Looking for credit card for bad credit? If yes, we help people with poor credit to get credit card with no deposit. If you are having a bad credit score, then it is difficult to get a credit card as most credit card companies and lenders do not issue credit cards for people with bad credits.
But do not get disappointed as we are here with different lenders that issue credit cards for people with bad credit. Now you don’t need to search how to get a credit card with bad credit, but just refer to the below details:
What is a Bad Credit Score?
Credit Score is sort of a metric used by lenders before issuing credit cards in order to analyze whether the candidate applying for a credit card is capable of paying back the credit to the lender. A credit score is also important if you are applying to the lender to increase your current credit card limit.
A negative credit score is attained when you fail to pay back your debts including credits that you may have taken from your lender. When you fail to pay back your debts and credits on time, you attain a bad credit score. It is generally harder for lenders to issue credit cards for poor credits as the lender considers your credits as a risky one and even if you do get credits from the lender or lender, it will be at a higher interest rate than normal.
Generally, credit card scores are assigned to each candidate on a scale of 300-850. On the scale, a credit score of 500 to 579 is considered a poor credit score and 499 or less is considered a bad credit score. But the credit score that is considered as a poor/bad credit may vary between lenders.
Types of Credit Cards for People with Bad Credits:
There are mainly two types of credit cards that are issued to people with bad credits.
1. Secured Credit Cards for Bad Credit: Issuing a secured credit card from your lender will require you to pay a security deposit amount to the lender up front before getting a credit card. The credit limit on a secured credit card is usually the amount that you pay as the security deposit or a percentage of your security deposit. Even though this may sound very similar to the functionality of a credit card, these secured credit cards will help you in rebuilding your credit score very quickly and if you do not overspend using your secured credit card, you can also easily increase your credit limit.
2. Unsecured Credit Cards for Bad Credits:
An unsecured credit card will not require you to pay any security deposit in order to get your credit card. Unsecured credit card limit for bad credits is set on the basis of the candidate’s previous history with the bank and the candidate’s earning potential.
One major disadvantage for people with bad credits in owning an unsecured credit card is that as the interest rates charged by unsecured credit card lenders are higher than normal, there are greater chances of failing to pay back credits on time to the lender and damaging the existing credit score.
If you are in search for lenders that issue credit cards for people with bad credits, no credit then below are some of the best credit cards for bad credit holders. You can also apply for instant approval credit card.
If you are searching for a lender that issues unsecured credit cards for bad credits or credit cards for bad credit no deposit, then the Unsecured Platinum Visa from the Credit One Bank might be the option that you are looking for.
The main advantage of the Credit One Bank Unsecured Platinum Visa credit card is that it offers cash back offers on essential daily purchases like fuel and grocery. Thus for every eligible purchase you make, you will be able to gain back some valuable credits for future use.
Capital One Secured MasterCard:
Based on your credit score, you will be required to pay a security deposit of either $49 or $99 or $299 and once paid, you can get your Capital One Secured MasterCard credit card with an initial credit amount of $200. You can access and manage your credit account throughout the day on any day either using the mobile application or also by visiting the official online website.
Two main advantages of opting for the Capital One Secured MasterCard is that you can increase your credit limit if you successfully pay back the monthly payments for the first 5 months on time and you will not be asked for any more security deposit amount.
With 35 million and above locations across the globe where it is accepted, the Indigo Platinum MasterCard can really be one of the best unsecured credit cards for bad credits. One of the greatest advantages of choosing the Indigo Platinum MasterCard is that getting qualified is also comparatively easy as even if you had a bankruptcy filed out previously, it won’t alone disqualify you from getting yourself an Indigo Platinum MasterCard credit card.
Total Visa Unsecured Credit Card:
If your sole aim by picking a credit card for poor credit is to rebuild your credit score and if you are not going to rely much on lending credits anymore currently, then the Total Visa Unsecured Credit Card will be something for you. Even though this is one of the best unsecured credit cards for bad credits, it does come with a monthly, annual processing fee.
But if the Total Visa Unsecured Credit Card is used in a disciplined manner, it can help you quickly regain your lost credit score as it reports to the three main credit bureaus on a monthly basis. And once your credit score is back in good shape, you can move on to a better credit card option.
Discover it Secured Credit Card:
The Discover it Secured Credit Card does not feature any annual fee and also provides you with up to 2% in cash back when the credit card is used at gas stations and restaurants. You can receive the cash back up to a maximum combined expenditure (gas stations + restaurants) of $1000 in each quarter of the year. And on all the other eligible purchases, you can avail cash back of 1% as well. Initially, a $200 security deposit has to be made in order to set your credit limit and after the first 8 months, you will be upgraded to a credit card for bad credits no deposit.
Capital One QuicksilverOne Credit Card:
The Capital One QuickSilverOne credit card is labeled as a “Cash Rewards Credit Card” by the company as for every purchase you make with the credit card, you will receive 1.5% as cash back. And you can use your credit card in this manner for unlimited times, every day!
Not only that there is no limit on the cash back that you can acquire, there is also no validity on the cash back. Which means, as long your credit account is active, you can keep using the cash back. If you make the first 5 months payments to the lender on time, you can also increase your credit limit. The card also has a “Fraud Coverage” in case your credit card gets stolen or lost and if used in a responsible manner, the Capital One QuickSilverOne credit card can help you gain a lot in terms of cash back as well.
As a limited time offer, until 2018 April you will get a 50% cash back on your Spotify Monthly Premium Subscription if you use your Capital One QuickSilverOne credit card to make the payment.
Citi Secured MasterCard:
The Citi Secured MasterCard will really help you in preventing any further damage on your credit score with features like Alerts and Auto Pay. Even though there is no annual fee, you are required to pay a minimum of $200 as a security deposit.
The main advantage of the Citi Secured MasterCard is that it notifies all the major three credit bureaus in a monthly basis about your credit status which will help improve your credit score in no time. And as the credit card is a MasterCard credit card, it can be used almost anywhere across the globe.
Berkshire Bank Primor Secured Visa Gold Credit Card:
The Berkshire Bank Primor Secured Visa Gold credit card is another credit card for poor credits, the credit limit starts at $200 and can increase all the way up to $5000. There is no fee for application or processing and even no penalty rate. The interest rate is also fixed at 9.99% on purchases. However, there is an annual fee of $49 that is charged for the use of the Berkshire Bank Primor Secured Visa Gold credit card.
Did you find the top credit cards for bad credit that we listed above to be helpful? In case you are already using any of the credit cards for people with bad credit listed above, please do leave a comment below sharing your experience using the credit card and how you are managing to rebuild your credit score.