#credit cards for people with poor credit
2015 Best Credit Cards For People With Bad Credit
People with bad credit tend to be recipients of fraudulent card offers that sound too good to be true, which of course they are. Watch out for phrases like no introductory APR, because these offers most likely have hidden fees or high interest rates attached to them. Any lower than a 15% APR is also unlikely to be a real offer if you have bad credit, and you are unlikely to qualify for rewards credit cards, either.
Get a good idea of your credit score to better assess what offers you truly qualify for, which will help you identify the fraudulent offers you are receiving. You can also avoid getting misled by terrible credit card offers by learning about the best credit cards out there for people whose credit reports are less than stellar.
Digital Federal Credit Union Secured
If you have a low credit score, a Secured credit card is the only kind you will be eligible for. The Digital Federal Credit Union Secured Visa card is one of few with no annual fee attached. The interest rate is also very low. With an APR of just 11.5%, no balance transfer fee and no cash advance fee, this card is an easy one to use. It also charges you no interest rate for cash advances. Not a member of DFCU? That s ok, because you can become one with a $10 to Reach Out For Schools.
Capital One Secured
The Capital One Secured Mastercard has the lowest security deposit, as well as a low annual fee of only $29. An annual fee that low is hard to find. Those with bad credit, and even people just out of bankruptcy, will find this card very hospitable and user-friendly. It also has one of the lowest minimum deposits you can find, at $49. And the deposit can be paid in installments. You can get this card in order to build up your credit score, and then close the account, get your deposit back, and get a card with a lower APR.
The USAA Secured credit card is the best for those in the military. If you are a veteran or active member of the military, or are a spouse, widow/widower or a child of one, membership is open to you and you are able to apply for this card. The USAA Secured card has a low interest of 9.9%, and relatively low fees.
What kinds of offers to avoid
Netfirst Platinum and Horizon Gold are cards that only allow you to gain credit towards their outlet stores. Using them will not improve your credit at all, so the fees are not worth it.
Unlike those, First Premier is a legitimate credit card, but should also be avoided. With a $75 fee, your $300 credit limit becomes merely $225. After the first year, they take a 25% cut from any increase in your credit limit.