Best Credit Cards for Bad Credit 2020

Best Credit Cards

Have bad credit? Here are the top offers designed to help you rebuild your credit and improve your score. Make sure to pay on time and keep a low balance (relative to your credit limit) and this may improve your credit report each month. New to credit cards? See offers from our partners for students or those with no credit. Looking for more credit card options? Best Credit Cards for Bad Credit 2020

We believe the best credit cards for bad credit are secured cards. With these cards, you provide a security deposit, which protects the issuer in case you don’t pay. (When you close or upgrade the account, you can get your deposit back.) The deposit reduces the risk, making secured cards some of the easiest cards to get. Approval isn’t guaranteed, though — you still need to show you have income, and bankruptcies or other serious problems on your credit report can cause you to be denied.

 

First Progress Platinum Prestige Mastercard® Secured Credit Card – Best Credit Cards for Bad Credit 2020

Here is First Progress’ lowest APR secured card, but it charges a hefty $49 annual fee. A low APR is a valuable feature in an unsecured card, but it doesn’t make sense to carry a balance on a secured card; you’re paying interest to the bank on your own money. It’s a better idea to use a secured card with a lower annual fee to build your credit.

  • Pros
    No minimum credit score or history required
    Monthly Reporting to all 3 Major Credit Bureaus
    Low APR
  • Cons
    $49 annual fee
    3% foreign transaction fee
    No rewards program
  • REGULAR APR
    9.99% (Variable)
  • ANNUAL FEE
    $49
  • WELCOME BONUS
    None
  • CREDIT SCORE
    Bad Credit

OpenSky® Secured Visa® Credit Card

OpenSky offers a solid path to rebuilding credit, with no credit check or bank account required and a low $200 minimum security deposit.

Pros
No credit check
Low minimum security deposit of $200 to open account
No bank account required
Cons
3% foreign transaction fee
$25 credit-limit-change fee after the first year
$35 annual fee

REGULAR APR
18.89% (variable)
ANNUAL FEE
$35
WELCOME BONUS
None
CREDIT SCORE
No credit check

Indigo® Platinum Mastercard®

Indigo’s path to rebuilding credit comes with some of the highest fees and APR, but does not require a security deposit.

Pros
Pre-qualify without harming credit score
Reports to all three major credit bureaus
Low 1% foreign transaction fee
Cons
Max $300 credit limit, minus fees
High annual fee
High regular APR

REGULAR APR

24.90% (Fixed)

ANNUAL FEE

$0-$99

WELCOME BONUS

None

CREDIT SCORE

Fair Credit

 

Milestone® Gold Mastercard® – Best Credit Cards for Bad Credit 2020

If you have poor credit, you may still qualify for the Milestone® Gold Mastercard®. However, given the high annual fee and low credit limit, it’s not so great of an offer. If you can come up with a security deposit, there are secured cards available with a $0 to $29 annual fee and the same ability to help rebuild credit.

Pros
No impact on credit while applying for pre-approval
Payments reported to all three major credit bureaus
1% foreign transaction fee
Cons
$25 account opening fee # $39 overlimit fee
Only $300 credit limit
Penalty APR of 29.9% may be applied if a late payment is made

REGULAR APR

24.90% (Fixed)

ANNUAL FEE

$35-$99

WELCOME BONUS

None

CREDIT SCORE

Bad/Poor

 

Credit One Bank® Unsecured Visa® for Rebuilding Credit – Best Credit Cards for Bad Credit 2020

This card is a good option only for those who don’t have sufficient funds available to pay a security deposit, or who need a small emergency loan. For rebuilding credit, it’s less costly and easier to get a secured card.

Pros
No application fees
No monthly fees
Path to higher credit limit with good payment history
Free Experian ScoreX credit score
Cons
High 8% cash advance fee for some cardholders
$19 annual fee per authorized user
Annual fee ranges from $0-$99

REGULAR APR

19.49% to 25.49% Variable

ANNUAL FEE

$0 – $99

WELCOME BONUS
None
CREDIT SCORE
Bad Credit

NASCAR® Credit Card from Credit One Bank® – Best Credit Cards for Bad Credit 2020

If you have poor or limited credit, this is one of the few unsecured cards available to you. The cash back rewards are a plus, but at such a low monthly spend, won’t add up to much. Considering the low credit limit and potentially high annual fee, a secured card with a low annual fee might be a better option.

Pros
1% cash back rewards on eligible purchases
Double cash back rewards at NASCAR.com
Ability to choose the date when monthly payment will be due
Cons
High APR
High annual fee for those with poor credit
3% foreign transaction fee (min $1)
Very high cash advance fees

REGULAR APR

19.49% to 25.49% Variable

ANNUAL FEE

$0 – $99

WELCOME BONUS
None
CREDIT SCORE
Good/Excellent

 

Capital One® Secured Mastercard® – Best Credit Cards for Bad Credit 2020

With its flexible security deposit requirement and ability to increase credit line beyond the initial deposit, the Capital One® Secured Mastercard® is a rare offering.

Pros
Qualify with limited or bad credit
No foreign transaction fee
No annual fee
Security deposit of $49, $99, or $200
Cons
High APR
Not available to borrowers with seriously damaged credit
No rewards program

REGULAR APR

26.99% (Variable)

ANNUAL FEE

$0

WELCOME BONUS

None

CREDIT SCORE

Limited, Bad

Discover it® Secured – Best Credit Cards for Bad Credit 2020

In the secured credit world, the Discover it® Secured card stands above the competition. With an unlimited 1% cash back rate on all purchases, plus a 2% bonus category, no penalty APR and no annual fee, we love this card for those who need to rebuild their credit. The matching cash back reward at the end of your first year is a sweet bonus.

Pros
No foreign transaction fee
No penalty APR
Earn unlimited 1% cash back on all purchases
Earn double cashback rewards for the first year
Cons
$1000 quarterly spending cap on 2% bonus category
Relatively low maximum credit line
Security deposit doesn’t earn interest

REGULAR APR

24.49% Variable

ANNUAL FEE

$0

WELCOME BONUS
Unlimited first year cash back match
CREDIT SCORE
New/Rebuilding Credit

First Access Visa® Credit Card

It’s hard to imagine cramming more fees into a single credit card than we see with the First Access Visa® Credit Card. True, even those with poor credit may qualify. But given the exorbitant fees and sky-high APR, it would make more sense to put that money towards the deposit for a secured card with a low or $0 annual fee.

Pros
Monthly servicing fee waived for the first year
Those with poor credit may qualify
Easy online application

Cons
Extremely high APR
One-time start fee and monthly fee
Checking account required

REGULAR APR

See Terms*

ANNUAL FEE

See Terms*

WELCOME BONUS

None

CREDIT SCORE

Fair/Bad Credit

 

Green Dot Platinum Visa

A pure secured credit card, the Green Dot Platinum Visa is a straightforward way to rebuild your credit. Although it carries a $39 annual fee, the lack of monthly fees makes this card less expensive overall than some other secured cards.

Pros
No monthly fees
No credit check or bank account required
Flexible security deposit (min $200)
Reports to all 3 credit bureaus

Cons
3% foreign transaction fee
Has annual fee
No pathway to earn an unsecured card
Fee for in-person payments

REGULAR APR

19.99% variable APR on purchases

ANNUAL FEE

$39

WELCOME BONUS

None

CREDIT SCORE

Bad/Poor

 

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