Taking a credit card when you have bad credit is not easy. Most credit card issuers usually hope you to have good credit before they will approve you for a credit card, but you cannot increase your credit score unless you have access to a credit card. Fortunately, there are some credit cards on the market for clients with bad credit.
Some of the credit cards on your best credit cards for bad credit list are secured credit cards. These are a kind of credit card that lets you make a security deposit against the credit limit of the credit card. Your credit limit will be equivalent to the security deposit. Because your security deposit bears some of the risks, you are more likely to be approved. As you select the best credit card for you, think of your ability to pay a security deposit, the annual charge and other perks of the credit card.
The Capital One Secured MasterCard lets you do a minimum security deposit of $49, $99 or $200 for a $200 credit limit. Your credit background defines whether you qualify for one of the lower security deposit amounts. After you find out whether you are approved, you may make an additional security deposit for a larger credit limit before your account turns on. You should have a bank account so you may pay your security deposit.
After making your first 5 monthly payments on time, Capital One will evaluate you for an automatic credit limit rise without an additional security deposit. You will have also access to CreditWise, a free credit monitoring tool that assists you to stay on top of your credit score.
Important Pricing: The APR is %26.99 percent, and there is no annual fee…