5 Best Unsecured Credit Cards For Bad Credit Instant Approval With No Credit Check 2020
Bad credit can make it difficult to qualify for a credit card, but there are options available for people in this position. Credit cards for bad credit come with fewer features and higher interest rates, but they can be a good way to build or rebuild credit. In this article, we’ll look at the best credit cards for bad credit and discuss how to find the right card for your needs.
What Is Bad Credit?
Bad credit is a term used to describe a consumer’s poor credit history or low credit score. A consumer’s credit score is calculated using information from their credit reports. This includes payment history, the amount of debt they have, and the length of their credit history.
A credit score is a three-digit number ranging from 300 to 850. A score of 700 or higher is considered good or excellent, while a score below 650 is considered bad or poor. If you have bad credit, it can be difficult to qualify for a credit card, as lenders don’t want to take on too much risk.
Types of Credit Cards for Bad Credit
There are two main types of credit cards for bad credit: secured and unsecured. A secured credit card requires a security deposit, which serves as collateral for the lender. The security deposit is usually equal to the credit limit. This means if you have a $500 security deposit, you can have a $500 credit limit.
Unsecured credit cards don’t require a security deposit. However, these cards typically come with higher interest rates and fewer features than secured cards.
Finding the Right Credit Card for Bad Credit
When looking for a credit card for bad credit, it’s important to compare the features and fees of different cards. Here are some factors to consider:
• Fees: Look for a card with no annual fee or a low annual fee. Some cards even offer a low introductory rate for the first year.
• Interest rate: Compare the interest rates of different cards to find the lowest rate available.
• Credit limit: Look for a card with a low credit limit, as this will help you stay within your means and avoid overspending.
• Rewards: Some cards offer rewards for using the card, such as cash back, travel points, or merchandise.
• Credit reporting: Some cards report your payment activity to the credit bureaus, which can help you build or rebuild your credit over time.
Best Credit Cards for Bad Credit
The following are some of the best credit cards for bad credit:
1. Capital One Secured Mastercard: This card requires a security deposit of $49, $99, or $200, depending on your creditworthiness. The credit limit is equal to the security deposit. The card comes with no annual fee and a low APR.
2. Discover it Secured Credit Card: This card requires a security deposit of $200 to $2,500. The credit limit is equal to the security deposit. The card comes with no annual fee and a low APR.
3. Wells Fargo Secured Credit Card: This card requires a security deposit of $300 to $10,000. The credit limit is equal to the security deposit. The card comes with no annual fee and a low APR.
4. OpenSky Secured Visa Credit Card: This card requires a security deposit of $200 to $3,000. The credit limit is equal to the security deposit. The card comes with no annual fee and a low APR.
5. Fingerhut Credit Account: This card doesn’t require a security deposit. The credit limit ranges from $300 to $1,500. The card comes with no annual fee and a low APR.
Key Points:
• Bad credit is a term used to describe a consumer’s poor credit history or low credit score.
• Credit cards for bad credit come in two main types: secured and unsecured.
• When looking for a credit card for bad credit, compare the features and fees of different cards.
• Some of the best credit cards for bad credit include the Capital One Secured Mastercard, Discover it Secured Credit Card, Wells Fargo Secured Credit Card, OpenSky Secured Visa Credit Card, and Fingerhut Credit Account.
People Also Ask:
Q. How do I apply for a credit card with bad credit?
A. You can apply for a credit card with bad credit by researching different cards and comparing their features and fees. Once you’ve found a card that meets your needs, you can fill out an application online or over the phone.
Q. What is the best secured credit card for bad credit?
A. The best secured credit card for bad credit depends on your individual needs. However, some popular options include the Capital One Secured Mastercard, Discover it Secured Credit Card, and Wells Fargo Secured Credit Card.
Q. Can I get a credit card with a 500 credit score?
A. Yes, you can get a credit card with a 500 credit score, but it may be difficult to qualify for traditional credit cards. You may need to look for a secured or unsecured credit card specifically designed for people with bad credit.
Best Credit Cards For Bad Credit – Review
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