Our society is plagued with issues of Bad Credit, Poor Credit or No Credit throughout the various layers of economic strata. Our credit rating is a gateway to access various payment methods, loans, mortgages and other financial benefits. Your credit rating can be affected by various factors some due to our habits, our financial situations and some not within our control. It is still important for us to work on building a our credit rating so that we can provide the best financial support to ourselves and our families. Credit Cards is on such tool that required today for all purchases, transactions and helps us to manage our finances through the month. People with bad credit, poor credit or no credit can apply for unsecured credit cards or secured credit cards.
Unsecured Credit Cards for Bad Credit
Bad Credit prevents us from applying for the standard credit cards with low apr, points, cashback etc. People with bad credit card can apply for 2 types of credit cards: Unsecured Credit Cards and Secured Credit Cards.
What are Unsecured Credit Cards?
Unsecured Credit Cards are credit cards offered by banks to people with Bad Credit, Poor Credit or No Credit without any financial security. The customer doesn’t need to provide any security deposit in order to get a unsecured credit card. The banks offer this credit card usually with a high interest rate. You can apply for a Unsecured Visa Credit Card or Unsecured MasterCard Credit Card. Both these unsecured credit cards offer you all the features of a standard credit card like tap payment, cash withdrawal, online payments, bill payments etc.
What are Secured Credit Cards?
Secured Credit Cards as the name states includes some financial security that the bank requires in order to issue a credit card. The bank usually asks for a security deposit equal to the credit limit it offers on the credit card. The lowest amount is $300. When you send in a deposit of $300, you get a credit card with a limit of $300. The goal of such a credit card is to build one’s credit so that they can soon graduate to a unsecured credit card. It usually takes around 6 months to a year to build credit so that you can apply for a unsecured credit card.
| Credit Card | Credit Needed | Annual Fee |
| Total Visa Unsecured Credit Card | Bad/Fair Credit | $75 first year, then $48 |
| Credit One Bank Unsecured Visa with Cash Back Rewards | Bad Credit | $0-$99 |
| Credit One Bank Unsecured Visa with Free Credit Score Tracking | Bad Credit | $0-$99 |