6. Capital One QuicksilverOne Cash Reward Card
Credit cards for fair credit are easier to find than those for bad credit. If your credit score is fair and you want an unsecured credit card, consider the Capital One Quicksilver One Cash Reward card. You'll pay a $39 annual fee, which comes with benefits like free credit monitoring and unlimited, 1.5 percent cash back with every purchase. In addition, you might be able to access higher credit limits if you make the first five payments on time.
Find Out: 10 Things You Should Never Put on a Credit Card
Start Building Your Credit
Even with poor credit or no credit, you can still get a credit card to build or rebuild credit. A credit card can make paying for things very convenient — but you must be responsible with it; avoid getting into debt if you want to increase your credit score and open up other credit options in the future.
Compare credit cards to see which one works best for your financial situation. Consider prequalified credit cards because a credit card application will appear on your credit report as an inquiry but will not have a negative effect on your credit report or credit score. Do your research and pick a card before applying; there's no such thing as guaranteed-approval credit cards, and if you apply for too many credit cards in a short period of time, it could hurt your credit.
When you're ready to apply for your card, you might be able to do it online and even get an instant-approval credit card.
Easiest Types of Credit Cards to Get
You can also improve your credit score with a couple of these credit card options, provided you make timely payments.
- Store credit cards: Store cards might be the easiest credit cards to get with bad credit because they generally don't require a high credit score. In addition, you can build your credit with a store card. You are, however, limited to using it at that particular store, typically a department store.
- Prepaid cards: A prepaid credit card works like a debit card; you make a deposit to the card and withdraw the funds as you make purchases. You won't build your credit with a prepaid credit card because issuers typically don't report your usage to the credit bureaus.
- Secured credit cards: Like prepaid credit cards, secured credit cards require a deposit. If you fail to make the payments, you'll lose your deposit. Unlike prepaid cards, secured credit card issuers report your payment history to the credit bureaus so you can repair and build your credit with this type of card. Because credit cards for bad credit with no deposit can be hard to find, you might get a secured card as a good alternative.
Methodology: GOBankingRates.com identified the best credit cards by analyzing purchase APRs, credit card fees, rewards and offers. All fees and rates are subject to change at the credit card issuers' discretion. And, some bonus offers may or may no longer be available on the credit card issuers' websites, depending on how you access the web page.
GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article.