There are many different ways to build your credit score and make financial stability a reality in your life. Having a credit card can turn your financial situation around for the better, but you need to know what cards will suit your needs. There are tons of different types of credit cards on the market. Read on for the 5 best credit cards to help increase poor credit ratings (all dollar values quoted in USD):
-
1. Capital One Platinum Credit Card
The Capital One Platinum is one of the most popular credit cards for people with bad credit—for good reason. It has no annual fee, no balance transfer, and a long list of attractive offers. It is best suited for people with lower credit scores who are looking for a way to start building or rebuilding their credit. The biggest drawback to this card is that the credit line only goes as high as $3000, so it may not be enough to handle more significant purchases.
-
2. BankAmericard Secured Credit Card
The BankAmericard Secured credit card is ideal for people who want to build or repair their credit history but don’t have access to a creditworthy paying job. It is a great way to establish your financial stability before getting approved for regular credit cards. To get the card, you just need to deposit at least $200 into an interest-earning account. The card has no annual fee, no foreign transaction fees, and is accepted almost universally worldwide.
-
3. Discover It Secured Credit Card
The Discover It Secured credit card is another excellent option for people just starting to build their credit history. The card has no annual or balance transfer fees, and the credit limit is good for six months. The card can help you prove that you have responsible spending habits before you apply for regular credit cards.
-
4. nRewards Secured Credit Card
The nRewards Secured credit card is one of the few secure credit cards on the market. This card can help you build a more substantial credit history during the first year you are trying to build your score. You will have to make at least six qualified purchases to open the card, so be ready to put in some effort before getting approved for the card.
-
5. DCU Visa Platinum Secured Credit Card
The DCU Visa Platinum Secured credit card comes with a $300 credit line and no annual fee. You can increase your spending limit by making at least six monthly payments on time. The main drawback for the card is that it only comes with one year of credit history, and you will have to do a lot of work to prove that you are responsible for debt before you can get approved for higher-level cards.
