2017 RANKING & REVIEWS
TOP RANKING BEST CREDIT CARDS FOR POOR CREDIT
Introduction: The Best Credit Cards for Very Poor Credit
Life is filled with all sorts of unexpected twists and turns that can, among other things, cause pretty serious economic hardships.
If you suffer from bad credit, you are probably not going to be able to get that most recent platinum credit card to hit the market offering a low APR and all sorts of unique bonuses. However, there are a number of credit cards with poor credit options, and being granted one of these cards can be an important way to maintain access to needed credit.
By finding credit cards for poor credit with no deposit, you are effectively gaining access to a zero-interest monthly loan every month of the year.
Payday loans and other short-term loans will charge you enormous interest rates that can be upwards of a 1000% annual percentage rate. The best credit cards for poor credit, however, will charge absolutely no interest as long as you develop the financial responsibility to pay off your credit card debt by each statement cycle.
Award Emblem: Top 6 Best Credit Cards for Poor Credit
In this brief article, AdvisoryHQ will examine the perks and benefits of credit cards for people with poor credit.
We will begin by looking at how you can get a credit card with poor credit. Next, we will answer a few frequently asked questions regarding who benefits from poor credit cards and what features to search for in the best credit cards for poor credit.
Lastly, a detailed review of six of the best credit cards for very poor credit will be given. In this complete review of the top six credit cards offers for poor credit, we also offer an easy-to-read table to help you compare which credit cards for a poor credit rating are best for you.
How Can You Get a Credit Card with Poor Credit?
Many people wrongly believe that if you have a low credit score, it is impossible to get a credit card with poor credit. The same line of thinking pushes many people into sketchy lending schemes that place them in greater financial vulnerability.
Image Source: Pexels
By not applying for the numerous good credit cards for poor credit that exist on the market, many people may search for more disadvantageous loans with higher APRs, horrendous late fee penalties, and other negative aspects.
While many people do get into unsustainable debt due to irresponsible credit card use, by using credit cards with poor credit responsibly, you can avoid accumulating debt and effectively gain access to a 0% interest monthly payday loan.
The credit card industry is highly competitive, and the financial institutions behind these cards understand that people without credit constitute a huge potential market. For that reason, there are dozens of credit cards for poor credit with no deposit available to you.
Furthermore, credit cards for a poor credit rating often come directed towards certain types of consumers.
While one bank may offer poor credit credit cards directed towards college students who haven’t had the opportunity to build their credit other banks may offer poor credit credit cards as secured cards, meaning that you have to offer a deposit.
AdvisoryHQ’s List of the Top 6 Best Credit Cards for Poor Credit
List is sorted alphabetically (click any of the credit card names below to go directly to the detailed review section for that credit card):
- nRewards® Secured Credit Card from Navy Federal Credit Union
- Fifth Third Secured MasterCard by Fifth Third Bank
- Wells Fargo Secured Credit Card
- U.S. Bank Secured Visa® Card
- Discover it® Secured Credit Card
- BankAmericard® Secured Credit Card by Bank of America
Top 6 Best Poor Credit Credit Cards| Brief Comparison & Ranking
Credit Card Names
Max. Annual Percentage Rate
Min. Annual Percentage Rate
|nRewards® Secured Credit Card from Navy Federal Credit Union|
|Fifth Third Secured MasterCard by Fifth Third Bank|
|Wells Fargo Secured Credit Card|
|U.S. Bank Secured Visa® Card|
|Discover it® Secured Credit Card|
|BankAmericard® Secured Credit Card by Bank of America|
Table: Top 6 Best Credit Cards for People with Poor Credit | Above list is sorted alphabetically
Who Benefits from Poor Credit Cards?
Let’s imagine that you’re in an economic situation where you are pinching pennies every month while waiting until the next paycheck comes around. Your salary is just enough to cover your monthly expenses, but sometimes bills make it to your mailbox before your paycheck does.
Your landlord is pretty strict when it comes to late payments, and your car loan company has also threatened to charge you late fees if you don’t pay on time. To cover these urgent expenses while waiting for your check to arrive, you have two options: a payday loan or credit cards for very poor credit.
Most payday loans will charge you around $15 for every $100 borrowed and expect to be repaid within 15 days. That amounts to an APR of well over 1000%. The best credit cards for people with poor credit, however, effectively offer you a month loan term at 0% interest. Even if you’re not able to pay off your entire balance a certain month, the highest APR for credit cards with poor credit won’t be any higher than 30%.
If you are habitually late on paying your bills but have enough income to pay your monthly expenses, your best option is to apply for one of the numerous good credit cards for poor credit available.
Furthermore, poor credit credit cards are usually a great option for people who are financially responsible. However, if the temptation of having a credit line of a couple thousand dollars in your back pocket is too much to handle, then credit card offers for poor credit may very well leave you more indebted in the long run.
What to Look for in the Best Credit Cards for Poor Credit
If you feel that credit cards for very poor credit may be the best choice for your financial needs, there are three features in credit cards for people with poor credit that you need to be aware of:
- Annual percentage rate (APR) on purchases: Though the goal of credit cards for people with poor credit is to pay off your monthly statement in full each month, sometimes things come up in life that make that goal impossible. For that reason, it’s important to find credit cards for very poor credit that come with a decent APR. There is a huge difference in paying a 24% APR and 29% APR on poor credit credit cards, especially when you have a balance of a couple thousand dollars.
- Annual percentage rate (APR) on balance transfers: If you have accumulated a hefty debt on another credit card and are looking to transfer that debt to a different credit card for very poor credit that offers a lower APR, you also need to be aware of the APR on balance transfers. Some companies offering credit cards for people with poor credit may advertise a low APR but charge a high balance transfer interest rate. If you are searching for credit cards for poor credit for balance transfers, it might make more sense to stick with your original poor credit credit card if you’re being charged a high APR to transfer that balance.
- Low penalty fees for late payments: Lastly, the best credit cards for poor credit should also have reasonably low penalty fees for late payments. If you are only a few days late on one payment, being charged $50 or more in late payment fees can cause significant economic harm to your budget. The top poor credit credit cards should charge low fees for late payments.
AdvisoryHQ’s Selection Methodology
What methodology does AdvisoryHQ use in selecting and finalizing the credit cards, financial products, firms, services, and products that are ranked on its various top rated lists?
Please click here “AdvisoryHQ’s Ranking Methodologies” for a detailed review of AdvisoryHQ’s selection methodologies for ranking top rated credit cards, financial accounts, firms, products, and services.
Detailed Review – Top Ranking Best Credit Cards for Poor Credit
Below, please find the detailed review of each credit card on our list of credit card offers for poor credit. We have highlighted some of the factors that allowed these credit cards for a poor credit rating to score so high in our selection ranking.
nRewards® Secured Credit Card from Navy Federal Credit Union Review
This top credit card for poor credit is only available to members of the armed services and their families. However, the terms and conditions on this card make it one of the best credit cards for poor credit out there.
The APR on the nRewards® Secured Credit Card starts at only 9.24% if you have a decent credit score. Even if your credit score isn’t the best, you’ll still be able to benefit from an 18.24% APR which is significantly lower than other credit cards for people with poor credit.
Furthermore, this credit card for very poor credit also comes with no annual fee and no ATM transaction fee. For military members who travel abroad frequently, this poor credit credit card also comes with zero foreign transaction fees. While other cards may charge up to $5 for each foreign transaction made, this credit card for people with poor credit will save you hundreds of dollars each time you travel.
Fifth Third Secured MasterCard by Fifth Third Bank Review
The Fifth Third Secured MasterCard is another of the top credit cards for people with poor credit. It will allow you to quickly rebuild your credit score while still letting you benefit from a decent APR and low fees.
This top poor credit credit card comes with a 24.24% APR which is decent for those with bad credit. Furthermore, the annual fee of $24 and $300 minimum deposit requirement are both lower than other comparable credit cards for people with poor credit. Since your credit line is tied to the amount of money you have in savings, as your financial situation improves, you will also benefit from an improved credit line.
Wells Fargo Secured Credit Card Review
Among the top credit cards for very poor credit, the Wells Fargo Secured Credit Card is another top option. This card can help you build your credit rating with responsible use and is also a good option for foreign nationals who aren’t able to apply for a regular credit card.
Source: Wells Fargo Secured Credit Card
This credit card for people with poor credit is top of the line because Wells Fargo will share your credit history on the card with the three major credit bureaus (Equifax, Experian, and TransUnion). This will allow you to start the process of building credit over time. Lastly, the $25 annual fee on this poor credit credit card is also on the lower end of the spectrum.
U.S. Bank Secured Visa® Card Review
The U.S. Bank Secured Visa® card is another top credit card for poor credit. With this top poor credit credit card, you can fund your deposit online via your checking or savings account – making it easy to improve your credit line through increasing your deposit once your financial situation improves.
Source: U.S. Bank Secured Visa® card
Furthermore, this credit card for very poor credit will also allow you to set up automatic bill pay so that you can avoid any sort of late payment fee.
Among credit cards for people with poor credit, this card offers quality rewards, including free auto rental insurance when you charge your rental car to this credit card for very poor credit. U.S. Bank also offers a number of quality online banking options to help you with your money management.
Discover it® Secured Credit Card Review
The Discover it® Secured Credit Card is another of the top credit cards for poor credit on the market. The top feature of this poor credit credit card is the perks that come included. Most credit cards for people with poor credit come with zero bonus features, but the Discover it Secured Credit Card not only comes with great cash back awards, but it also outcompetes other unsecured cards.
Source: Discover it® Secured Credit Card
You can earn 1% cash back on all regular purchases and 2% cash back for purchases at restaurants and gas stations. With this top credit card for poor credit, not only will you gain access to needed funds, but you can build your credit and make money on purchases as well.
BankAmericard® Secured Credit Card Review
Another great option for credit cards for people with poor credit is the BankAmericard® Secured Credit Card by Bank of America.
Among the credit cards for very poor credit, this option may even return your initial security deposit on the card. You can begin using your card for a deposit anywhere between $300 and $4,900, depending on the credit line you need. After 12 months, Bank of America will review your purchase history and may offer you a return on your deposit as well as upgrade your card to an unsecured option.
Furthermore, with this best credit for poor credit, you can also benefit from a number of quality mobile banking options including Digital Wallet which allows you to use Apple Pay, Android Pay or Samsung Pay for your online purchases.
Conclusion – Top 6 Poor Credit Credit Cards
Having a bad credit score doesn’t mean that you can’t get a credit card with poor credit.
There are a number of credit cards for poor credit out there, and if you do your research, you should be able to avoid having to visit the local loan shark or payday loan office which will charge you exorbitant credit cards.
Any of these six top poor credit credit cards reviewed above is a fantastic option to get you the credit you need without punishing you with high APRs and unnecessary fees.
AdvisoryHQ (AHQ) Disclaimer:
Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.