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Review: Top 3 Credit Cards for Bad Credit

July 23, 2019

If you are someone with bad credit, there is no need to despair. Certain credit cards are available that can help you rebuild your credit and repair your score. Once you sign up for one of these, remember to keep your balance low, relative to the credit limit. Make your payments on time each month and you will see a gradual improvement in your score.

An ideal credit card for someone with bad credit should be one that has low upfront fees, offers pre-qualification checks, and reports to all three credit bureaus. Our top picks for cards in this category are as follows.

Discover it Secured: After being approved, to establish a credit line, you need to provide a refundable security deposit ranging from $200 to $2,500. Starting at eight months, the issuer automatically reviews your history to determine if you can be transitioned to an unsecured line of credit. Rewards offered include 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases every quarter, and unlimited 1% cash back on all other purchases. What’s more, the issuer automatically matches all the cash back you’ve earned at the end of the first year.

This card charges no annual fee, and there is no introductory purchase APR. The regular APR stands at 24.99% variable, while the introductory balance transfer APR is 10.99% for 6 months.

Credit One Bank Visa Credit Card: You can see whether you qualify for this card without affecting your credit score. Thanks to regular evaluations by the issuer, you are informed as soon as you are eligible for a higher credit line. Rewards include 1% cash back rewards on eligible purchases including gas, groceries, and services such as mobile phone, internet, cable and satellite TV. The card offers Zero Fraud Liability for unauthorized charges, and the issuer allows you to choose a monthly due date that works for your schedule. Moreover, you can set up custom email or text alerts that inform you about your payment due date, when your payment posts, or if your available credit runs low.

The card may charge an annual fee varying between $0 - $99. There is no introductory purchase APR or introductory balance transfer APR, and the regular APR stands at 19.99% - 25.99% variable.

Capital One Secured Mastercard: Based on your credit-worthiness, you need to make a deposit of $49, $99, or $200, after which you get a credit line of $200. You are provided access to a higher credit line after making first five monthly payments on time. This card doesn’t offer cash back, miles, or points, but it is accepted at millions of locations worldwide.

There is no annual fee, introductory purchase APR or introductory balance transfer APR. The regular APR for this card is 26.99% variable.

If your credit score has recently taken a hit, you can choose from any one of the three cards listed above to rebuild it. However, if you have a good credit score and need funds, you can contact our team at Fund&Grow. We offer you the opportunity to receive $50,000 - $250,000 of unsecured credit at 0% for a period of 6, 12 to 18 months. This amount can be used for anything, from financing a business to providing a down payment on a property. So, if you have any such requirement, call us at (800) 996-0270 and we will do our best to help you out.

Ari Page Ari Page is the CEO of Fund&Grow. He resides in Spring Hill, Florida with his wife and two children.

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