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credit cards for Bad Credit
When you have bad credit, getting a financial aid is very tricky and usually takes double the amount of time compared to applications processed with good credit. Not to mention, the choices are also often limited. Credit card is one category that has fewer market offerings for applicants with bad credit when compared to those who have good and excellent credit scores.
Best credit card choices for applicants with bad credit
When you have bad credit, getting a financial aid is very tricky and usually takes double the amount of time compared to applications processed with good credit. Not to mention, the choices are also often limited. Credit card is one category that has fewer market offerings for applicants with bad credit when compared to those who have good and excellent credit scores. One of the perks of getting a sanction for a credit card on bad credit is the chance to mend your credit standing by making timely payments, sticking to a schedule, and keeping your debt in check.
Some of the best market choices of credit cards exclusively for people with bad credit are:
Capital One® Secured Mastercard®
Capital One does not charge an annual fee on this card and allows for credit building benefits if the cardholder sticks to the responsible card use policies. In comparison to a prepaid credit card, the sticking to a deadline on payment without defaulting and meeting all credit card rules allows for Capital One to pass on the financial report to the 3 credit bureaus. The initial credit line allowed on a payment for $49, $99, or $200 is worth $200 approximately and is allowed based on the creditworthiness of the applicant. By sticking to the payment commitment in a timely manner and consistently for 5 months allows for the credit card holder to get their credit line extended without having to deposit any additional amount. This credit card has international access, and the account can be easily managed without any restrictions through the mobile and online banking apps.
Discover it® Secured Card
The cardholder of Discover it is entitled to a variety of cashback features and is not subject to an annual fee. A credit card holder with a bad credit score can redeem their credit scores through the card’s responsible user policy, and the applicant has to put down a deposit of at least $200 so that Discover it can assess and allow for a property line of credit to the cardholder based on their creditworthiness. The security deposit amount paid at the time of application will be refundable, and bank account information has to be allowed for access to the credit card at the time of the security deposit submission. Once you have kept up to your responsible use commitment for 8 months without any glitches, Discover it will reassess your situation and decide on whether to extend your line of credit or access you to access an unsecured line of credit. The general slab of reward points is 1% cash back across all transactions, specific to gas stations and restaurants, but when the amount is about $1,000 or more it will fetch a cash back reward of 2%. At the first anniversary of your credit card purchase, you will qualify for a total dollar for dollar cashback on all the points accumulated through the first year. Discover also provides free social security check to ensure that any site that you sign up for is monitored. This credit card is available for applicants with a bad credit score.
Credit One Bank Visa Credit Card
This card is the best choice to go for when you do not want your credit score to get affected any further and the same time have access to a credit card. You also get to choose from a variety of credit card designs if you like to have a unique one which will be offered to you at a nominal fee. A Credit One Bank Visa Credit cardholder receives 1% cash back points as rewards when the transaction or purchase qualifies under the approved categories including groceries, gas, and utility services that include mobile, internet, satellite TV, cable, etc. In order to keep up with your payment and other credit card commitments, Credit One offers its customers customized alerts to be notified of payment dues, payment acceptance, payment posts, and when you are running low on your available credit limit. Usually, credit card billing cycles are fixed by the issuer, but with Credit One you have the flexibility of choosing your own payment due date.
Total VISA® Unsecured Credit Card
This credit card issuer requires the applicant to have a checking account, and the overall application approval process is not only quick and simple but also allows an applicant to get a response within a short duration of a few minutes even with a bad credit history.. This is a genuine VISA card that is accepted by all forms of merchants in the country and online. When you are approved for the credit card, you will be required to pay a processing fee in order to open your account and have access to your credit card information and transactions. The credit card issuer makes it a point to report your financial standing to the 3 credit bureaus, and the monthly payment commitments do not cause any major strain on your monthly finances. Their credit line is offered free of cost with a fee, and a cardholder gets to customize the credit card based on the in-house designs allowed by Total.