
- An opportunity to build and access credit
- Regular Purchase APR: 24.9%
- Cash Advance APR: 29.9%
- Cash Advance Transaction Fee: Either $5 or 5% of the amount of each cash advance, whichever is greater (max $100)
- Annual Fee: $75 the first year; $99 thereafter
- Foreign Transaction Fee: 1% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
- Over Limit Penalty Fee: Up to $40
- You have an imperfect credit history, which may include a past bankruptcy
- You have less-than-perfect credit
- You want a Mastercard but don’t want to pay a security deposit
- You want a credit card with the versatility to make foreign purchases
- You plan to pay your statement in full every month
You've viewed 5 of 68 credit cards
What Is a Bad Credit Score?
A bad credit score is nothing to be ashamed of. According to a recent study conducted by YouGov, 53% of Americans have experience with being rejected for an application because of a bad or poor score.
So, what is a “bad credit score?” According to our helpful Credit Score Explained guide, a FICO Score below 579 is considered “bad” or “poor.” For VantageScore, an alternative scoring model created by Experian, Equifax, and TransUnion, a bad score is any credit score below 600.
Credit Score Range
Before fixing a damaged credit score, it is crucial to understand what a credit score is, and what is considered good, bad, or ugly by different credit reporting bureaus. The two main credit scoring models that banks use to gauge creditworthiness are FICO and VantageScore.
FICO Score
FICO is the oldest of the credit scoring systems, and the most popular credit bureau for banks. A FICO score ranges from 300 to 850, with ratings ranging from Very Poor (bad) to Exceptional.
The FICO scoring model breaks down as follows:
VantageScore
VantageScore is a newer scoring model created by the three leading credit agencies: Experian, Equifax, and TransUnion. Like FICO, VantageScore ranges from 300 to 850, but places more scoring weight on newer credit histories than FICO.
The VantageScore model breaks down as follows:
How A Bad Credit Score Can Hurt You Financially
What impact can a bad credit score have on your financial life? Or even your everyday life, for that matter?
Tougher to Receive Credit
The most obvious impact of bad credit is a more difficult time getting approved for new lines of credit. Those with poor credit will struggle to get most credit cards with a few notable exceptions. Banks are much less willing to extend credit to those with bad credit, and only credit cards for bad credit or secured credit cards will be an option. People with bad credit will also struggle with getting personal loans, car loans, and mortgages.
Significantly Higher Loan Terms
Poor credit will not eliminate any chances at getting cards or loans, but those lines of credit will come with less favorable terms. Loans and credit cards for poor credit feature very high-interest rates, higher annual fees, and potentially monthly service fees.
More Difficulty When Renting Apartments
Poor credit directly impacts your ability to find housing. Landlords may be less willing to take a risk with someone with bad credit, viewing them as a potential liability.
Loss of Employment Opportunities
Bad credit can even impact your professional life. Many employers access the credit reports of potential hires to see if they are a trustworthy, reliable individual. While companies can’t access your credit score, the information on your report may make you seem like a liability. Some government agencies won’t hire people with poor credit, viewing them as a security risk due to their financial situation.
The Best Unsecured Picks for Bad Credit for 2022
Here are some of our team’s favorite offers for consumers with bad credit:
Destiny™ Mastercard®
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Simple and fast application process
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Monthly reporting to all 3 major credit bureaus
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Less than perfect credit is okay
☆ Quick Pre-Qualification
☆ Perfect for Building Credit
☆ Ideal for everyday purchases to help build credit
The Destiny Mastercard is an ideal credit card for those with bad or fair credit who want the purchasing power of Mastercard but without the security deposit requirement of a secured credit card. With a modest annual fee and manageable initial credit limit, the Destiny Card doesn’t care about your credit past – instead, it helps you focus on your credit repair journey.
Indigo Mastercard®
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Great for demonstrating responsible use of credit
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Monthly reporting to all 3 major credit bureaus
-
Less than perfect credit is okay
☆ Quick Online Pre-Qualification
☆ Perfect for Building Credit w/ On-Time Payments
☆ 24/7 Mobile Account Access
The Indigo Mastercard is rapidly becoming recognized as a top credit card option for applicants with less-than-perfect credit. It is a great resource for anyone who wants to establish, build, or repair their credit score. What’s more, benefits of the Indigo Mastercard include quick pre-qualification with no impact on your credit score, 24/7 mobile account access, chip card technology, and more.
Once approved, you can choose your own card design at no additional charge so you can personalize your Indigo card. Moreover, this will let your personality show whenever you use your card to make a purchase. Here are a few of the designs:
Merrick Bank Double Your Line® Secured Credit Card
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Double your $200 credit line with on-time payments
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Monthly reporting to the three major credit bureaus
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Fraud coverage if your card is lost or stolen
☆ Quick Application
☆ Your Deposit Is Your Credit Line
☆ Build Credit with Responsible Use
☆ Get Your FICO® Score Free Each Month
The Merrick Bank Double Your Line® Secured Credit Card is a useful tool for boosting your credit score thanks to its Double Your Line feature. The card requires an initial security deposit of $200. Once cardholders make each of their first seven months, they will automatically have their credit line raised to $400 – without the need to add more funds through additional security deposits. This credit line increase is the perfect motivational tool on your credit journey – and can help you take the first step towards a brighter future with unsecured credit in as little as seven months.
Merchandise Cards
Building credit is challenging. Repairing credit is just as tough, if not more so. Many lenders are wary of applicants with bad credit or no credit at all. What about those who want a credit card to build credit but don’t have the available money for a security deposit? When a person wants to establish a credit history but can’t set aside the money for a deposit on a secured card, catalog and merchandise cards are a potential option.
Why Choose a Catalog or Merchandise Card?
Merchandise cards are a great choice for those with a limited credit history – or no credit history at all. Why choose catalog store credit cards or merchandise cards for bad credit? Here are three of the top reasons to consider a catalog card:
Catalog cards are a unique type of retail payment card. These are not credit cards, but they provide a line of unsecured credit at an individual online store – or online catalog. Unlike mainstream credit cards, catalog merchandise cards are closed-loop, meaning they may only be used at the store associated with them.
There are several merchandise cards on the market today. These cards offer different benefits to account holders, depending on the card’s issuer.
More Information
Easiest Credit Cards to Get with Bad Credit
Looking to find the best credit cards for bad credit? The BestCards team has you covered with our guide to the top choices for rebuilding a damaged credit score.
The Best Secured Credit Cards
A secured credit card can help you build a low credit score fast. Here are the best secured credit cards
Best Soft Pull Credit Cards of 2021
Want a new credit card but not the hard inquiry on your credit report? Browse some of the best soft pull credit cards in this helpful guide.