Credit Card
Best Credit Card for Bad Credit 2019
12 Feb 2019 3 min
Credit Card: Best Credit Card for Bad Credit 2019

Credit cards have become an integral part of our daily spending. With a plethora of rewards systems and cash backs offered by the credit card companies, it is natural for most of us to fall for it. But, an important criterion to get a credit card is good creditworthiness and excellent credit score.

What if someone doesn’t have a good credit score?

What is someone falls below the defined range of good credit asked by the companies?

Will such a person never get a credit card?

The answer is “No.” Credit card companies have leveraged their policies and have come up with a solution for the same. They have the provision for a person with bad credit score to get a credit card. However, such cards might be secured, or they come at higher interest rates as compared to the others.

What is the bad credit score?

A credit score or rating showcases the financial health of an individual. A good credit score range from 650-750 and above. Individuals are having a good credit score face no problem to get credit cards or loan. However, those who fall in the slab of 300-649 are considered as poor credit scorer or bad credit scorer. Such individuals may get a credit card, but the offers might not be as lucrative. Still, some companies charge zero annual fees and offer 1% cashback rewards on purchases.

When it comes to choosing the right credit card for a person with poor credit score then secured cards are the best. They charge the lowest fees and also offer great deals. The right credit card for most people with bad credit is going to be a secured card. Secured credit cards charge the lowest fees and offer the best approval odds.

How to Get a Personal Loan with a Bad Credit

How to choose the best credit card for bad credit?

Well, if you have a bad credit score, don’t just rush to get the card, instead think about why you need the card and compare the various options so that you end up getting the right card. Here are some of the tips that you must consider:

  • Compare credit card fees- It is imperative that you must compare the various prices charged by the credit card companies. Check for the annual fees, monthly fees, late payment charges, etc. before finalizing the one.

  • Try to get secured cards –If you have a bad credit score, try targeting the secured cards as they have a higher probability of getting approved. Moreover, they have lower fees as compared to other cards. These cards require you to keep something as safety deposit which acts as collateral or credit line. Thus, you get the card approved easily.

Tabular Representation of Credit Cards for Bad Credit Score:

Name of the Card

Ideal For

APR

Annual Fees

Discover it Secured card

Secured

Variable rate of 24.99%

No Annual Fees

Credit One Bank Platinum

No deposit

Variable rate of 26.99%

No Annual Fees

Green Dot Visa Secured Credit Card

No Bank Account

19.99%

$39

OpenSky Secured Visa

Secured and Instant Approval

Variable rate of 19.39%

$35

Capital One Secured Master Card

No fees

Variable rate of 26.99%

No Annual Fees

Citi Secured Master Card

There is no processing fees

Variable rate of 24.74%

No Annual Fees

Indigo Master card

Bad credit score or people with no credit score can apply for this

23.9%

$0-$99

There are many other credit card companies, but these are some of the most popular choices. You can do the comparative analysis of credit cards based on the categories mentioned above and choose the right option for yourself.

Read More