Top Credit Card Options for Poor Credit Scores
Discover the best credit cards for individuals with low credit scores. These options include unsecured, secured, and cards that help rebuild credit. Benefits include cashback rewards, low fees, and opportunities for credit improvement, making them suitable for those seeking to improve their financial standing.
Best Credit Card Choices for Rebuilding Poor Credit
According to FICO, the primary credit scoring agency, a score below 580 is classified as poor credit. Credit scores typically range from 300 to 850, with scores above 700 considered good or excellent. Having a low score often results in higher interest rates on loans and less favorable financial offers.
Using a credit card responsibly can be one of the fastest ways to boost your credit score. When selected wisely and used properly, a credit card can help improve your credit profile within a few months.
Here are some of the best credit cards for individuals with low credit scores:
Credit One Bank Visa Card
This unsecured card typically doesn’t require a security deposit, unlike many other offers that demand $200 or more upfront. It offers 1% cashback on groceries, fuel, and online services like TV and internet. The credit limit starts at $300 and can grow with responsible usage.
Indigo Platinum Mastercard
If you’ve faced bankruptcy, applying can be intimidating. This card is suitable as it doesn’t supply cash advances for the first year, and after that, cash advance fees are capped at 5% of the transaction amount, with a minimum of $5.
Milestone Gold Mastercard
Pre-qualification tools can help determine your eligibility, even if your profile isn’t a perfect match. The card can be issued regardless of previous bankruptcy. It offers low foreign transaction fees of 1%, but late payments can result in a high APR of 29.9%, making it costly if you miss payments.
Discover It Secured
This secured card provides 2% cashback on gas and dining on a combined $1,000 quarterly spend, plus 1% on other purchases. Additionally, Discover matches your cashback at year's end. It has no annual fee and waives penalties on first late payments, but requires a $200 deposit.
Capital One Secured Mastercard
Ideal for beginners, it has no annual fee or penalty APR. No foreign transaction fee applies, which is helpful for travel. The minimum deposit can be as low as $49, and a higher credit limit is possible with timely payments over the first five months.
These cards are designed to help rebuild your credit, offering features that foster financial recovery and growth.
