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Webster Bank Visa® Secured Card
Webster Bank Visa® Secured Card
- 29.24% variable based on the Prime Rate Regular Purchase APR
- 29.24% variable based on the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The Webster Bank Visa® Secured Card offers cardholders a $5,000 credit limit. Applicants must submit a security deposit that will equal the amount of the credit limit. This card features one flat interest rate for all cardholders. Additionally, cardholders must pay a $35 annual fee to use this card.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- One flat APR for all
- Credit limit up to $5,000
- Earn interest on your security deposit
- Get a free extra card
- Regular Purchase APR: 29.24% variable based on the Prime Rate
- Balance Transfer APR: 29.24% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: Up to 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $41
- Return Payment Penalty Fee: Up to $41
- Minimum Deposit Required: $300
- You have poor credit or no credit
- You need to build or repair your credit
- You prefer to know what your APR will be before you apply
- You do not need a high credit limit
Liberty Bank Secured Visa® Card
Liberty Bank Secured Visa® Card
- 29.24% variable based on the Prime Rate Regular Purchase APR
- 29.24% variable based on the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The Liberty Bank Secured Visa Card is designed to help customers build or re-build their credit with a low barrier of entry and a credit line that is based on the cardholder's security deposit.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Establish or rebuild your credit
- Earn interest on your secured deposit
- Receive a credit limit of up to $5,000
- Access Visa benefits, such as zero fraud liability, extended warranty coverage and auto rental insurance
- Regular Purchase APR: 29.24% variable based on the Prime Rate
- Balance Transfer APR: 29.24% variable based on the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Annual Fee: $35
- Foreign Transaction Fee: Up to 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $41
- Return Payment Penalty Fee: Up to $41
- Minimum Deposit Required: $300
- Your credit history is either very new or imperfect
- You're looking for a simple credit that with no rewards or other major benefits that will grant you the means to make purchases
- You prefer a credit card with no annual fee
Park National Bank Visa Signature® College Real Rewards Card
Park National Bank Visa Signature® College Real Rewards Card
- 19.74% to 29.74% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 19.74% to 29.74% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
- 0% for 6 months from account opening date Intro Purchase APR
At a Glance
The Park National Bank Visa Signature® College Real Rewards Card is a student credit card that stands out from its peers thanks to a rewards program that allows first-time cardholders to build their credit file while earning rewards that can be redeemed for a variety of enticing perks.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 1.5 points for every eligible net $1 you spend
- Earn unlimited points that do not expire for five years
- Earn 2,500 bonus rewards points just for using your new card for the first time
- Zero Fraud Liability
- Enjoy 0% APR for the first six billing cycles on purchases and balance transfers
- Intro Purchase APR: 0% for 6 months from account opening date
- Regular Purchase APR: 19.74% to 29.74% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 6 months from account opening date
- Balance Transfer APR: 19.74% to 29.74% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $5 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: Up to 3% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $41
- Return Payment Penalty Fee: Up to $41
- You're looking for a way to establish your credit
- You would like to earn attractive rewards while building a credit profile
- You're attending college or university, or have not yet used a credit card and would like a credit card that does not charge an annual fee
- You want to earn rewards points for making everyday purchases
- You would like a card that offers a special bonus just for making a purchase for the first time
First Horizon Bank Secured Visa® Classic Credit Card
First Horizon Bank Secured Visa® Classic Credit Card
- 21.00% Fixed Regular Purchase APR
- 21.00% Fixed Cash Advance APR
At a Glance
The First Horizon Bank Secured Visa® Classic Credit Card features no annual fee. As with many secured cards, your security deposit equals your credit limit. Credit limits with this credit card range from $300 to $2,000. Additionally, this card features a flat interest rate for all applicants that varies with the Prime Rate.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- No guessing what your interest rate will be with a one-size-fits all APR
- Improve your credit history with built-in credit reporting
- Pay for purchases just like you would with a regular credit card
- Regular Purchase APR: 21.00% Fixed
- Cash Advance APR: 21.00% Fixed
- Cash Advance Transaction Fee: $10 or 4% of the amount of each cash advance, whichever is greater
- 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
- Minimum Deposit Required: $300
- You want a credit card
- You have no credit or poor credit
- You would like to build or repair your credit rating
- You do't want to pay an annual fee
- You don’t need a high credit limit
OpenSky® Secured Visa® Credit Card
OpenSky® Secured Visa® Credit Card
- 25.64% (variable) Regular Purchase APR
- 25.64% (variable) Cash Advance APR
At a Glance
The OpenSky® Secured Visa® is a secured credit card that offers requires a low minimum deposit and features no credit checks for approval. The card, issued by Capital Bank, provides an easy route to better credit by offering credit limits as low as $200, a moderate fixed-rate APR, and a reasonable $35 annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- New feature! Earn up to 10% cash back on everyday purchases
- No credit check to apply. Zero credit risk to apply!
- Looking to build or rebuild your credit? 2 out of 3 OpenSky cardholders increase their credit score by an average of 41 points in just 3 months
- Get free monthly access to your FICO score in our mobile application
- Build your credit history across 3 major credit reporting agencies: Experian, Equifax, and TransUnion
- Add to your mobile wallet and make purchases using Apple Pay, Samsung Pay and Google Pay
- Fund your card with a low $200 refundable security deposit to get a $200 credit line
- Apply in less than 5 minutes with our mobile first application
- Choose the due date that fits your schedule with flexible payment dates
- Fund your security deposit over 60 days with the option to make partial payments
- Over 1.4 Million Cardholders Have Used OpenSky Secured Credit Card To Improve Their Credit
- *See Rewards Terms and Conditions for more information
- Regular Purchase APR: 25.64% (variable)
- Cash Advance APR: 25.64% (variable)
- Cash Advance Transaction Fee: Either $6 or 5% of the amount of each cash 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 $25
- Minimum Deposit Required: $200
- You're struggling to get accepted for other secured credit cards
- You don’t have a credit history
- You have bad credit and want to improve your credit score
- You have a large deposit and want a quick pick-me-up for their credit score
- You want access to a useful knowledge base of credit information and resources
AmTrust Secured Card
AmTrust Secured Card
- 29.24% variable based on the Prime Rate Regular Purchase APR
- 29.24% variable based on the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The AmTrust Secured Card is a no annual fee secured card designed to help those with damaged credit – or those new to credit entirely – boost their credit score and advance to an unsecured card. The card minimum security deposit of $300, which could be refunded in as little as 11 months, and the card switched to the unsecured Platinum Card, based on good payment history. The card account charges no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Qualify for a credit line increase in as little as 7 months
- Get upgraded to the Platinum Edition unsecured card in as little as 11 months
- Credit limits between $300 and $5,000
- Regular Purchase APR: 29.24% variable based on the Prime Rate
- Balance Transfer APR: 29.24% 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: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $15 or 5% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: 3% of the transaction in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $35
- Minimum Deposit Required: $300
- You're looking to boost your credit score
- You're new to credit entirely or have had credit troubles in the past
- You want to establish good credit habits and graduate to an unsecured card
- You do't want to pay an annual fee
NYCB Secured Card
NYCB Secured Card
- 29.24% variable based on the Prime Rate Regular Purchase APR
- 29.24% variable based on the Prime Rate Balance Transfer APR
- 29.99% variable based on the Prime Rate Cash Advance APR
At a Glance
The NYCB Secured Card is designed to help those who are either new to credit or repairing damaged credit boost their score and advance to an unsecured credit card in the future. The card requires a security deposit of at least $300, which may be refunded in as little as 11 months, and the card switched to an unsecured card, depending on good payment history. The card has no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Credit limits between $300 and $5,000
- Qualify for credit limit increases in as little as 7 months
- Possibility to upgrade to an unsecured card
- Regular Purchase APR: 29.24% variable based on the Prime Rate
- Balance Transfer APR: 29.24% 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: 29.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $15 or 5% of the amount of each cash advance, whichever is greater
- 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 $35
- Minimum Deposit Required: $300
- You want to boost your credit score but have had credit issues in the past
- You are determined to establish good credit habits and graduate to an unsecured card
- You don’t want to pay an annual fee
Fortiva® Mastercard® Credit Card
Fortiva® Mastercard® Credit Card
- *See Terms Regular Purchase APR
- *See Terms Balance Transfer APR
- *See Terms Cash Advance APR
At a Glance
The Fortiva® Mastercard® Credit Card fees and APR are very high, but for those who cannot afford the upfront cost of a security deposit, this card can serve as a short-term solution for beginning the journey of rebuilding credit.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Free VantageScore 3.0 (provided by Equifax)
- Reports to all three major credit bureaus
- Mobile app available in Apple Store and Google Play
- $0 fraud liability
- Must receive mail offer in order to apply
- Regular Purchase APR: *See Terms
- Balance Transfer APR: *See Terms
- Balance Transfer Transaction Fee: 3% of the amount of each transfer after the first year
- Cash Advance APR: *See Terms
- Cash Advance Transaction Fee: Either $5 or 5% of the amount of each cash advance, whichever is greater
- Annual Fee: $49 to $175 the first year; up to $49 thereafter
- 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
- You have been denied for secured cards from both major and local card issuers
- You have less than $100 disposable income
- You cannot spare cash to use as a secured card security deposit
- You will pay your balance in full every month
- You're looking for a short-term credit card to use to increase your overall credit limit
Unity Visa Secured Credit Card
Unity Visa Secured Credit Card
- 17.99% fixed rate through the expiration date of the card. Regular Purchase APR
- 17.99% fixed rate through the expiration date of the card. Balance Transfer APR
- 17.99% fixed rate through the expiration date of the card. Cash Advance APR
At a Glance
The Unity Visa Secured Card by OneUnited Bank is a secured credit card that is looking to make a difference. Issued by OneUnited, the largest black-owned bank in the United States, the card seeks to help holders “make a comeback” with sound financial use (and without the need for debit cards or prepaid cards). The card features a fixed-rate APR on purchases, balance transfers, and cash advances, plus a special introductory rate on balance transfers for the first six months – all for a $39 annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Get a second chance at credit
- Support the natio's largest back-owned bank
- 9.95% intro APR on balance transfers for the first 6 months
- Regular Purchase APR: 17.99% fixed rate through the expiration date of the card.
- Intro Balance Transfer APR: 9.95% for 6 months from account opening date
- Balance Transfer APR: 17.99% fixed rate through the expiration date of the card.
- Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transfer, whichever is greater
- Cash Advance APR: 17.99% fixed rate through the expiration date of the card.
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each transfer, whichever is greater
- Annual Fee: $39
- Foreign Transaction Fee: 3% of each transaction in U.S. dollars
- Late Payment Penalty Fee: Up to $10
- Return Payment Penalty Fee: Up to $37
- Minimum Deposit Required: $250
- You're looking to rebuild your credit with the major credit bureaus
- You want to empower your community by contributing to OneUnited’s education projects
- You plan to pay your entire statement balance each month
Credit One Bank® Platinum Visa®
Credit One Bank® Platinum Visa®
- 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® Platinum Visa® is an excellent cash back rewards credit card for those who plan to use it to pay for expenses like utilities and errands. Earn 1% cash back rewards on eligible gas, grocery purchases and mobile phone service, internet, cable and satellite TV services purchases (terms apply). The card also features a $39 annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Earn 1% cash back rewards on eligible gas, grocery purchases and mobile phone service, internet, cable and satellite TV services, terms apply
- With $0 Fraud Liability, you won’t be responsible for unauthorized charges
- Automatic reviews for credit line increase opportunities
- View your Experian credit score online for free, terms apply
- Choose your monthly payment due date for added convenience, terms apply
- Never miss an account update with customizable text and email alerts
- Manage your account on-the-go with the Credit One Bank mobile app
- Show off your personality by selecting from a variety of card designs, a fee may 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, or $10 or 3% of each Cash Advance, whichever is greater, or $10 or 5% of each Cash Advance, whichever is greater
- Annual Fee: $39
- 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)
- You're comfortable paying a moderate annual fee on a card that earns cash back rewards on everyday purchases
- You have credit in the low-to-good range
- You don’t plan on carrying a balance monthly
- You plan to use your card to pay for daily expenses and monthly utilities
You've viewed 5 of 122 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
Editorial Disclosure – The opinions expressed on BestCards.com's reviews, articles, and all other content on or relating to the website are solely those of the content’s author(s). These opinions do not reflect those of any card issuer or financial institution, and editorial content on our site has not been reviewed or approved by these entities unless noted otherwise. Further, BestCards.com lists credit card offers that are frequently updated with information believed to be accurate to the best of our team's knowledge. However, please review the information provided directly by the credit card issuer or related financial institution for full details.