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

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

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.