7 Top Credit Cards That Accept Bankruptcies

Thinking about applying for a credit card after bankruptcy? These are the top cards that accept bankruptcies.

lank" data-schema-attribute="mentions" rel="noreferrer noopener">Filing for bankruptcy is a difficult decision, but it can be the start of rebuilding your credit. Unfortunately, many people feel like they are stuck when it comes to their finances after filing for bankruptcy. They believe that they will never be able to get a credit card or loan again.

This blog post will provide information on the best credit cards that accept bankruptcies. We will also provide tips on how to rebuild your credit after bankruptcy.

So, if you are ready to start rebuilding your credit, here are the top credit cards that accept bankruptcies:

S.No Name of Credit Card Best For
1 OpenSky Secured Visa Credit Card Overall
2 Capital One Quicksilver Secured Cash Rewards Credit Card Rewards
3 First Progress Platinum Select Mastercard Secured Credit Card Low Annual Fee
4 Applied Bank Secured Visa Gold Preferred® Credit Card Low APR
5 Credit One Bank Platinum Visa for Rebuilding Credit Unsecured
6 Secured Sable ONE Credit Card No Annual Fee
7 UNITY Visa Secured Credit Card Low APR
List of Best Credit Cards That Accept Bankruptcies

Let’s take a look at each of these in more detail.

7 Top Credit Cards That Accept Bankruptcies
7 Top Credit Cards That Accept Bankruptcies

7 of the best credit cards after bankruptcy


1.OpenSky Secured Visa Credit Card

OpenSky Secured Visa Credit Card
OpenSky Secured Visa Credit Card

If you’re looking for an unsecured credit card that accepts bankruptcies, the OpenSky Secured Visa Credit Card is a great option. This card has a $35 annual fee and a $200 minimum security deposit, which is fully refundable.

You’ll also get a credit line increase after 6 months, with no additional deposit required. Plus, the OpenSky Secured Visa Credit Card reports to all 3 major credit bureaus monthly.

However, to get approved for this credit card, your income must exceed your expenses, and there’s no credit check when you apply. Credit card issuer OpenSky says the average approval rate for this card is 85% for the past five years.

Here are the pros and cons of the OpenSky Secured Visa Credit Card:

Pros:

  • Reasonable $35 annual fee
  • $200 minimum deposit
  • Credit line increase after six months, with no additional deposit required
  • Reports to all three major credit bureaus monthly

Cons:

  • Three percent foreign transaction fee
  • No rewards program
  • Your income must exceed your expenses to get approved

2. Capital One Quicksilver Secured Cash Rewards Credit Card

For people trying to rebuild their credit post-bankruptcy, the Capital One Quicksilver Secured Cash Rewards Credit Card can be a great option.

Not only does it offer rewards and lack an annual fee, but you only need your bankruptcy case to be resolved to qualify. This card provides unlimited 1.5% cash back on every purchase, every day, as well as unlimited 5% cash back on hotels and rental cars booked through Capital One Travel. And because Capital One uses its prices for travel bookings, cardholders are almost guaranteed to get the best rates.

However, it’s worth noting that this card has a high-interest rate. But for people who are careful with their spending and make sure to pay off their balance in full each month, the Capital One Quicksilver Secured Cash Rewards Credit Card can be an excellent way to start rebuilding your credit.

Here are the pros and cons of the Capital One Quicksilver Secured Cash Rewards Credit Card:

Pros:

  • Offers rewards
  • Only need your bankruptcy case to be resolved to qualify
  • Unlimited cash back on every purchase, every day
  • No annual fee
  • Qualify with limited credit history

Cons:

  • High-interest rate
  • No introductory APR period

3. First Progress Platinum Select Mastercard Secured Credit Card

The First Progress Platinum Select Mastercard® Secured Credit Card is an ideal choice for people with limited or no credit history. You can get approved for this card with just a refundable security deposit of at least $200 and by verifying your identity and address.

This card has no monthly- or one-time fees, just an annual fee of $39.It also informs all three major credit bureaus on a monthly basis, allowing you to repair your damaged credit after bankruptcy.

Another great thing about this card is that it does not require a hard inquiry on your credit report. This makes it easier for people with bad credit to get approved.

However, one downside of this card is that it does not offer any rewards or bonuses. It also has a foreign fee, so it’s not the best choice if you travel regularly.

Overall, the First Progress Platinum Select Mastercard® Secured Credit Card is a good option for people with limited or no credit history who are looking to rebuild their credit.

Here are the pros and cons of the First Progress Platinum Select Mastercard Secured Credit Card:

Pros:

  • No minimum credit score required
  • $200 minimum deposit
  • Reports to all three major credit bureaus monthly
  • No hard inquiry on your credit report

Cons:

  • $39 annual fee
  • No rewards or bonuses
  • 3% foreign transaction fee

You can read the detailed review of Applied for First Progress Platinum Select Mastercard Secured Credit Card


4. Applied for Bank® Secured Visa® Gold Preferred® Credit Card

Applied Bank Credit Cards - Designed for You to Build Credit
Applied Bank Credit Cards – Designed for You to Build Credit

The Applied Bank® Secured Visa® Gold Preferred® Credit Card is a great option for those with bad credit or who have bankruptcy on your credit report,

There is no credit check required, and the APR is a low 9.99%. There is an annual fee of $48, but no monthly or application fees.

A refundable security deposit of at least $200 is required. The card also offers the opportunity to increase your credit limit up to $5,000 by adding additional deposits anytime. Finally, the card notifies all three national credit bureaus of activity so you can improve your credit score.

However, keep in mind that there are no rewards or bonus offers with this card. Foreign transactions also incur a 3% fee.

But overall, the Applied Bank® Secured Visa® Gold Preferred® Credit Card is a great option for those trying to rebuild their credit.

Here are the Pros and Cons of the Applied Bank Secured Visa Gold Preferred Credit Card:

Pros:

  • No credit check required
  • Low APR of only nine percent
  • No monthly or application fees
  • Can increase credit limit up to $5000 by adding additional deposits anytime
  • Reports activity to all three national credit bureaus

Cons:

  • $48 annual fee
  • No rewards or bonus offers
  • A foreign transaction fee of three percent

You can read the detailed review of Applied for Bank® Secured Visa® Gold Preferred® Credit Card


5. Credit One Bank Platinum Visa for Rebuilding Credit

Capital One Bank Platinum Visa for Rebuilding Credit
Capital One Bank Platinum Visa for Rebuilding Credit

The Credit One Bank® Platinum Visa® for Rebuilding Credit is a good choice for people with bad credit who are looking to rebuild their credit. It offers a $300 credit limit, rewards, and the potential for credit-line increases.

However, for the first year (up to $99 after that), it will charge an annual fee of $75 (or more), which will reduce your available credit to as little as $225. The APR on Credit One Visa is 25.49 percent (V).

Although the annual fee is high, the card does offer some valuable perks, such as 1% cash back on eligible purchases and automatic credit-line increase reviews.

Overall, the Credit One Bank Platinum Visa is a good option for people with bad credit who are looking to rebuild their credit.

Here are the Pros and Cons of the Credit One Bank Platinum Visa:

Pros:

  • $300 credit limit
  • Rewards Program
  • Potential for credit-line increases

Cons:

  • Annual fee of $75 the first year (up to $99 thereafter)
  • High APR of 25.49% (V)
  • Low credit limit

You can read the detailed review of Credit One Bank Platinum Visa for Rebuilding Credit


6. Secured Sable ONE Credit Card

Secured Sable ONE Credit Card
Secured Sable ONE Credit Card

The Secured Sable ONE Credit Card is one of the best-secured credit cards for rebuilding damaged credit. If you want to get a new credit card, but don’t have the funds for it right now, this is one way to save money. There will be no credit check when you apply, and there is no annual charge either, but you will earn good rewards. You’ll receive 1% – 2% cash back on purchases, plus a dollar-for-dollar rewards match for the first year.

And if you use your account responsibly and improve your credit score, you can even get your deposit back. The Secured Sable ONE Credit Card is a great choice for people who are looking to rebuild their credit.

It has no membership fees, high rewards rates, and low regular APRs. It does require a security deposit, however, and has a foreign fee.

But overall, the Secured Sable ONE Credit Card is a great option for people with limited or no credit history who are looking to rebuild their credit.

Here are the pros and cons of the Secured Sable ONE Credit Card:

Pros:

  • No credit check required
  • No annual fee
  • High rewards rates
  • Low regular APR
  • The opportunity to get your deposit back

Cons:

  • Security deposit required
  • A foreign transaction fee of three percent
  • No intro APR offer

You can read the detailed review of the Secured Sable ONE Credit Card here.


7. UNITY Visa Secured Credit Card

The UNITY Visa Secured Credit Card is one option that can help you rebuild your credit score. With responsible use, you can raise your score and eventually qualify for a traditional credit card. The UNITY Visa has a $39 annual fee and an initial credit limit of $250.

Your payments will be reported to all three credit bureaus, helping you to establish a positive payment history. The ongoing interest rate is 17.99 percent on purchases, with an introductory APR of 9.95 percent for six months on balance transfers (plus a 3 percent balance transfer fee).

While there are some drawbacks – such as the annual fee and the need to provide a security deposit – the UNITY Visa Secured Credit Card can be a valuable tool in your journey to financial recovery post-bankruptcy.

Here are the pros and cons of the UNITY Visa Secured Credit Card:

Pros:

Can help you rebuild your credit score

No annual fee

Initial credit limit of $250

Reports payments to all three credit bureaus

Introductory APR of nine percent for six months on balance transfers

Cons:

  • Security deposit required
  • The ongoing interest rate of 17.99 percent on purchases
  • A balance transfer fee of three percent
  • No rewards program

Is it a good idea to get a credit card after you’ve declared bankruptcy?

After you’ve declared bankruptcy, it may seem like getting a credit card is the last thing you should do. However, there are several good reasons to consider getting a credit card after bankruptcy.

Here are a few reasons why:

  • A credit card can help you rebuild your credit score.
  • A credit card can help you establish a positive payment history.
  • A credit card can help you build up your credit limit.

It’s crucial to use your credit card carefully after bankruptcy by making on-time payments and maintaining a low credit utilization. If you follow those steps, then a credit card can help with your financial recovery post-bankruptcy.


What to Consider When You’re Shopping for a Credit Card After Bankruptcy

When you’re shopping for a credit card after bankruptcy, there are a few things you should keep in mind.

#1. How much do you want to put down as a Security deposit?

The size of your security deposit will determine your credit limit. If you can afford to put down a large deposit, you may be able to get a higher credit limit, which can be helpful in rebuilding your credit score.

For example, the UNITY Visa Secured Credit Card requires a $250 minimum security deposit, which will give you a $250 credit limit. The Secured Sable ONE Credit Card requires a $200 minimum security deposit and gives you a $200 credit limit.

#2. What’s the Annual Percentage Rate (APR)?

You’ll want to look for a card with a low APR, especially if you think you may carry a balance on your credit card from month to month. The Secured Sable ONE Credit Card has a regular APR of 17.99 percent, while the UNITY Visa Secured Credit Card has an APR of 24.99 percent.

#3. Do you want a rewards program?

If you’re looking for a credit card with rewards, you may have to look beyond cards designed for people with bad credit. The Secured Sable ONE Credit Card does not offer a rewards program, nor does the UNITY Visa Secured Credit Card.

#4. What fees are associated with the card?

Most secured credit cards have an annual fee, and some also have a balance transfer fee. The UNITY Visa Secured Credit Card has a $39 annual fee and a three percent balance transfer fee. The Secured Sable ONE Credit Card has a $200 annual fee and does not charge a balance transfer fee.

So, if you can not get unsecured credit cards that accept bankruptcies, a secured credit card may be your best option to help you rebuild your credit score. Just make sure to shop around and compare the fees, rates, and features of each card before you apply.


How to apply for credit cards that accept bankruptcies?

Those who have gone through bankruptcy may feel like they will never be able to get a credit card again. However, some issuers are more lenient than others when it comes to approving those with a bankruptcy on their record for a credit card.

If you have a Chapter 13 payment plan, you will need to ask the trustee before taking on any new debt in the form of a credit card. It is important to do your research and compare different offers before choosing which credit card issuer you would like to go through.

Here are the Steps on How to Apply for Credit Cards That Accept Bankruptcies:

Steps-1. Check your credit score.

Steps- 2. Look for a credit card issuer that offers cards to those with bad credit.

Steps-3. Research the fees, rates, and features of each card.

Steps- 4. Choose the card that is best for your financial needs and fill out an application.

When you are ready to start rebuilding your credit, these steps on how to apply for credit cards that accept bankruptcies can help you get started on the right foot. Just make sure to use your credit card responsibly and always pay your bills on time to avoid damaging your credit score further.

While it may seem daunting at first, following these steps will put you on the path to financial recovery. And, before you know it, you’ll have your pick of credit cards. Good luck!


5 Tips that can help you increase your credit score fast after bankruptcy

If you’re looking to improve your credit score fast after bankruptcy, here are five tips that can help:

Tip # 1. Get a secured credit card.

A secured credit card is a great way to rebuild your credit because it requires a security deposit, which acts as collateral for the credit limit. This means that the credit card issuer is less likely to suffer a loss if you default on your payments.

Tip #2. Use your credit card wisely.

One of the best ways to improve your credit score is to use your credit card responsibly. This means making all of your payments on time and keeping your balance low.

Tip #3. Keep your credit utilization low.

Credit utilization is the percentage of the credit limit that you use. It’s important to keep your credit utilization low because it shows lenders that you’re not relying too heavily on credit.

Tip # 4. Pay off your debt.

Another way to improve your credit score is to pay off your debt. This includes any outstanding balances on your credit cards, loans, and other debts.

Tip #5. Monitor your credit report.

Monitoring your credit report is a good way to catch errors and identify potential identity theft. You can get a free copy of your credit report from each of the three major credit bureaus once a year.

By following these tips, you can improve your credit score fast after bankruptcy. Just remember to be patient and consistent with your payments, and you’ll see your score start to go up in no time.


Conclusion

If you have gone through bankruptcy, it is important to know that you are not alone. There are many people who have gone through the same thing and come out the other side. While it may seem daunting at first, following these steps on how to apply for credit cards that accept bankruptcies can help you get started on the right foot.

If you have any questions, please feel free to reach out to us and we would be more than happy to help!

Methodology for Selecting the Best Bankruptcy Credit Cards

Filing for bankruptcy is a difficult decision that often comes with a number of financial challenges. One of these challenges is finding a credit card that you qualify for.

Fortunately, there are a number of credit cards available for those who have recently filed for bankruptcy. In order to help you find the best option, we have compiled a list of the best bankruptcy credit cards.

We compare more than 1000 credit card offers to identify the best options for those who have recently filed for bankruptcy. The focus is on cards with terms and conditions that do not explicitly exclude applicants who have filed for bankruptcy or that do not require a minimum credit score or credit check.

This ensures that you will be able to find a card that meets your needs and that you can be approved for.


FAQ about Credit Cards That Accept Bankruptcies

Do all credit cards require a security deposit?

No, not all credit cards require a security deposit. However, secured credit cards are often easier to get approved for if you have bad credit.

Will my interest rate be higher if I have bad credit?

Yes, it’s likely that your interest rate will be higher if you have bad credit. However, there are some credit cards designed for those with bad credit that have reasonable interest rates.

Unsecured credit cards that accept bankruptcies?

There are a few unsecured credit cards that will approve people who have filed for bankruptcy. The Credit One Bank Platinum Visa for Rebuilding Credit is a great card for those who are starting over after a bankruptcy. The Indigo Mastercard for Less than Perfect Credit is also a good option, and it offers pre-qualification so you can see if you’re likely to be approved before you apply.

What credit cards will accept bad credit?

There is no definitive answer to this question as each credit card issuer has its own set of criteria for approving applicants. However, some of the best credit cards for bad credit include the Petal® 1 “No Annual Fee” Visa® Credit Card and the OpenSky® Secured Visa® Credit Card.

What credit card should I get after chapter 7?

The Discover it Secured Credit Card is a good option for someone who has recently filed for bankruptcy. This card doesn’t charge an annual fee, and it also doesn’t charge foreign transaction fees.

Can you get a credit card during Chapter 7?

No, you cannot get a credit card during chapter 7 bankruptcy.

Can I use a credit card before filing bankruptcies?

There is no definitive answer, as every situation is unique. If you can show that you have been making a good-faith effort to repay your credit card debt, then the court may allow the debt to be discharged. However, if the credit card company can prove that you were reckless or careless in incurring the debt, the court may rule that the debt is not dischargeable.

Leave a Comment