Best US Credit Cards for Bad Credit
It can be really hard to live in the US if you don’t have a credit card, as lots of commerce has moved online frmo brick and mortar, and large cash payments are largely frowned upon. What happens if your credit card (or cards) don’t work anymore as you are overextended, are in credit card debt and have a poor credit card rating? This can compromise your ability to get any kind of loan or mortgage or rent a house or buy high ticket consumer goods.
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Can Poor Credit Scores Be Repaired?
Unless you are in bankruptcy, it is entirely possible to repair your credit ratings. You can do this for applying for one of the many credit cards for bad credit that are available. You should use your new credit card wisely while being sure to:
- Not overextend your credit limit.
- Make timely payments, preferably in full, to avoid credit card debt and high-interest rates.
- Avoid using the full extent of your credit limit, using it only between 30 and 50 percent.
- Incur high late payment charges that add to the debt.
As the credit card issuer sends reports to the various credit rating agencies, these measures will help repair your credit ratings. It isn’t overnight, but with patience and responsible spending you can achieve what you set out for.
Some of the Best Credit Cards for Bad Credit in the US
You may be surprised to know that you can get a wide range of different credit cards even with a less than perfect credit rating. Some of the easy-to-get credit cards are:
Capital One Secured Mastercard – you need to have a bank account for this one and you have to pay a deposit. If your credit rating is not very poor, you may pay only a percentage of your credit limit instead of the full limit. And if you manage to repay your monthly outstanding on time for the first 5 months, you can ask for an increase in your credit limit and you may even be eligible for a refund on your deposit. This card has no annual fee. It has a variable APR of 26.99%.
Discover It Secured – this is a fully secured card, so you have to pay a deposit which is your line of credit. Using this card helps you improve your credit ratings, the card carries no annual fee and it has a variable APR of 25.24%. The plus point of this card is that you get cash back of 2% up to $1,000 per quarter and after that 1% on your bills.
Citi Secured Mastercard – another fully secured credit card that gives you a line of credit equal to your deposit, it carries no annual fee and comes with a host of features. You get free travel accident insurance, extended warranties on some products, support against identity theft and unauthorized charges. It has a variable APR of 24.74%.
Total Visa Card – you need a checking account for this card and you can apply online for this. The card carries a program fee to start off and also has other fees and payments on a regular basis. You can choose the design of the card and, as it is Visa, it is widely accepted. As this is an unsecured card, you can pay as much as $164 in fees for the first year of usage. It also has an APR of 29.99%.
Indigo Mastercard for Less than Perfect Credit – the card is easy to get and carries a variable annual fee, depending on your credit score, ranging from $0 to $75. The APR is 23.99%. You can check if you fulfill the card issuer’s criteria for getting the card online.
Most of the credit cards, with diligent usage, will repair bad or poor credit ratings and then you can get a better card which has reduced or no fees and a lower APR.
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“Accepting responsibility even when it’s not your fault and fixing the problem; you will have unlimited income potential in your life.” – Andy Frisella