Applying for credit cards can be stressful, especially for people with little to no credit. If you are a person with bad credit searching for a credit card, it is important to compare cards, check credit limits, check deposit prices, check annual fees, check APRs, check the recommended credit. It is also important to know what type of credit card you want. A secured credit card is a card that has a credit limit equal the deposit amount you make after being accepted.
The difference between a secured card and a debit card is a secured card strengthens your credit if you make on-time payments. Most credit card companies require a fair or good credit to be approved, but below are a few recommendations of credit cards providers who are more likely to accept poor or limited credit scores helping to ensure you have a higher approval rate.
OpenSky Secured Visa Credit Card
No credit check? Sign me up! This is the perfect card for building credit. There is a low annual fee, and your credit limit is determined by the amount of your security deposit. There is an APR of 18.14%. You could have a credit line as low as $200, or as high as $3,000.
Most credit cards require you to have a bank account, but with OpenSky Secured Visa Credit Card, a bank account is not necessary. You can apply for this card in less than 5 minutes, and it is instant approval! You will know if you have been approved within minutes after applying.
Surge Mastercard is another credit card that can improve your credit. The Surge MasterCard reports monthly to 3 major credit bureaus, which means your credit can increase immensely as long as you keep the card in good standing. This card does not require a deposit but you must have a checking account. You will have a credit limit of $500 and you will not have to preload your own funds onto the card. There is an APR of 29.99%. Surge Mastercard accepts people with poor credit and is also instant approval; you will know your results within seconds after filling out your application.
Total Visa Card
Total Visa is another credit card who reports to 3 major credit bureaus. As long as you pay the manageable monthly payments, your credit will quickly improve. This card has an APR of 29.99%. You do not have to have perfect credit to apply, and there are no deposits. This is another instant approval card; know your results within seconds.
Capital One Platinum Credit Card
Capital One Platinum Card is designed for people with limited credit history (3 years or less). There is no annual, monthly, or one-time fee and you can improve your credit line by paying the first 5 payments on time. This card has fraud coverage in case your card is lost, stolen, or being used without your consent. You can pick the monthly due date that works best for you. No deposits but you must have a checking account. This card has an APR of 24.99%. Great for people wanting to build their credit.
First Progress Platinum Prestige MasterCard
Secured Credit Card: With the First Progress card, all credit is accepted and it helps build your credit by reporting to 3 major credit bureaus. Your credit line is based on your refundable security deposit. You can deposit anything between $200 to $2,000. There is an annual fee but no monthly or first times fees. The First Progress card has a low APR of 9.99%, making it one of the lowest APRs compared to other secured credit cards.
Journey Student Rewards From Capital One
This card is designed for students with little to no credit. As long as you have a college or university email address, you can apply for this credit card. Students will have to demonstrate their independent income to be approved. The minimum monthly bill is around $10. You will get 1% cashback on all purchases, and if you pay your bill on time you can boost your cash back to 1.25%. There is no limit to how much cash back you can earn! You can pick your own monthly due date and you will have fraud coverage in case your card is lost or stolen. You can have a credit limit between $300 and $500. The Journey Student Rewards card has a low APR of 20.74%.