People with poor credit scores can have a new credit card, but their options will be severely limited. According to the experts at SoFi, one choice is to apply for a secured credit card, but that would require the consumer to place a deposit in the amount of the credit limit. The other option is to apply for a credit card that is specifically for low credit scores, but these come with high fees and interest rates. Whichever option the consumer chooses, it must be used for the purpose of building a better credit profile.
OpenSky Secured Visa Credit Card
This credit card is an excellent option for someone with poor credit scores. The applicant doesn’t have to submit to a credit check, so the person’s credit scores don’t matter. The annual fee is only $35, and the APR is variable at 18.14%. Without a credit check, the applicant will have the chance to have their credit lines increased after six months have passed, and this does not require that they make an additional deposit. In that same amount of time, they will be considered for the OpenSky Gold Unsecured Card.
Capital One Platinum Secured Credit Card
People with poor credit scores are not the only ones with difficulties qualifying for credit cards. If a consumer doesn’t have a credit history, this is another reason that credit card issuers tend to turn down these applicants. The Capital One Platinum Secured Credit Card doesn’t require the applicant to have a credit history at all, and it doesn’t charge an annual fee.
Mission Lane Visa Credit Card
The Mission Lane Visa Credit Card welcomes consumers with credit scores between 300 and 670 to apply. Depending on the consumer, they may not have to pay an annual fee. This card gives consumers the opportunity to receive a higher credit limit if they make their first six payments on time. In addition to that, interest will not be charged on purchases if they pay their bills in full at the end of the month.
Tomo Credit Card
This credit card will not look into an applicant’s credit history, and it will not perform a credit check of any kind. The other positive attribute this card has is that it doesn’t apply interest charges and has no annual fee.
Bank of America Customized Cash Rewards Secured Credit Card
People with poor credit from 0 to 649 can qualify for a rewards credit card with the Bank of America Customized Cash Rewards Secured Credit Card. They have the option of choosing where they would like to receive 3% cashback. It can even be in the gas category. Along with 3% cashback, the consumer also earns 2% cashback at wholesale clubs and grocery stores and 1% cashback on all other purchases. Even though it is a secured credit card, it reports to the three credit bureaus every month. To find the best new credit card, visit SoFi. There, you will be introduced to a credit card that will earn 3% cashback and also help you earn up to $300.