A credit card can be a useful tool if it is managed responsibly. Some benefits include building your credit history, having a backup source of funds in case of an emergency, and earning rewards points. However, it can be difficult to get a credit card if you have poor credit. Luckily, there are a few options available for those with bad credit. Here are some top U.S. credit cards for those with bad credit:
1. Capital One Platinum Credit Card
The Capital One Platinum Credit Card is specifically designed for users with bad credit. It has a lower than average credit limit and a higher than average interest rate. The card also has a number of associated fees, including an annual fee, a late payment fee, and a returned payment fee. Additionally, Capital One reports to the major credit bureaus, so using this card responsibly can help users improve their credit scores.
2. BankAmericard Secured Credit Card
The BankAmericard Secured Credit Card is a secured credit card, which means that the user must put down a deposit in order to open the account. The deposit is used as collateral for the credit card, and the user is able to use the credit card up to the amount of the deposit. If the user does not make payments on the credit card, the bank can use the deposit to cover the owed amount. Because of this feature, these cards are particularly good for those with bad credit.
3. Discover It Secured Credit Card
A Discover It Secured Credit Card is a good option for users with bad credit because it has a relatively low APR and it requires a security deposit. This deposit is used as collateral in case the cardholder defaults on their payments, which helps to mitigate the risk for the lender. Additionally, the card issuer should report the cardholder’s payments to the credit bureaus, which can help to improve the cardholder’s credit score over time.
4. nRewards Secured Credit Card
The nRewards Secured Credit Card is a good option for users with bad credit because it requires a security deposit that serves as collateral for the credit limit. This deposit helps to mitigate the risk for the issuer, making it more likely that they will approve the card for users with bad credit. Additionally, the card offers a rewards program that can help users save money on future purchases.
5. DCU Visa Platinum Secured Credit Card
DCU Visa Platinum Secured Credit Card is a great credit card for users with bad credit. It is a secured credit card, which means that users must put down a deposit equal to their credit limit in order to open the account. This deposit serves as collateral in case the cardholder defaults on their payments. The interest rate for this credit card is higher than the interest rate on regular credit cards, but it is still lower than the interest rate on unsecured credit cards for those with bad credit. Cardholders can use this credit card to improve their credit score by making payments on time and keeping their balance low.
