Obtaining a credit card can be difficult if you have bad credit. Many companies will not approve you because of your credit; however, you can find credit cards that will offer cards for people with a low credit score.
One option that you might try is a secured credit card. You can deposit some money into your account, and the company will give you a credit card with a slightly higher credit line. This can help you raise your credit score. You can also apply for a subprime credit card. Unfortunately, these cards can carry high interest rates and other fees, so you need to make sure you get a good deal before applying for a card.
Credit cards for people with low credit can be found if you just look. If you have bad credit and need a credit card, here are a few options that will be beneficial for you.
1. Continental Finance Matrix Discover Credit Card: This Discover card approves people of all credits. You will not be required to pay application or processing fees, and you can build your credit by paying the bill on time. Rates will vary, and you can access your account at any time of the day or night.
2. Capital One Secured MasterCard: This card is specifically for people with poor credit, and it is a good card to help you increase your credit score. The annual fee is only $29, and the APR can be as high as 22.9 percent. A security deposit is required; however, if your account is in good standing, your credit line has the ability to increase with no additional security deposit. Balance transfers are free.
3. Orchard Bank Credit Card: This card offers reasonable fees and could help you rebuild your credit. Depending on your credit, you can obtain a secured or unsecured card. They will look at your credit and approve you for a card that corresponds with your credit type. If your credit is average, the interest rate will be between 14 and 19 percent; however, if your credit is really bad, the rate might be as high as 29.9 percent.
4. Applied Bank: This bank offers secured credit cards for individuals with bad credit. You will make a deposit into your account, which acts as your collateral to make sure you make payments. The interest rate is as low as 9.9 percent, and the annual fee is $50.
5. New Millennium Bank: The interest rate for this credit card is about 19.5 percent, and the annual fee is $59. You will be charged a one time processing fee of $99.95, but you will only pay it once. Your credit limit can be up to $5000, and travel accident insurance and auto rental insurance comes with the credit card.