Top 10 Credit Cards For Bad Credit

Top 10 Credit Cards For Bad Credit

1. Centennial® Secured MasterCard and Visa Credit Card

• Convenient 24-hour account access by phone
• Use your card everywhere MasterCard® cards are accepted (subject to available credit)
• Monthly reporting to major consumer reporting agencies
• Reasonable credit limit can help you spend smarter (subject to available credit)

2. First PREMIER Bank Classic Credit Card

• Nearly 3 million credit cardholders
• Easy and fast credit card application
• This is a credit card, not a debit card or prepaid card

3. Orchard Bank Classic MasterCard

• An excellent credit card for rebuilding credit scores; reports to 3 major credit bureaus monthly
• Acceptance at millions of locations worldwide, including website purchases and reservations
• Account information is updated and at your fingertips 24/7 so you can manage it your way
• Email and text messages to remind you of your upcoming payment due date with online enrollment
• On-call customer service representatives to assist you with questions or concerns

4. Aventium Classic Credit Card

• For people with bad credit
• May be able to help build, rebuild, or reestablish your credit history if you make on-time minimum payments with all of your creditors and maintain your account balances below the credit limits
• Reports monthly to the major consumer reporting agencies
• Access your account by phone at any time, day or night
• This is an unsecured, fee-based product

5. Capital One Secured MasterCard

• Automatic reporting to the 3 major credit bureaus
• Track credit with access to your credit score and other tools
• You may qualify for credit line increases with no further security deposit required
• Use it like any MasterCard credit card, accepted at millions of locations worldwide

6. Account Now Gold Visa Prepaid Card

• $0 Monthly Fee*
• Higher daily and monthly limits
• Borrow money and build credit history*
• Free credit builder and bill pay

7. Public Savings Bank Classic Visa

• Build credit history - report to all 3 major credit bureaus
• 0% APR on all purchases for the first 6 months
• No annual fees or monthly maintenance fees
• No credit check or checking account required

8. Applied Bank Secured Visa Credit Card

• 12.99% Low Fixed APR - Rate won't change even if you're late
• Choose your credit limit - from $200 and up to $500
• Monthly credit bureau reporting
• Genuine Visa credit card - not a prepaid or debit card
• Accepted worldwide at millions of locations

9. The Mango Mastercard Prepaid Card

• Free Prepaid MasterCard®
• $0 activation fee
• Free direct deposit
• Free account management online or with your mobile phone
• Send money with your mobile phone
• No credit check, no bank account needed, no overdraft fees

10. GreenDot Prepaid Mastercard

• Reload at nearly 50,000 retailers
• No overdraft or penalty fees
• No credit check
• Free ATM withdrawals
• Free online. Save $5 over retail price
• $10 credit and free loading with direct deposit

For more detailed information please visit www.themoneygranter.com

Other credit cards for those with bad credit we recommend:

• Ace Pink Visa Prepaid Debit Card
• BABYPHAT PREPAID VISA® RUSHCARD x2
• Centennial Unsecured Credit Cards
• Household Bank MasterCard
• New Millennium Bank Credit Card
• Next Millennium Credit Card
• Platinum ZeroTM Secured Visa® Credit Card from Applied Bank®
• READYdebit® Visa Prepaid Card
• RUSH prepaid visa card

Good Credit Cards For People With Bad Credit

When you have bad credit, you can get stuck in a vicious cycle. You need a credit card to help rebuild a good credit history, but your history prevents you from getting one. Fortunately, there are some good credit card options for people with bad credit. Some will help you build up your credit rating, while others are mainly for convenience or budgeting. Even if your credit rating is low, you should be able to find one that fits your situation.

Bank Cards

Many banks will be reluctant to give you a credit card when you have bad credit. If you have had a savings or checking account with one bank or credit union for a long time, and if you've maintained a reasonably good financial history with that financial institution, it may be willing to give you a credit card. Many issuers who give credit cards to people with bad credit charge high interest rates, annual fees and even monthly service charges. Your own bank or credit union is more likely to give you a card with favorable terms, even if your credit is bad.

Secured Credit Cards

Secured credit cards are good for people with bad credit because virtually anyone can get one. The main requirement is having a deposit with which to secure the card. Many banks will accept a deposit of as little as $100 to $300. Once you make it, you will receive a credit card with a limit that is equal to the deposit. This will help you stay on a budget by limited your spending power. It will also help rebuild your credit if you make the payments on time every month. Jessica Seubert of Bankrate.com says many secured card issuers will let you open an unsecured account if you maintain a good payment record for a year.

Pre-Paid Credit Cards

Pre-paid credit cards are good for people with bad credit because they force you to stick to a budget. Even though the pre-paid card will have a Visa or MasterCard logo, it doesn't actually give you a credit line. You load it up with money, and this allows you to use it at any website or merchant where credit cards are accepted. Once you spend all the money, you cannot use the card until you load it up again. This prevents overspending because you can only spend money you already have rather than digging yourself into debt with a traditional credit card company. The Credit Card Guide warns that some pre-paid cards have high fees, so you should shop around for the best deal.

See also www.creditcardguide.com/best-credit-cards-bad-credit

Top Credit Cards For Bad Credit

There are several Top credit cards for bad credit, including secured and unsecured cards.

1. Household Bank

Household Bank offers a Mastercard for people with bad credit. Some may qualify for the unsecured card, while others might have to pay a security deposit to secure the card. The annual fee ranges from $39 to $79, and the interest rate is 7.9 percent to 14.9 percent.

Household Bank offers a pre-screening service to determine (before pulling a credit report) the appropriate card for which you might qualify.

householdbank.com

2. Orchard Bank

Orchard Bank is affiliated with Household Bank (HSBC owns both), but Orchard Bank's credit guidelines are more lenient. The annual fee can be $35 to $79, and there is a processing fee that varies between $0 and $39. The interest rate is between 14.9 percent and 28.9 percent.

Orchard Bank also offers a secured card. Generally, you can't have both an Orchard and a Household card at the same time.

orchardbank.com

3. Capital One

Capital One offers secured and unsecured Mastercards for qualified applicants, along with a pre-screening process. The card's annual fee runs between $0 and $39, with interest rates between 19.8 and 24.9 percent.

capitalone.com/creditcards

4. Public Savings Bank

The Public Savings Bank secured Visa has neither an annual fee nor monthly maintenance fees. You set the credit limit with a deposit between $300 and $2,000. The bank offers a 0 percent APR for six months, after which the APR goes to 11.24 percent. The bank reports to credit bureaus monthly.

publicbankcard.com

5. Applied Bank

The Applied Bank secured Visa allows you to choose your limit by depositing between $200 and $500. The APR is 12.99 percent and doesn't increase if your payments are late. Applied Bank reports to credit bureaus every month.

onlineacceptance2.appliedbank.com

6. Platinum Zero

The Platinum Zero secured Visa card is also issued by Applied Bank. The credit limit is $500, secured by your deposit. There is no APR, zero fraud liability and identity-theft protection. Applied Bank reports to credit bureaus monthly.

onlineacceptance.appliedbank.com

7. Centennial

The Centennial secured Mastercard requires a minimum $200 deposit. The bank charges a set-up fee of $50 and an annual fee of $50. The APR is 19.99 percent, with penalties for late payments. Reports are made to credit bureaus each month.

centennialsecured.com

8. GreenDot Prepaid Mastercard

GreenDot Mastercard is a prepaid credit/debit card with no credit check. There is no fee to activate the GreenDot card, and the monthly fee of $5.95 is waived--if you make at least 30 transactions or add $1,000 or more per month to the account. GreenDot does not report payment history to the credit bureaus.

mygreendot.com

9. Rush

The prepaid Visa Rush card doesn't require a credit check. The activation fee is less than $20, and the monthly fee is $9.95. You can opt for direct deposit to the card or load the card with money, as needed. There is no APR. This card doesn't report payment history to credit bureaus.

rushcard.com

10. First Premier Bank

First Premier Bank issues a few unsecured cards: Aventium Classic Card, the First Premier Mastercard and the Centennial Mastercard. The lender has lenient credit requirements, but it also has high fees.

The bank may require you to pay $95 before it processes your application. If you aren't approved, your money is refunded. The interest rate varies. First Premier Bank usually charges around $225 for maintenance and set-up when you open the account, with a typical credit limit of $300. This leaves only $75 of available credit. As a result, many people decide that a secured card is a better option.

premiercreditcardsf.com

Best Credit Cards For People With Bad Credit

Top Credit Cards For Bad Credit

Consumers from all backgrounds struggle with money issues at some time in their life. One of the best ways to rebuild a score is to get positive reports to the bureau. There top credit cards for bad credit can help a consumer do that.

Consumers have the choice of three types of cards; unsecured, secured and prepaid. The least helpful of the three is the prepaid cards. Prepaid accounts do not turn information into the bureaus which means no positive marks will appear on the report. An unsecured account is when a bank extends a card to a consumer without any deposit. The final type is the secured account. A secured account requires a deposit from the consumer that equals or is slightly lower than the card balance.

The account that offers the best interest rate out there for those with damaged history is from Orchard Bank. An APR of 7.9% is well below the standard 14.9%. But they do have a high annual fee of up to $59 which is not charged for the first year. Consumers will also have to deposit a minimum of $200 to open it.

The Capital One Secured Mastercard offers the best maintenance fee in the industry, $29. This card is unique because it gives consumers a low deposit of $49 for a $200 limit. Because this is a partially unsecured card the APR is a huge 22.9%. This makes a great emergency card but not an every day use card.

The Citi Secured Card is a very unique card, instead of placing the consumer's deposit in a non interest account it buys CDs with it. Other perks of this card are no monthly fees and a low annual fee. Consumers face a huge 18.24 APR on balances.

Open Sky Secured Visa gives consumers a low 9.75% APR, but it does need a $200 deposit. This card charges a high, $50, annual fee. There are also hidden fees when consumers make changes to their account.

Mango prepaid mastercard is ideal for some one not interested in building their report. Unlike other prepaid accounts they do not have an activation fee. This card also gives consumers a $20 sign up bonus and does not charge to place more money on the card. Watch out for hidden fees with this company.

Your history will not change overnight. Positive reports are earned with timely payments, not using the entire balance and careful use. These best credit cards for bad credit can help consumers get there.

Related articles : Best Credit Cards For Bad Credit

Good Credit Cards For Bad Credit

Since the state of the economy has taken a sharp dive into the pit of inflation, increased fuel prices, lay-offs failing banks, it's no wonder there's a large consumer population fighting bad credit ratings. Consumer debt rates are at an all time high and finding good credit cards for bad credit ratings can be difficult. Ironically there is an upside to this dilemma where good credit cards for bad credit ratings can provide an opportunity for consumers getting through these tough economical times. In some cases consumers are able to boost scores by consolidating debt. Let us explore which credit cards are good for bad credit and how to use them to turn bad credit scores around.

How to Whip Bad Credit Back Into Shape: From Bad to Good Credit

No matter how hard people try to stay above financial turmoil and poor credit, they may in the current economy, find themselves sinking deeper in to debt. Soon their optimistic attempts to pay off those creditors rebounds. The monthly onslaught of bills builds to become a bleak impossibility of crawling out of debt. Daily consumers in over their heads are reminded of their situations. Poor credit scores ensue from the bad payment history that accumulates at times like these. This in turn results in credit denial.

There comes a time when the wheel just stops. When your credit merit is worth less than the paper it's printed on; or the amount of debt you carry is higher than the cost of a luxury car; your chances to ever live life debt free again begin to wane. Especially if job cutbacks and pay reductions become part of the picture.

Consider the fact that the only way to legally change bad credit is to find a better paying job to pay off those credit accounts.

However, this is a catch 22 solution that can have a frustrating and disheartening outcome. Nowadays employers consider credit report histories as a contingency for hire. This means that while your credit score is poor, the possibility of finding a higher salaried job to pay off your debt becomes less likely since employers will only hire people with good credit ratings. The center does not hold. Now what do you do?

Many people with bad credit look for alternatives such as credit consolidation or credit cards for bad credit as a solution. While this may seem like a good idea, the truth is having a credit card with bad credit can make matters worse, if you don't know what you're doing. This is especially true if you do not have the proper guidance on what types of credit cards are good for people with bad credit. There is little improvement in the situation without implementing preventitive methods to avoid getting deeper into debt. Transfer of debt does not eliminate the basic problem.

One of the advantages of the current economy is the competition that has ensued among credit card companies. These lenders want to gain more business by lowering approval requirements so people with bad credit can accomplish a transfer more easily. Using this opportunity to repair a poor credit rating is simple. The important thing to consider is the bottom line. How will payment amounts, payment due dates, interest rate and potential fees and penalties work to the advantage of the consumer?

There are a number of good credit cards to fix bad credit and even show an improvement in credit scoring in just 3 months. Let's take a look at different credit cards available to people with poor credit scores.

Bank Account Credit Cards - Typically banking institutions can approve credit cards and limits with an excellent APR interest rate even if the credit score and payment history is poor. That is of course when there is a direct deposit of income on a monthly basis; when the Checking and Savings accounts are active and in good standing; and when the member is able to keep a minimum of $200 dollars in both accounts. This will increase the chances of credit cards being approved based on collateral.

Secured Credit Cards - Much like a bank credit card issued based on checking or savings account holdings; secured credit card lenders are private and can use collateral of any type including propergy, a saving account or other annuities when approving a credit card with bad credit. And because of the secured collateral, APR interest rates can be much lower and the payment terms more reasonable. In some cases they become negotiable.

Unsecured Credit Card - These are the pre-approved credit card offers received at home and in emails. Across the board unsecured credit cards charge very high interest rates generally but they're even higher for people with bad credit. So if you have bad credit you should expect higher interest rates than someone with good or excellent credit.

• When applying for an unsecured credit card, be careful to review the monthly, annual or other fees associated with that specific credit card. These fees can accumulate to extreme amounts that will get you into even more financial trouble over time. In this case being picky and shopping around for better rates and lower fees is an asset. When in doubt don't flip your debt to a new card.
• Most people reverse the effects of rebuilding their credit using an unsecured credit card by failing to pay off the monthly balance faster. The comfort of paying the minimum monthly rate is much easier for most people to maintain, however, credit card companies make more money this way because of the high interest rate associated with the extended payment schedule.

Paying over the minimum amount on your current cards when possible will keep your monthly account balance to a minimum, which is cheaper in the long run, builds credit faster and improves the chances of receiving increased credit limits and/or lower interest rates.

No matter what type of credit card for bad credit you choose, always make sure that you make your payments on time and it's best to make a larger payment than required whenever possible. So long as you maintain good credit card standings with any debt or expenses that are reported to all three credit reporting agencies,you will see an improvement in your credit rating. Then hopefully, seeking and finding good credit cards for poor credit will become a thing of the past.

Best Credit Cards For Bad Credit

These 7 best credit cards for bad credit are the superheroes of the banking world, say industry experts, providing low fees and sane rates to people trying to build or repair their credit.

1. Orchard Bank credit card

Orchard Bank, part of megabank HSBC, offers three credit cards plus a secured card for consumers needing to rebuild their credit. You simply apply and the bank decides which card you qualify for based on your credit worthiness.

The unsecured cards come with annual fees ranging from $39 to $59, depending on credit history, and APRs range from 14.9% to 19.9%, also based on your credit.

To put that in perspective, a credit card like the Applied Bank Unsecured Visa Gold - which also targets consumers with poor credit -- comes with a 29.99% APR for all customers.

If your credit history is really bad, you will likely end up with a secured card. These work like a regular credit card, but you put down a deposit of your own money. (That's why their interest rates are typically lower than those of regular unsecured credit cards.)

But even if you only qualify for a secured Orchard Bank card, it isn't a rotten deal. You have to make a $200 minimum security deposit - which is refundable and typical for secured cards -- but the APR is a low 7.90% and the annual fee is $35 and is waived the first year.

"I like these [Orchard Bank] cards because let's say you're on the bubble between bad and poor credit, you might be able to get a better deal with one of these cards," said Beverly Harzog, credit card expert at Credit.com. "Even if you do have really bad credit, this is one of the easiest unsecured cards to get, and if you don't qualify then see if you like the terms of the secured card."

2. Capital One Secured MasterCard

The annual fee on this secured card is a reasonable $29, and while most secured cards require security deposits of around $250, you can deposit as little as $49 and still get a credit line of $200. If you deposit more -- like $99 or $200 -- you can increase your credit line up to $3,000.

"It's more of a secured card than an unsecured card, but it's both, which is very nice," said Curtis Arnold, founder of CardRatings.com. "And some people just don't have 200 bucks to put down as a deposit, so only having to put $49 down is great."

In addition, there are no foreign transaction fees - which is true for all of the bank's debit and credit cards. And the card reports to the three major credit bureaus.

But if you carry this card you should vow never, ever to carry a balance because the APR is a high 22.9%.

3. Navy Federal 'n Rewards Secured Card

If you have a military connection, the Navy Federal Secured Card is one of the best options for people with poor credit.

The card, issued by Navy Federal Credit Union, comes with an APR as low as 8.99% and no annual fee. Cardholders also earn a point for every dollar they spend, which they can then redeem on merchandise or gift cards.

The card reports to the three main credit bureaus, and after 12 months, you can be switched to an unsecured card.

"I realize not everyone can apply for this, but the terms are really good and there are a lot of people who have military ties and can become a member of NFCU," said John Ulzheimer, personal finance expert at SmartCredit.com.

4. Citi Secured MasterCard

While most secured cards require you to make a deposit that the issuers hold onto in a no-interest savings account, the Citi Secured MasterCard invests your deposit in CDs. Plus, there's a pretty low $29 annual fee and no monthly maintenance fees.

There is, however, an 18.24% APR. So if you plan to carry a balance, choose another card with a lower APR.

"Normally I would never recommend a card with an interest rate that high, but if someone is using it to just rebuild credit and not carrying a balance, you get to invest your money in a CD so you're getting something back," said Beverly Harzog, credit card expert at Credit.com.

In addition, while you could be stuck with other secured cards for years, Citi will consider graduating you to a better, unsecured card after 18 months.

5. Mango Prepaid MasterCard

Personal finance experts typically warn consumers against prepaid cards because of their unreasonably high fees. But the Mango Prepaid MasterCard is one of the exceptions, carrying some of the lowest fees in the industry.

While secured cards typically require you to put down a refundable deposit to use the card like a credit card, prepaid cards are simply loaded with your own money. You don't pay interest on these cards, but they also don't report to credit bureaus.

That means prepaid cards are best for consumers who aren't necessarily concerned about building their credit.

"Prepaid cards are good for someone who has no bank account, doesn't have money for a deposit, or isn't ready for a credit card," said Beverly Harzog, credit card expert at Credit.com. "It's important not to step back into the credit card game if you're not ready to control your spending."

Unlike most prepaid cards, the Mango card doesn't have an activation fee, and the card actually comes with a $20 signup bonus when you enroll in free direct deposit. There's no charge for customer service calls, and it's free to load your card with money from your bank account.

Compare that to a prepaid card like the BabyPhat Rush Card, which costs $14.95 just to own and charges $9.95 per month, along with $1 per transaction depending on the plan you choose.

But ATM-frequenters, beware: Like most prepaid cards, the Mango card charges you $2 for ATM withdrawals, and it costs you 50 cents to check your balance.

6. Capital One Cash Rewards for Newcomers

This is a credit card aimed at people who are new to the U.S., but anyone looking to build their credit can apply and be approved for the card.

While the APR is a relatively high 24.9%, there's no annual fee, no foreign transaction fee, and the card offers 2% cash back on travel purchases and 1% cash back on all other purchases.

You can get that cash back any time, as an account credit or check - or you can set up automatic redemption. The card also reports to the three major credit bureaus.

"If someone is new to the States, understands how credit works here and knows not to carry a balance, this could help them establish credit and they could get cashback rewards at the same time -- which is rare for a card like this," said Beverly Harzog, credit card expert at Credit.com.

7. Open Sky Secured Visa Card

The Open Sky Secured Visa Card boasts a low interest rate and requires a typical deposit of $200 to get a credit line of up to $3,000.

The APR on the card is 9.75%, which is pretty much as good as it gets for consumers with lousy credit. In fact, the average APR on a typical unsecured credit card is just above 14%, according to LowCards.com.

The issuer, Public Savings, says it will accept anyone -- there's no credit check for approval. Plus, they report to all three major credit bureaus to help you build your credit.

The one drawback: an annual fee of $50. But this is one of the only fees cardholders will be hit with. Another is the $25 charge to increase or decrease your credit limit after a year, but this can be avoided if you plan ahead and get the credit limit you need when you sign up.

"So many other cards nail you with tons of extra fees that you don't even know about, but this one is really just that $50 right up front," said Bill Hardekopf, credit card expert and CEO of LowCards.com.