Money is one of the most important aspects of human life! Before money was invented, people used the barter system to trade commodities or services. Later, paper money was invented and people started to pay for commodities and services with paper money. In recent years, plastic money has been brought into the world! There are two types of cards issued by the banks and they are debit cards and credit cards.
A credit card can be used to purchase commodities or services and pay for them at the end of the month. There is a limit for every credit card user and he/she can spend up to that limit each month! The total amount to be repaid is calculated by the bank at the end of the month and the bill is sent to the credit card holder.
- 1 Best Credit Cards for Bad Credit 2019
- 2 How are credit scores calculated?
What is a Bad Credit?
If the credit card holder happens to delay the credit card bill payment, the credit card score of that customer is affected! And then, the credit card limit is reduced and no new credit cards are issued to that customer till the credit card score is back to normal.
A “bad credit” score is generally under 580 and is range is between 300-850, with 850 as the best. On the same scale, a poor credit score is usually below 550. To get a good credit score, you must have your credit score at least 700.
Thus, to regain your credit card score, you need a credit card which is provided to customers with bad credit card score. While choosing a credit card for bad credit, you must check if the credit card has low upfront fees, offers pre-qualification checks, and reports to all three credit bureaus.
To help you with the search, here we are with the list of some of the best credit cards for bad credits. You low upfront fees, offers pre-qualification checks, and reports to all three credit bureaus.
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Best Credit Cards for Bad Credit 2019
#1 Secured Mastercard from Capital One:
This credit card has no annual fees and 26.99% variable APR. You need to make a security deposit which varies based on your credit score. However, this amount is refundable. Once you have made on-time payment of your first 5 months, your credit card limit is increased.
You can set your own due date based on your date on which your salary is credited. You can enable the ‘Autopay’ option to automatically pay your credit card bill on your due date. Also, its customer service is available 24/7 to help its customers with any kind of difficulty. You can use this credit card at almost every part of the world!
#2 Credit One Bank Visa Credit Card:
The annual fees of this credit card vary between $0 to $99 and its APR is between 20.24% and 26.24%. On using this credit card, you can get 1% cashback on commodities such as gas, groceries, and on services such as mobile phone, internet, cable, etc.
Each credit card has a limit which is increased after observing the payment for a few months. It has a feature known as ‘Zero Fraud Liability‘ which protects you in case your credit card is stolen or lost. This, you will not be charged for any unauthorized use. There are a number of card designs available for its customers however, you will be charged for a designed credit card.
#3 Indigo Platinum Mastercard:
This credit card provides with a 23.9% APR with annual fees between $0 to $99. You can get this credit card even if you have previously applied for bankruptcy. You can manage your credit card from your mobile, making it a mobile-friendly credit card.
Even this credit card has its fraud protection in place! Thus, you will not be asked to pay for any kind of unauthorized use of your card. As a matter of fact, this credit card is accepted in more than 35 million places in the world!
#4 Total Visa Unsecured Credit Card:
The annual fees and the APR of this credit card depend upon the terms for getting this credit card. The process of issuing this credit card is quite simple and quick. You can choose which design you wish your credit card to be in!
You can make offline as well as online transactions using this credit card. However, you will not be awarded any cashback or point for using this credit card.
#5 Discover it Secured:
This credit card has no annual fees and has 10.99% balance transfer into APR for 6 months and a regular APR of 25.24%. You can get a limit to your credit card by paying a refundable deposit. On using this credit card, you can get 2% cash back at gas stations and restaurants. Also, you will get a 1% cash back on all purchases using this credit card.
You can contact its customer to survive for any kind of assistance and get your free scorecard. You can use this credit card to build your bad credit score.
#6 Milestone Gold Mastercard:
You will have to pay an annual fee of $35 to $99 for using this credit card and it provides with an APR of 23.90%. You can get this credit card even if you have previously applied for bankruptcy. It also provides with a number of designs which you can choose for free!
You can use the fraud protection feature of this credit card to protect yourself from any kind of credit card related fraud. You can manage your credit card online, without having to visit the bank. Also, this credit card is accepted in more than 35 million places worldwide!
How are credit scores calculated?
The credit score of a person is calculated based on the following parameters.
1. 35% payment history
2. 30% amounts owed
3. 15% length of credit history
4. 10% new credit
5. 10% credit mix.
These were done of the best credit cards for people with bad credit 2019. You can avail these credit cards and use them to improve your credit score so that you can get a credit card from any other bank which provides its credit cards only to people with a good credit score.
You can check the credit cards listed above and decide which one to choose from! Also, if you know of any such useful credit card for people with bad credit and is not listed above, then please let us know about it in the comments section below.