If you’re searching for a guaranteed approval credit card with a $1000 limit, there’s some bad news- unless you have an excellent credit rating, you’re going to have a hard time finding what you’re looking for.
For a start, no credit card issuer offers guaranteed approval: even sub-prime options that don’t perform a credit check will still ask you to prove your income, age, and employment status. Secondly, getting a credit limit of $1000 with bad credit is a challenge in itself, especially if you’re looking for an unsecured card.
One of the best (and only) ways around the problem is to look at secured cards – not only do they offer the best chance of acceptance, they’ll often extend credit lines up to and above $1000 (although bear in mind the amount of credit you receive is usually equal to the amount of security deposit you put down). While we promise neither guaranteed acceptance nor a credit limit of $1000, the below options are going to be your best bet at getting both.
1. Total Visa Card
First up we have the Total Visa credit card, which makes the list thanks to its almost guaranteed acceptance- even if you have no credit history at all, you’ll still stand a very good chance of your application being accepted.
Your credit limit will be determined by the amount of security deposit you put down (if you want $1000, you’ll need to make sure your deposit is of an equal value), but there’s a few things to consider before you sign up.
First, Total Visa has one of the most unfavorable APR’s on the market (29.99%) and you’ll need to commit to an upfront initial fee of $89, an annual fee of $79, and a monthly fee of $6.25 from the second year. While this may sound excessive, if you’re all out of options, the card will at least allow you the opportunity to build your credit rating before moving on to more favorable alternatives.
2. OpenSky Secured Visa Credit Card
Next up we have the OpenSky Secured Visa Credit Card. Unlike most cards, this one doesn’t run a credit check before offering acceptance– you just need to prove your age, income, and employment status.
As long as you’re over 18 and have enough regular income to cover the $200 minimum security deposit and $35 annual fee, you’re almost guaranteed acceptance. As the card reports to all three major credit bureaus, it’s a good option for those looking to build or repair their credit. Bear in mind that as a secured card, you’ll need to put down a $1000 security deposit if you want to enjoy the equivalent in spending power.
3. Green Dot Primor Visa Gold Secured Credit Card
Green Dot Primor Visa Gold Secured Credit Card is a worthy addition to our list for several reasons. First of all, it offers a line of credit of between $200-$5000, depending on the amount of your initial security deposit. Secondly, it offers a very reasonable fixed 9.99% interest rate on purchases, with no penalty charges or hidden fees.
Thirdly, it reports to all three major credit bureaus, offering you the chance to strengthen your credit through responsible financial management. Lastly, there’s no minimum credit score requirement– whether you have no credit or poor credit, your chance of success is (almost) guaranteed.
4. First Progress Platinum Prestige Secured Mastercard
First Progress Platinum Prestige Secured Mastercard has some useful features that are well worth a glance. Chief among its advantages is its acceptance rate: it doesn’t require a minimum credit score and will consider your application even if you have no credit history. Your credit line is secured by a fully-refundable deposit of $200 -- $2,000.
As soon as you’ve paid the deposit, you’ll get access to such perks as 24/7 online account access, the option to pay off your balance and get your deposit returned at any time, worldwide acceptance, and an excellent variable APR of just 10.74%.
5. Wells Fargo Secured Credit Card
The main benefits of the Wells Fargo Secured Credit Card include: a credit line equal to the amount of your security deposit; the option to upgrade to an unsecured credit card if you show responsible credit card use; auto rental collision damage waiver; emergency card replacement; roadside dispatch; travel and emergency assistance services; cell phone protection, and various other consumer protection plans.
6. Discover It Secured
Discover it Secured makes a great option for those with bad credit, and offers some serious perks for cardholders: as well as offering a credit limit in line with your security deposit (which it will be happy to return after 8 months, providing you show reasonable use of the card), it offers a very generous 2% cashback on purchases at restaurants and gas stations, and 1% cashback on all other purchases. With few cards for bad credit offering rewards of any kind, it’s a pretty attractive proposition.
7. Aeromexico Secured Credit Card
Again, you’ll need to put down a security deposit of $1000 if you want the equivalent in credit, but once you do, you’ll get access to some very nifty benefits.
In addition to offering zero fraud liability protection and emergency cash and card replacement, the Aeromexico Secured Credit Card has a great line up of travel rewards, including a membership scheme that gives you one mile per $1 dollar spent on all eligible purchases, 3500 first use bonus miles, complimentary baggage, double miles on purchases at gas stations and grocery stores, a complimentary companion certitude, and a $99 companion certificate with credit card renewal.
8. Harley- Davidson Secured Credit Card
Even if you hold no credit history or have a less then stellar credit score, you’re still in with a shot of getting a Harley- Davidson Secured Credit Card. Perks include access to automatic Bill Pay, online banking, no annual fee, card protection plans, travel benefits, and the chance to re-establish your credit rating. As with all other secured cards mentioned, the security deposit will determine your line of credit.
9. First National Bank of Omaha Secured Visa Card
With no annual fee; the option to determine your own credit limit of anything between $300 and $5000 by providing the equivalent in deposit (which will be returned in 11 months if you keep up with your monthly payments); the opportunity to apply for a credit increase without any additional deposit after 7 months; and a reasonable APR of 20.24%, the First National Bank of Omaha Secured Visa Card is well worth checking out.
10. First Progress Platinum Elite Mastercard Secured Credit Card
Like the First Progress Platinum Prestige Secured Mastercard (see number 4 on our list), the First Progress Platinum Elite Mastercard Secured Credit Card comes with some great benefits, including the option to claim a credit line equal to your security deposit, the chance to re-establish your credit rating, an APR of 20.74%, and no requirement for a minimum credit score (or indeed, any credit history at all).
If you qualify for the Prestige, you’ll also qualify for the Elite (and vice versa). With both offering the same general benefits, the key to deciding between the two is working out if you prefer the lower annual fee of the Elite ($29 vs $49 with the Prestige) or the lower APR of the Prestige (10.74% vs 20.74% with the Elite).
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Written by Bill Vix
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