The trend of cashback and money returns is in. This trend and use of Credit Cards for electronic payment, have led the finance industry and banks to release credit cards that comply with such demands of the customers.
So if you wish to have a taste of champagne on a beer budget and are worried about spending money like a drunken sailor, it is time to reconsider those debit cards in your wallet. So why not consider one such credit card with bad credit? If you want to know how and which credit cards are the best for saving your credit rewards and points, this article will definitely help you.
What is Bad Credit?
Now after knowing that there are credit cards with bad credit, the first thing you would wish to know is what is bad credit? Bad credit is totally dependent on the credit score of your card. So, if you have a credit score of 300 to 579. In usual cases, you may have to pay a fine and can face problems from credit card users.
Secured & Unsecured Credit Cards:
Whenever it comes to spending a penny with these credit cards, it is best to know about these cards themselves. If you want a credit card for bad credit, you are given two alternatives – a secured card or an unsecured card. A secured card requires you to deposit a certain amount of money while an unsecured card needs you to not make any such payment to the account.
Best Credit Cards for Bad Credit in 2022
So if your credit card appeal gets rejected, what should you do? Simply opt for a credit card with bad credits. Here is the list of best credit cards with bad credits, which will help you save credit points and build your CIBIL score.
1. Credit One Bank® Platinum Visa® for Rebuilding Credit
This credit card requires you to have a minimum credit score of 300. So if your credit score is below 300, it is better not to apply this one. But if you do have one, go ahead and apply. Availing this credit card lets you enjoy up to 0USD annual fee charge and a grace period of 24 days. Along with this it provides you up to 1% cashback and is the cheapest credit card with bad credit in the market.
This is the best credit card with bad credits that any individual can apply for. Why? Because it requires no minimum credit score! This secured credit card with bad credit provides an annual pay of 0USD and provides you with a 2% cashback, enabling you to save your credits and budget.
3. OpenSky® Secured Visa® Credit Card
If you do not wish to go for a secured card, go for this credit card with bad credit. This unsecured credit card is available at a minimum credit score of 300 and charges an annual fee of 25USD. What’s more, you deposit an amount of 200 USD which is totally refundable!
If you want the facilities of both a secured and unsecured card, this is the one for you. Capital One® Secured Mastercard® is one such credit card with bad credit which is easily available for the minimum credit score of 200. So if your credit score is above 199 and 300, this is the perfect one for you. It lets you pay a refundable deposit amount range of 49USD to 200USD for its facilities, and comes at no annual fee charge.
How do you get a credit card with a bad credit/poor CIBIL score?
Do you know why people avail of credit cards with bad credits? It is because it enables them to save money. Now the question that arises is how will you get such credit cards? You can do this in four simple steps. First, catch up with your bill of the latest payments made by you. Then compare your credit card score fees. When availing of such cards, take note of all highly approved payments and fees. Now, compute your CIBIL score. So, if you seek a secured card, and your score is closer to 300, there is a high chance of your loan being rejected by the bank.
Credit card details to look for with Bad Credit:
When availing of a credit card with bad credit, you need to definitely look out for certain things, especially when you are availing a secured credit card. Firstly, you need to look into the details of your credit history. Pending a huge credit cost score and penalty fines could lead the bank to even reject an application for a credit card with bad credits. Secondly, watch out for the annual fees charged in the papers. For example, Discover it ® Secured will need no such annual fee charge. On the other hand, cards like OpenSky® Secured Visa® Credit Card will charge you $25 annual fees. Last, but not least, look out for the interest rates. Check whether it is fixed or variable. Some banks impose no interest in the delay of payment, while others impose interests for the delay in payment.
So you see if you are worried about spending like those extravagant sailors, a notch down those frown lines on your face. Simply apply to one of these credit card agents and see how you save your money and even avoid the annual fee charged as well as get cashback in return! So stop worrying about your budget squeeze and desires, apply for one now!
Frequently Asked Question:
Credit cards are cards provided to provide benefits or rewards with credits and provided by the bank based on the credit score of the person. The debit card, on the other hand, is an electronic means of payment done from one’s own savings account.
Discover it ® Secured is the best credit card with bad credit available in the market. You avail of this at even 0 credit score and you are charged with no annual fees. What’s more, you can even get 2% cashback as reward benefits through this secured credit card.
There are a few things you can apply for with a 500 credit score. You can get a secured credit card, which will help you rebuild your credit. You can also apply for a loan, but you’ll likely have to pay a higher interest rate. You may also be able to get a car loan or a mortgage, but your interest rate will likely be very high.
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Hi This is Bavuma founder and writer for shutitdowndc. I am from a middle class family with 6 members. My parents being both bankers, elder sister being a CA have multiple choices as and when I think about shopping options. I am sure you will all agree that in the present scenario credit cards are preferred over carrying currency with us.