Easy to get credit cards are a great option when you need to establish a positive credit history.
One of the best actions to overcome a bad credit history is to show how well you currently manage debt by improving your payment history.
A popular way to build or re-establish credit is with a secured credit card. But you have more options other than to rely on a secured credit card.
Save your money with credit cards you can get with bad credit that don’t require a security deposit.
Credit Cards That Are Easy To Get
When you have a poor credit history credit cards that are easy can open new financial opportunities in the future, such as getting approved for a loan or a mortgage by using credit responsibly. Here are a few options:
Surge Mastercard® |
| Shop anywhere Mastercard is accepted with the confidence of having Mastercard Zero Liability Protection that covers you for unauthorized charges on your Surge credit card.
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Destiny Mastercard® |
| The Destiny Mastercard® is an unsecured credit for bad credit so take comfort in knowing you don’t have to pay a security deposit. Keep your account in good standing and it may help establish or improve your credit history.
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Milestone® Mastercard® |
| The Milestone® Mastercard® is a no deposit credit card for bad credit that can be used wherever Mastercard is accepted in the U.S. With no security deposit required for this Mastercard® your money stays in your pocket.
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Credit Cards You Can Get With No Credit
When you have a limited or no credit history at all, credit cards you can get with no credit offer an easy way to start building a positive payment history. Here are a few options:
OpenSky® Secured Visa® Credit Card |
| The OpenSky® Secured Visa® Credit Card is a no credit check credit card giving an opportunity to everyone that wants to build or rebuild credit. The refundable deposit you provide becomes your credit line limit on your Visa card. Choose it yourself, from as low as $200.
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Secured Credit Card With Rewards
Amazon Secured Card |
| This account is designed to help people with little or no credit history and even bad credit to establish and improve credit. There’s no credit check.
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The Amazon Secured Card is a good option for people with an eligible Prime membership you can earn 2% back.
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How to Improve Your Credit History
Using a credit card responsibly is one of the fastest ways to build credit. Follow these tips:
- Use your new credit account. Demonstrate good credit management by using your credit card regularly and pay your bill before your due date.
- Don’t overuse the card. Keep the amount owed on your credit card below 30% at all times. On a card with a $300 credit limit, for example, that means you should keep your balance under $90. Low utilization is one of the best ways to improve credit scores.
- Pay on time and in full. If possible, pay your entire balance in full every month. If you can’t pay in full, pay at least the minimum amount due by your due date.
- Track your progress. Check your credit score and credit report regularly to stay on top of your status. That way you will know if anything changes. You can get access to your credit score and credit reports at myFICO.
How Credit Card Interest Works
Credit cards typically charge interest on any outstanding balance that is not paid off in full each billing cycle. The interest rate is expressed as an annual percentage rate (APR) and is typically applied to the average daily balance on the card.
To understand how credit card interest works, consider the following example:
Let’s say you have a credit card with an APR of 18% and a balance of $1,000. If you do not pay off the balance in full at the end of the billing cycle, interest will be charged on the remaining balance.
To calculate the interest charged, the credit card issuer will typically divide the APR by 365 (the number of days in a year) to determine the daily periodic rate. In this case, the daily periodic rate would be approximately 0.049%.
Next, the issuer would multiply the daily periodic rate by the average daily balance on the card. For example, if the average daily balance was $800, the interest charged for one day would be approximately $0.40 ($800 x 0.049%).
Finally, the issuer would multiply the daily interest charge by the number of days in the billing cycle to determine the total interest charged for that month. If the billing cycle is 30 days, the total interest charged on a $1,000 balance would be approximately $14.70 ($0.40 x 30).
It’s important to note that if you pay off your balance in full each billing cycle, you can avoid paying interest charges.
