(Pocket-lint) – If your credit score is less than ideal, then your credit card options are more limited, and getting a loan with such a history can be much more challenging. What’s more, if you apply with a poor credit score and get rejected, then your score can be even further affected.
While online credit cards might be a likely solution, not all of the companies that issue them are reliable, so you need to make sure that you are looking at the right place. If this is something that interests you, keep reading – you’ll find a list of the best credit cards for bad credit. It’s important to note that this doesn’t constitute financial advice, and you should only borrow what you can afford to pay back, regardless of which service you use.
List of Top Companies for the Best Credit Cards for Bad Credit
- OpenSky – Overall Best Secured Credit Card for Bad
Credit
- Surge Mastercard – Easy Approval for Credit Card With No Credit Check
- First Access Card – Ideal Services for Small Business
- Fit Mastercard – Low Interest Rates on Credit Cards
- Reflex Mastercard – Best for Credit Rewards
#1. OpenSky – Overall Best Secured Credit Card for Bad Credit
The Secured Visa Credit Card by OpenSky is one of the few that you can qualify to get without a credit card check. By getting such a credit card, you can also improve your credit score, and OpenSky claims that 99% of its users were able to build up their score in just six months of use. The card is also easy to get and understand, which is very significant for a secured card.
Features
- Application process
If you want to apply for a credit card by OpenSky, you need to fill the application form that you can find on the website. The form is quick and straightforward, and you can fill it by providing information in several steps.
First, you need to enter personal information such as full name, middle name, and email address. Additionally, the second step includes providing information such as a home address, zip code, and your city, state, and mobile and home phone numbers.
Next, you need to fill in data such as annual income, monthly housing payment, payment type, SSN, and others. The next step is to carefully review all the terms and conditions, including interest rates, fees, and other valuable information.
- Eligibility requirements
Although it is relatively easy to get approved for such a credit card, there are still some requirements that you need to meet to become eligible. OpenSky requires you to provide an SSN, be a U.S. citizen or a permanent resident, and your monthly income needs to be more than your monthly expenses. Moreover, you need to pay a security deposit that will then be refunded if your account is closed.
- Flexible credit limit by OpenSky
One of the best features that OpenSky provides is the ability to pick your own credit card limit. How this works is that you need to view the security deposit section and enter the amount that you would like to deposit between $200-$3,000, which will equal the limit on the card.
Since it is a secured card, you will need to provide a refundable security deposit, and in case you decide to close the account in good balance, you can get the whole deposit back in just eight weeks.
Also, OpenSky reports all of the activities to the major credit bureaus, which gather all the data and calculate your credit score. This is significant as if your credit score is improved, you will be able to get better terms, receive a loan, get approved for an apartment, and get other benefits.
