10 Best Credit Cards For Bad Credit That Have Guaranteed Approval
Choosing the right credit card is both time-consuming and confusing. Which card will be good for you? Will your credit score decline if you apply for another card? You will get all the answers here. Secured cards are much easier to qualify than unsecured credit cards. These cards have the lowest fees and interest rates. However, most of the cards report activity to all three major credit card bureaus, which in return helps to build up your credit over time.
Important Factors While Selecting A Credit Card
You should never neglect specific points while determining your credit card. Check your credit reporting. Hence, check that the bank or issuer reports your payments to all the three major credit bureaus. Secondly, an excellent credit history will save you from extra efforts for the right credit cards. However, certain types of credit cards will upgrade your credit history. Usually, issuers of credit cards give free access to credit scores every month. They also send you credit reports through specified channels or email.
10 Best Guaranteed Approval Credit Cards For Bad Credit
Here are the complete guidelines for selecting the right credit card for you.
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Capital One Platinum Secured Credit Card
Why Do We Like It?
However, if your credit score is damaged, the capital one platinum secured credit card is an excellent card to start rebuilding your credit card.
Product Details
This card has no annual hidden fees. If you want to rebuild your credit score, this card is an excellent choice. Initially, to get a $200 credit line, you have to put down a refundable security deposit starting at $49. Furthermore, when you use your credit card responsibly to make your payments on time, you can earn back your security deposit as a statement credit. Most importantly, you can enjoy peace of mind with $0 fraud liability. In this way, you can not be responsible for unauthorized charges.
Pros
Most secured cards require a deposit equal to your credit line, so you have to emerge with the whole deposit upfront. However, with the Capital One Platinum Secures Credit Card, For a deposit of $49, $99, $200, you can get a credit limit of $200. Indeed, there is an option we will also deposit installments. Then you will consider a higher credit limit having no extra deposits in six months.
Cons
Those who have terrible credits, like bankruptcy on the credit reports, will not qualify for this card.
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Capital One Quicksilver Secured Cash Rewards
Why Do We Like It?
It is a rare card for bad credits that offers solid rewards with no annual hidden charges. Most importantly, it also has several other ideal features for poor credits.
Product Details
You can earn unlimited 1.5% cash back with no annual fees with this card. If you use this card responsibly, this can help you build up your credit. However, to get a $200 initial credit line, putting down a refundable $200 security deposit is necessary. Keep in check your credit with CreditWise from Capital One. However, it is entirely free for everyone, and checking your credit will not damage your credit score. You can earn 1.5% cash back on every purchase.
Pros
This card can earn unlimited 1.5% cash back with no annual fees. In addition, after six months, this card will review your credit limit if you are eligible for an increase or not. Then you will be able to upgrade your card to an unsecured card.
Cons
The minimum upfront security deposit of $200 may be expensive for someone.
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Discover It Secured Credit Card
Why Do We Like It?
The rewards and other essential features on this secured credit card for bad credit are much better than those on many unsecured cards for good credit scores.
Product Details
If you use a secured credit card, it will help you to build a credit history with the three main credit bureaus. Usually, debit or prepaid cards can not do that. In addition, you can earn 2% cash back at restaurants and gas stations on up to $1,000 in combined purchases each quarter. However, this card is accepted by 99% of the places nationwide that take credit cards.
Pros
It may be the best credit card for those who have bad credits. It does not have any annual fees. In addition, it gives you 2% cash back on your purchases. However, suppose you handle your account responsibly for seven months. In that case, Discover will review your account for your card up-gradation.
Cons
It will pay the initial deposit through the bank account. So, if you don’t have access to traditional financial services, then you might be out of luck.
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Chime Credit Builder Visa Credit Card
Why Do We Like It?
This credit card has no minimum deposit requirement. It charges no interest or annual fees. Additionally, it does not require a credit check. You can also automate your payments. But if you want to get it, you must be a chime banking customer.
Product Details
This card will help you build your credit history with your own money. Hence, you can use your secured credit builder card anywhere VISA is accepted, including everyday purchases. They have live support to help you around the clock.
Pros
This card will not make you spend more money than you have in your account. You can automatically take the money from the account when your payment is due.
Cons
This card has multiple complaints about how it freezes the customer’s account.
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Opensky Secured Visa Credit Card
Why Do We Like It?
This card is a strong option for those trying to rebuild their credit. It is also suitable for those who do not have access to traditional banking services.
Product Details
This card requires no credit check for the application of a credit card. This card allows you to improve your credit card with an 85% approval rate for the past five years. After six months, you can also be eligible for an Open Sky Gold Unsecured Card. However, if your refundable deposit is low as $200, it will become your OpenSky Visa credit limit. However, this card gives you the $0 fraud liability from unauthorized purchases.
Pros
Like other credit cards, OpenSky Secured Visa Credit Card does not require any credit check. So, if you have a badly damaged credit card, maybe you will qualify for this card.
Cons
This card charges annual fees. There is no procedure for upgrading an unsecured card on this card.
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Surge Mastercard
Why Do We Like It?
If you want to improve your credit history, this card is for you. Besides, it has no prominent rewards, and you can use this credit card to boost your score and your credit score.
Product Details
This MasterCard has zero fraud liability. It shows that you are protected from fraudulent purchases and unauthorized purchases. Your initial credit limit would be $300 to$1000 if you applied for this card. After six months, this credit limit will be increased in return, helping your credit score.
Pros
You can use this card at any MasterCard location. This card has a credit limit score. Pre-qualification is also available. In addition, the application process for this card is easy with fast results. It has $0 fraud liability.
Cons
In this credit card, a checking account is needed.
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First Access Visa Credit Card
Why Do We Like It?
The First Access Visa Credit Card is a card that helps you to repair your credit history. It allows you to mainstream credit products with increased services and options. In addition, when any bank does not approve you, you can have approval for this card within 60 seconds.
Product Details
This card helps you do all day-to-day transactions. Whatever card type or design you are looking for, it’s easy to find at First Access Visa. It has soo many colors and designs to choose from, so you can choose a unique card as you want. This card charges annual fees. However, you will also charge a monthly service fee.
Pros
This card has no monthly fees on the first month. Poor credit is not an issue with this card. This card has a compact online application. It has a $300 credit limit.
Cons
This credit card has a higher APR. This card requires the checking of accounts.
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FIT MasterCard
Why Do We Like It?
If you want to establish or re-establish good credit, this card is for you. It reports to all three bureaus, which helps you build your credit history. You will also be eligible for Mastercard Zero Fraud Liability Protection to protect yourself from unauthorized transactions. If you have a low credit score, this card will help you gain access to credit.
Product Details
This card will begin with a $400 credit limit. This card has a monthly maintenance fee and an application fee. However, if you have poor credit, you will not be applying for a regular card. But there are few credit cards for this purpose; one is FIT MasterCard. This card charges an annual fee of around $99, a processing fee of about $89, a monthly maintenance fee of $6.25, and 3% foreign transaction fees.
Pros
This card is best for every type of credit score. Indeed, the credit limit will extend after six months. The starting credit limit of this card is $400.
Cons
Certainly, this card has a heavy amount of fees.
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Reflex Mastercard
Why Do We Like It?
This card comes with a low limit and a high-interest rate, but it can be increased when used or managed responsibly.
Product Details
This card provides you with 12 consecutive monthly payments in case of job loss or disability. Moreover, an unsecured card borrows you as low as $100- $1000. The card has an annual fee of around $75 to $99, slightly higher than other cards.
Pros
This card has a $1000 credit limit. It offers a $2000 credit limit after six months. This card allows pre-qualification. It has no limit to credit score. It will report to all three credit agencies.
Cons
This credit card has high annual fees.
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Mission Lane Visa Credit Card
Why Do We Like It?
If you want a low-cost card without security deposit requirements to rebuild your credit, then this card is a good option. Most importantly, this card has no intro bonus and base rewards.
Product Details
This card has free online credit score access for their cardholders. Additionally, there is no interest on purchases when responsibly paying your payments. However, here you can enjoy coverage from VISA. With your mobile application, you can access your bank account anywhere, anytime.
Pros
Indeed, this card requires no security deposit. After six months, you can easily be eligible for a high credit limit if you make payments on time.
Cons
The APR is higher than average, which is 26.99 to 29.99 percent.
Conclusion
We have outlined all the possible tips for you for those who are not sure how to start searching for a sound credit card for bad credit. However, these credit cards have high fees and interest rates. Before you choose any credit card, firstly review your credit profile and spending to ensure to find a credit card that suits you.
