If you have a limited credit history or bad credit, you’ll know what a challenge it can be to secure a credit card… and how nerve-racking it can be waiting to learn the decision of your application. Fortunately, credit is out there, even for borrowers with poor credit scores, and not all issuers take an age to decide whether they want you as a customer or not. Admittedly, they’re not always easy to find, and some will apply excessively high-interest rates to mitigate the risks of lending to customers with an untested or poor credit history. Luckily for you, help is on hand- if you’re looking for 10 of the best instant approval credit cards for bad credit, read on.
1.OpenSky Secured Visa Credit Card
Provided you are at least 18 years old and have enough income to put down the $200 minimum security deposit and keep up with both the ongoing monthly repayments and $35 annual fee, the OpenSky Secured Visa Credit Card offers guaranteed acceptance. Other benefits include the chance to rebuild your credit rating (the issuer reports to all three major credit bureaus monthly), no monthly fees, and a very reasonable variable APR of just 19.6%.
2. Credit One Bank Platinum Visa for Rebuilding Credit
Just some of the benefits of the Credit One Bank Platinum Visa for Rebuilding Credit includes instant approval, a 1% cashback on all eligible purchases, a decent credit limit of $300 (with the opportunity to increase if you’re responsible with your repayments), and a reasonable annual fee of $0-$99 depending on your creditworthiness. If you’re looking for an instant approval credit card to help build up your credit rating, this may well be it.
3. First Progress Platinum Elite Mastercard Secured Credit Card
With an expedited processing option, you’ll know in less than a minute whether your application to First Progress Platinum Elite Mastercard Secured Credit Card has been accepted. If it is (and with the issuers broad acceptance policy, there’s every likelihood it will be), you’ll gain access to a credit line of $200-$2000 (depending on the amount you put down as a security deposit), the option to pay off your balance and receive a full refund on your deposit, worldwide acceptance, and, thanks to its monthly reporting to all three lending bureaus, the chance to rebuild your credit rating.
4. Capital One Platinum Credit Card
With no annual fee to consider, no foreign transaction fees, flexible payment terms, fraud protection, and free access to your credit rating, the Capital One Platinum Credit Card makes a valuable addition to the wallet of anyone looking for a card that will help them rebuild their credit rating. While the initial credit line may not be the highest, Capital One will happily increase your credit limit after the first 5 months providing you keep to your monthly re-payment schedule.
5. Discover it Secured
Not many credit cards for bad credit offer rewards on top of easy acceptance, but the Discover it Secured certainly does. Thanks to its offer of 2% cashback on purchases at restaurants and gas stations, and 1% cashback on all other purchases, it has one of the most generous benefits packages of all the cards in our list. Bear in mind this is a secured credit card – to access a reasonable credit line, you’ll need to put down a security deposit of at least $200. While the initial deposit might be inconvenient, keep up with your monthly repayments and in 8 months, Discover will ensure its return.
6. Journey Student Rewards from Capital One
The first caveat – you’ll need to be a student to apply for this one. If you are, this is a great option for building your credit history and showing your creditworthiness to future lenders. Along with instant approval on your application, the Journey Student Rewards from Capital One offers a variable APR of 20.24%-26.24% (which, while higher than premium cards, is still fair), a credit limit of $300 that’s subject to increase if you make your first 5 payments on time and an unlimited 1% cashback on all eligible purchases. Unfortunately, there is an annual fee to consider, but at just $99, it’s more than reasonable considering the perks on offer.
7. Amazon.com Store Credit Card
Admittedly, this is a store card rather than a credit card, but if you’re a frequent user of Amazon, it carries many of the same benefits as a regular credit card. If you’re an Amazon Prime member, you’ll earn a 5% cashback on all purchases you make with the Amazon Store Credit Card, while all new customers are entitled to a $10 sign up bonus. Additional benefits include no annual fee, the chance to rebuild your credit rating, and 0% financing for 6 to 24 months.
8. Capital One Secured Mastercard
Like all secured credit cards, the Capital One Secured Mastercard requires you to put down a “security deposit” to secure a line of credit; unlike most issuers, however, Capital One doesn’t limit your credit limit to the amount of the deposit. For just $49, you’ll get access to a $200 initial credit limit; make your first five payments on time, and you can request an increase. With wide acceptance, instant approval, and added perks like extended warranty, consumer protection plans, and travel and insurance benefits, it makes for a very attractive proposition to those with limited or poor credit history.
9. Total Visa
Total Visa is available to those with no credit history what-so-ever, as well as to those with a very poor score. It’s almost guaranteed acceptance and instant decision application process are the chief perks, but before applying, bear in mind it comes with one of the highest APR’s of any card in this category (29.99%), along with an advance fee of $89, an annual fee of $79, and a monthly fee of $6.25 from the second year on. While we wouldn’t advise keeping the card in the long run, it offers those who’ve been rejected elsewhere the chance to rebuild their credit rating and increase their chances of being accepted for a better card in the future.
10. First Access Solid Black Visa Credit Card
The First Access Solid Black Visa Credit Card is worthy of consideration for several reasons: firstly, it offers a reasonable credit limit of $300; secondly, it offers acceptance even to those who’ve been rejected elsewhere; thirdly, it offers easy to manage monthly repayment options; and lastly, it reports to all three major credit bureaus monthly, giving you the chance to rebuild your credit rating by managing your finances responsibly.
Written by Allen Lee
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