For the millions of individuals struggling with bad credit due to past or present financial mistakes, getting things back on track can seem like an insurmountable task. Fortunately, there are a number of ways in which you can begin to rebuild your credit responsibly and repair all the past damage. In particular, there are some credit cards available that cater to individuals seeking to make amends to their credit score. The following cards are the best options available when it comes to reestablishing the credit score you need to save money and responsibly afford what you need.
Open Sky Visa Credit Card
Issued by Public Savings Bank, the Open Sky Secured Visa Credit Card is a low-limit card that allows individuals to responsibly repair their credit without putting themselves in any large danger of accumulating more debt. The credit limits allowed range from $200 to $3000 and the card comes with a $50 annual fee (no other upfront costs are associated with this card). This card is unique in how many other secured cards also charge monthly maintenance fees or transaction fees as well. The rate is variable, but as of now, it currently sits just shy of 10%.
Orchard Bank Visa Card
The Orchard Bank Visa Cards are a series of credit cards that offer a range of benefits depending on your current credit score. When applying, you will be notified whether you qualify for a secured or unsecured card. Unsecured cards work as traditional cards, but unsecured cards are normally what individuals with less than good credit will need to have in the short-term. The interest rate is below 8% APR on secured cards and other than your $35 annual fee you will not have to worry about monthly charges. Credit limits will range from $200 to $1500 depending on your current score.
Citi Secured MasterCard
Unlike the other cards on this list, your deposit on a secured card is invested into a CD so that it continues to earn money for you even when “idle”. While this will not earn much for most, it is still a great option to have – better than earning nothing at all! The annual fee for this card is $29 and the interest rate is the highest of the bunch at around 18%. This card should be considered if you do not qualify for the other two cards mentioned above.