credit cards for bad credit

Blog TLDR

Using credit cards are a great way to rebuild credit scores. Here’s a list of the best credit cards that accept applicants with bad credit.

List of credit cards for bad credit:

Having bad credit is surely a point of anxiety for many. Our credit scores follow us everywhere we go and affect our lives in many ways. For some it could be a reason not to own property or even land that dream job. The good news is that credit cards for bad credit exist and your credit score is not permanent and could be fixed with just a few steps. One of the most effective ways to rebuild credit is by using a credit card, and making sure that at least the minimum payment (usually around 10% of the owing balance) is paid before the due date. Many people feel stuck wondering how they could rebuild their credit if they can’t get approved for any credit cards. Fortunately, there are many credit cards designed for just that, repairing our credit score!

Secure vs Unsecure credit cards

Secure credit cards require the user to pay a deposit before being able to use it whereas unsecured credit cards require no deposit but are considered a type of loan. Even though they require a deposit, secure credit cards are a good way to rebuild your credit score if you are unable to get approved for traditional credit cards. They offer the same perks as regular credit cards, such as letting you rent a car and are a great way to learn about managing credit cards. Here are is a list of the best credit cards for rebuilding your credit score:

List of the best secured credit cards for rebuilding credit

secured credit cards for rebuilding credit
  • 19.9% on Purchases.
  • 19.8% on Cash advances.
  • Guaranteed Approval.
  • Annual fee: $ 59.
  • Limit $ 300- $ 2500.
This card has a guaranteed approval and the credit limit is matched to the amount of the secured deposit, up to a limit of $ 2500. It provides the possibility of improving your credit score while enjoying perks such as liability protection, in case of fraud or loss, and access to MasterCard’s Global Service.
credit cards for rebuilding credit
  • 19.9% on Purchases.
  • 19.99% on Cash advances.
  • Guaranteed Approval.
  • Annual fee: $ 0.
  • Limit $ 500- $ 10,00.

Although approval is not guaranteed, virtually all the applicant get approved. This card offers a great way to establish your credit for no annual fee. The credit limit is matched to the amount of the secured deposit, up to a limit of            $ 10 000 and offers the same convenience as any other VISA card.  

secured vs unsecured credit cards
  • 17.99% on Purchases.
  • 19.8% on Cash advances.
  • Guaranteed Approval.
  • Annual fee: $ 12.95.
  • Limit $ 200- $ 10,00.

This card offers guaranteed approval with a low annual fee. It is a good option for anyone that needs to rebuild credit or that has previously filed for bankruptcy as every applicant is approved without a credit check.

List of the best unsecured credit cards for rebuilding credit

credit cards for bad credit
  • 14.9% on purchases and balance transfers
  • 19.8% on Cash advances.
  • Guaranteed Approval.
  • Annual fee: $ 79
  • Limit $ 0- $ 300

This card offers lower interest rates while still offering standard credit card perks such as extended product warranty and travel benefits. Although it has an annual fee of $79, it could represent significant savings on interest charges if transferring a previous balance from higher interest cards. It’s a great way to save on interest costs by transferring previous credit card balances with high to this lower interest card.

secured vs unsecured credit cards
  • 11.9 % - 19.99 % on Purchases
  • 11.9 % - 19.99 % on Cash advances.
  • Annual Fee: $ 20

This card offers a low interest rate but this rate is only available for Fair to Good credit scores (670- 739 scores). RBC will assign the cardholders an interest rate anywhere between 11.9% and 19.99% which is why it is mostly recommended for folks with fair-good credit scores. It does offer other perks such as extended warranty and gas savings with Canada’s Petro-Points program.

All of these cards are great options for anyone looking to build or rebuild their credit score. When choosing the right card, it is important to make a decision based on the credit card features as well as your current credit score. Before applying to credit cards that require a credit check it’s critical to keep in mind that each credit check affects your credit score, especially when there are numerous applications. Avoiding too many credit checks in a short period of time is important. Paying off at least the minimum required payment before the due date will surely improve a credit score, but other factors, such as paying cell phone bills on time will also affect your credit score. Therefore, it is important to keep all of these other factors in mind.

Subscribe to our Newsletter

Get all the latest information related to financial wellness, and be in control.

About Chango

Control all aspects of your finances. Learn about what you need to know to make smart decisions. But most of all, have trust that we’re here to help. In the end, you’ll have more time to do what you love.

Our Value's

Passionate
Playful
Approachable
Empowering

Resource Center

Ready for something awesome?