It’s OK if you have bad credit. What’s not OK is doing NOTHING to repair it, whether it’s getting out of debt, working extra jobs/hours to pay down your balances, or not taking steps to rebuild your credit, such as getting a low-limit card or a small loan you can easily pay back to boost that score.
Some people just don’t know where to look for such credit cards, and this is where we come in. We have created a list of the top 5 best credit cards for bad credit and discussed what you need to know before signing up.
- OpenSky Application– Overall Best Credit Card To Build Credit
- Surge Mastercard– Secured And Unsecured Credit Cards With Instant Approval
- First Access Card– Top Rated For Credit Cards For Small Businesses
- FIT Mastercard– Low Interest On No Credit Check Credit Cards
- Reflex Mastercard– Most Popular Credit Cards For Small Businesses
#1. OpenSky Application – Overall Best Credit Card To Build Credit
This is a secured credit card that you do not need a bank account or credit check to get! This is great if you need to rebuild your credit or boost up your credit score with a secured card. If you find that you are struggling to get a credit card due to bad credit or no bank account, you have to check out this card.
The card is just that- a basic, useful card that will help rebuild your credit. However, you have to also understand that the card comes with an annual fee.
Another thing we didn’t care for was the fact that you cannot get an unsecured version of the card after using it responsibly for a few months. So, you would have to close out the account and THEN get your security deposit back.
Now, the annual fee is just $35. However, when it comes to your security deposit, you’ll be paying a minimum of $200, and at the max, $3000.
You do not even need a credit check to qualify for this helpful card. You could have bad credit and still qualify for it. This card will not perform a credit check on you.
- You must have a monthly income that exceeds your monthly expenses.
- In addition, you need to be a permanent resident /US Citizen.
- You must have a social security number or tax ID number
- You must pay the security deposit, which you will only get back by closing the account on good terms.
Best Credit Cards To Build Credit In 2022 – List Of Top Rated Companies For The Best Credit Card For Bad Credit With Guaranteed Approval | Best Online Platforms For Unsecured Credit Card And Secured Credit Card
You do not need a bank account to get this card, which is a huge obstacle for people who desire a credit card but lack a checking account. Simply pay your security deposit using Western Union or money order. You can also make credit card payments this way.
Another thing we loved about this card is how they report to all three major bureaus. This is a great way to build your credit, provided you make payments on time and stay under your credit limit. You can get reports from Equifax, Experian, and TransUnion about how your score is going.
In summary, this card is pretty good- although there are a few drawbacks. The annual fee, the lack of rewards, and the inability to upgrade to an unsecured card are all things we would like to see changed. However, it is a winner if you do not have a bank account.