Bad credit is sometimes like a curse. Good consumers go through rough periods and have a difficult time recovering because of the deterioration of the trust that they destroyed with the creditors. Fortunately, some solutions still exist for such people.
One solution is to apply for a credit card that offers easy approvals for people with bad credit. These credit cards often have lower qualifying criteria and lenient application methods just to give consumers a chance to recover from credit problems. The following are a few of the best credit cards offering easy approvals for people with bad credit.
Open Sky Credit Card
The Open Sky credit card falls under the category of secured cards. A secured card is one that the consumer has to pay a security deposit to obtain. The card company keeps the deposit for a specified amount of time and then returns it when the consumer has proven himself or herself trustworthy. Usually, the card company keeps the card for about a year and then releases it. The consumer does not need good credit to obtain a card, but he does need a valid social security number. The card offers a fair interest rate and reports to the credit bureaus every month.
Capital One Secured Card
The Capital One secured MasterCard is another option that someone may want to look into if he has very poor credit. Like the Open Sky card, the Capital One option must be secured by a deposit. However, Capital One provides some of its applicants with partially unsecured funds. For example, an applicant may only have to pay a $50 deposit for a card that has a $200 initial limit on it. Additionally, the card charges no annual fees and cardholders can qualify for increases after making five or six timely payments.
Discover It Secured
Discover offers a secured option for people who have fair credit. The card offers benefits like a monthly credit score, payment reporting and up to 2 percent cash back on certain purchases. The balance transfer APR on the card is only 10.99 for six months.
Credit One Bank
The Credit One Bank card is a great option for a person who has bad credit. Its amazing features and the due date flexibility put it in a league of its own. Cardholders can earn 1 percent cash back on their purchases and they can reap some of the other benefits that the card offers like timely credit line increases. The card has a fair APR, but it also has an annual fee. Interested persons can see if they qualify for the card without placing a hard inquiry on their credit reports. The card has almost a five-star rating from many customers.
Milestone Gold MasterCard
The Milestone Gold MasterCard is a fairly new option that allows people with very poor credit to get back on track. The card works on a tiered system. A new cardholder may have a $35, $59 or $99 annual fee depending on his or her credit score. The annual percentage rate for the card stays the same and does not change. The consumer’s reputation changes as the company report the timely payments that the person makes. To apply for a card, an interested person can simply visit the page and complete a short form to find out if he or she qualifies.
The Indigo MasterCard is another fairly new card option for people who have undesirable credit scores. Indigo offers cards on the same tiered system that Milestone uses. The annual fee can vary, and it can be as much as $99 or as little as $0. If an applicant cannot obtain an approval for an Indigo card, the provider may offer that person a card with another bank or company.
The Total Visa is a card that has been around for many years. It is a legitimate unsecured credit card, which means that the consumer doesn’t have to pay a deposit. However, the applicant will have to provide something called a processing fee. The person must pay the processing fee before the credit card company will issue the account. Additionally, the applicant has to have a bank account that he or she will use to pay the deposit. This is just another security measure that also establishes trust between the lender and the buyer.
The First Access card is similar to the Total Visa and works the same exact way. Interested persons can see if they qualify today. Hopefully, this piece has been informational and has provided thorough details on the best credit cards offering easy approvals for people with bad credit. Many options are available for the people in the world who have not had such a spectacular time in the realm of finance. These options can help those people to reestablish their trustworthy reputations and get back on track A full recovery is possible with some hard work and dedication.