The 10 Best Credit Cards for Rebuilding Credit

While you might strive to have perfect credit, life often throws a wrench in your path. It is difficult to make it through many of the twists and turns that life has to offer without making a few mistakes along the way. If you find that you have missed more than a few payments through the years, you will likely discover that your credit rating has taken quite the hit. You are not alone. You might feel that you have no options when it comes to ever getting a bank to give you a second chance, but there are opportunities out there for you. Take some time to look through the following list of the 10 best credit cards for rebuilding credit and then decide which one is the most appealing to you and your situation.

Discover IT Secured

This is a secured card that reports your on-time payments to all major credit bureaus. It also comes with quite a few advantages that are not always available to individuals who are rebuilding their credit. The first is that you will receive two percent cash back on all purchases that you make at last stations and restaurants. You can earn get this cashback on up to a maximum of $1,000 in purchases every quarter, and the money will be given back to you automatically. There is also not an annual fee associated with this card.

Credit One Bank Visa Credit Card

This card comes with between a $0 and $99 annual fee, depending on your credit score. When approved, you will be able to get one percent on eligible purchases at such businesses as gas stations, restaurants, and a variety of utilities.

Capital One Secured Mastercard

The Capital One Secured Mastercard does require a bank deposit, but it comes with the knowledge that you will be building credit with a major financial institution. While it does not offer any cashback or other types of rewards, it also comes with no annual fee. This is a solid way of building back a positive credit history, as your on-time payments will be reported to all major credit bureaus.

Indigo Platinum Mastercard

Indigo might not be a household name, but they offer an actual Mastercard to those who are rebuilding their credit. The annual fee is not set but depends on your actual credit score. You can get prequalified for this card without having any impact on your credit score. Even if you have filed bankruptcy in the past, you can get approved for this card. The interest rate is currently set at 24.9 percent, which is pretty standard.

Total Visa Unsecured Credit Card

With this card, you will need to have an established checking account at a U.S. banking institution, but the card itself is not secured. The annual fee once again will depend on your credit score. The application process is actually quite simple and can be completed in a matter of minutes, with a decision being given instantly. You will also be able to have your on-time payments reported to all major credit bureaus, which is yet another way of rebuilding your credit.

Credit One Bank Unsecured Visa with Cash Back Rewards

This particular card from Credit One does come with cashback potential, and you do not need to secure with a cash deposit. You are able to get pre-qualification without having any impact on your credit score, so this is an added advantage. The bank also advertises that it will regularly evaluate your account and make you eligible for future increases to your credit limit. So, over time, you can begin to get access to more credit as long as you maintain a positive payment history.

OpenSky Secured Visa Credit Card

This card from OpenSky does need to be secured and comes with an annual fee of $35. For that, you will get to begin rebuilding your credit by making on-time payments. In exchange, the bank will report the positive activity to all major credit bureaus. You are able to see your credit limit, as long as it is at least $200. Even people with no credit score at all are able to gain access to this card. As such, there is actually no credit check associated with this card. If you need a credit card and have a horrible score, this might be your best opportunity.

Surge Mastercard Credit Card

The Surge Mastercard Credit Card will provide you with an initial credit limit of at least $500. The application is quite simple, and they advertise that virtually any individual with even the worst of credit scores is eligible to get approved. You will also gain access to reporting to all major credit bureaus, which is the way to rebuild your credit. The annual fee is listed in the terms after you apply.

Milestone Gold Mastercard

Milestone has long been willing to work with individuals who have less than perfect credit. You will find that they offer a quick prequalification that contains no impact to your credit score. The annual fee is not set, and the card itself does not offer any cashback, miles, or other types of rewards.

Discover Card Secured

This is a secured card that reports your on-time payments to all major credit bureaus. It also comes with quite a few advantages that are not always available to individuals who are rebuilding their credit. The first is that you will receive two percent cash back on all purchases that you make at last stations and restaurants. You can earn get this cashback on up to a maximum of $1,000 in purchases every quarter, and the money will be given back to you automatically. There is also not an annual fee associated with this card.

These ten cards should get you started in your quest to rebuild your credit. You might find that you do not get approved by some of them, but keep trying. Work to build a solid record of on-time payments and do not overextend yourself. When you do that, you will find that the offers do eventually begin to come your way and that you can get the credit you need to build your financial future.