Got a not-so-great credit history and finding it tough to get a credit card? Don’t worry! This article is for you. We’ve got a list of 5 best credit cards to rebuild credit score. They may not have fancy extras, but they’ll help you get back on track. Let’s take a closer look at these cards and see which one is right for you. So, read on and find out how you can start making your credit better.
Best Credit Cards to Rebuild Credit (Top 5 Options)
Want to rebuild your credit score? In this section, we will tell you about the top 5 credit cards to help you rebuild your credit score. Here are the best credit cards to rebuild credit:
1. Surge MasterCard
- APR: 24% to 29.9%
- Annual Fee: $75 to $99
- Monthly Fee: $10 (first year, then free)
Pros:
- No security deposit is required (unsecured).
- Provides opportunities for individuals with bad credit.
- No monthly fee after the first year.
Cons:
- High APR range.
- Annual and monthly fees can be considered high for some individuals.
Best For:
- Most suitable for those who want an unsecured card but are willing to pay the monthly fee in the first year.
The Surge MasterCard is an unsecured credit card that doesn’t require a security deposit. This feature makes it accessible to individuals with bad credit. While it does come with an annual fee and a monthly fee for the first year, the absence of a security deposit is a significant advantage.
2. Aspire MasterCard
- APR: 29.9%
- Annual Fee: $85 to $175 (first year), $29 to $49 (subsequent years)
- Monthly Fee: None (after the first year)
Pros:
- No security deposit is required (unsecured).
- No monthly fee after the first year.
- The annual fee becomes more affordable as credit improves.
Cons:
- High APR.
- High first-year annual fee depending on creditworthiness.
Best For:
- Great for those who expect to improve their credit score quickly, as the annual fee can decrease.
The Aspire MasterCard offers another unsecured option for rebuilding your credit. With an annual fee that varies based on your creditworthiness, it becomes more affordable as you improve your credit score. Plus, there’s no monthly fee after the first year.
3. Reflex MasterCard
- APR: 24.9% to 29%
- Annual Fee: $75 to $99
- No Hard Pull for Pre-Qualification
Pros:
- Chance for pre-qualification without a hard credit inquiry.
- No security deposit is required.
Cons:
- High APR range.
- The annual fee can be considered high for some.
Best For:
Ideal for those who don’t want a hard pull on their credit but are okay with the annual fee.
The Reflex MasterCard is a solid choice for those looking to rebuild credit. It offers a chance for pre-qualification without a hard credit inquiry, making it a low-risk option for applicants.
4. Fortiva MasterCard
- APR: 29.9%
- Annual Fee: $85 to $175 (first year), $49 (subsequent years)
- Monthly Fee: None (after the first year)
Pros:
- No security deposit is required.
- No monthly fee after the first year.
- Fixed annual fee after the first year.
Cons:
- High APR.
- High first-year annual fee.
Best For:
It is a good choice for those who want clarity on the subsequent years’ annual fee after the first year.
Similar to the Aspire card, the Fortiva MasterCard comes from the Bank of Missouri. It offers an unsecured credit option for individuals with bad credit and becomes more affordable over time, with no monthly fee after the first year.
5. Destiny MasterCard
- APR: 24.9%
- Annual Fee: $59 to $99
- No Monthly Fee
- Soft Pull for Pre-Qualification
Pros:
- Only requires a soft pull for pre-qualification.
- No security deposit is required.
- No monthly fee.
- Lower range for an annual fee compared to others.
Cons:
- APR is on the higher side, though not the highest on the list.
Best For:
- Best for those who prioritize the soft pull feature and lower fees over other aspects.
The Destiny MasterCard stands out as a better option among bad credit credit cards. It offers a lower annual fee, no monthly fee, and only requires a soft pull for pre-qualification, reducing the impact on your credit score.
These credit cards are your path to rebuilding your credit history. While they may come with higher APRs and fees, they provide an opportunity to demonstrate responsible credit to your business and improve your credit score over time.
Don’t hesitate to take the first step toward better credit. Apply for one of these credit cards today and start your journey to financial assistance.
Frequently Asked Questions
1. What is a credit score, and why is it important when considering credit card options for rebuilding credit?
Your credit score is a numerical representation of your creditworthiness. Lenders use it to assess the risk of lending you money. When rebuilding credit, a higher credit score opens up access to better credit card options with lower fees and interest rates.
2. Can I get approved for a credit card to rebuild my credit if I have a history of bad credit or a low credit score?
Yes, there are credit cards specifically designed for individuals with bad credit. These cards often have more lenient approval criteria, making it possible to get approved even with a less-than-ideal credit history.
3. Are secured or unsecured credit cards better for rebuilding credit?
Both secured and unsecured credit cards can be useful for rebuilding credit. Secured cards require a security deposit, while unsecured cards do not. Secured cards are typically easier to get approved for but may have lower credit limits, while unsecured cards offer more flexibility but may come with higher fees and APRs.
4. How long does it take to see improvements in my credit score when using the Best Credit Cards to Rebuild Credit?
Improvements in your credit score can vary based on your individual financial situation and how consistently you make on-time payments and manage your credit. Generally, it can take several months to a year or more to see noticeable improvements.
5. What should I look for when comparing credit cards for rebuilding credit?
When comparing credit cards for rebuilding credit, consider factors such as the APR, annual fees, and any monthly fees. Look for cards that report to major credit bureaus, as a positive payment history is essential for credit improvement. Additionally, check for features like pre-qualification options to minimize the impact on your credit score during the application process.
Conclusion
Rebuilding your credit may seem like a daunting task, especially if you’ve faced financial challenges in the past. However, with the right tools and strategies, it’s entirely possible to improve your credit score and regain your financial footing. The best credit cards to rebuild credit, as outlined in this article, offer a lifeline to those seeking a fresh start.
While these credit cards may come with higher APRs and fees, they provide a valuable opportunity to demonstrate responsible credit management. Over time, your improved financial behavior will translate into a better credit score, opening doors to more attractive credit offers.
So, don’t let a less-than-perfect credit history hold you back. Take the initiative to apply for one of these credit cards today and embark on your journey toward financial recovery. Hope this article on the best credit cards to rebuild credit was helpful to you.