- 1. U.S. Bank Credit Cards
- What’s Great About This Credit Card?
- 2.Bank of America Customized Cash Rewards Secured Credit Card
- What’s Great About This Credit Card?
- 3. First Progress Platinum Prestige Mastercard
- What’s Great About This Credit Card?
- 4. Capital One Quicksilver Secured Cash Rewards Credit Card
- What’s Great About This Credit Card?
- 5. Bank of America Unlimited Cash Rewards Secured Credit Card
- What’s Great About This Credit Card?
- Bottom Line
Top 5 Credit Cards For Bad Credit
October 6, 2023
It is difficult to get a credit card with a bad credit score. Even if you become eligible for one, you might suffer in some areas. You may have to pay a higher interest rate and suffer from lower credit limits, high penalties, and late fees. More so, you will have limited choices and limited cardholder benefits. Read this article to find out which credit cards for bad credit.
So are there credit cards for and credits? Certainly, there are. In fact, many of these cards do not require any annual fees. Also, you have a great range of cashback for selected purchasing categories. You can use any of these cards to build, strengthen, or improve your credit.
It may sound impossible, but there are credit cards for bad credit, and you do not need to try too hard to get approval for them.
1. U.S. Bank Credit Cards
Earning rewards is rare among secured credit cards. But thanks to U.S. Bank credit cards, it is possible. You can get more bonuses from your credit card thanks to the diverse range of daily spending areas the U.S. credit card allows.
What’s Great About This Credit Card?
- You get 5% cash back on eligible combined purchases from your selected categories for each quarter. But you have to cross the purchase limit of $2000.
- More so, you can earn 2% cashback on your everyday purchases in restaurants, grocery stores, and gas stations.
- You also get a 1% cashback on all of your other (eligible) purchases.
- Most importantly, they do not charge you an annual fee.
| Pros | Cons |
|---|---|
| Secured cards have high reward potential. | You need to deposit like other credit cards |
| $0 annual fees. | High variable APR |
| Convenience benefits | Transaction fees involved (3%) for each foreign transaction. |
2.Bank of America Customized Cash Rewards Secured Credit Card
Not only will you earn rewards, but you do not have to pay any annual fee for this Bank of America Credit card. It is one of the best Credit Cards for bad credit. If you have bad credit and want to build your credit, then try this card.
What’s Great About This Credit Card?
- You can now earn a 3% cash back on any category of shopping you choose. You can choose from gas, dining, travel, online shopping, drug stores, or home improvement, and more.
- If you are visiting grocery stores or wholesale clubs, you have 2% cash back waiting on your grocery shopping.
- Also, earn unlimited 1% cash back on any type of purchase.
- In the combined choice category, you will earn 3% and 2% cashback for the first-ever shopping of $2,500 in each quarter.
| Pros | Cons |
|---|---|
| Earn rewards and cashback. | Complicated reward system. |
| $0 annual fees. | You need an opening deposit of $200. |
| Upgradable to unsecured card. | Foreign transaction fees included. |
3. First Progress Platinum Prestige Mastercard
You can opt for the lowest APR secured credit card. But remember, you have to pay a $49 annual fee. If you are okay with a tiny annual fee, you will find the low APR feature worthwhile. However, carrying a balance on a secured card is not a good idea.
You do not want to pay interest to the bank on your own money. If you want credit cards for bad credit, then you can choose this card by First Progress. But for building credits, you can go for other options.
What’s Great About This Credit Card?
- You can choose your own credit line based on your security deposit.
- If you deposit a $200 security deposit, you get an initial credit line worth $200.
- 1% Cash Back on your payments.
- It reports to all the three credit bureaus. You can build your credit using this card.
- You do not need any minimum credit score to get approved.
| Pros | Cons |
|---|---|
| It reports to all the three credit bureaus. | $49 annual fee |
| Low standard APR. | Transaction fees involved (3%) for each foreign transaction. |
| Good for people looking for credit cards for bad credit. | There is a deposit requirement. |
4. Capital One Quicksilver Secured Cash Rewards Credit Card
Capital One Quicksilver secured Cash rewards credit card is also a viable option if you are looking for credit cards for bad credits. Remember that you have to pay a security deposit to unlock the features of earning rewards and cashback.
What’s Great About This Credit Card?
- Yes, there is a deposit requirement. But you can earn a 1.5% cash back on almost all of your purchases.
- You don’t have to take responsibility for unauthorized charges thanks to the $0 Fraud Liability.
- If you are looking for a card to build your credits, you can try it.
- Also, you have a chance to earn back your security deposit by using the credit card responsibly.
| Pros | Cons |
|---|---|
| Unlimited 1.5% cash back and rewards on all eligible purchases | High APR. |
| No foreign transaction fees are charged. |
5. Bank of America Unlimited Cash Rewards Secured Credit Card
If you want credit cards for bad credit but do not want to be bothered by spending categories and spending caps, then try this credit card. But you are locked with a 1.5% cashback on your purchases.
What’s Great About This Credit Card?
- You can earn a 1.5% cashback on all of your purchases.
- You don’t need to worry about losing your cash rewards because they do not expire on this card.
- Do you want to build your credit score, strengthen it, or rebuild it? Try this card.
- No annual fees are involved.
| Pros | Cons |
|---|---|
| The reward structure is simple and easy to manage. | Other secured cards can help you earn higher rewards. |
| You can upgrade to an unsecured card if you have good payment behavior. | You have to pay transaction fees on foreign transactions. |
| Access your FICO structure for free. | Users have to deposit a security deposit of $200 |
Bottom Line
You can choose from any of the options I have provided here in this article. However, look out for cards that require a security deposit or have a foreign transaction fee. Also, you must choose based on your requirements and not based on what a card offers.
Hopefully, this article was helpful. Now that you have this list, which card do you think you will use? Let us know through the comment section. Thank you for reading.
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