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Credit One Bank® Platinum Visa® for Rebuilding Credit
Credit One Bank® Platinum Visa® for Rebuilding Credit
- 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® for Rebuilding Credit is a credit rebuilder card from Credit One Bank. It earns 1% cash back rewards on eligible gas and grocery purchases, as well as on mobile phone service, internet, cable and satellite TV services purchases (terms apply). The card has a variable annual fee of $75 to $99, depending on the creditworthiness of the applicant.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- See if you Pre-Qualify without harming your credit score
- 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
- Looking to rebuild credit? We report to the major credit bureaus monthly
- View your free online access to your Experian credit score, terms apply
- This unsecured card requires no deposit and can help build your credit
- 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
- Annual Fee: $75 for the first year. After that, $99 annually (Billed at $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 (terms apply)
- Return Payment Penalty Fee: Up to $39 (terms apply)
- You're looking to rebuild your credit with responsible use of a new credit card
- You have been turned down for a credit card by other lenders
- You want to earn a flat-rate 1% cash back rewards on every purchase
Citizens Trust Bank VISA Classic Secured Credit Card
Citizens Trust Bank VISA Classic Secured Credit Card
- 22.74% variable based on the Prime Rate Regular Purchase APR
- 22.74% variable based on the Prime Rate Balance Transfer APR
- 22.74% variable based on the Prime Rate Cash Advance APR
At a Glance
The Citizens Trust Bank VISA Classic-Secured Credit Card is an entry-level secured credit card that is a good option for those looking to boost their flagging credit score. The card features a fixed-rate APR on purchases, balance transfers, and cash advances, no foreign transaction fees, and no annual fee. Citizens Trust Bank is a great option for those looking for a straightforward path from no credit or poor credit to good or excellent credit – and the Classic-Secured Card is the first step on that path t
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- No foreign transaction fees
- Rebuild your credit with on-time payments
- Enjoy Visa benefits and protections
- Regular Purchase APR: 22.74% variable based on the Prime Rate
- Balance Transfer APR: 22.74% variable based on the Prime Rate
- Balance Transfer Transaction Fee: There is a $10 or 4% whichever greater balance transfer fee for this card
- Cash Advance APR: 22.74% variable based on the Prime Rate
- Cash Advance Transaction Fee: There is a $10 or 4% whichever greater cash advance fee for this card
- Penalty APR: 22.74
- Late Payment Penalty Fee: Up to $35
- Return Payment Penalty Fee: Up to $32
- Over Limit Penalty Fee: Up to $30
- You're looking to establish their credit score for the first time
- You have hit a few bumps in the road on your credit journey
- You don’t want to pay an annual fee to boost your credit score
- You already have a savings account with Citizens Trust Bank
First Tech® Federal Credit Union Platinum Secured Mastercard®
First Tech® Federal Credit Union Platinum Secured Mastercard®
- 14% to 18.00% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 15% to 18.00% variable based on creditworthiness and the Prime Rate Cash Advance APR
At a Glance
If you are looking to build or rebuild your credit, then the Platinum Secured Mastercard® from First Tech Federal Credit Union may be the right fit. It offers a low-interest rate and the opportunity to earn rewards on every purchase. Furthermore, there is no annual fee for this card. Keep reading to learn more.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- No fees on foreign transactions or cash advances
- Earn 1 rewards point for every $1 spent
- Low APR
- Regular Purchase APR: 14% to 18.00% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 15% to 18.00% variable based on creditworthiness and the Prime Rate
- Late Payment Penalty Fee: Up to $25
- Return Payment Penalty Fee: Up to $25
- Minimum Deposit Required: $500
- You need to build up your credit score
- You do not qualify for a non-secured credit card
- You want to earn rewards points on your purchases
- You don’t want to pay an annual fee or fees for balance transfers, cash advances, and foreign transactions
VyStar Savings Secured Visa Card
VyStar Savings Secured Visa Card
- 18.00% variable Regular Purchase APR
At a Glance
The VyStar Savings Secured Visa Card is a secured credit card that actually earns interest on the money sued as collateral. The card, offered by VyStar Credit Union in Florida, features a low, fixed-rate APR, no annual fee, and no fees for foreign transactions, balance transfers, or cash advances. This nice package makes it one of the best secured credit union credit cards available today.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Credit Limits from $375 to $2,000
- Uses funds from your VyStar savings account as collateral
- Regular Purchase APR: 18.00% variable
- Late Payment Penalty Fee: Up to $25
- Return Payment Penalty Fee: Up to $25
- Minimum Deposit Required: $500
- You already bank with VyStar Credit Union
- You want to rebuild your credit score
- You are new to credit, or are a student
- You like the flexibility to use your card abroad without fear of additional fees
Insight Visa Secured Credit Card
Insight Visa Secured Credit Card
- *See Terms Regular Purchase APR
- *See Terms Balance Transfer APR
- *See Terms Cash Advance APR
At a Glance
The Insight Visa Secured Credit Card is an essential tool for those who are looking to rebuild or establish their credit score. The card, an offering from Insight Credit Union in Florida, is basic but is a great way for college students, those new to credit, or anyone who has experienced a few bumps in the financial road to building a positive credit history with regular payments.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Rebuild your credit score or establish a positive credit history
- Enjoy Visa protections
- Regular Purchase APR: *See Terms
- Balance Transfer APR: *See Terms
- Balance Transfer Transaction Fee: Either $10 or 2% of the amount of each balance transfer, whichever is greater
- Cash Advance APR: *See Terms
- Cash Advance Transaction Fee: Either $10 or 2% of the amount of each cash advance, whichever is greater
- Foreign Transaction Fee: 1% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: Up to $35
- Return Payment Penalty Fee: Up to $25
- You have no prior credit history
- You want to rebuild your credit score
- You already bank with Insight Credit Union
- You do't want to pay an annual fee
Family Security Student Visa Card
Family Security Student Visa Card
- See Terms* Regular Purchase APR
- See Terms* Balance Transfer APR
- See Terms* Cash Advance APR
At a Glance
The Family Security Student Visa Card is a student credit card for those new to credit. Offered through Family Security Credit Union in Alabama, the card features manageable credit limits, no annual fee, and no fees for balance transfers or cash advances.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Build credit with financial responsibility
- No balance transfer fees
- Regular Purchase APR: See Terms*
- Balance Transfer APR: See Terms*
- Cash Advance APR: See Terms*
- Foreign Transaction Fee: 1% of the transaction in U.S. dollars
- Late Payment Penalty Fee: $25
- You're new to credit cards and want to learn financial responsibility
- You want an easy to manage credit limit
- You're under 18 but still need a credit card for occasional purchases
- You do't want to pay an annual fee
UNIFY Visa® Share Secured Card
UNIFY Visa® Share Secured Card
- 11.74% Fixed Regular Purchase APR
- 11.74% Fixed Balance Transfer APR
- 11.74% Fixed Cash Advance APR
At a Glance
The UNIFY Visa® Share Secured Card is an ideal option for consumers who are new to credit or those who need to repair their credit. It features a low maximum credit limit, which can help cardholders avoid racking up unwieldy credit card debt. However, just because it’s a secured card doesn’t mean that it has no benefits. Cardholders are eligible for many of the same perks offered on UNIFY’s other credit cards.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Optional debt protection feature
- Auto rental collision damage waiver through Visa®
- No fees for balance transfers and cash advances
- Regular Purchase APR: 11.74% Fixed
- Balance Transfer APR: 11.74% Fixed
- Cash Advance APR: 11.74% Fixed
- Late Payment Penalty Fee: Up to $25
- Return Payment Penalty Fee: Up to $25
- Minimum Deposit Required: $500
- You're just starting to build your credit
- You need to repair lower credit
- You want the debt prevention measures that a secured card offers
- You don’t want to pay annual fees or fees on various transactions
ASE Credit Union Share Secured Visa
ASE Credit Union Share Secured Visa
- 8.99% to 17.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 8.99% to 17.99% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 8.99% to 17.99% variable based on creditworthiness and the Prime Rate Cash Advance APR
At a Glance
Alabama State Employees Credit Union is a leading Alabama-based credit union that offers credit cards for everyday people. The ASE Credit Union Share Secured Visa Card is a secured credit card that can help open the door to a brighter credit future with timely payments and responsible credit use.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Build credit with regular payments
- Work your way up to an unsecured ASE Credit Union Visa in as little as one year
- Regular Purchase APR: 8.99% to 17.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 8.99% to 17.99% variable based on creditworthiness and the Prime Rate
- Cash Advance APR: 8.99% to 17.99% variable based on creditworthiness and the Prime Rate
- Penalty APR: 18%
- Foreign Transaction Fee: 1% of the transaction amount in U.S. Dollars
- Late Payment Penalty Fee: $25
- Return Payment Penalty Fee: $30
- Over Limit Penalty Fee: $25
- Minimum Deposit Required: $500
- You're new to credit or have a challenging credit history
- You already bank with Alabama State Employees Credit Union
- You want to earn rewards while they raise your credit score
- You do't want to pay an annual fee
Latino Credit Union Visa Secured Card
Latino Credit Union Visa Secured Card
- 13.00% to 18.00% variable based on the Prime Rate Regular Purchase APR
- 13.00% to 18.00% variable based on the Prime Rate Balance Transfer APR
- 13.00% to 18.00% variable based on the Prime Rate Cash Advance APR
At a Glance
The Latino Credit Union Visa Secured Card is an excellent option for those who are new to the United States, new to banking, or new to credit, who want to grow their credit score with financial responsibility. The card, offered by North Carolina credit union, Latino Credit Union, is available to anyone across the U.S., provided they join the credit union and pay the $10 education fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Build credit with financial responsibility
- Regular Purchase APR: 13.00% to 18.00% variable based on the Prime Rate
- Balance Transfer APR: 13.00% to 18.00% variable based on the Prime Rate
- Cash Advance APR: 13.00% to 18.00% variable based on the Prime Rate
- Cash Advance Transaction Fee: $0.75 for each transaction at an ATM
- Foreign Transaction Fee: 1% of the transaction amount in U.S. dollars
- Late Payment Penalty Fee: $10
- Return Payment Penalty Fee: $5
- Minimum Deposit Required: $500
- You're new to banking or have recently arrived in the U.S.
- You want to rebuild your credit score or establish a credit score for the first time
- You don’t want to pay an annual fee
NASA FCU Visa Classic
NASA FCU Visa Classic
- 12.40% to 17.99% variable based on creditworthiness Regular Purchase APR
- 12.40% to 17.99% variable based on creditworthiness Balance Transfer APR
- 14.40% to 18% variable based on creditworthiness Cash Advance APR
At a Glance
The NASA FCU Visa Classic Credit Card is an unsecured credit-builder credit card from NASA Federal Credit Union. The card offers those with a fair credit history – or no credit history at all – the chance to boost their score with regular payments and good credit habits. Establishing good credit habits is made easier with the addition of real-time account management tools and online banking availability. The card charges no annual fee and no hidden fees for foreign transactions or balance transfers.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- Fixed rate as low as 12.4% APR
- No annual fee
- No extra fees
- Regular Purchase APR: 12.40% to 17.99% variable based on creditworthiness
- Intro Balance Transfer APR: 6.9% to 17.99% variable on transfers made within 90 days from account opening date
- Balance Transfer APR: 12.40% to 17.99% variable based on creditworthiness
- Cash Advance APR: 14.40% to 18% variable based on creditworthiness
- Cash Advance Transaction Fee: Either $5 or 3% of the amount of each cash advance, whichever is greater
- Penalty APR: 18%
- Late Payment Penalty Fee: Up to $35
- Return Payment Penalty Fee: Up to $35
- You're looking to improve your credit score and likely will qualify for an unsecured credit card
- You don’t want to pay an annual fee
- You prefer your credit card with as few fees as possible
- You already bank with NASA FCU or have an affinity for space
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.