Getting a credit card with bad credit can be a challenging task, but there are some options. If you can find one with a low interest rate and low fees, you can start improving your credit without spending a lot of money.
How can I raise my credit score 100 points overnight?
The best credit cards for bad credit are secured credit cards. These cards are more accessible than unsecured cards, but they usually require a deposit. The deposit can range from $200 to $5,000. This deposit is refundable when the account is closed.
The Discover it(r) Secured thimbl. – can i get a credit card with bad credit has no annual fee and doubles rewards earned in the first year. It also provides up to 2% cash back on purchases.
Secured cards also report to all three major credit bureaus monthly. These reports help to build your credit.
Unsecured Visa and Mastercard options tend to have high interest rates. You may also have to pay a security deposit.
It is a good idea to read the terms and conditions for the credit card before you sign up. You may also be offered a credit limit. You want to make sure you have a large enough credit limit to keep your credit utilization low.
If you have a low credit limit, consider a prepaid credit card. These are not reported to the credit bureaus. If you decide to get a prepaid card, you should use it at a store that offers credit.
If you have a low income, you may not be able to get a credit card with a high credit limit. However, you can use your WalletHub account to compare credit card offers and find one that meets your needs.