Las Vegas residents were hit particularly hard by the Great Recession. Unsurprisingly, the average Las Vegas credit score rests at just 647 – 34 points below the national average. If you were one of the many whose credit suffered in recent years, you might be able to bring yourself back up with a credit card. Here are the five best credit cards for rebuilding credit in Las Vegas.
1. Capital One’s Secured MasterCard
The Capital One Secured MasterCard comes with a free CreditInform membership. This service allows you to monitor your credit and track your progress while limiting your risk of identity theft. Also, this card, like all others on this list, reports to the three major credit bureaus.
The initial deposit is a refundable $49, $99 or $200, depending on your creditworthiness. There’s also an annual fee of $29, which is on the low end compared to other similar cards.The APR on purchases is a variable 22.9%, putting it on par with others.
This card comes with an initial credit limit ranging from $200 to $3,000. As you’re focused on rebuilding credit, not becoming the highest roller on the Las Vegas Strip, that should be all you need. That said, the limit can be increased over time with responsible use of the card.
Note that Capital One has the least-confusing terms out there. This can be an excellent feature if complicated terms on other cards have hindered your ability to manage your credit in the past.
2. CreditOne Bank’s Platinum Visa
The CreditOne Bank Platinum Visa comes with free, monthly credit tracking and offers rewards in the form of 1 percent back on gas purchases. As an added bonus, there’s no initial deposit required.
However, the annual fee can range from $35 to $99, depending on your credit. The purchase APR is variable and currently ranges from 17.9 to 23.9%, which is normal for this type of card. The minimum credit line is $300, which should be plenty if you’re predominantly using this card to strengthen your credit. If anything, the tighter limit might help curb any excess spending that is contributing to your weak credit.
3. First Progress’ Platinum Prestige Secured MasterCard
The First Progress Platinum Prestige MasterCard is very easy to qualify for; there is no minimum credit score requirement.
This card’s purchase APR is very low for a secured card, at a variable 11.99%. The annual fee is a bit steep, at $44, and your initial credit limit will be a reasonable $300 to $2,000. This is a no-frills credit card that does exactly what you’re looking for in terms of rebuilding your credit.
4. First Progress’ Platinum Select Secured MasterCard
The First Progress Platinum Select MasterCard is another card that’s easy to qualify for with a very attractive, variable 14.99% APR on purchases. And the annual fee is lower, at $39, although you will have to secure your credit with an initial deposit of at least $300
5. OneUnited Bank’s UNITY Visa Card
The OneUnited Bank UNITY Visa card is great if you’re the risk-averse type and just trying to rebuild your credit. It comes with a 17.99% purchase APR that is fixed through the expiration date, meaning it won’t change with market conditions during the time of use. Also, at $39, the annual fee is fairly reasonable.
This card offers a credit limit ranging from $250 to $10,000, which is more generous than most secured credit cards. Just be sure to select a limit you’re comfortable with so you don’t feel tempted to splurge.
The Bottom Line
With the mentioned credit cards, your economic woes can finally become just an unpleasant memory. The Capital One Secured MasterCard is the best all around card to rebuild credit due to its simplicity, but the CreditOne Bank Platinum Visa comes in a close second with its gas rewards. The others will suffice, as well, so be sure to get your finances back on track by obtaining a secured credit-building card.
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