Credit Cards if You Have Bad Credit

You may find it difficult to qualify for a new line of credit if you have a low credit score. This is often indicated by a credit score below 549, which tells lenders that you might be a risky debtor. However, even with bad credit you can still qualify for a credit card. These are usually basic cards without a lot of rewards or perks, but it is a great card to help you rebuild your credit.

Secured credit cards are a good option if you have bad credit. With secured credit cards, you must provide a security deposit, which reduces the risk to the issuer if you do not pay. After you close or upgrade the account you receive the full deposit back.

You could also consider unsecured credit cards for bad credit. However, because these cards don’t require a security deposit they tend to charge much higher fees.

Here are our top 3 picks for secured credit cards

Capital One Secured Mastercard

There is no annual fee for this credit card and you will get an initial $200 credit line after a security deposit of $49, $99, or $200 depending on your credit score. After you make 5 monthly payments on time, you get access to a higher credit line.

Recommended Credit Score: 350-629

Discover It Secured

This credit card has no annual fee, and is also great for earning cash back rewards. There is a minimum required deposit of $200, and you also have the chance to upgrade to an unsecured account after only 8 months.

Recommended Credit Score: 350-629

Green Dot Primor Mastercard Classic Secured Credit Card

This credit card has an annual fee of $39. There is no credit check necessary in order to get approved and it also has a low APR of 13.99%. Depending on the amount of your security deposit, your credit line could be anywhere from $200 to $5,000.

Recommended Credit Score: 350-619