Overview of the Best Credit Cards for Poor Credit
If you've had some bad luck with credit, you may find that a lot of credit cards require good or excellent credit for approval, making it difficult to qualify for new credit cards. This not only makes it challenging to get access to a line of credit but build credit as well. Luckily, a number of issuers have introduced high-quality credit cards for consumers with fair credit. Today, poor credit offers range from cards with cash back to those with low interest rates. Keep reading to see our picks for the best credit card offers for poor credit. See More
| Best for | Category Winner | Annual Fee | First Year Rewards | |
|---|---|---|---|---|
 | Cash Back | Discover it® Secured | $0 | $120 |
 | No Annual Fee | Citi Secured Mastercard | $0 | N/A |
 | Low Ongoing APR | Applied Bank Secured Visa Gold Preferred Card | $48 | N/A |
 | Low Minimum Security Deposit | Capital One Platinum Secured Credit Card | $0 | N/A |
Best for Cash back
Discover it® Secured
Details
The Discover it® Secured earns 2% cash back at gas stations and restaurants on up to $1,000 in purchases each quarter. In addition, it earns 1% cash back on all other purchases. Discover will also match your cash back earnings after your first year of card membership, which will effectively double your rewards total.
With this secured card, you’ll need to put down a security deposit of $200 to $2,500; an amount that will also act as your credit line. While Discover offers a 10.99% introductory balance transfer APR for the first six months after your first transfer that’s made by Dec. 10, 2020, there are no purchase APR promotions currently.
Why We Like It
The Discover it® Secured credit card is a great option for those with a weak credit past. It’s a secured card, so you’re in control of your overall credit line, provided you have enough cash to put down. You’ll also be able to earn valuable cash back rewards, which is a rare benefit in the “poor credit” market. The card reports to all three major credit bureaus, and if you use it responsibly, you’ll hopefully soon have the option to upgrade to a non-secured card.
- No annual fee
- Great rewards program
- High APR
- Not widely accepted outside of the U.S.
More Details
- No Annual Fee, earn cash back, and build your credit with responsible use.
- It’s a real credit card. You can build a credit history with the three major credit bureaus. Generally, debit and prepaid cards can’t help you build a credit history.
- Establish your credit line by providing a refundable security deposit of at least $200 after being approved. Bank information must be provided when submitting your deposit.
- Automatic reviews starting at 8 months to see if we can transition you to an unsecured line of credit and return your deposit.
- 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus, earn unlimited 1% cash back on all other purchases.
- Get 100% U.S. based customer service & get your free Credit Scorecard with your FICO® Credit Score
- Intro Offer: We automatically match all the cash back you’ve earned at the end of your first year.
- Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
Annual Fee
$0Purchase Intro APR
N/ABalance Transfer Intro APR
10.99% for 6 MonthsRegular APR
22.99% VariableDetails
The Discover it® Secured earns 2% cash back at gas stations and restaurants on up to $1,000 in purchases each quarter. In addition, it earns 1% cash back on all other purchases. Discover will also match your cash back earnings after your first year of card membership, which will effectively double your rewards total.
With this secured card, you’ll need to put down a security deposit of $200 to $2,500; an amount that will also act as your credit line. While Discover offers a 10.99% introductory balance transfer APR for the first six months after your first transfer that’s made by Dec. 10, 2020, there are no purchase APR promotions currently.
Why We Like It
The Discover it® Secured credit card is a great option for those with a weak credit past. It’s a secured card, so you’re in control of your overall credit line, provided you have enough cash to put down. You’ll also be able to earn valuable cash back rewards, which is a rare benefit in the “poor credit” market. The card reports to all three major credit bureaus, and if you use it responsibly, you’ll hopefully soon have the option to upgrade to a non-secured card.
Best for No Annual Fee
Citi Secured Mastercard
Details
The Citi Secured Mastercard (a SmartAsset advertising partner) is a basic secured card that requires a security deposit to act as your underlying credit line. Cardholders can put down anywhere from $200 to $2,500. The card does not have an annual fee, and you’ll gain access to theft protection and other safeguards against fraud.
There is no 0% introductory APR period with the Citi Secured Mastercard, and no rewards program is available either. In order to qualify for this card, you’ll need to meet Citi’s credit qualification criteria, which includes a review of your income and debts.
Why We Like It
When it comes to cards designed for those with poor credit, the Citi Secured Mastercard stands out because of its simplicity and low-cost nature. You have the option to get a credit limit of up to $2,500, which is high when compared to most secured cards. The card’s built-in theft and fraud protections can make it well worth it for anyone with poor credit trying to rebuild their score.
- Free access to your FICO credit score
- No annual fee
- No rewards program
- Can be harder to qualify for
More Details
- When used responsibly, the Citi Secured Mastercard can help you build a credit history - all with no annual fee
- Unlike debit cards, your monthly credit activity with the Citi Secured Card is reported to the three major credit bureaus, which can help build credit history with responsible card use. Plus, get access to your FICO score for free
- The Citi Secured Card is a Mastercard with worldwide acceptance
- A security deposit is required for this account, a minimum of $200. Once you are approved, your credit limit will be equal to the amount you put down as a deposit
- Set up account alerts and set up automatic bill pay to make sure you stay on top of your account
- Flexibility to choose your own due date at the beginning, middle, or end of the month to work best with your bill payment schedule
- Get access to your account from anywhere 24/7 by phone, online, or with the mobile app
- Standard variable APR when taking part in the Citi Flex Plan (made available at Citi's discretion) is a variable 23.24% depending on creditworthiness
Annual Fee
$0Purchase Intro APR
N/ABalance Transfer Intro APR
N/ARegular APR
23.24% VariableDetails
The Citi Secured Mastercard (a SmartAsset advertising partner) is a basic secured card that requires a security deposit to act as your underlying credit line. Cardholders can put down anywhere from $200 to $2,500. The card does not have an annual fee, and you’ll gain access to theft protection and other safeguards against fraud.
There is no 0% introductory APR period with the Citi Secured Mastercard, and no rewards program is available either. In order to qualify for this card, you’ll need to meet Citi’s credit qualification criteria, which includes a review of your income and debts.
Why We Like It
When it comes to cards designed for those with poor credit, the Citi Secured Mastercard stands out because of its simplicity and low-cost nature. You have the option to get a credit limit of up to $2,500, which is high when compared to most secured cards. The card’s built-in theft and fraud protections can make it well worth it for anyone with poor credit trying to rebuild their score.
Best for Low Ongoing APR
Applied Bank Secured Visa Gold Preferred Card
Details
The Applied Bank Secured Visa Gold Preferred Card carries an annual fee of $48 and has no rewards program. However, applicants won’t need to go through a credit check to get this card. This could be a major benefit, especially for those with exceptionally low scores.
Like other secured cards, your security deposit acts as your credit line, and you can put down anywhere from $200 to $1,000 at account opening. You can increase this credit line up to $5,000 after the fact by adding more money to your security deposit. The card has a low, fixed APR of just 9.99%. It’s important to note that the card does not have a grace period, so you’ll begin accruing interest almost immediately if you don’t pay your bill.
Why We Like It
Because the Applied Bank Secured Visa Gold Preferred Card doesn't require cardholders to go through a credit check for approval, it is much more attainable than even other low-credit cards. With the option to increase your credit limit to up to $5,000, this card makes larger purchases a reality. That said, it’s important to be cognizant of the fact that the card has no grace period, despite the low APR. In turn, you’ll want to avoid carrying a balance at all costs.
- Low fixed purchase APR
- No credit check required for approval
- Credit limit can only start at a maximum of $1,000
- $48 annual fee
More Details
- Load your card one time and keep on using it. Better than a prepaid card, choose a secured card!
- There is no minimum credit score required for approval and no credit check needed
- Reports to all 3 national credit bureaus automatically
- Low fixed APR of 9.99% - there is no penalty APR if you are late
- $200 minimum deposit - up to $1,000 maximum deposit to activate. You can add additional deposits anytime to increase your limit up to $5,000
Annual Fee
$48Purchase Intro APR
N/ABalance Transfer Intro APR
N/ARegular APR
9.99% FixedDetails
The Applied Bank Secured Visa Gold Preferred Card carries an annual fee of $48 and has no rewards program. However, applicants won’t need to go through a credit check to get this card. This could be a major benefit, especially for those with exceptionally low scores.
Like other secured cards, your security deposit acts as your credit line, and you can put down anywhere from $200 to $1,000 at account opening. You can increase this credit line up to $5,000 after the fact by adding more money to your security deposit. The card has a low, fixed APR of just 9.99%. It’s important to note that the card does not have a grace period, so you’ll begin accruing interest almost immediately if you don’t pay your bill.
Why We Like It
Because the Applied Bank Secured Visa Gold Preferred Card doesn't require cardholders to go through a credit check for approval, it is much more attainable than even other low-credit cards. With the option to increase your credit limit to up to $5,000, this card makes larger purchases a reality. That said, it’s important to be cognizant of the fact that the card has no grace period, despite the low APR. In turn, you’ll want to avoid carrying a balance at all costs.
Best for Low Minimum Security Deposit
Capital One Platinum Secured Credit Card
Details
The Capital One Platinum Secured Credit Card works a bit differently than most other secured cards. If you’re approved for it, you’ll need to put down a deposit of either $49, $99 or $200, depending on your financial situation. Regardless of what you’re required to deposit, your credit line will be $200. However, you have the option to increase your credit line by putting down more money. Additionally, cardholders who use their card responsibly may earn access to a higher credit limit in as little as six months.
This card does not have an annual fee, which helps to keep your costs low. However, if you plan to carry a balance, the APR for this Capital One card is quite high at 26.99% Variable.
Why We Like It
The Capital One Platinum Secured Credit Card works much like other secured cards, with the key difference being that your security deposit is determined by your financial situation. Regardless of how much you put down, you’ll earn access to a minimum credit line. With other perks, such as no annual fee, credit bureau reporting and the opportunity to earn a higher credit line with responsible use, the Capital One Platinum Secured Credit Card is a great option for anyone looking to rebuild their credit profile.
- No annual fee
- Flexible security deposit
- Low initial credit line
- High purchase APR
More Details
- There are no hidden fees and no annual fee. It only takes seconds to see if you are approved
- With responsible card use, this card can help you build credit
- A security deposit of $49, $99, or $200 is determined based on your creditworthiness. Access to an authorized bank account is required for deposit.
- Capital One will automatically review your account and consider you for a higher credit line in as little as six months
- Earn back your security deposit as a statement credit when you are a responsible card holder
- $0 fraud liability
- Have access to CreditWise from Capital One for free to help you monitor your credit
Annual Fee
$0Purchase Intro APR
N/ABalance Transfer Intro APR
N/ARegular APR
26.99% VariableDetails
The Capital One Platinum Secured Credit Card works a bit differently than most other secured cards. If you’re approved for it, you’ll need to put down a deposit of either $49, $99 or $200, depending on your financial situation. Regardless of what you’re required to deposit, your credit line will be $200. However, you have the option to increase your credit line by putting down more money. Additionally, cardholders who use their card responsibly may earn access to a higher credit limit in as little as six months.
This card does not have an annual fee, which helps to keep your costs low. However, if you plan to carry a balance, the APR for this Capital One card is quite high at 26.99% Variable.
Why We Like It
The Capital One Platinum Secured Credit Card works much like other secured cards, with the key difference being that your security deposit is determined by your financial situation. Regardless of how much you put down, you’ll earn access to a minimum credit line. With other perks, such as no annual fee, credit bureau reporting and the opportunity to earn a higher credit line with responsible use, the Capital One Platinum Secured Credit Card is a great option for anyone looking to rebuild their credit profile.
Methodology SmartAsset has developed a quantitative and independent system for evaluating the relative value of a credit card offer versus other offers in the marketplace. Our system evaluates cards based exclusively on their features, such as their rewards earning rate (if applicable), fees, perks, and rewards program redemption options. The annual rewards values on this page are calculated using annual spending assumptions in various categories such as, but not limited to, gas, restaurants, airfare, and US supermarkets. These spending assumptions are built on research that SmartAsset has conducted on existing balance transfer credit cardholders. Our promise with our credit card recommendations is that we will always strive to have the most comprehensive, accurate, and objective method of evaluating credit card offers. Any recommendations are solely determined by the result of this research and model, and is never influenced by any fees, commissions, or other forms of compensation that SmartAsset may receive from credit card issuers for leads generated on our website.
