Top Credit Cards for Bad Credit 2020

by admin August 20, 2020
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Discover it card

Best Credit Cards for Bad Credit 2020:

If your credit score is below 580, then it will put you in the bad credit category. If you fall into this category, then you will likely have some trouble qualifying for the credit card. But that doesn’t mean, you are not getting any credit card. There are few credit cards in the market, which will help you with your small credit histories.

Secured cards will be the best choice for people, who have a very bad credit score. For these cards, you have to make a security deposit of $200. For every payment you make using this card, will improve your credit score.

After you reach to the fair or good credit score limit, then you can apply for another new card.

Best Credit Cards for Bad Credit:

Discover It Secured

The Discover It Secured is one of the best-secured credit cards in the market. In this card, you can access a great cash rewards program. Usually, this kind of offer reserved for consumers with better credit. With the responsible credit usage, the Discover gives you a quick path to upgrade to an unsecured card.

Annual Fee: $0.

Benefits:

  • This card comes with a very good rewards program. At gas stations and restaurants, you can earn 2% cash back on up to $1,000 in purchases. You will also get 1% cashback on all your other purchases.
  • Your cashback of Discover it Secured Card will be matched in the first year. At the end of your first year Discover membership, they will match the cash back that you earned.
  • This card will help you to improved your credit history. If you make all the payment on time, that may help you to upgrade your card to an unsecured card.

Drawbacks:

  • For this card, you have to pay at least a $200 deposit. To fund the card, you must have enough money on the hand. If you manage your card will, then you will get the deposit amount back.

Apply: Discover It Secured Credit Card

OpenSky Secured Visa Credit Card:

If you are looking for an easy to qualify card, then the OpenSky Secured Visa Credit Card is a decent option. OpenSky Secured Visa Credit Card does not require the check, so, you can easily qualify for this card.

Annual Fee: $35.

Benefits:

  • The credit check is not required for the OpenSky Secured Visa Credit Card. While applying for this card, OpenSky does not check your credit, which means there is no hard inquiry on your credit report.
  • With this card, you don’t have to worry about the cost maintenance fees.
  • The APR for this card is 17.39%, which is the same for every OpenSky Cardholder.

Drawbacks:

  • For this card, you have to make a direct deposit of $200, that does not unreasonable compared with the other secured cards.
  • For the OpenSky Secured Visa Credit Card, you don’t have to pay an annual fee of $35.
  • There will be no rewards program with this card.
  • You have to be careful to use your card regularly. If your card becomes inactive, you will be charged around $10 per month.

Apply: OpenSky Secured Visa Credit Card

Also Read : Best Balance Transfer Credit Card 2020

Discover It Student Cash Back:

If you are a student and looking to build your credit score, then Discover It Student Cash Back Card would be a great option for you. In this card, you will get the same cash back rewards program as Discover’s prime cashback card. Even at the end of the year, you can earn good grades.

Annual Fee: $0.

Benefits:

  • As the Discover It Student Cash Back is an unsecured card, so, you don’t have to worry about the security deposit.
  • This card comes with a great rewards program. In this card, you can earn 5% cash back on rotating quarterly categories. You can get the cashback at groceries and restraints using this card. Using the Discover it Student cashback card, you can be earned up to $1,500 per quarter. On all the rest of the purchases, you will get a flat 1% cashback.
  • For the good grades, you will get a $20 statement credit.

Drawbacks:

  • Discover It Student Cash Back card is only available for the student. To apply for this card, you have to be a college student.
  • Discover It Student Cash Back Card is only available for the students with limited credit histories. So, you might get a harder time to get approved for.
  • You will be charged some maintenance fees for this card. To earn 5% cashback on your purchase, you need to enroll each quarter. Otherwise, you will only get to earn 1% cashback.

Apply: Discover It Student Cash Back

Conclusion:

If you have a very bad credit score, it might get harder to get approved for a good credit score. But there is some credit card, that you can apply with your average credit score. You can apply for the above-mentioned credit cards with your bad credit.

Reference :

Discover It Secured Credit Card

OpenSky Secured Visa Credit Card

Discover It Student Cash Back

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