Are There Unsecured Credit Cards for Bad Credit?

by Cory Santos
Are-there-unsecured-credit-cards-for-bad-credit

Last updated on August 24th, 2023

Rebuilding credit can be challenging. The reason for this difficulty is that there are seemingly no credit cards out there for those with bad credit. Sure, there are secured credit cards – many of which offer exceptional value for money. But what if you don’t have the funds available to put down on a security deposit? Are there any unsecured credit cards for bad credit?

The Best Unsecured Credit Cards for Poor Credit

When the list of the best credit cards for bad credit is read out, two names typically sit towards the top of the list: the Indigo Platinum Mastercard and the Milestone Gold MasterCard. Both of these cards offer the full range of benefits users expect from a credit card, including the global purchasing power of Mastercard – just for those with less-than-stellar credit. Even better, there’s no security deposit to worry about.

Both cards come with the kind of perks and protections you expect from a full-fledged credit card, including:

  • Identity theft resolutions services
  • Extended warranty coverage
  • Price protection
  • Mastercard Global Service
  • Mastercard Airport Concierge
  • Regular reporting to the three main credit bureaus: Equifax, Experian, and TransUnion

Total Visa® Unsecured Credit Card

The Total Visa credit card is a full, unsecured Visa card product – meaning it doesn’t require a security deposit, and it’s accepted at any merchant in the U.S. and online that takes Visa cards. The application provides a decision in about 60 seconds, and the card issuer reports responsible use to the three major credit bureaus.

Milestone Gold Mastercard

Bank of Missouri issues the Milestone Gold Mastercard. They’re one of the largest issuers of credit cards in the United States, so cardholders don’t have to worry about any issues from unreliable lenders.

Indigo Platinum MasterCard

Like Milestone, Indigo is issued through a reputable bank with a history of offering quality credit-building products. Celtic Bank provides several credit cards, but the Indigo Platinum Mastercard is by far the most popular. The card features a competitive, fixed APR and a variable annual fee.

While the Indigo and Milestone are by far the most popular options for unsecured credit cards for people with bad credit scores, there are still other options available.

Reflex Mastercard

Celtic Bank also issues the Reflex Platinum Mastercard, which offers pre-qualification for potential applicants. This unique feature means those considering the card don’t have to worry about their credit score being impacted until they apply – and when they do so, they’ll have a good idea of the chances. In addition, Celtic Bank regularly reports to the major credit agencies, so paying your balance in full every month is a great way to quickly build credit.

First Access Solid Black Visa Card

The First Access Solid Black Visa is another quality option. Like the other cards on this list, the First Access provides all the privileges and protections that come from a full-service credit card – this time with the Visa purchasing network instead of Mastercard. Visa is the largest payment network worldwide. And although this card can only be used in the United States, it has near-total acceptance within the country. It also has a pretty cool design that’s bound to attract attention, too.

Other Cards to Consider

Group One Platinum Card

The Group One Platinum Card is ideal for those with bad credit and who want to rebuild their score while enjoying some of the benefits of an unsecured credit card. This card offers a $750 credit line that cardholders can use to make purchases at the Horizon Outlet, which provides an impressive selection of products, gifts, and more.

This card can only be used within the Horizon Outlet, meaning cardholders have more limited usage than the other cards on the list. Still, it reports to one major credit bureau. This means that with regular, on-time payments, you can quickly graduate to better credit card offers in the future.

Don’t Count Out Secured Credit Cards

While unsecured credit cards are always preferable, there are still plenty of great secured cards out there that can help build credit quickly. These cards, of course, come with the need for a security deposit. Still, for those who can afford a minimum deposit of $200, they can enjoy a variety of great benefits some unsecured cards lack.

Take the OpenSky® Secured Visa® Credit Card, for example. That card offers a 0% intro APR offer for the first 6 months after opening an account, which is rare for a secured card.  Plus, there is no hard inquiry on your credit report when you apply, so your credit score won’t be affected. Lastly, as it’s a secured card, you get to choose your spending limit.

Related Content: The Best Secured Credit Cards

Fold Card Introduces Bitcoin Rewards to Card Purchases

by Cory Santos
fold-card-introduces-bitcoin-rewards-to-card-purchases

Last updated on February 20th, 2024

Cryptocurrency continues to be an attractive investment despite the recent volatility in the markets as a result of COVID-19. Bitcoin is by far the most popular of the currencies, and now Visa is joining forces to bring cryptocurrencies into the world of credit card rewards. Here’s what you need to know about Fold, the new Fold Card, and how to earn Bitcoin rewards with every purchase.

What Is Fold?

Fold, unsurprisingly, is the brainchild behind the new Fold Card. Fold is a San Francisco-based tech startup. The company aims to build “the payment stacks for a new economy – one that puts privacy and bitcoin within reach of every shopper.”

The New Fold Debit Card

The new Visa partnership, announced last Thursday, will see the issuing of cards as early as July of this year.  Despite Visa fast-tracking the card, neither Fold nor the payment giant would name the bank that will issue the card.

The new Fold Card will be akin to a previous Visa partnership, the Coinbase Card, which allows users to spend Bitcoin anywhere Visa is accepted. The Fold Card, on the other hand, seeks to reward users of their card with Bitcoin rewards. As much as 10% of purchases made with the card – a debit card – are credited as Bitcoin, which is a unique twist.

“A Better Reward”

“People are not interested in spending Bitcoin right now, but are interested in accumulating it,” said Will reeves, CEO of Fold. “If people don’t understand Bitcoin as money yet, they certainly will understand it as a better reward.”

Will Bitcoin Rewards Be Popular?

The addition of Bitcoin into the rewards space for cards is something entirely new to the industry. Reeves says this places Bitcoin within the “pantheon where it’s that much closer to everyday consumers. I fundamentally believe there are more shoppers than speculators.” How successful cryptocurrencies make the transition to rewards remains to be seen.

The role of cryptocurrency in everyday society continues to evolve. Previously a shadowy investment, more third-party companies are seeking to integrate the currency into modern commerce. How successful these products will be, however, remains to be seen – especially for rewards credit cards.

The Best Ways to Fix Your Credit

by Allan Guzman Chinchilla
the best ways to fix your credit

Last updated on February 20th, 2024

If you want to fix your credit, you need to know where you stand.  There are several reasons why you may be dealing with bad credit. You might have missed numerous credit card payments. Maybe you recently filed for bankruptcy.

You may have applied for a lot of credit cards, resulting in multiple hard inquiries. Or perhaps your credit profile is in its infancy and you’re still building your score.

Whatever the case may be, building or trying to repair your credit is not an impossible task – as long as you’re equipped with the right tools. Below are some of the best strategies you can employ to confidently set you on your way towards a good credit score and a robust credit report.

Know What Your Credit Score Is By Getting Your Free Credit Report

Understanding where your credit score stands is one of the first steps you should take. This will help you build your strategy towards a higher score.

Services like CheckFreeScore.com not only provide you with a free copy of your FICO credit score; they also give you a fresh credit report from the three major credit bureau: Experian, TransUnion, and Equifax. Plus, they offer monitoring so you can stay informed whenever new activity takes place on your credit.

Your credit report will provide insight into all your credit accounts, including any collection accounts, from collection agencies, open revolving accounts, and other details. Closed accounts and late payments continue to feature on your credit report for seven years.

Checking all items on your credit report for each of the credit bureaus allows you to dispute errors and begin fixing your credit score.

Improve Your Credit Score with a New Credit Card

Having less-than-perfect credit limits your options when applying for new types of credit, like a new credit card, but there are a number of offers that are specifically for people on the rebuilding path. As long as you practice responsible spending and always pay back your balance on time (at least the minimum amount, though the full statement balance is preferable), you should see positive outcomes like a higher credit score, higher spending limits, and a wider pool of card offers that you may be eligible for.

Prequalify for an Unsecured Credit Card

Applying for a new credit card often comes with a hard inquiry on your credit report, which will slightly lower your score. Unfortunately, there is no guarantee that you’ll get approved, and that hard inquiry will stay on your report for two years. However, you can take pre-emptive measures and pre-qualify for a credit card so you can know ahead of time whether you’re likely to get approved or not.

The Milestone® Gold Mastercard® is a great option that gives you a pre-qualification decision almost instantly – with no impact to your credit score. Plus, applying takes just a few minutes. Once you’re approved, your responsible card use is reported to the three major bureaus, so you can increase your chances of raising your score.

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The Indigo® Platinum Mastercard® is another recommended pre-qualification choice. Like the Milestone, this issuer reports your card’s use for a potential boost to your credit score. Because it’s a Mastercard, it’s accepted at thousands of merchants around the world (more than 200 countries, to be exact). And, as an added incentive, you can choose your card’s design once you’re approved.

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Consider a Secured Credit Card

An alternative to an unsecured credit card, a secured card usually has higher approval odds. The main difference is that you supply your own credit limit via a security deposit. Our pick is the OpenSky® Secured Visa®.

One of its biggest advantages is that it requires no minimum credit, so you’re bound to see an approval, even if you have no credit history at all. The amount of money you put down as your security deposit serves as your credit line. And, like any good card should, it reports your activities to the top bureaus, helping you fix your credit.

opensky® Secured Visa® Credit Card

opensky® Secured Visa® Credit Card
Apply Now Terms & Conditions
Poor-No Credit Required
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card. Recommended Credit: Poor / No Credit Required
Visa Processing Network
$35 Annual Fee

opensky® Secured Visa® Credit Card

  • 23.89% (variable) Regular Purchase APR
  • 23.89% (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?
  • Earn up to 10% cash back on everyday purchases
  • No credit check required – 89% approval rate with zero credit risk to apply!
  • Boost your credit score fast—2 out of 3 opensky® cardholders see an average increase of 47 points after 6 months
  • Track your progress with free access to your FICO® score in our mobile app
  • Build your credit history with reporting to all three major credit bureaus: Experian, Equifax, and TransUnion
  • Seamless payments—add your card to Apple Pay, Google Pay, and Samsung Pay
  • Start with just $200—secure your credit line with a refundable deposit
  • Fast and easy application—apply in minutes with our mobile-first experience
  • Flexible payment options—pick a due date that works for you
  • More time to fund—spread your security deposit over 60 days with layaway
  • Join 1.6 million+ cardholders who have used opensky® to build better credit!
  • Regular Purchase APR: 23.89% (variable)
  • Cash Advance APR: 23.89% (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 $41
  • 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
opensky® Secured Visa® Credit Card

opensky® Secured Visa® Credit Card

Terms & Conditions
Apply Now Terms & Conditions

Related Article: What are the best secured cards?

Keep an Eye on Your Credit Report

If you’re aiming to build credit, you also need to protect it. Credit fraud and identity theft are dangers for both novice and veteran borrowers. Luckily, the big three credit reporting bureaus do more than compile your credit report. They also provide monitoring and protection tools of their own.

TransUnion, for instance, offers Instant Alerts whenever a lender requests your report. This grants you a clear layer of visibility so you can stay on top of your report’s progress – especially in spotting activity that wasn’t made by you.

Bottom Line on How to Fix Your Credit

Fixing your credit takes time, but there are ways to make the journey easier. Opening a new card account so you can prove your budgeting and repayment skills is a wise move, and being armed with credit reporting and monitoring tools regularly keeps you in the know about the health of your credit. As long as you stay consistent, make payments on time, don’t spend more than you can afford, and remain vigilant of your finances, you’ll be on your way to achieving a successful credit overhaul.

Paying Off Credit Card Debt During Coronavirus

by Cory Santos
paying-off-credit-card-debt-during-coronavirus

Last updated on January 31st, 2024

Credit card debt is an issue that affects many of us. As of 2020, the average American has approximately $8,000 in debt. With such high balances, repayment is an essential part of the monthly budget. Since COVID-19 is having such an immense impact on personal finance, however, should Americans continue putting extra money towards their credit card debt during coronavirus?

Debt and Coronavirus – A Dangerous Combination

The difficult decisions that come with credit card debt become even more critical when financial hardships occur. And at few points in recent memory have economic conditions been so chaotic as with the novel coronavirus pandemic.

With rising unemployment each week, and no end in sight for the economic crisis, many Americans must choose between reducing their debts or increasing their emergency funds. Emergency funds help bridge the gap financially when lay-offs, hospital bills, or any other unexpected circumstances arise. Unfortunately, many Americans rely on credit cards as their emergency funding resource, so COVID-19 and credit card debt represents a perfect storm of financial hardship.

Can You Pay Off Debt and Save for Emergencies?

This combination of reduced income, existing credit card debt, and also no emergency funds might seem like a Catch-22. A recent opinion piece in Business Insider discusses why one American is prioritizing paying off their credit card debt instead of building an emergency fund during the coronavirus pandemic. What if there was a better way? Fortunately, some options allow consumers to pay down their credit card balance while saving money at the same time.

The Upgrade Visa® Card with Cash Rewards has grown in popularity significantly since its launch in October of last year. To date, over $500 million in credit has been extended by Upgrade to cardholders.

Upgrade Cash Rewards Visa®

Upgrade Cash Rewards Visa®
Apply Now Terms & Conditions
Excellent-Good-Fair
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card. Recommended Credit: Excellent / Good / Fair
Visa Processing Network
None Annual Fee

Upgrade Cash Rewards Visa®

  • 14.99%-29.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
  • 14.99% to 29.99% Balance Transfer APR

At a Glance

The Upgrade Cash Rewards Visa® offers no fees, low rates, cash back, and credit lines from $500 to $25,000 in one unique package. The card provides consumers the flexibility and predictability to quickly pay down balances and get debt-free. The Upgrade credit card is one of the lowest regular APR credit cards on the market for those with excellent credit scores, putting it firmly on any list of the best balance transfer credit card deals – or any list of the best credit cards in the U.S.

  • Best Benefits
  • Rates & Fees
  • Why Should You Apply?
  • $200 bonus after opening a Rewards Checking Preferred account and making 3 debit card transactions*
  • 1.5% unlimited cash back on every purchase
  • No annual fee
  • See if you qualify in seconds with no impact to your credit score
  • Combine the flexibility of a card with the predictability of a personal loan
  • Enjoy Visa Signature benefits, like Roadside Dispatch, Price Protection, Extended Warranty Protection, and more
  • Shop smarter with Upgrade Shopping! Get exclusive savings at stores, restaurants, and more
  • Contactless payments with Apple Pay® and Google Wallet™ bull; Mobile app to access your account anytime, anywhere
  • Use your card anywhere Visa is accepted
  • Relax knowing that you are protected in case of unauthorized transactions with Visa’s Zero Liability Policy
  • Regular Purchase APR: 14.99%-29.99% variable based on creditworthiness and the Prime Rate
  • Balance Transfer APR: 14.99% to 29.99%
  • Balance Transfer Transaction Fee: Up to 5%
  • Foreign Transaction Fee: Up to 3%
  • Late Payment Penalty Fee: May apply
  • You struggle to pay off your credit card balances
  • You want a structured repayment plan
  • You can reliably pay off your statement balances to earn cash back for your purchases
  • You have a desire to get debt-free quickly
  • You hate penalty or other hidden fees
Upgrade Cash Rewards Visa®

Upgrade Cash Rewards Visa®

Terms & Conditions
Apply Now Terms & Conditions

How Does Upgrade Work?

The Upgrade Card works by extending a credit line of up to $20,000. The card is a hybrid product, working both a Visa credit card and a type of personal loan. Cardholders can use their Upgrade account to transfer their credit line to existing accounts, paying them off to create one balance. In this regard, the Upgrade is akin to a debt consolidation product.

Interest rates with the Upgrade Card start as low as 8.99% variable, and the company offers individual repayment plans, ranging from 12 months to 60 months.  This blend of low APR and convenient repayment plans have been shown to reduce the time – and cost – of paying off debts. Customers simply need to make their minimum monthly payments. This allows them to pay off their credit card debt during coronavirus and save money towards emergency funds at the same time.

Should You Consider a New Credit Card During Coronavirus?

Given the economic climate, it might seem strange to consider applying for a credit card. Right now, however, might be one of the best times to apply for a credit card. That’s because the interest rates at which banks borrow money are historically low. Additionally, banks want to improve their bottom lines to investors, so they may be more willing to extend bigger lines of credit to applicants.

Whether the Upgrade card provides value depends on the unique case for each individual. Those with small debts, or those with poor credit scores, for example, may find better options through balance transfer cards or merely continuing their current repayment plans. These differing needs, in addition to the uncertainty of the current climate, make it vital that consumers carefully consider all options in advance.

Related Article: What Are the Easiest Credit Cards for Bad Credit to Get?

Do You Need a Secured Credit Card If You Have a Bad Credit Score?

by Cory Santos
do-you-need-a-secured-credit-card-if-you-have-a-bad-credit-score.

Last updated on February 9th, 2024

Secured credit cards play an essential role in building credit. Secured cards work by requiring a cash deposit, which acts as both the credit line and security in case of late payments. This deposit makes them easier to get for those with bad credit scores. For some, however, raising the money for a deposit is unaffordable. Is there another option? Do you need a secured credit card if you have bad credit?

The answer to this question is an emphatic no. There is a wide selection of unsecured credit cards available to those with no credit history or a bad credit score they want to repair. Credit cards available to those with lower credit scores are known as subprime credit cards.

Credit Cards for Bad Credit

Subprime cards typically offer lower credit limits and a fixed APR. Fortunately, they don’t require a deposit. They do, however, usually have an annual fee. For many, this is a fair price to pay for access to a tool that can quickly rebuild credit.

One of the more popular examples of a credit card for poor credit is the Milestone Mastercard. The card offers the chance to build credit while also providing the benefits of a Mastercard product. The card reports to the three major credit reporting bureaus, so paying in-full each month can significantly boost a person’s score in as little as six months.

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The Indigo Mastercard is another option that attracts a lot of attention from those with poor credit scores. The card features the same fixed-rate APR as the Milestone, plus the same Mastercard benefits and global acceptance. Unlike the Milestone, however, Indigo allows cardholders to choose from several eye-catching card designs – giving cardholders the ability to build credit and express their personality at the same time.

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Credit Cards for No Credit

There are also several unsecured card options for people with no credit history. These cards differ from the Indigo and Milestone in that they don’t partner with a payment network like Mastercard. Instead, these cards offer a credit line of $750 to shopping outlets.

One such example of this type of card is the Group One Platinum Card. The card offers a $750 limit, which applies towards the Horizon Outlet. That online store features a massive selection of products, including clothing, gifts, sporting goods, and more. The variety of items available means the card isn’t just for building credit – it also offers access to great deals.

But building credit is something that the Group One Platinum Card does very well. The card reports activity to a major credit bureau (from Equifax, Experian, and TransUnion), meaning even those with no credit at all can quickly build a positive credit history. That, in turn, can mean better credit card offers in the future.

Other benefits of this type of cards include:

  • No employment checks
  • Fast and easy application processes
  • Decisions within minutes
  • No purchase APR

Our credit cards content is not loading right now. Please try again or contact the BestCards team.

Secured Credit Cards Still Offer Value

For those unsure if they want to leap to an unsecured credit card, secured credit cards provide the basis for learning to effectively use a credit card with a safety net. Secured cards allow cardholders to practice keeping their credit utilization low and get in the habit of paying their balance in full every month. These two habits are a sure-fire way to improve your credit score.

There are a considerable number of secured cards on the market, from major issuers like Capital One and Discover, all the way down to your local credit union. Some, like the Discover It Secured Card, even offer rewards. But while secured cards are easier to get, that doesn’t mean everyone will be approved.

Being declined for a secured credit card can be tough for a person’s self-confidence. And when you are struggling to repair your credit, positivity is key. Fortunately, there are secured cards that don’t require credit checks. One such example is the OpenSky® Secured Visa® Credit Card.

The OpenSky card offers the purchasing power of a Visa credit card, plus a moderate annual fee. Many secured cards charge annual fees, with some rising as high as $100. With the OpenSky Card, this fee is $35, which is very reasonable. Plus, with minimum deposits of only $200, it’s an affordable option.

One of the top highlights of the OpenSky Secured Visa, however, is the fact that there is no minimum credit required. That means this is a solid option to consider for those who are both building and rebuilding their credit. Decisions arrive in minutes, with high approval rates. And the issuer reports card activity to the major credit bureaus, providing an avenue for increasing one’s credit score and reputation.

opensky® Secured Visa® Credit Card

opensky® Secured Visa® Credit Card
Apply Now Terms & Conditions
Poor-No Credit Required
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card. Recommended Credit: Poor / No Credit Required
Visa Processing Network
$35 Annual Fee

opensky® Secured Visa® Credit Card

  • 23.89% (variable) Regular Purchase APR
  • 23.89% (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?
  • Earn up to 10% cash back on everyday purchases
  • No credit check required – 89% approval rate with zero credit risk to apply!
  • Boost your credit score fast—2 out of 3 opensky® cardholders see an average increase of 47 points after 6 months
  • Track your progress with free access to your FICO® score in our mobile app
  • Build your credit history with reporting to all three major credit bureaus: Experian, Equifax, and TransUnion
  • Seamless payments—add your card to Apple Pay, Google Pay, and Samsung Pay
  • Start with just $200—secure your credit line with a refundable deposit
  • Fast and easy application—apply in minutes with our mobile-first experience
  • Flexible payment options—pick a due date that works for you
  • More time to fund—spread your security deposit over 60 days with layaway
  • Join 1.6 million+ cardholders who have used opensky® to build better credit!
  • Regular Purchase APR: 23.89% (variable)
  • Cash Advance APR: 23.89% (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 $41
  • 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
opensky® Secured Visa® Credit Card

opensky® Secured Visa® Credit Card

Terms & Conditions
Apply Now Terms & Conditions

Secured Cards Aren’t Just for Bad Credit

Secured cards like the OpenSky make great sense for those looking to boost their credit score quickly. This applies to those with fair or good credit scores, as well. Using the card to make a large deposit, you can instantly raise your credit limits as high as $3,000. Combined with the lack of a hard inquiry, it can push a cardholder’s score up quickly – potentially helping them get better rates on future auto loans, mortgages, or personal loans.

Apple Card’s Privacy Policy Update Allows for More Data Sharing

by Cory Santos
Apple card's privacy policy update allows for more data sharing

Last updated on November 16th, 2023

Apple announced a new privacy policy update for the Apple Card in the hopes of expanding eligibility. The updated policy will allow the company to share additional customer data with its financial partner, Goldman Sachs. This applies to both new applicants for the card who opt-in, as well as current cardholders, though it is possible to opt-out.  

What is in the Privacy Policy Update for the Apple Card?

Apple has decided to relax some components of its privacy policy – particularly the data sharing aspect. Applicants will now have the option to share even more personal information during the Apple Card application process – namely, their Apple transaction data. The company will also begin to release more anonymized data regarding current cardholders.  

Doing so will reportedly allow Goldman Sachs to revise its approval standards for this credit card. In particular, the Apple Card issuer plans to use this data in order to: 

  • Reconsider rejected applicants 
  • Expand eligibility for the Apple Card 
  • Consider current cardholders for credit increases 

How Does this New Privacy Policy Affect the Apple Card Application?

Those who have their Apple card application denied will have the option to share additional information with Goldman Sachs. In turn, the issuer will use this data to reconsider the application. This means that rejected applicants get a second chance at approval, particularly those who are long-time Apple customers. To opt-in, applicants must simply look for the “Opt-In” button on the rejected application.  

Should I Be Concerned About My Apple Credit Card Data?

Sharing customer data isn’t exactly out of the ordinary within the credit card industry. In fact, most issuers collect transactional and personal information when reviewing applications for new cards. They don’t typically disclose more than they legally have to about this process, either. However, the Apple Card has always stood out from the pack on this front. 

For one thing, Apple maintains control over the amount and type of information shared with Goldman Sachs. It also stipulates that the bank would not use Apple card data for ad sales, which is a common practice. When it was first launched, this made the Apple Card’s privacy policy one of its most lauded features. 

That hasn’t exactly changed with this updated privacy policy – shared data will remain anonymous and won’t be used for ad sales. However, more data will be made available to Goldman Sachs to make the improvements outlined above. 

Can I Opt-Out?

As evidenced by its response to the coronavirus, Apple seems to place a lot of value on customer comfort. As such, it’s not much of a surprise that the privacy policy update keeps this additional data sharing optional. 

The Apple Card application process has always given the option to provide additional information upon denial. This will remain optional going forward, though other data will now be included for consideration.  

Similarly, current cardholders can opt-out of having their additional credit card data shared. All they need to do is send an email to dpo@apple.com using “Apple Relationship Data and Apple Card” in the subject line. 

How to Quickly Eliminate Credit Card Debt

by Cory Santos
how-to-quickly-eliminate-credit-card-debts

Last updated on May 16th, 2023

With the average U.S. credit card debt over $8,000, shoring up your finances has never been more important.  While balance transfer credit cards are a staple of debt reduction, a new option is rapidly gaining popularity. Known as the Upgrade Visa® Card with Cash Rewards, it offers the low rates of a personal loan plus the flexibility of a traditional credit card. What is the Upgrade Visa® Card with Cash Rewards, and should you consider applying to quickly eliminate credit card debt?

The Trouble with Balance Transfer Cards

The recent economic volatility has many Americans considering getting their finances in order. Given that the Covid-19 pandemic has no end in sight, eliminating debt has never made more sense. One of the most popular options for paying off debts is balance transfer credit cards.

Balance transfer credit cards work by providing an introductory interest rate and low fees for conducting transfers. Typically, this special rate is 0% intro APR for between 6 to 18 months. Once this bonus period ends, balance transfer cards offer a “low” APR of around 14% – though some credit union credit cards come with rates below 10%.

While the APR on a balance transfer credit card is significantly lower than interest rates on other types of cards, it is still high. Paying off a balance requires patience and the correct tools for the job, so using a card that charges 14% interest just isn’t practical.

Upgrade the Way You Eliminate Credit Card Debt

Fortunately, Sutton Bank understands the problems that arise from paying off balances via a balance transfer card. The bank, along with fintech pioneers Upgrade, created a new type of credit product. Known as the Upgrade Visa® Card with Cash Rewards, it is a unique approach to paying down balances and eliminating fees of any kind.

Upgrade Cash Rewards Visa®

Upgrade Cash Rewards Visa®
Apply Now Terms & Conditions
Excellent-Good-Fair
BestCards refers to a variation of FICO Score 9, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card. Please note that the range shown here is our own estimation and not a guarantee of credit needed to be approved for any given card. Recommended Credit: Excellent / Good / Fair
Visa Processing Network
None Annual Fee

Upgrade Cash Rewards Visa®

  • 14.99%-29.99% variable based on creditworthiness and the Prime Rate Regular Purchase APR
  • 14.99% to 29.99% Balance Transfer APR

At a Glance

The Upgrade Cash Rewards Visa® offers no fees, low rates, cash back, and credit lines from $500 to $25,000 in one unique package. The card provides consumers the flexibility and predictability to quickly pay down balances and get debt-free. The Upgrade credit card is one of the lowest regular APR credit cards on the market for those with excellent credit scores, putting it firmly on any list of the best balance transfer credit card deals – or any list of the best credit cards in the U.S.

  • Best Benefits
  • Rates & Fees
  • Why Should You Apply?
  • $200 bonus after opening a Rewards Checking Preferred account and making 3 debit card transactions*
  • 1.5% unlimited cash back on every purchase
  • No annual fee
  • See if you qualify in seconds with no impact to your credit score
  • Combine the flexibility of a card with the predictability of a personal loan
  • Enjoy Visa Signature benefits, like Roadside Dispatch, Price Protection, Extended Warranty Protection, and more
  • Shop smarter with Upgrade Shopping! Get exclusive savings at stores, restaurants, and more
  • Contactless payments with Apple Pay® and Google Wallet™ bull; Mobile app to access your account anytime, anywhere
  • Use your card anywhere Visa is accepted
  • Relax knowing that you are protected in case of unauthorized transactions with Visa’s Zero Liability Policy
  • Regular Purchase APR: 14.99%-29.99% variable based on creditworthiness and the Prime Rate
  • Balance Transfer APR: 14.99% to 29.99%
  • Balance Transfer Transaction Fee: Up to 5%
  • Foreign Transaction Fee: Up to 3%
  • Late Payment Penalty Fee: May apply
  • You struggle to pay off your credit card balances
  • You want a structured repayment plan
  • You can reliably pay off your statement balances to earn cash back for your purchases
  • You have a desire to get debt-free quickly
  • You hate penalty or other hidden fees
Upgrade Cash Rewards Visa®

Upgrade Cash Rewards Visa®

Terms & Conditions
Apply Now Terms & Conditions

The Upgrade Card combines the purchasing power of a Visa credit card with the excellent rates of a personal bank loan. New accounts get a credit line of up to $20,000, with installment repayment plans of 12, 24, 36, or 60 months. Cardholders can use the Upgrade Card like a credit card or transfer funds over to existing accounts to pay off their high-interest balances.

The beauty of the Upgrade Card is that existing balances are paid off using the credit line, then paid back over a set period – all at a rate significantly lower than any balance transfer credit card. The APR with the Upgrade Card starts as low as 8.99% – almost 6% lower than the average balance transfer card. This low rate and set payment structure are proven to help individuals pay down their faster and more effectively than with traditional credit card products.

Pay Down Balances Faster – and Cheaper

The following shows how effective Upgrade is versus traditional credit cards. This table shows how much a user pays on a $10,000 balance when making just the monthly minimum payments:

Upgrade credit cards Traditional credit cards
Time to pay off balance 2 years 28 years
Interest paid $2,102.71 $14,423.16

Who Can Benefit Most from the Upgrade Card?

Because of the low-interest rates and set repayment periods, the Upgrade Card is the perfect option for those who struggle to make payments with their current credit cards. Paying down balances using tricks like the snowball or debt avalanche method requires planning and dedication. The Upgrade Card, on the other hand, requires cardholders to make their monthly minimum payment. That’s it.

No Fees Means No Worries

Even better, the Upgrade Card charges no fees of any kind.

All Upgrade Visa® credit cards charge NO FEES on the following typical charges:
Annual fee Monthly fees Late fees
Penalty APR Over-the-limit fees Subscriptions

Have a Balance You Want to Pay Down? What’s Your Best Option?

Many individuals enjoy the introductory bonuses that come from balance transfer cards. After all, 0% intro APR is very enticing. Once that intro period ends, however, you’re left with interest rates in the teens. Still, for those who have a smaller balance to pay down a balance transfer credit card makes perfect sense.

If you are like the average American household, however, six months of 0% APR won’t help you much. That’s because the average American family has over $8,000 of credit card debt, according to Debt.org. For those with substantial debts, the Upgrade Card provides a simple, efficient, and inexpensive way to quickly pay down balances and eliminate credit card debt. And, with no fees, it’s a solution that not only saves you money but won’t cost you anything to get either. Now that’s a win-win!

HSBC Premier Membership Now Offers Easier Eligibility for Customers

by Allan Guzman Chinchilla
hsbc premier membership now offers easier eligibility for customers

Last updated on April 6th, 2023

Consumers hoping to open an HSBC Premier checking account but falling short of its requirements may now have reason to celebrate. The multinational bank recently modified its conditions towards becoming one of its Premier members. This, in turn, now makes it easier to fit the criteria for its two Premier-exclusive credit cards.

New eligibility states that clients must have one of the following to enroll in an HSBC Premier checking account:

  • At least $75,000 in total deposits and/or investments
  • At least $5,000 in total direct deposits per month
  • Maintain a U.S. residential mortgage loan with an original loan amount of at least $500,000

Prior to this update, HSBC required at least $100,000 in total deposits/investments for Premier member eligibility. This reduction no doubt opens the door to a much larger base of potential applicants.

About the HSBC Premier Credit Cards

HSBC’s top-tier card products, the Premier World Mastercard and Premier World Elite Mastercard, are designed for travel-heavy customers who value earning rewards.

The Premier World Elite Mastercard carries a hefty $395 annual fee. However, this is lower than competitors like the Chase Sapphire Reserve and The Platinum Card from American Express. In addition, cardholders get an annual $100 credit for air travel, complimentary ShopRunner membership, and annual credits for Uber and Lyft rides.

The Premier World Mastercard also offers the aforementioned air travel and Uber/Lyft benefits. In addition, customers get unlimited boingo Wi-Fi access and reimbursement for a TSA Precheck membership enrollment fee. Most noteworthy, however, is that this card charges no annual fee for Premier customers.

About HSBC Premier Checking Accounts

Being an HSBC Premier checking account customer includes ample benefits of its own. Clients are not charged any ATM, wire transfer, or transaction fees (foreign or domestic). They also receive access to the Premier Tables Dining Program from Aspire Lifestyles. This perk offers exclusive reservations, complimentary dining amenities, and intimate behind-the-scenes tours of partner restaurants in several major cities.

Capital One Now Offers Applicants Credit Cards with Adjusted Terms and No Bonus

by Allan Guzman Chinchilla
capital one now offers applicants credit cards with adjusted terms and no bonus

Last updated on April 5th, 2023

Customers hoping to open a Capital One credit card account may still have hope if they are initially declined – but at a cost. As reported by Doctor of Credit, the Virginia-based issuer now offers applicants an alternative option if they do not initially qualify for their card of choice. The “adjusted terms” proposition, which appears during the application session, provides a higher APR, lower credit limit, and no signup bonus. Other aspects, such as the annual fee and the rewards earning rate, do not appear to change between the two versions of the same card.

Potential Benefits for Consumers

While a lack of introductory bonus, smaller credit line, or higher APR may disappoint consumers who hoped for better terms, there may still be a benefit for both them and Capital One. Individuals may still get the card they initially wanted. At the same time, they can earn rewards at the original rate, which bodes well for the card’s longevity. A lower credit limit means a smaller credit utilization ratio. However, it also means smaller potential debt for the user and a smaller liability for the issuer in the case of default. Lastly, there is less pressure on the cardholder to spend in needlessly if there is no signup bonus to chase after.

Upside for Capital One?

For Capital One, the adjusted terms offer allows the bank to reach customers with lesser credit profiles, thereby encouraging spending and an active client base. Such effects echo particularly loudly given the recent impact of the global COVID-19 outbreak. The world economy has experienced significant blows from the virus and United States is considering several measures to keep banks afloat. Among these may be additional regulatory credits for institutions if they are able to offer new credit to borrowers experiencing hardship from the novel coronavirus.

At the same time, consumers may see the tactic as a bait-and-switch. In Capital One’s eyes, the ostensible lower credit profile of these applicants may not justify offering a signup bonus. Either way, the offer appears to apply to both personal and business credit cards.

capital one offer
photo courtesy of Doctor of Credit

Chase Settles Class-Action Suit Over Cryptocurrency Fees for Credit Cards

by Allan Guzman Chinchilla
chase settles class action suit over cryptocurrency fees for credit cards

Last updated on May 27th, 2021

JPMorgan Chase’s lack of fair notice to credit cardholders regarding their classification of cryptocurrency purchases has led to an out-of-court settlement.

JPMorgan Chase was hit with a class-action lawsuit after some cardholders discovered that cryptocurrency purchases were classified as “cash advances” rather than regular purchases.

Cash Advances Have Higher Interest Rates

Cash advances made with Chase credit cards incur higher fees than regular purchases. Take a consumer with excellent credit who uses the Chase Freedom Unlimited®, for example, to buy crypto. Cardholders see a difference between interest rates for a regular purchase and a cash advance that amounts to 10%. This is a significant difference, especially if the cardholder makes payments in several installments.

Chase Allegedly Violated the Truth in Lending Act

Chase did not notify customers that cryptocurrency purchases were not considered to be regular purchases. This lack of fair notice landed Chase in hot water. Therefore, their policies are deemed as unfair practices. As such, the bank has been accused of violating the Truth in Lending Act. The Truth in Lending Act requires credit issuers to notify customers of any significant change in charges or terms. This notification must be in writing.

The class-action suit also alleges that the bank refused to refund the excess charges to affected customers.

Chase does not charge similar fees for crypto purchases made using debit cards issued by the bank, which is widely regarded to be a double standard. Chase announced that cryptocurrency could not be purchased using their credit cards shortly before the class-action suit was filed in 2018. This policy was also adopted by other card issuers, since purchasing cryptocurrencies using credit is seen as a risk.

Chase Will Settle Out of Court

Per the complaint, “The complete lack of fair notice to Chase’s cardholders caused them to unknowingly incur millions of dollars in cash advance fees and sky-high interest charges on each and every crypto purchase.”

JPMorgan Chase has agreed to settle the dispute out of court. Details of the settlement have not been disclosed. They have until May of 2020 to come to an agreement, or proceedings will continue.

Former Amazon Exec to Lead SoFi Credit Card Business

by BestCards Team
Former amazon exec to lead sofi credit card business

Last updated on November 9th, 2023

After announcing plans to launch a SoFi credit card, the growing fintech company has found a leader for this new project. Maria Renz will leave her position as Amazon’s global customer experience VP to oversee the startup’s credit card, banking, and brokerage services. 

Who is Maria Renz?

Since 1999, Renz has worked her way up through Amazon’s ranks, which likely put her on SoFi’s radar. Throughout her 20 years there, she has held several high-ranking positions. At one point, she even spent time as a technical advisor to Jeff Bezos, assisting the founder and CEO with meetings and decision making. She was also CEO of Quidsi, an Amazon subsidiary that eventually closed due to low profits in 2017.  

Most recently, she held the position of vice president of Global Operations Customer Experience. As a top executive for the tech giant, she helped launch several important initiatives, such as the famed free shipping policy and Subscribe & Save.  

Related article: Biometric Scanner from Amazon Could Scan Palms for Payment 

She even had a hand in expanding the Prime two-day shipping policy to include one-day, overnight and same-day shipping. Renz also helped introduce new product categories to the company, including in the grocery and beauty categories.  

What Renz Will Bring to the SoFi Credit Card

Social Finance, Inc. is an online lender that aims to help its customers achieve financial independence. With this in mind, the company offers a wide range of financial products, including student, personal, and home loans.  

With Renz now coming on board, SoFi can begin to build out several other services. These include brokerage, credit card, and banking initiatives. She will become the enterprise vice president and unit leader for Money, Invest, & Credit Card according to the company’s website.  

As for what to expect from the new SoFi credit card, many predict it will join the ranks of student credit cards currently available. This is due to the company’s current forays into student loans and largely millennial customer base. The credit offer is predicted to complement the SoFi debit card, which recently got a Mastercard facelift with plenty of new added perks.  

Apple Customer Assistance Program Introduced for Apple Card

by Cory Santos
Apple Customer Assistance Program Introduced for Apple Card

Last updated on April 16th, 2020

The fall out from the COVID-19 pandemic continues, with Americans everywhere finding themselves in precarious situations. Because of the overrevving situation, many find themselves working from home or subject to quarantine. This has a significant impact on finances – something more and more credit card issuers are realizing. Apple is the latest to address the problem, letting those with the Apple Card enroll in its Customer Assistance Program. Just what is this program, however, and how can it help?

Apple Customer Assistance Program

Apple’s email offer to current Apple Cardholders allows them to skip the next payment on their credit card. What this means in practice is that cardholders can reach out via Messages on their iPhone and enroll. Once enrolled, they can skip their next monthly credit card payment, which will be generated on March 31, 2020.

There are no fees or additional interest payments from skipping the payment. Cardholders also don’t have to worry about a missed payment mark being put on their credit reports.  The full amount is then due the following month, essentially giving cardholders a little extra breathing space.

Goldman Sachs is one of the largest banks in the world and the issuer of the Apple Card.  In the immediate aftermath of the announcement of the Customer Assistance Program, the bank claimed that tens of thousands of cardholders have taken advantage of the offer.

Will This Offer Be Extended?

The Customer Assistance Program from Apple is undoubtedly a grand gesture of goodwill. The nature of the times means that all Americans now live with a higher degree of uncertainty. While the gesture is admirable, however, it will be interesting to see if this program rolls out for additional months. Given that health experts currently have no estimates as to when the worst will be over, the summer months may prove even more financially difficult for consumers.

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BestCards is an independent, Florida-based credit card comparison platform. Many of the card offers that appear on this site are from companies from which BestCards receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). BestCards does not include all card companies or all card offers available in the marketplace.