The best bad credit credit cards are as follows:
Best Bad Credit Credit Cards
|Brand||One Time Fees||Annual Fee||Monthly Fee||APR||Grace Period|
|Capital One Secured Mastercard||None||$0||None||29.99% (V)||25 days|
|Credit One Bank Platinum Visa for Rebuilding Credit||None||$0-$99||None||19.49% - 25.49% (V)||Up to 24 days|
|Discover it Secured||None||$0||None||24.49% (V)||At least 25 days|
|Wells Fargo Secured Credit Card||None||$25||None||20.48% (V)||25 days|
|Indigo Mastercard for Less than Perfect Credit||None||$0-$99||None||24.9% (V)||25 days|
|OpenSky Secured Visa Credit Card||None||$35||None||18.89%||25 days|
|Brand||Max Late Fee||Max Overlimit Fee||Max Penalty APR||Foreign Transaction None Fee||Smart Chip||Cash Advance APR||Cash Advance Fee|
|Capital One Secured Mastercard||39$||None||None||None||Chip-and-Signature||26.99%||3% ($10 minimum)|
|Credit One Bank Platinum Visa for Rebuilding Credit||39$||None||None||$1 or 3% - whichever is greater||Chip-and-Signature||25.49%||$10/3%, $10/5%, $5/8%|
|Discover it Secured||39$||None||None||0%||Chip-and-Signature||26.49%||5% ($10 minimum)|
|Wells Fargo Secured Credit Card||37$||None||None||3%||Chip-and-Signature||25.49%||5% ($10 minimum)|
|Indigo Mastercard for Less than Perfect Credit||39$||39$||29.9%||1%||No||29.9%||None in the 1st year 5% or $5 afterwards|
|OpenSky Secured Visa Credit Card||38$||None||None||3%||Chip-and-Signature||18.89%||5% ($6 minimum)|
Capital One Secured Mastercard
Many experts consider the Capital One Secured Mastercard to be one of the best credit cards for people with bad credit trying to rebuild their score.
The APR may be a little steep compared to other providers, but as there aren’t any one-time, annual, or monthly fees involved, costs can be kept low while working to improve your credit score.
- Paying bills on time and not hitting your maximum spending limits with this card will improve your credit score.
- A uniquely cheap plan that doesn’t involve one-time, monthly, or annual fees.
- Monthly income must be greater than monthly housing payments by $425 or more.
Credit One Bank Platinum Visa for Rebuilding Credit
With potentially quite lofty annual fees of up to $99, the Credit One Bank Platinum Visa for Rebuilding Credit may not appear to be too appealing to prospective customers, but it certainly suits those in need of a larger emergency loan.
- New cardholders are given a $300 credit line, which means that you may essentially be paying up to $95 to get a boost of between $300 and $205 in cash.
- The APR increases if your credit score is lower, so you need to make sure that you pay for charges and bills a quickly as possible.
- The card offers an incentive of 1% cash-back, but at the potential interest rates, 1% matters very little.
Discover it Secured
The Discover it Secured card is one of the most user-friendly secured cards on the market. It doesn’t charge any one-time, monthly, annual, max overlimit, or foreign transaction fees and offers its users rewards.
- Not only do users of the Discover it Secured card earn from 1% to 2% cash-back, but the card also doubles the rewards for the first year.
- It’s a very cost-effective card that doesn’t charge any major fees.
- You’ll want to make sure that you can pay off the card each month as the 24.49% APR is rather high.
Wells Fargo Secured Credit Card
On the Wells Fargo Secured Credit Card account, you’ll get to enjoy a relatively low rate for the best credit cards for people with bad credit at 20.49% as well as a credit line of up to $10,000 based on your deposit amounts. That said, there is an annual rate of $25, and approval isn’t guaranteed.
- While there is a $25 annual fee, there isn’t a one-time fee, nor are there monthly fees.
- Your refundable security deposit also acts as your credit limit, but the minimum deposit is a bit higher than most at $300.
- As is the case with many secured credit cards, even those that are the best bad credit credit cards, approval isn’t guaranteed.
Indigo Mastercard for Less than Perfect Credit
The Indigo Mastercard for Less than Perfect Credit stands out as it occupies a very narrow niche of giving credit cards without a security deposit to those who have damaged credit. This does, of course, come at the cost of potentially high annual fees and a fairly steep APR.
- You can check if you qualify for the card via a soft credit inquiry without it impacting your credit score.
- It features a credit limit of $300, making it a good choice for those who need a smaller loan quickly.
- Your creditworthiness will dictate how much your annual fee is in the first year – up to $75 – rising to $99 from the second year onwards.
OpenSky Secured Visa Credit Card
Without a credit check upon application, the OpenSky Secured Visa Credit Card has become a favorite of people with bad credit who need credit cards. They still report to credit bureaus – so you can improve your credit score with this card – but they do charge an annual fee.
- While you’ll want to pay off all of your bills each month, this is one of the best credit cards for people with bad credit because it features a nice 18.89% APR.
- Instead of a credit check, applicants must be over 18-years-old, be able to pay a $35 annual fee and be able to afford the security of $200 or more.
- No credit check performed when you apply.
So, if you’ve got bad credit and are looking for the best credit cards for people with bad credit, consider the option above that suits your lending needs the best.