Have late payments or inability to settle your credit card debts reduced your credit score. Having low credit scores reduces your credibility and chances of getting a loan. FICO scores are the scores used by most lenders to judge a person’s credibility. It ranges from 300-850 — Low FICO score. A lower FICO score damages your credibility. We talk about the Credit Cards for Bad Credit Holders.
- 1 Best Credit Cards for Bad Credit Holders
- 1.1 Capital One Secured MasterCard
- 1.2 Milestone Gold MasterCard
- 1.3 Discover It, Credit Card
- 1.4 Credit Builder Secured Visa Credit Card
- 1.5 Indigo MasterCard for less than perfect credit
- 1.6 DCU Visa Platinum Secured Card
- 1.7 Open Sky Secured Visa Credit Card
- 1.8 Walmart MasterCard
- 1.9 Total Visa Card
- 1.10 Wells Fargo Secured Credit Card
- 2 Conclusion
Best Credit Cards for Bad Credit Holders
Today; we will suggest Ten Best Credit Cards for Bad Credit Holders. These cards will also help you to rebuild your credit scores.
Capital One Secured MasterCard
The Capital One Secured MasterCard is one of the best Credit Cards for Bad Credit Holders. It not just works just the same as a normal MasterCard but also helps you rebuild your credit scores. This card will provide you a credit limit of $200 with a basic deposit of $49, or $99. If you clear your account on time for in the first few months, your Credit limit will exceed.
You also don’t have to pay annual fees or foreign transaction fees using this card. One of the best features of the card is that is accepted worldwide. The APR (Annual Percentage Rate) for this card is 23% that is a little bit expensive, but it will help build your credibility.
Milestone Gold MasterCard
The Milestone Gold MasterCard also offers you several benefits starting with rebuilding your credit scores. Rejection in the pre-qualification screening process will not reduce your credit score. Thus, applying for the card has no risk. There is a basic annual fee of $35-$70 based on your creditworthiness.
It provides you an initial credit limit of $265, which might increase if you clear your account on time. The APR for Milestone Gold Card is 23.9%. It covers fraud protection and can be used at 35 million locations worldwide. It is undoubtedly one of the best Credit Cards for Bad Credit Holders.
Discover It, Credit Card
Discover It Credit Card is excellent for people who are looking for a card with a low-interest rate and provide some offers. It will give you a cashback of 5% on initial purchases. There are introductory APR offers for expensive purchases.
There are no annual and foreign transaction charges. Also, if you are late to clear your account, the Discover It Credit Card offers some leniency. It is surely one of the best Credit Cards for Bad Credit Holders.
Credit Builder Secured Visa Credit Card
The name suggests the main focus of this card. It is a card which you should use if you want to rebuild your credit history. The credit card limit can be set from $300-$3000 based on the deposit amount. However, you have to pay annual fees of $35 along with 1% foreign transaction fees using this card. It has an APR of 23.4%.
Indigo MasterCard for less than perfect credit
Indigo MasterCard is also one of the best Credit Cards for Bad Credit Holders. It is the best credit card to go for if you want a small loan. You can easily qualify for Indigo MasterCard even if you have a bad credit history.
There is no need for any application. There will just be a soft inquiry, which will not hurt your credit score even when unselected. The card comes with annual fees of $35-$80 based on your creditworthiness. Timely repayments will aid you to build a good credit score. There is an APR of 29% for this card.
DCU Visa Platinum Secured Card
The DCU Visa Platinum Secured Card comes with some of the best features in comparison to all the cards listed above. This card provides a very low APR, which makes it an excellent choice among students or for people who have bad credit scores. As it is a secured card, you would have to deposit an initial amount.
Additional benefits of the card are Fraud Protection, Chip and Signature Technology, and no annual fees or foreign transaction fees. The APR for DCU Visa Platinum Secured Card is $13.75%.
Open Sky Secured Visa Credit Card
This one is another one of the best Credit Cards for Bad Credit Holders. One of the best features of this card is that they will not check your credit score when you apply. Thus, you can apply even with a low FICO score.
You have to pay annual fees of $35 and a security deposit of $200 to get this card. It comes with a low APR of 19.6%. If you clear your balance on time, it will rebuild your credit score.
Walmart offers two types of credit cards: Normal store card and a MasterCard. The Walmart MasterCard is one of the best Credit Cards for Bad Credit Holders. This is because you can easily apply for this card online and get the result within 60 seconds of application. The card has no annual fees and no foreign transaction charges. Rejection for this card will not affect your credit score.
Timely payments will rebuild your credit score. It offers 1% cashback on all items and can be used anywhere where MasterCards are accepted.
Total Visa Card
Total Visa Card is another one of the best Credit Cards for Bad Credit Holders. It does not require any security fees while applying. If you make timely payments every month, it will help rebuild your credit score as it sends monthly reports to three significant credit bureaus. It offers worldwide availability and fraud protection.
However, in return, you will have to pay high-interest charges with an APR of 34% and annual fees of over $100
Wells Fargo Secured Credit Card
The Wells Fargo Secured Credit Card offers some great benefits for people looking to rebuild their credit scores. Initially, you will have to pay a security fee and continue to pay annual fees. However, if you continue to make timely payments, the company will issue you the Wells Fargo Platinum Credit Card.
After getting the Wells Fargo Platinum Credit Card, you will not have to pay any annual fees and will get back your security deposit. It has an APR of 19%, which is reasonable.
These were the Top 10 Credit Cards for Bad Credit Holders as per us. They will prove useful to you if you wish to improve your credit score. Although, if you have a decent credit score, there are many other better credit cards you can opt for. Hope you liked the post.
Hello mates! I’m Ellie and I absolutely love finance. I can eat, sleep and breathe it! That’s the primary reason for starting this website, that I can share the cool information that I have learnt about finance over the years. Hope you like it. ^_^