2017 RANKING & REVIEWS
TOP RANKING BEST UNSECURED CREDIT CARDS FOR BAD CREDIT
Unsecured Credit Cards for Poor Credit: A Second Chance Shouldn’t Mean Lots of Limitations
Poor credit is a pain to live with. You need good credit in order to get credit, but in order to improve your credit, you need access to some.
For those who struggle to get approved for the most common credit product out there – the credit card – finding unsecured credit cards with bad credit can feel like an impossible task.
The option available for consumers who want to build their credit by any means necessary is secured credit cards.
Secured credit cards work exactly the way unsecured credit cards do; the only difference is that you provide your credit card company with a security deposit that they can use if you fail to make payments. But many people don’t want this. They would rather have unsecured credit cards for bad credit with no deposit.
Award Emblem: Top 6 Best Unsecured Credit Cards for Bad Credit
Finding unsecured credit cards for bad credit with no deposit required sounds like a hunt for the personal finance holy grail, but it is not a totally hopeless pursuit. With some persistence, consumers can dig up those unsecured credit cards for bad credit with no deposit. To save you some time, we have rounded up a few of the best unsecured credit cards for bad credit.
This list will provide you with an overview of some of the unsecured credit cards for bad credit that are available on the market. Bad credit unsecured credit cards provide cardholders with the flexibility they seek.
The other perk of unsecured credit cards for people with bad credit is that they do not have to wait until they have entirely improved their credit to get access to an unsecured card. Browse our picks of the best unsecured credit cards for poor credit, and get started rebuilding your credit score.
AdvisoryHQ’s List of the Top 6 Best Unsecured Credit Cards for Bad 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):
- Credit One Bank Unsecured Visa Credit Card
- Credit One Platinum Visa
- Discover it® Secured MasterCard
- Indigo Platinum MasterCard
- Milestone Gold MasterCard
- Total VISA Unsecured Credit Card
Top 6 Unsecured Credit Cards for Poor Credit | Brief Comparison & Ranking
Credit Card Names
Purchase APR Intro Offer
Annual Fee Intro Offer
Credit One Bank Unsecured Visa Credit Card
15.65% – 24.15%
Credit One Platinum Visa
15.65% – 24.15%
Discover it® Secured MasterCard
Indigo Platinum MasterCard
Milestone Gold MasterCard
Total VISA Unsecured Credit Card
$75 (for the first year)
Table: Top 6 Best Unsecured Credit Cards for Bad Credit | Above list is sorted alphabetically
The Argument for Choosing a Secured Credit Card (The Downside of Unsecured Cards for Bad Credit)
The biggest reason people do not like the idea of secured cards instead of the best unsecured cards is the required security deposit. Many of us use credit cards in the first place to buy something when we don’t yet have the money, so providing the balance of the card upfront seems counterintuitive.
Moreover, the security deposit does not cover your monthly payments. You are still required to make minimum payments and are permitted to carry a balance, the way you would with the best unsecured credit cards. The security balance is only used if you fail to meet the monthly responsibilities of your secured card.
Image Source: Best Unsecured Credit Cards for Poor Credit
That said, it is also important to recognize the reasons you are looking for poor credit unsecured credit cards in the first place. For some people, dire circumstances led them to turn to credit cards as a source of money, but in many cases it has to do with poor spending habits and ill-advised financial choices.
As a result, using secured cards instead of looking for the best unsecured credit cards may be your best bet. You will not take out credit for more than you actually have, and you can practice managing monthly payments and purchases with the safety net of your security deposit.
The great thing about secured cards is that most providers review your account after twelve months to see if they can refund your deposit and upgrade you to some of their best unsecured credit cards.
Keep in mind that the interest rates provided for the cards in these reviews are estimates. The actual rate you will receive for your unsecured credit cards for poor credit depends on your precise credit score and credit card application.
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.
Credit One Bank Unsecured Visa Credit Card Review
Unsecured credit cards for bad credit can be a tremendous find, so long as you take on this new card with a strategy. Credit One Bank provides customers with unsecured credit cards to rebuild credit, so make sure you are not taking one step forward only to take two steps back. Use your best unsecured credit cards responsibly to boost your credit score.
In a way, the Credit One Bank Unsecured Visa Credit Card is one of the best bad credit unsecured credit cards for this. While the interest rate is a little higher than the best unsecured credit cards, those interest rates are reserved for people with great credit. The variable rate of 15.65% – 24.15% is the tradeoff if you want unsecured credit cards for bad credit with no deposit.
It’s also extremely helpful. How? Well, you should be aiming not to carry a balance on your unsecured credit cards for bad credit. Hopefully, this interest rate will act as a deterrent to putting more than you can afford on your unsecured credit cards to rebuild credit.
The other great thing about these unsecured cards for bad credit from Credit One is the fact that the annual fee (after the introductory rate of $0) is charged on a monthly basis. So the burden of paying this fee on your unsecured cards with bad credit is spread out throughout the year.
Credit One Platinum Visa Review
The Credit One Platinum Visa is another product from the Credit One family of cards. This is an ideal company to turn to if you are looking for unsecured credit cards to rebuild credit. In fact, the company even advertises these products as unsecured credit cards for people with bad credit who want to rebuild their credit.
Image Source: Best Unsecured Credit Cards for Bad Credit
Credit One has a reputation for approving applicants with bad credit. As mentioned earlier, finding unsecured credit cards for bad credit is not an impossible task, but as we also said, there is a trade off. Companies that provide bad credit unsecured credit cards need ways to offset the risk associated with lending to someone with a poor credit score.
The two easiest ways to do this is through higher fees and higher interest rates.
Higher interest rates on unsecured credit cards for people with bad credit can be avoided by simply not carrying a balance on your card. Pay your unsecured credit cards with bad credit in full each month, and you won’t have to worry about it.
Annual fees, on the other hand, can’t be avoided. This is a sacrifice you will have to make in getting an unsecured card for bad credit from Credit One. This card comes with an annual fee of $99 and an introductory rate of $75.
These unsecured cards with bad credit are great for another reason: they have flexible payment dates. That’s right. Sticking true to their purpose of being unsecured cards for bad credit, these cards work on your side to help you rebuild your financial history by giving you the flexibility you need to make payments on time.
You can also track your credit score for free online when you choose unsecured credit cards for poor credit from Credit One.
Discover it® Secured MasterCard Review
Of course, you have spotted the word “secured” in the name, so you’re probably asking, “Why is this on a list of the best unsecured credit cards for bad credit?” Well, there are a few unsecured credit cards with bad credit that, on their face, look unbelievably promising to those looking for poor credit unsecured credit cards.
Part of our goal is to keep you aware of potential pits you could fall into while searching for something like poor credit unsecured credit cards.
Had a certain pitfall been included on this list, alphabetically it would have fallen right here. It is the First Premier line of credit cards.
While providers are certainly entitled to extend higher rates to offset the risk of providing poor credit unsecured credit cards, there are instances in which rates can be predatory. The First Premier Credit Cards are usually approved for people with low credit, but they come with astronomical interests rates of almost 50 percent.
That can be catastrophic for someone trying to rebuild their credit. The search for the best unsecured credit cards for bad credit can feel desperate at times, but look out for cards like this to avoid digging yourself into a deeper hole.
This is why we included the Discover it® Secured MasterCard instead – to provide an alternative option. If you are at a point where predatory unsecured credit cards for bad credit with no deposit required like the First Premier card are the only unsecured credit cards for poor credit you can get, consider looking for secured ones instead like the Discover it® Secured Card. This card does require a security deposit, but there is no annual fee, and it works like a regular credit card so that you can rebuild your credit history.
Indigo Platinum MasterCard Review
It’s like the Indigo Platinum MasterCard was specifically designed for people looking for unsecured credit cards for bad credit with no deposit required.
Applying for any card, let alone unsecured credit cards for poor credit, can cause your credit score to take a hit. With these top rated best unsecured credit cards for bad credit, you can go through the pre-qualification process without your credit score sustaining any blows.
And the Indigo Platinum MasterCard is not just forgiving of poor credit. These bad credit unsecured credit cards are welcoming to those who even have a bankruptcy in their credit history.
The card is accepted at over 35 million vendors across the globe, and these unsecured credit cards for bad credit with no deposit are optimized to be mobile-friendy. The Indigo card is also set apart from other unsecured credit cards to rebuild credit by the status of the MasterCard brand.
Milestone Gold MasterCard Review
With the Milestone Gold MasterCard, customers get a swift pre-qualification process that gives them answers about the status of receiving unsecured credit cards with bad credit. Additionally, your chances of securing these poor credit unsecured credit cards is not dimished based on past mistakes – even past bankruptcies.
So long as you can demonstrate a recent history of relative financial responsibility, you stand a chance of getting unsecured credit cards for bad credit with no deposit from this company. You also get access to free 24/7 online account access, which is a must for any card considered among the best unsecured credit cards.
Total VISA Unsecured Credit Card Review
This card is specifically for those who are in a tight spot, and need to get approved fast for unsecured cards with no credit. But keep in mind that the rates on the Total VISA Unsecred Credit Card are high, plus there is a processing fee in addition to an annual fee. The trade off is that approvals are very quick, even for those with bad credit.
Things to keep in mind when applying for these unsecured credit cards to rebuild credit:
- Do not carry a balance: the APR is 29.99%. You can dig yourself into a deep hole with such a rate.
- Take the processing fee into account: To even get the card, you have to pay a processing fee, which is not a common occurrence.
- Don’t forget that there’s still an annual fee in addition to the processing fee on these poor credit unsecured credit cards. The annual fee is automatically charged to your account, meaning that you start off with a balance already on your card. It’s $75 for the first year and then $48 thereafter (which is a bit of a reversal, since usually the intro rate is lower).
Depending on how dire your specific situation is, these could be the best unsecured credit cards for you so long as you use your best unsecured credit cards for bad credit carefully, mindfully, and cautiously.
Conclusion – Top 6 Best Unsecured Credit Cards
Navigating the subprime credit card market can be very frustrating. Choosing to do away with secured credit cards and find the best unsecured credit cards for bad credit is doubly frustrating.
There are options out there for the best unsecured credit cards for people who want to rebuilt their credit, but be wary of predatory lenders.
Finding unsecured credit cards for bad credit with no deposit should not come at the expense of your long-term financial health, so read the terms and conditions carefully and know exactly what you’re signing up for.
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.