Every adult has a credit history of how you’ve managed credit in the past, such as loans, store cards, or credit card and need a Credit card for bad credit. Then, when you apply, other lenders use that record to see if you have a good loan risk. Your credit score is just one aspect of your financial situation, but that triple-digit number can have a profound impact on your finances and life.
A bad credit score usually means you pay higher interest rates and fees when you apply for credit or you may not be approved. If your credit score is in the bad or fair range, taking steps to improve your credit score can make you more eligible for loans with better rates and terms.
Fortunately, some credit cards can help you improve your credit score over time, either because they are easier to get approved or because they offer special credit-building perk
Visa Petal® 2 “Cash Back, No Fees”® Credit Card
If you don’t have credit or have limited credit, the Petal 2 credit card is our first choice. You can verify that you’ve been pre-approved (using a “soft pull” process) without affecting your credit score. This card has low fees, so if you don’t have a balance, you can build a solid credit history through responsible use, limiting your exposure to fees. However, those with delinquent payments or bankrupt credit reports are unlikely to be approved.
Avant – Credit Card for bad credit
Avant makes reasonable quotes for people with limited or bad credit. While they charge an annual fee of $59, there are no exploratory fees such as processing or application fees or monthly maintenance fees. This is a card with no capacity, so no deposit is required and they may offer to increase your credit limit in a responsible manner.
Capital One QuicksilverOne Cash Reward – Credit Card for bad credit
A great option for those with bad credit, this card offers a path to building better credit while earning a solid 1.5% cash bonus rate. You can also get a higher credit limit less than 6 months after opening your account.
Capital One Platinum Credit Card
If you have good credit, the Capital One Platinum Credit Card offers an easy path to rebuilding. No annual fee, this can be a low-cost option if you pay on time and don’t have a balance. Given the incredibly high APR, it is advisable to use the card to pay everyday expenses and pay the balance in full.