If you are looking for Cheap Credit Cards for Bad Credit, you have come to the right place. This blog post will discuss some of the best cheap credit cards for bad credit available on the market today. We will also discuss finding the perfect card for your needs. So, whether you are just starting with rebuilding your credit or you need a low-interest card that offers rewards, we have got you covered!
What are cheap credit cards for bad credit, and why should you consider them?
Cheap credit cards for bad credit are great for people with poor credit and looking to rebuild their credit score. These cards usually have low-interest rates and annual fees, making them more affordable than other cards.
In addition, these cards can help you build up your credit history, which will eventually help you qualify for better rates and terms.
Overall, cheap credit cards for bad credit can be a great option for people trying to rebuild their credit.
What are some of the best cheap credit cards for bad credit available today?
Finding a Credit card for bad credit can be tricky. But don’t worry. We have researched for you and compiled a list of some of the best cheap credit cards for bad credit available on the market today!
I have categorized these credit cards into two different categories:
- No Annual Fee Credit Cards
- Low-Annual Fees Credit Cards
Let’s take a look at each category in more detail.
No Annual Fee Credit Cards for Bad Credit
#1. Discover it® Secured Credit Card
The Discover it Secured Credit Card is one of the best credit cards for bad credit because it has no annual fee, gives you cash back rewards, and helps you build your credit.
You don’t need a credit score to apply, and you can get a refundable security deposit of at least $200 to establish your credit line. The security deposit equals your credit limit.
After seven months, Discover will review your account to see if you can transition to an unsecured line of credit and return your deposit.
With this card, you’ll earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Plus, you’ll automatically earn unlimited 1% cash back on all other purchases.
Pros & Cons:
- No annual fee
- Builds credit history
- Earn cash back rewards
- Free FICO score access each month
Cons:
- Requires a security deposit
- Rewards are capped
- Secured cards don’t provide many of the perks unsecured cards do
Why we like it:
The Discover it Secured Credit Card is one of the best credit cards for bad credit because it has no annual fee and helps you build your credit. You can also earn cashback rewards, which is a nice perk.
#2. Capital One Platinum Secured Credit Card
Capital One Platinum Secured Credit Card is one of the best cheap credit cards for Bad Credit.
There are no annual or hidden fees. You could be approved in seconds, and there is a $200 initial credit line with a refundable security deposit starting at only $49.
You can earn your security deposit back as a statement credit when you use your card responsibly, and you could be automatically considered for a higher credit line in as little as six months with no additional deposit needed.
This card also offers $0 Fraud Liability so that you won’t be responsible for unauthorized charges. Monitor your credit score for free with CreditWise from Capital One.
Pros & Cons:
- No annual or hidden fees
- Low-security deposit
- Earn your security deposit back as a statement credit when you use your card responsibly
- $0 Fraud Liability Protection
Cons:
- No rewards program
- High APR
- It May is not available to borrowers with seriously damaged credit
Why we like it:
The Capital One Platinum Secured Credit Card is one of the best cheap credit cards for bad credit because it has no annual or hidden fees.
#3. Petal® 1 “No Annual Fee” Visa® Credit Card
One of the best things about the Petal visa credit card is that there is no annual fee. This makes it a great option for people looking to rebuild their credit or those trying to save money on fees.
The variable APRs range from 20.74% to 30.24%, and the credit limits start at $300 and go up to $5,000.
Using the card responsibly, you can earn a credit limit increase in as little as six months.
Another great thing about the Petal card is that they do not require a credit score for eligibility. Instead, they will create your Cash Score based on your financial history. This makes it a great option for people who are just starting with credit or those with bad credit.
The Petal card also offers cash back at select merchants, making it a great option for those who like to shop.
Finally, the Petal mobile app makes it easy to manage your finances and track your spending. It also automates payments, so you never have to worry about missing a payment.
Pros & Cons:
- No annual fee
- Variable APRs
- Credit limits of $300-$5000
- Earn a credit limit increase in as little as six months
- Cash back at select merchants
Cons:
- Rewards only available at select merchants
- High APR
Why we like it:
The Petal Visa Credit Card is one of the best cheap credit cards for bad credit because it has no annual fee and offers cash back at select merchants. It is also a great option for people who are just starting with credit or those with bad credit.
Read More: Best Credit Cards for Students with Bad Credit
#4. Navy FCU nRewards® Secured Credit Card
The Navy FCU nRewards® Secured Credit Card is a great option for those with bad credit looking for a cheap credit card. This card offers 18% Variable APR on purchases, no annual fee, and the ability to earn 1X points per dollar spent.
There is no rewards limit, so you can continue to earn more points as you spend more. Points can be redeemed for cash, a statement credit, gift cards, and merchandise.
This card also features Tap to Pay, which allows you to make purchases quickly and securely with your nRewards card.
Additionally, there are no cash advance fees and no balance transfer fees.
Pros & Cons:
- No annual fee
- Variable APR
- Earn points for every purchase
- No cash advance fees
- No balance transfer fees
Cons:
- High APR
- Limited redemption options
Why we like it:
The Navy FCU’s nRewards Secured Credit Card is one of the best cheap credit cards for bad credit because it has no annual fee and offers rewards for every purchase. Additionally, there are no cash advance fees and no balance transfer fees.
#5. Tomo Credit Card
Applying for a credit card can be tricky, especially if you have bad credit. However, there are now a number of options available for those with less-than-perfect credit scores.
One such option is the Tomo Credit Card, which offers a number of benefits for those looking to rebuild their credit.
Some of the key features of the Tomo Credit Card include no interest charges, no annual fee, and the ability to earn unlimited 1% cash back on all eligible purchases. Perhaps most importantly, the Tomo Credit Card reports to all three major credit bureaus, giving you the chance to improve your credit score with responsible use.
While the Tomo Credit Card has some drawbacks, such as the requirement to be preapproved before getting an actual card application, it is Nevertheless a good option for those with bad credit looking for a way to rebuild their financial history.
Pros & Cons:
- No interest charges
- No annual fee
- Earn unlimited cash back
- Reports to all three major credit bureaus
- No credit check required
Cons:
- Must be preapproved before getting an actual card application
Why we like it:
The Tomo Credit Card is one of the best cheap credit cards for bad credit because it has no interest charges, no annual fee, and the ability to earn unlimited cash back. Additionally, this card reports to all three major credit bureaus, giving you the chance to improve your credit score with responsible use.
#6. Bank of America® Customized Cash Rewards Secured Credit Card
The Bank of America® Customized Cash Rewards Secured Credit Card is one of the best cheap credit cards for bad credit. With no annual fee and no expiration on rewards, it’s a great choice for those with bad credit.
You’ll earn 3% cash back in the category of your choice, an automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and an unlimited 1% on all other purchases.
If you’re a Preferred Rewards member, you can earn 25% – 75% more cash back on every purchase. That means you could earn up to 5.25% cash back on purchases in your chosen category. Contactless Cards – The security of a chip card, with the convenience of a tap.
Pros & Cons:
- No annual fee
- No expiration on rewards
- Earn cash back in the category of your choice
- Preferred Rewards members earn more cash back
- Contactless cards for added security and convenience.
- Option to change 3% bonus category monthly
Cons:
- Rewards are limited to the first $2000 spent per quarter in combined choice categories, grocery stores, and wholesale clubs.
- High balance transfer fee
- Foreign transaction fee
Why we like it:
The Bank of America® Customized Cash Rewards Secured Credit Card is one of the best cheap credit cards for bad credit because it has no annual fee and no expiration on rewards. You’ll earn cash back in the category of your choice, making it a great choice for those with bad credit.
Low Annual fees Credit Card for Bad Credit
#7. First Progress Platinum Select Mastercard® Secured Credit Card
The First Progress Platinum Select Mastercard® Secured Credit Card is one of the best cheap credit cards for bad credit available. For a $200 minimum deposit (which is refundable), you get a decent line of credit with a 15.49% APR (variable).
No credit checks are required, so your credit score won’t be negatively affected by applying. The card also comes with monthly reporting to all three major credit bureaus.
Some potential downsides include the fact that it’s not available in all states and that customer service has received some complaints.
However, overall this is a good option for those with bad credit who are looking for a cheap credit card.
Pros & Cons:
- No credit check required
- $200 minimum deposit (refundable)
- 15.49% APR (variable)
- Monthly reporting to all three major credit bureaus
Cons:
- Not available in all states
- Customer service has received some complaints
Why we like it:
I Like it because the First Progress Platinum Select Mastercard® Secured Credit Card is one of the best cheap credit cards for bad credit available. For a $200 minimum deposit (which is refundable), you get a decent line of credit with a 15.49% APR (variable).
No credit checks are required, so your credit score won’t be negatively affected by applying. The card also comes with monthly reporting to all three major credit bureaus.
#8. First Progress Platinum Prestige Mastercard® Secured Credit Card
The First Progress Platinum Prestige Secured Card is one of the best credit cards for bad credit available on the market today. This card offers a number of benefits that make it an excellent choice for those with less-than-perfect credit.
- First, no minimum credit score is required to qualify for this card.
- Second, there is no credit history required. This means that even if you have never had a credit card before, you can still be approved for this card.
- Third, there is no credit inquiry required. Your credit score will not be affected by applying for this card.
- Fourth, the ongoing APR is very low.
- Fifth, the minimum security deposit is just $200.
Finally, activity on this card is reported to all three major credit bureaus, which will help to improve your credit score over time.
Pros & Cons:
- No minimum credit score required
- No credit history required
- No credit inquiry required
- Ongoing APR is very low
- The minimum security deposit is just $200
- Activity on this card is reported to all three major credit bureaus.
Cons:
- Annual fee of $49
Conclusion
These are some of the best cheap credit cards for bad credit available on the market today. If you have bad credit, these cards can help you improve your credit score. Choose the card that best fits your needs and start building your credit today.
If you have any questions, please feel free to contact us. We would be happy to help you find the best credit card for your needs.
About Author
- As a personal finance and credit cards expert, I provide valuable insights and advice on budgeting, saving, investing, and debt management. I am also an expert on credit card rewards programs and help readers make informed decisions about which cards are right for them. My goal is to help people improve their financial literacy and make better financial choices.
