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2019

Bad Credit Credit Card Reviews

What are the best Credit Cards for People with Bad Credit? Do you need a credit card, but can't get approved because of bad credit or no credit history? Don't worry - there are credit cards that cater to individuals with credit issues. In fact, using a credit card responsibly is a great way to improve your credit and rebuild your credit history. That includes making payments on time, keeping your spending within your credit limit, and making efforts to pay off your balance as soon as possible.

The Best Bad Credit Credit Cards

Finding a quality credit card that serves individuals with bad credit takes some research. Make sure you look closely at the terms and conditions of any bad credit credit card to make sure the company isn't taking advantage of your lack of credit. Responsible spending, and close attention to the details of your credit card contract, go hand in hand.

When comparing bad credit credit cards, you should pay particular attention to the following areas:

  • Annual fees. Annual fees are pretty common on credit cards for individuals with a lower credit score. Make sure you understand what that charge is.
  • Interest rates and penalties. Given your financial history, your credit card will probably carry a larger APR than people with excellent credit. Make sure you compare different bad credit credit cards to find the best rate possible. Also, understand what penalties exist with any credit card you're considering.
  • Grace period. Find out the purchase grace period for the bad credit credit cards you consider, and how long you have to pay off the charge before you're assessed fees.

The Best Bad Credit Credit Cards

TopConsumerReviews.com has reviewed and ranked the best bad credit credit cards available today. We hope these reviews help you find the right credit card to improve your financial health right away!

 

Rebuilding Your Credit with Credit Cards

Sworn off credit cards due to irresponsible spending? Don't act too fast! You may be in denial if you think you can manage without a credit card. Access to a Visa or MasterCard is necessary for renting cars, shopping online and even holding reservations at certain restaurants. Thankfully, credit cards may have gotten you into debt but can also help get you out. Here's how to improve your credit score with credit cards:

  • The first step to improving your credit score is to understand how the three credit bureaus report your financial activity. Periodically, your credit card, mortgage, car loan, and other companies will report your good and bad credit activity - much like a report card. If payments are made late or you're over your line of credit you'll see a bad mark on your credit report. Negative activity will remain on your credit report for long periods of time and when other lenders check on your credit worthiness they are either less inclined to lend you money or will do so at a much higher cost.
  • Before you make that next purchase consider if it's a need or a want. Your credit score is impacted by how much credit you're currently utilizing. For example, if you have a $1000 credit limit it's more favorable to your credit score if you only utilize between 10% and 30% of that limit. Meaning, maintaining a balance of $300.00 or less will favorably impact your credit score.
  • You've heard this one over and over but it's still worthy of a reminder. Making on-time minimum credit card payments consistently has a significant impact on your credit score. Budget appropriately and pay your creditors before the due date each month.
  • Don't exceed your credit limit. Creditors are quick to report credit limit issues to the credit agencies and this will instantly stand out. Utilizing only a portion of your available credit is most favorable but not exceeding your credit limit is a no-no. In fact, paying off your credit card each month will help you best budget your money and demonstrate responsible spending to creditors.
  • If you're credit cards have been closed, due to irresponsible spending, apply for a secured credit card. These cards typically allow for you to gain access to a Visa or MasterCard with your collateral deposit. Often after 6 to 12 months of responsible spending companies will upgrade the card to a more traditional line of credit. Gaining access to credit again, and using it responsibly, will positively impact your credit score.
  • Once you've improved your credit score you should upgrade to a better credit card with fewer fees and a lower interest rate. This will continue to benefit you financially which will be reflected within your credit score.

Responsible credit card spending is the key to improving your credit score. Make payments on time, mind your spending limits and even apply for a secured card if needed to get your credit score headed in an upward direction.

 

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