Want to know the BEST credits for bad credit? Watch this!
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Today's video I'm going to be talking about the best credit cards for bad credit or poor credit. These are the best cards to build credit. I share tips on how to raiser your credit score and how to build your credit score.
The best credit cards for most people with bad credit is going to be secured credit cards. Secured credit card charge the lowest fees and offer the best approval odds. Secured credit cards are cards that require a security deposit, which will in turn will act as a line of credit.
1. Discover it Securedhttps://www.discover.com/credit-cards/secured/
This credit card builds credit history with the three major credit bureaus. You get your credit line by providing a refundable security deposit anywhere from $200 to $2,500 after being approved. And if you don't get approved, you'll get that money back. the perks with this card includes 2% cash back at gas stations at restaurants up $2,000 every quarter and plus an unlimited 1% cash back on all other purchases. And on your first year they will match all cash back that you earned.
2. Capital One Secured Mastercardhttps://www.capitalone.com/credit-cards/secured-mastercard/
Play next up we got the Capital One Secured MasterCard. On this card the same as the last one there's no annual fee. So depending on your credit worthiness, you have to make it a security deposit anywhere between $50 to $200 to get a $200 credit line. After your first 5 monthly payments are paid on time, you can get higher line of credit with no deposit needed. Unlike the Discover card this card does not offer cash Rewards.
3. OpenSky Secured Visa Credit Cardhttps://www.openskycc.com/education/opensky-cards
Next up we got the Open Sky Secured Visa credit card. The biggest difference between this credit card and others is that there is no credit check when you apply. Some requirements that they do need is for you to be about 18 years old and have enough income to afford at least a $200 security deposit. Unlike the other credit card this card does need a $35 annual fee. Unfortunately, this card also does not offer any cash Rewards.
4. Green Dot Visa Secured Credit Cardhttps://www.greendot.com/platinum/
How does card is different is that no bank account is required to apply for this card. Like other credit cards mentioned you need to have your bank account identified to get approved. So with this type of credit card you can mail in a check, send a money order or pay cash a participating retailers when you're trying to place your security deposit or making monthly payments. This credit card does require deposit of at least $200, and the spending limits are equal to the amount of money that you put in. So if you put in $200 you can use $200. Unfortunately this card does have a annual fee of $39. Sadly this card does not offer any cash rewards.
5. Citi Secured Mastercardhttps://www.citi.com/credit-cards/credit-card-details/citi.action?ID=citi-secured-credit-card
This card has no annual fee. This credit card requires a $200 minimum deposit to get your line of credit. Unfortunately this card requires a credit check. Even though secured cards offer the closest thing to get guaranteed approval, but it still possible to get turned down. If your credit report shows any records of bankruptcy for the past 2 years you will most likely get disqualified
6. Indigo Platinum Mastercardhttps://www.indigocard.com/
So this credit card won't disqualify you for a previous bankruptcy and you can even check if you're pre-qualified before you apply. Well depending on your credit history you may have to pay annual fee as high as $79 for the first year. This card does not have any cash Rewards.
7. Credit One Bank Platinum Visahttps://www.creditonebank.com/credit-cards
This is the only type of credit card that doesn't require a security deposit. I highly recommend to not charge anything to this credit card unless you can pay it out right. You can also get pre-qualified for this card without harming your credit report. Depending on how your credit looks, you may have to pay your annual fee up to $75. This annual fee may affect on how much available credit you may have. With this credit card you can earn 1% cashback on everyday purchases.
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