Destiny™ Mastercard®
Quick Pre-Qualification Available for Those Who Qualify
- Regular Purchase APR 24.9%
- Cash Advance APR 29.9%
- Annual Fee $59 to $99 depending on the card issued
- Credit Needed Good , Fair , Poor
- Processing Network Mastercard
- 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: $0 during the first year. After that, either $5 or 5% of the amount of each cash advance, whichever is greater (max $100)
- Penalty APR: 29.9%
- Annual Fee: $59 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
Applied Bank® Unsecured Classic Visa® Card
Fixed APR and Manageable Monthly Payments
- Regular Purchase APR 29.99%
- Cash Advance APR 29.99%
- Annual Fee See website for details*
- Credit Needed Poor
- Processing Network Visa
- Reports to all three major credit bureaus
- Access additional credit with on-time payments and responsible usage
- A true unsecured EMV enabled (chip) Visa credit card
- Quick & easy approval in less than 60 seconds
- No penalty rate. Your rate won't go up even if you are late
- Does not require perfect credit for approval
- Regular Purchase APR: 29.99%
- Cash Advance APR: 29.99%
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Annual Fee: See website for details*
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $38
- Return Payment Penalty Fee: Up to $38
Indigo® Platinum Mastercard®
Choose Your Own Card Design
- Regular Purchase APR 24.9%
- Cash Advance APR 29.9%
- Annual Fee $0 to $99 depending on the card issued
- Credit Needed Poor
- Processing Network Mastercard
- 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: 24.9%
- 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: $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
Milestone® Gold Mastercard®
No Credit Score Impact When You Apply
- Regular Purchase APR 24.9%
- Cash Advance APR 29.9%
- Annual Fee $35 to $99
- Credit Needed Poor
- Processing Network Mastercard
- 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
Showing 121 Cards
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Merit Platinum Card
- Regular Purchase APR 0%
- Annual Fee None
- Credit Needed Fair , Poor , No Credit Required
- Processing Network N/A
- Bad Credit, No Credit? No Problem
- Reports to Major Credit Bureau
- Fast and Easy Application
- No Employment or Credit Check
- Regular Purchase APR: 0%
Revvi Credit Card
- Regular Purchase APR 34.99%
- Balance Transfer APR See website for Details*
- Cash Advance APR 34.99%
- Annual Fee $75 for first year. After that, $48
- Credit Needed Fair , Poor
- Intro Purchase APR See website for Details*
- Processing Network Visa
- Fast and easy application; response provided in seconds
- A genuine Visa credit card accepted by merchants nationwide across the USA and online
- Reports monthly to all three major credit bureaus
- $300 credit limit (subject to available credit)
- Checking account required
- Intro Purchase APR: See website for Details*
- Regular Purchase APR: 34.99%
- Intro Balance Transfer APR: See website for Details*
- Balance Transfer APR: See website for Details*
- Cash Advance APR: 34.99%
- Cash Advance Transaction Fee: None for first year. After that, either $10 or 3% of the amount of each cash advance, whichever is greater
- Annual Fee: $75 for first year. After that, $48
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
Principal Platinum Card
- Annual Fee None
- Credit Needed Poor , No Credit Required
- Processing Network N/A
- Instant Approval / $750 Credit Line
- No Employment or Credit Check
- Reports to Major Bureau
- Bad Credit, No Credit - OK
- Always 0.0% APR
Today Card™ Mastercard®
- Regular Purchase APR 32.25% variable based on the Prime Rate
- Annual Fee $120 (billed monthly)
- Credit Needed Fair , Poor
- Processing Network Mastercard
- Free access to check your TransUnion VantageScore
- Set up text message alerts to notify you of available credit, current balance, due dates, and payments made
- 24/7 zero liability fraud protection
- Enable automatic payments to ensure you pay on time, every time
- Regular Purchase APR: 32.25% variable based on the Prime Rate
- Annual Fee: $120 (billed monthly)
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
Bank of America® Customized Cash Rewards Secured Card
- Regular Purchase APR 23.99% variable based on the Prime Rate
- Balance Transfer APR 23.99% variable based on the Prime Rate
- Cash Advance APR 26.99% to 27.24% variable based on the Prime Rate
- Annual Fee None
- Credit Needed Poor , No Credit Required
- Processing Network Visa
- 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings
- 2% cash back at grocery stores and wholesale clubS
- Unlimited 1% cash back on all other purchases
- No annual fee
- Regular Purchase APR: 23.99% variable based on the Prime Rate
- Balance Transfer APR: 23.99% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transaction, whichever is greater
- Cash Advance APR: 26.99% to 27.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each transaction, whichever is greater
- Penalty APR: Up to 29.99%
- Foreign Transaction Fee: 3% of the U.S. dollar amount of each transaction
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $29
- Minimum Deposit Required: $300
SmartHealth PayCard
- Regular Purchase APR 18%
- Cash Advance APR See Terms
- Annual Fee $120
- Credit Needed Good , Fair , Poor
- Processing Network Mastercard
- 90 seconds to apply, and get a virtual card for use immediately
- Individual and family benefits of $5,000 accident and injury medical indemnity benefit coverage
- SmartHealth Rx provides pharmacy discounts of up to 85% on most generic drugs
- May also be used for veterinarian services
- Regular Purchase APR: 18%
- Cash Advance APR: See Terms
- Cash Advance Transaction Fee: See Terms
- Annual Fee: $120
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $35
- Return Payment Penalty Fee: Up to $35
Chime Credit Builder Visa® Secured Credit Card
- Regular Purchase APR See Terms
- Cash Advance APR See Terms
- Annual Fee None
- Credit Needed Fair , Poor
- Processing Network Visa
- No annual fee or interest
- No credit check performed when applying
- No minimum security deposit required
- Ideal for everyday purchases to help build credit with regular on-time payments
- Regular Purchase APR: See Terms
- Cash Advance APR: See Terms
- Cash Advance Transaction Fee: $2.50 per transaction
WWE® Superstar Credit Card
- Regular Purchase APR 23.99% variable based on the Prime Rate
- Cash Advance APR 23.99% variable based on the Prime Rate
- Annual Fee $75 for the first year. After that, $99 annually ($8.25 per month)
- Credit Needed Good , Fair , Poor
- Processing Network Visa
- Earn 1% cash back rewards on eligible internet, cable and satellite TV, and mobile phone service purchases
- Earn 1% cash back on eligible dining purchases
- Get access to promotions for WWE Credit Card members
- Regular Purchase APR: 23.99% variable based on the Prime Rate
- Cash Advance APR: 23.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $5 or 8% of the amount of each Cash Advance, whichever is greater
- Annual Fee: $75 for the first year. After that, $99 annually ($8.25 per month)
- Foreign Transaction Fee: Either $1 or 3% of each purchase in U.S. dollars, whichever is greater
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: Up to $39
Mission Lane Visa® Credit Card
- Regular Purchase APR 29.99% variable based on the Prime Rate
- Cash Advance APR 29.99% variable based on the Prime Rate
- Annual Fee $59
- Credit Needed Fair , Poor
- Processing Network Visa
- Get a higher credit line if you're in good standing after making your first 6 payments on time
- Free, online credit score access for cardholders
- Instant decision on your application
- No interest on purchases when you pay in full and on time each month
- No security deposit required – get started today!
- Enjoy coverage from Visa®
- Regular Purchase APR: 29.99% variable based on the Prime Rate
- Cash Advance APR: 29.99% 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: $59
- Foreign Transaction Fee: 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $35
Surge Secured Mastercard®
- Regular Purchase APR 19.99% variable based on the Prime Rate
- Cash Advance APR 19.99% variable based on the Prime Rate
- Annual Fee $69
- Credit Needed Poor , No Credit Required
- Processing Network Mastercard
- 1% Cash back Rewards on every purchase
- Free access to your Vantage 3.0 score from TransUnion* (When you sign up for e-statements)
- Monthly reporting to the three major credit bureaus
- $0 fraud liability
- Regular Purchase APR: 19.99% variable based on the Prime Rate
- Cash Advance APR: 19.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $5.00 or 5% of the amount of each cash advance, whichever is greater
- Penalty APR: See Terms
- Annual Fee: $69
- Foreign Transaction Fee: 3% of each transaction in U.S. dollars
- Late Payment Penalty Fee: See Terms
- Return Payment Penalty Fee: See Terms
- Over Limit Penalty Fee: See Terms
- Minimum Deposit Required: $300
What Is a Bad Credit Score?
A bad credit score is a score that falls below what credit reporting bureaus deem to be average, or “fair.” Bad scores indicate that a person is at a higher risk of missing payments, making late payments, or defaulting on their loans.
To put it bluntly, a bad or poor credit score tells a bank or lender that an individual is less creditworthy than someone with a higher score. Fortunately, credit scores are not set in stone. Instead, they are easily changeable through proactive measures and following financial best practices.
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 as such, is the most popular among 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:
What Influences a Credit Score?
As you can see from both models, there are plenty of Americans currently struggling with a sub-prime or bad credit score. But what are the items and factors that influence credit scores?
FICO places significant weight on payment history, as this is the biggest indicator of a person’s ability to repay any new credit they may receive. Nearly as important is the amount of available credit that individual is currently utilizing, which makes up 30% of the score.
Of less significance, but still important) are the types of credit a person has, the number of hard inquiries they have in the past 12 months, and the length of their overall credit history. VantageScore places a much greater emphasis on types of credit (or credit mix) than FICO. Equally important, however, is payment history.
How Bad Credit 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 and credit card issuers 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.
Related Article: What is the easiest credit card to get with bad credit?
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.
Difficulty 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.
How to Improve a Bad Credit Score
Bad credit has serious ramifications in everyday life. Fortunately, there is something you can do about it! Here are some of our top tips for improving your credit score:
- Check Your Credit Score: The first thing you should do is check your credit score to see where you stand. You might already know your credit score is bad, but how far down on the scale, does it go? Knowing how fast you can improve your credit from “bad” to “fair” is crucial to making a financial plan of attack.
- Get a Credit Card for Bad Credit: Part of boosting your credit score is increasing your use of credit. For those with bad credit, this may seem counter-intuitive. After all, if your score is already and, how can you get a credit card? Fortunately, there are many unsecured credit cards for poor credit and secured cards that can help you repair your credit score.
- Always Pay on Time Every Month: As seen in the scoring models, payment history is the biggest factor in your credit score. Because payment history is so important, paying your credit card bill on time each month is essential to boosting sub-prime credit. Missed payments stay on a credit report for seven years. This means they can harm your score for years to come.
- Keep Your Credit Utilization Low: Credit utilization is as important as paying on time. Credit utilization shows lenders how you use your credit. Those who keep their credit use below 30% can expect their score to improve, while those who use less than 10% can expect a much faster score rise. Using too much of your available credit may make banks think you are stretching yourself thin financially.
What Are the Best Credit Cards for Bad Credit?
Bad credit scores do not automatically mean you can’t get credit cards. There are credit cards for bad credit with no deposit. A bad score simply means your options are limited.
Secured Cards for Poor Credit
What are the best secured cards of 2021?
Secured credit cards are one of the best options for those with poor credit. They work by requiring a cash deposit that also acts as the credit line. This deposit makes the line of credit less of a risk to lenders, meaning they are easier to get – even with bad credit.
Secured cards, like the Secured Mastercard from Capital One, work in the same way as a traditional credit card, just with an initial deposit. Want to raise your credit limit? Increase your deposit. Make your payments on-time, and you can even graduate to an unsecured card.
When you close your account, your deposit is returned, provided your account is in good standing.
The Best Secured Cards for Bad Credit
- For Lowest APR: First Progress Platinum Prestige Mastercard® Secured Credit Card
- If You’re Looking for Rewards: Discover It Secured
- Best for No Credit Check: OpenSky Secured Visa Credit Card
Unsecured Credit Cards for Bad credit
There are also several good unsecured credit cards for bad credit scores. These cards differ from secured cards in that they don’t require a security deposit. They are your traditional credit cards, just designed for rebuilding credit.
While secured cards are ideal for someone whose credit journey started without a credit score, unsecured cards are great for people whose score is bad. The lack of deposit requirement means no prepaid card limits and more available money in your bank account.
Credit cards for bad credit (no deposit) usually feature an annual fee, which can range from around $30 to $99 depending on your credit history and score. These cards also have higher interest rates and fees for late payments. Of course, those serious about repairing their credit score won’t have to worry, as paying your balance in full and on time won’t result in any interest payments at all.
The Best Unsecured Credit Cards for Bad Credit
- For a Credit Limit Increase: Reflex Mastercard® Credit Card
- If You’re Looking for Pre-Qualification: Milestone® Gold Mastercard®
- Top Visa for Bad Credit: First Access Solid Black VISA® Credit Card
Another great unsecured card for bad credit is the First Digital NextGen Mastercard®. The First Digital NextGen Mastercard® is a sleek and straightforward credit card for people with bad credit scores. NextGen receives its name from its streamlines – and easy – application process, creating a new way to look at repairing damaged credit. Start with a respectable, $300 credit limit, and work your way towards a higher credit limit or credit line increase with on-time payments and financial responsibility.
Tips for Finding the Perfect Bad Credit Card
There are thousands of credit cards for bad credit on the market today. These include secured cards and unsecured cards. Some cards are from larger issuers, such as the Capital One Secured Mastercard. Others are from smaller banks, like the OpenSky Visa.
With so many options to choose from, how can you determine what the right credit card is for your credit score and needs? Here are some key factors to examine when deciding on your next credit card:
- APR: Pay close attention to the interest rates that your card charges. Some cards may offer a fixed-rate, meaning the APR won’t vary based on creditworthiness. Others have a variable APR. A variant rate means people with different credit scores get a different rate.
- Fees: Always read the terms and conditions before choosing a card. Some cards feature hidden fees, making it very expensive to miss payments or even use the card every day. These conditions are available on the web sites of the card issuer, as well as on our comprehensive review pages.
- Credit Score Needed: Always check the credit score you’ll need to apply. Again, BestCards always includes this information in our reviews. Some cards, like the Total Visa, require no credit or poor credit. This low credit needed requirement makes it a very accessible option.
- Credit Bureau Reporting: Make sure your card regularly reports to the three major credit bureaus. Monthly reporting is key to building your credit score. This is especially true if you practice good financial habits and pay your balance in full every month.
Find the Best Card for Rebuilding Credit Today
The team at BestCards.com knows how hard it can be to rebuild credit, especially without the right tools and knowledge. That’s why we strive to provide insightful credit card reviews, as well as informative articles and advice to guide you. Take advantage of these resources and more to find credit cards for a 500 credit score, credit cards for a 550 credit score, or anywhere in between!
