The Best Credit Cards for Low Credit – Start Building Your Credit Now

the best credit cards for low credit

The Best Credit Cards for Low Credit

Everyone knows that a low credit score can make it difficult to buy or finance, but sometimes, life just happens.  In fact, a recent report showed that over 50% of consumers have subprime credit scores.  The good news is that there are many credit cards for low credit that are designed to help you restore your credit score.  Ready to take control of your financial future?  Then read on as we explore the best credit cards for low credit.

credit cards visa and mastercard

Types of Credit Cards for Low Credit

There are two types of credit cards for low credit:

  • Secured: Secured credit cards require a deposit up front as collateral. Usually, the amount of the deposit is your credit limit. When you use the card, you are essentially borrowing against the deposit.
  • Unsecured: Unsecured credit cards have lower upfront costs and they do not require a deposit as collateral, but they are harder to qualify for.

Best Secured Credit Cards for Low Credit

Capital One Secured MasterCard:

This card offers an initial credit limit of $200, and a low deposit for borrowers who qualify.

This card also has the option of paying the deposit in installments. Higher credit limits are available if you make the first five payments on time.

With no annual fee, it’s an excellent option for borrowers with poor credit.

secure lock with flower

Discover it Secured Credit Card:

This card does require an upfront deposit of $200, but you’ll have the opportunity to earn cash back.

The 2% cash back rewards can be earned at gas stations and restaurants, and 1% on other purchases. At the end of your first year, Discover will match your cash back rewards.

If you’ve been a responsible borrower after seven months, you also have the option of moving to a credit account without a deposit.

Open Sky Secured Credit Card:

This is one of the few secured cards that does not require a credit check. Likewise, you don’t even need a bank account. As long as you meet the income requirements, you should be able to qualify.

If you’re looking to improve your credit, the Open Sky Secured Card is a great way to do it and is one of the best credit cards for low credit.

Best Unsecured Credit Cards for Low Credit

Credit One Bank Unsecured Platinum Visa:

While this card does have an annual fee, it doesn’t require a security deposit. It also features a rewards program.

You can earn 1% cash back on eligible purchases. If you’re worried about credit inquiries harming your score, this card has a pre-qualification program.

For borrowers looking for an unsecured credit card for low credit, this card is a great option.

unsecured padlock

Indigo Platinum MasterCard:

According to the Consumer Financial Protection Bureau, bankruptcy can stay on your credit report for up to 10 years. Luckily, consumers with a previous bankruptcy still have options.

If you have severely damaged credit, including a prior bankruptcy, the Indigo Platinum MasterCard might be just what you need.

While it lacks a rewards program, this card is perfect if you’re starting from the bottom and you need to raise your credit score.

Milestone Gold MasterCard:

This card is also designed for severely damaged credit, including prior bankruptcy, and pre-qualification is available.

The Milestone Gold MasterCard does have an annual fee based on your credit score, but it’s still a great card to rebuild and restore credit.

If you have a rocky financial history and you’ve always wondered how to get a credit card when you have bad credit, there are lots of options.

Have you tried any of these cards?

Be sure to comment below and share your experience!

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