Top Credit Cards for Individuals with Poor Credit Scores

People with negative credit histories and low credit scores face a conundrum. The bulk of available credit cards stipulate that their cardholders must have good or even stellar credit, typically meaning a credit score exceeding 580. Consequently, those with problematic credit find themselves barred from these cards.

However, there is a election of credit cards available to people with subpar credit. These cards are classified as secured cards, necessitating a security deposit for acquisition. Although some may find this requirement unfavorable, these secured cards can enable one to “reenter the game,”  to rebuild one’s credit and enhancing the credit score. Some even offer incentives like cash-back rewards.

The following list highlights the top credit cards for people with poor credit for 2024.

Credit One Bank Platinum Visa

This card offers a rare perk for a card targeted at those with poor credit – earning rewards on everyday expenses on an unsecured card. Credit One regularly reviews your account to consider if you qualify for a credit line increase. Plus, it’s an unsecured card requiring no deposit while aiding in improving your credit. An additional beneficial feature is the ability to apply with a soft credit check to see if you pre-qualify – without affecting your credit score.

• Fee: $8.25 monthly
• Interest: 24% annually, variable
• Earn 1% cash back rewards on eligible gas, grocery purchases, and others
• Automatic reviews for credit line increase opportunities
• $0 Fraud Liability ensures you won’t be held responsible for unauthorized charges

Petal 1 “No Annual Fee” Visa Credit Card

This unique card requires no security deposit (unsecured), and there are no monthly or annual fees. Another distinctive feature is their willingness to often accept individuals with little or no credit history. They also allow a soft credit check to determine if you have qualified before.

• Fee: No fee
  
• Interest: 22.99% – 32.49% (Variable) annually
• Initial Credit Limit: $300 – $5,000
• Opportunity to earn a credit limit increase in as little as 6 months
• Petal reports to all 3 major credit bureaus, helping improve your credit score

OpenSky Secured Visa Credit Card

This card stands out as it doesn’t necessitate a credit check or even a bank account for approval. This is particularly beneficial for individuals with bankruptcies and back taxes, as many other secured credit cards won’t approve applications under these circumstances. Approval for this card is even possible if you lack a credit score. However, you’ll need to furnish a minimum of $200 for the security deposit.

• Annual Fee: $35
• Interest: 20.39% variable annually
• Up to $200 unsecured credit line added in your first year
• No credit check to apply and instant approval decision
• Reports to all 3 major credit bureaus monthly, unlike a prepaid or debit card

Discover it Secured Credit Card

While it isn’t a Visa or MasterCard, this Discover card offers a great deal for those with poor credit. It provides an unlimited 1% cash back rewards rate on all purchases, plus 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, no penalty APR, and no annual fee. Plus, their Cashback Match doubles your cash back rewards earnings at the end of the first year.

• Fee: No fee
  
• Interest: 25.99% Variable annually
• Your credit line equals your refundable security deposit of at least $200
• Potential to transition to an unsecured line of credit and return your deposit
• No minimum credit score is required to apply

Bank of America Customized Cash Rewards Secured Visa Card

This card not only accommodates individuals with poor credit, but it also boasts a compelling cash back rewards program. Each month, you can switch your enhanced cash-back earning category among six spending areas. Earn up to 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement and furnishings. Moreover, they do not levy an annual fee.

• Fee: No fee
  
• Interest: 26.99% variable annually
• A minimum refundable security deposit of $300 (maximum of $4,900) is necessary
• Potential for an upgrade to an unsecured card and refund of your security deposit
• Compatibility with Apple Pay or Google Pay