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Credit One Bank Secured Card
Credit One Bank Secured Card
- 28.99% variable based on the Prime Rate Regular Purchase APR
- 28.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The Credit One Bank Secured Card is a no annual fee secured credit card from Credit One Bank. The card offers up to 1% cash back on eligible purchases, a $200 minimum security deposit that earns interest, and more.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Earn interest on your minimum $200 security deposit
- Earn 1% cash back rewards on gas and groceries as well as your monthly mobile phone, internet, cable, and satellite TV services
- Automatically earn More Cash Back Rewards for using your Credit One Bank card at participating merchants, terms apply
- With $0 Fraud Liability, you won’t be responsible for unauthorized charges
- View your free online access to your Experian credit score, terms apply
- Regular Purchase APR: 28.99% variable based on the Prime Rate
- Cash Advance APR: 28.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $5 or 8% of the amount of each Cash Advance, whichever is greater
- Foreign Transaction Fee: Either $1 or 3% of each purchase in U.S. dollars, whichever is greater
- Late Payment Penalty Fee: Up to $39 (terms apply)
- Return Payment Penalty Fee: Up to $39 (terms apply)
- Minimum Deposit Required: $200
- You're seeking to establish – or rebuild – your credit
- You want a security deposit that earns interest
- You want basic cash rewards
- You do't want to pay an annual fee
First Phase Visa®
First Phase Visa®
- 34.99% variable based on the Prime Rate Regular Purchase APR
- 34.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The First Phase Visa® is a credit builder credit card issued by The Bank of Missouri. Packed with the basics, the credit card offers manageable credit limits, dynamic credit card protection tools and, overall, a solid option for people with limited access to credit.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Build credit with a card that reports to all major credit bureaus
- On-call representatives with reliable customer service
- Peace of mind with Visa® Zero Liability Policy
- No cash advance fees in the first year
- Secure a manageable credit limit from $300 to $1,000
- Regular Purchase APR: 34.99% variable based on the Prime Rate
- Cash Advance APR: 34.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: None for the first year (introductory). After that, either $10 or 3% of the amount of each cash advance, whichever is greater
- Annual Fee: $75 for the first 12 months. After that, $48
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
- You're looking for a starter credit card to build credit
- You struggle to gain access to credit due to a subprime credit score or no credit score
- You seek a manageable credit limit to support better budgeting habits
- You want to feel secure in all credit card purchases with dynamic security tools in place
- You don’t mind investing in your credit journey
Oportun® Visa® Credit Card
Oportun® Visa® Credit Card
- 24.90% to 29.90% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 24.90% to 29.90% variable based on creditworthiness and the Prime Rate Cash Advance APR
At a Glance
The Oportun® Visa® Credit Card provides unsecured credit, the chance for credit limit increases, and regular reporting to the major credit bureaus – all for a variable annual fee of between $0 and $49, subject to creditworthiness.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No foreign transaction fees
- No credit history required
- Online prequalification with no credit score impact
- Regular Purchase APR: 24.90% to 29.90% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 24.90% to 29.90% variable based on creditworthiness and the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of transaction amount, whichever is greater
- Annual Fee: None to $49
- Late Payment Penalty Fee: Up to $35
- Return Payment Penalty Fee: Up to $35
- You have a pre-approval referral link for Oportun
- You have bad credit or no credit history
- You want an unsecured credit card
- You don’t want to pay any foreign transaction fees
First Bank Business Edition® Secured Mastercard®
First Bank Business Edition® Secured Mastercard®
- 27.99% variable based on the Prime Rate Regular Purchase APR
- 27.99% variable based on the Prime Rate Balance Transfer APR
- 28.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The First Bank Business Edition® Secured Mastercard® offers companies the chance to build credit and advance to more lucrative rewards cards. From Missouri-based First Bank, the card features scalable credit, a fixed-rate APR, and a $39 annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Build credit with on-time payments
- Reward yourself with interest earned on your security deposit
- $39 annual fee
- Regular Purchase APR: 27.99% variable based on the Prime Rate
- Balance Transfer APR: 27.99% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 5% of the amount of each transfer, whichever is greater
- Cash Advance APR: 28.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $15 or 5% of the amount of each cash advance, whichever is greater
- Annual Fee: $39
- Foreign Transaction Fee: 3% of each transaction in U.S. dollars
- Return Payment Penalty Fee: $35
- Over Limit Penalty Fee: $39
- Minimum Deposit Required: $2,200
- You're a business owner with little to no credit history
- You would like a suite of online account management tools
- You can afford the steep security deposit requirements
First Bank Secured Mastercard®
First Bank Secured Mastercard®
- 27.99% variable based on the Prime Rate Regular Purchase APR
- 27.99% variable based on the Prime Rate Balance Transfer APR
- 28.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The First Bank Secured Mastercard® offers a route towards unsecured credit in as little as seven months, with full graduation in as few as 11 months from account opening. The card from First Bank also features a fixed APR and $35 annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Improve your credit rating
- Get unlimited access to your credit score
- Enjoy free 24/7 fraud protectio
- Regular Purchase APR: 27.99% variable based on the Prime Rate
- Balance Transfer APR: 27.99% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 5% of the amount of each transfer, whichever is greater
- Cash Advance APR: 28.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $15 or 5% of the amount of each advance, whichever is greater
- Annual Fee: $35
- Foreign Transaction Fee: 3% of each transaction in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $35
- Minimum Deposit Required: $300
- You have no credit history or damaged credit
- You plan to use your card responsibly
- You already bank with First Bank or reside in Missouri, Illinois, Kansas, or California
Best Egg Visa® Credit Card
Best Egg Visa® Credit Card
- 18.99% to 28.99% variable based on creditworthiness Regular Purchase APR
- 18.99% to 28.99% variable based on creditworthiness Cash Advance APR
At a Glance
The Best Egg Visa Credit Card is a fee-free credit builder credit card from fintech lender Marlette Funding LLC (a subsidiary of Best Egg, Inc.) and issued by First Bank & Trust. The card, currently invite-only, features no annual fee, no foreign transaction fees, and no impact on credit if declined.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- No foreign transaction fees
- No impact to your credit score if your application is declined
- simple cash back rewards structure
- Free access to your credit score and other financial tools
- Regular Purchase APR: 18.99% to 28.99% variable based on creditworthiness
- Cash Advance APR: 18.99% to 28.99% variable based on creditworthiness
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Late Payment Penalty Fee: Up to $39
- Return Payment Penalty Fee: Up to $39
- You regularly make your monthly payments on time but have had a financial hardship
- You don’t want to pay any additional fees on your card
- You have an invitation code for Best Egg
Amazon Secured Store Credit Card
Amazon Secured Store Credit Card
- 10.00% Regular Purchase APR
At a Glance
The Amazon Secured Store Credit Card is a secured retail credit card from Synchrony and Amazon. The card, which requires a $100 minimum deposit, features 2% cash back on purchase, a great fixed APR on purchases, and no annual fee. Successful accountholders might be able to upgrade to the unsecured Amazon Store Card in as little as one year.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Earn 2% cash back at Amazon.com and Amazon physical stores
- Chance to get your security deposit returned after as little as 12 months
- Regular Purchase APR: 10.00%
- Late Payment Penalty Fee: Up to $5
- Minimum Deposit Required: $100
- You shop with Amazon frequently
- You have an active Amazon Prime membership
- You want to build credit while earning 2% back on purchases
- You do't want to pay an annual fee
Zions Bank Clarity Visa® Credit Card
Zions Bank Clarity Visa® Credit Card
- 15.00% to 24.00% variable based on the Prime Rate Regular Purchase APR
- 15.00% to 24.00% variable based on the Prime Rate Balance Transfer APR
- 26.50% to 30.50% variable based on the Prime Rate Cash Advance APR
- 0% for 6 months from account opening date Intro Purchase APR
At a Glance
Keep things simple with the Zions Bank Clarity Visa® Credit Card. The card is equipped to benefit your pockets with low rates, no annual fee, no late fees, and more. If transparency is what you’re looking for in a credit card, you’ve come to the right place.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Enjoy one of Zions Bank's lowest rates available
- No annual fee, foreign transaction fee, nor late fee
- 0% intro APR on purchases (for 6 months) and balance transfers (for 15 months)
- Cell phone protection and contactless-enabled technology available
- Intro Purchase APR: 0% for 6 months from account opening date
- Regular Purchase APR: 15.00% to 24.00% variable based on the Prime Rate
- Intro Balance Transfer APR: 0% for 15 months on transfers made within 60 days from account opening date
- Balance Transfer APR: 15.00% to 24.00% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 26.50% to 30.50% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater
- You want a simple everyday credit card with no extra fees for ease of mind
- You want to pay down debt with lower rates
- You find value in additional protection services for travel, mobile, and more
Truist Enjoy Cash Secured Credit Card
Truist Enjoy Cash Secured Credit Card
- 24.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 24.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 27.24% variable based on the Prime Rate Cash Advance APR
At a Glance
The Enjoy Cash Secured Visa® Credit Card is a secured cash back credit card from Truist. The card offers elevated cash rewards on gas, groceries, and utilities, plus the chance to build a positive credit history for a modest $19 annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn up to 3% cash back on gas, 2% on utilities and groceries (with a combined $1,000 monthly cap), and 1% back on all other eligible purchases
- Unlimited cash back rewards
- Monthly payment history will be reported to three major credit bureaus
- Up to 50% Loyalty Cash Bonus based on your Truist deposit relationship when cash rewards are redeemed into a Truist deposit account
- Low annual fee
- Regular Purchase APR: 24.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 24.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 27.24% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 4% of the amount of each cash advance, whichever is greater
- Annual Fee: $19
- Late Payment Penalty Fee: Up to $40
- Minimum Deposit Required: See Terms
- You already bank with Truist
- You can afford the $400 minimum deposit requirement
- You want versatile cash back rewards
Self Visa® Credit Card
Self Visa® Credit Card
- 29.24% (Variable) Regular Purchase APR
At a Glance
The Self Visa® Credit Card is a secured credit card that pairs with an existing Self Credit Builder Account. The card has no formal approval process. Instead, hopeful consumers simply need to open a Self account and save over $100 to fund the secured Visa account.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
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Apply Now: Intro No Annual Fee with the secured Self Visa® Credit Card^ • If you have an active Credit Builder Account, $100 or more in savings progress and satisfying income requirements you may be eligible to receive the secured Self Visa® Credit Card*, without a hard credit check. Criteria subject to change. • Build credit and savings at the same time. • Start with a Credit Builder Account* that reports monthly payments to all 3 major credit bureaus. • At the end of your plan, unlock the savings you built - minus interest and fees. • The secured Self Visa® Credit Card is accepted at millions of locations in the U.S. *Credit Builder Accounts & Certificates of Deposit made/held by Lead Bank, Sunrise Banks, N.A., First Century Bank, N.A., each Member FDIC. Subject to credit approval. The secured Self Visa® Credit Card is issued by Lead Bank or First Century Bank, N.A., each Member FDIC. See Self.inc for details. Subject to ID Verification. Individual borrowers must be a U.S. citizen or permanent resident and at least 18 years old. Valid bank account and Social Security Number are required. All loans are subject to consumer report review and approval. The Secured Self Visa® Credit Card requires an active Self Credit Builder Account and qualification based on other eligibility criteria including income & expense requirements. Criteria subject to change.
^$0 annual fee for the first year only, $25 annual fee thereafter. Variable APR of 28.24%. Offer valid for new customers only.
- Regular Purchase APR: 29.24% (Variable)
- Annual Fee: $25
- Late Payment Penalty Fee: Up to $15
- Return Payment Penalty Fee: Up to $15
- You're serious about raising your credit score
- You already have a Self Credit Builder Account
- You don’t mind the card's $25 annual fee
- You plan to pay your card balance in full every month
You've viewed 5 of 119 credit cards
What is a Bad Credit Score?
According to statistics from Experian, one of the major credit bureaus, 16% of Americans suffer from a bad credit score. Bad credit causes serious financial harm, making it tough to get a mortgage, car loan, or the best credit cards.
But what is bad credit, and what causes it?
Bad credit refers to a low credit score resulting from a history of missed payments, late payments, bankruptcy, or other negative financial events. A bad or deep-subprime credit score may also indicate a limited credit history. This credit rating indicates to lenders that you may be a higher-risk borrower, which could lead to difficulty obtaining credit at favorable terms, such as loans, mortgages, or credit cards.
On the FICO Score scale, a bad credit score falls within the range of 300 to 579, while on the VantageScore scale, it ranges from 300 to 499.
How Can Bad Credit Impact Your Life?
Here are some ways bad credit can cause problems in your everyday life.
Renting an Apartment
One of the biggest impacts of a bad credit score is the difficulty in finding an apartment to rent. Renting a home or apartment typically involves a credit check, which helps landlords assess the risk posed by potential tenants. A bad credit score, including a history of late payments, can prevent you from securing a new place to live.
Insurance and Bills
Bad credit also makes it more challenging to pay bills and obtain insurance. Utility companies may be hesitant to accept you as a customer if you have a poor credit score, often requiring a deposit before providing services such as electricity, gas, or water.
Similarly, insurance companies consider your credit when determining your insurance premiums. Bad credit is associated with higher insurance costs, particularly with auto insurance, as insurers believe individuals with lower credit scores are more likely to file claims.
Employment
Statistics show up to 70% of employers conduct credit checks during hiring. Companies use these checks to evaluate potential hires’ responsibility levels. While bad credit doesn’t necessarily indicate unreliability, employers may view it as a red flag and choose another candidate instead.
Relationships
A bad credit score can indirectly create problems in your personal life. The inability to secure a mortgage, rent an apartment, or obtain a car loan can strain family and personal relationships. Constant calls from bill collectors or collection agencies can also cause issues at home.
What Causes Bad Credit?
Bad credit can result from any number of situations and circumstances. The most common cause of a poor credit score is a history of late or missed payments, which reflects poorly on your creditworthiness. Another cause is excessive debt, where your credit utilization ratio is high, indicating that you have borrowed a significant portion of your available credit. Additionally, bankruptcy, foreclosure, and collections can all contribute to bad credit. Understanding these factors is essential so you can effectively address them.
How to Improve Your Credit
Bad credit has serious ramifications in everyday life. Fortunately, there is something you can do – here are some of our top tips for improving your credit score:
| ① 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. |
| ② Get a credit card for subprime credit | Part of boosting your credit score is increasing your use of credit. For those with bad credit, this may seem counter-intuitive. Fortunately, there are many unsecured credit cards for poor credit and secured cards that can help you repair your credit score. |
| ③ Pay on time each 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. |
| ④ Keep your credit use 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. |
Tips for Managing and Paying Off Debt
Managing and paying off debt is crucial for improving your financial health. Start by creating a realistic budget that allocates funds toward debt repayment. To tackle your debts effectively, consider the snowball or avalanche method.
- Snowball method: Pay off your smallest debt first and then move on to the next, creating a sense of accomplishment and motivation.
- Avalanche method: Prioritize debts with the highest interest rates to save money on interest payments.
Whichever method you choose, allocate as much money as possible towards monthly debt repayment.
Credit Counseling and Debt Consolidation Options
If you find yourself overwhelmed by debt and unable to make progress independently, consider seeking professional help. Credit counseling agencies can provide guidance and support in managing your finances and developing a plan to pay off your debts. They can also negotiate with creditors on your behalf to establish new repayment terms.
Debt consolidation is another option worth exploring. This involves combining multiple debts into one loan or credit card with a lower interest rate, making it easier to manage your payments and save money.
Conclusion
Bad credit can be challenging, but with the right knowledge and strategies, you can rebuild your credit and move towards a brighter financial future. Understanding the causes of bad credit, checking your credit score and report regularly, and implementing practical steps to improve your credit will set you on the path to financial success. Remember, it takes time and discipline, but the effort is worth it.
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Sub-Prime & Secured Credit Cards
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