Why We Like This Card
The Capital One Platinum Secured Credit Card offers a low barrier to entry as far as secured cards go. Its required security deposit ranges from $49 to $200. Comparatively, many secured cards require a deposit of at least $300 or more. Cardholders could get a credit limit up to $1,000 if theyre willing to put down more funds. But the real appeal here, perhaps, is that Capital One will consider granting you a higher line of credit if you demonstrate responsible use by making your first six monthly payments on time.
Try One Of The Best Open
As alluring as store cards can sound in the checkout line, few consumers are likely to get enough use out of a branded, closed-loop credit card to justify the hard credit pull especially poor-credit consumers trying to rebuild their credit. After all, a budget focused on paying down debt usually has little room for splurging on mall shopping sprees or the latest fall fashions.
Instead, a better option for many people is an all-purpose, open-loop credit card that can be used to make purchases anywhere. This will allow you to build credit as you purchase things that actually belong in your budget such as gas and groceries instead of tempting you into making purchases you dont really need. Our expert-rated bad-credit issuers have flexible credit requirements and easy online applications.
Depending on the nature of your credit woes, you could potentially see drastic credit score improvements after only six months or so of on-time credit card payments, with more card options opening up to you after 12 months of responsible credit use. Pay down any existing debt during the process to see even bigger improvements to your scores.
What To Look Out For In A Credit Card For Bad Credit
A credit card for bad credit can be a lifeline for rebuilding your credit. However, you need to do your research. Some credit cards for bad credit compensate for riskier lending with high APRs and harsh penalties. You should weigh the benefits against potential pitfalls.
Here are the key elements to keep in mind when evaluating credit cards for bad credit:
- Fees: Credit cards for people with bad credit tend to carry a lot of fees. Make sure to look at the cards rates and fees on the application page. Primary fees, such as late fee and foreign transaction fee are shown at the top of the document , but keep an eye out for lesser-known fees appearing further down in the text.
- Cards for bad credit often bring along high interest rates and in an unfortunate situation penalty APRs. As such, getting the lowest rate possible should be one of your top priorities if you know youll carry a balance.
- Minimum/maximum security deposit: If your card requires a deposit, check the range offered to see if it works for you. Can you afford to tie up $1,000?
- Youll want to be sure the card offers a limit thats high enough to allow you to keep your credit utilization low.
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How Much Are The Rewards Worth
Each point earned on the Amazon Prime Rewards Visa Signature Card is worth 1 cent no matter how you choose to redeem them. For example, 50,000 Amazon points are valued at roughly $50. There is no minimum redemption requirement when you redeem your points for Amazon.com purchases. You can by taking advantage of the sites subscribe and save deals and other retailers Amazon gift card promotions for extra discounts and rewards.
Unsecured Cards With Easy Approval
An unsecured credit card requires no security deposit and is a true line of credit from the card issuer. A drawback to these unsecured credit cards for bad credit, however, is that they typically come with high fees and a high interest rate or APR. But if used responsibly, they can help you rebuild credit and lead to you getting an unsecured card with more favorable terms.
Here are some of our top-rated unsecured cards with minimal approval requirements for you to consider:
The FIT Mastercard® offers a fast and easy application process and all credit types are encouraged to apply. The card requires no security deposit and is very welcoming to those with poor credit. The card can be used everywhere Mastercard is accepted, subject to available credit.
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How To Get A Credit Card With Bad Credit
If youve made a few financial mistakes or dont have a credit history, you may be wondering if its even possible for you to get accepted for a credit card. It is, but here are a few steps you can take to increase your odds of approval.
The Best Credit Card For Amazon Shoppers Without Prime
If you don’t want to fork over the cash for a pricey Prime membership, the cobranded Amazon cards are a lot less valuable. Instead of getting a separate Amazon card and paying for Prime, consider a regular rewards credit card. With the right card, you can earn a solid rate on your Amazon purchases — and everything else.
Learn more:The Best Rewards Credit Cards
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Alternatives To Guaranteed Credit Cards
If youre more in need of money than a method of payment, consider applying for a bad credit loan. You can prequalify with a lending network without hurting your credit score.
The prequalification step will attempt to match you with a direct lender. Youll be presented with the loans rates and terms so you can decide whether you wish to move forward with an application. Upon approval, the loan funds will be deposited into your bank account within one business day.
Our top-rated lending network is MoneyMutual, which can match you with a bad credit loan offer of up to $5,000 far more than the initial credit limit youd receive on a credit card.
Another option is cash advance apps, which can spot you a short-term loan with no interest! based on your earnings. You must be employed and have a bank account to qualify.
You may also be able to get a closed-loop store credit card from your favorite retailer. Most stores offer their own credit card, and they usually offer two options one that operates on the Visa, Mastercard, or Amex payment network and can be used everywhere, and another that can only be used at that store. The option that can only be used at the store is generally reserved for applicants with bad credit.
While a store card wont help you pay for things outside of the store, it will help you build credit because the account will appear on your credit report.
How Does Amazon Compare With Other Providers
Amazon credit card customers gave the brand 60% in our latest , placing it towards the bottom of our table.
|Mobile app on a smartphone or tablet|
3 out of 5
Star ratings out of five show levels of satisfaction for each category. Where no stars are given, we received too few responses in our survey to award a score.
Amazon Business Credit Cards For 2022
Amazon Business Prime American Express – Best overall
Amazon Business American Express – Best additional credit card perks
Amazon Prime Rewards Visa Signature – Best reward rate
American Express Blue Business Cash – Best welcome bonus
Chase Ink Business Preferred® – Best for advertising and business purchases
Chase Ink Business Unlimited® – Best for a low-interest rate
Capital One Low Rate Gold Mastercard
The Capital One Low Rate Gold Mastercard is a solid choice for people with a low credit score. For a fee of $79 per year, cardholders get an eyebrow-raising competitive interest rate of 14.9%, and access to perks including price protection, travel benefits and insurance. Plus, if you dont qualify for the unsecured Capital One Low Rate Gold, Capital One will still approve you for its alternative secured product, the Capital One Guaranteed Secured Mastercard. This makes for a good fail-safe, and helps people access a credit card with a security deposit as low as $75 and a $59 annual fee.
- Annual Fee: $79
- Interest rate: 14.9% on purchases and balance transfer 19.8% on cash advances
- Personal income required: $0
- Other perks: Price protection common carrier travel accident insurance baggage and rental vehicle insurance
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Can I Apply For And Use A Store Card The Same Day
Same-day use is perhaps the biggest perk these cards offer. In a typical scenario, a checkout clerk alerts you to the wonderful benefits afforded by the store card, such as 25% off any purchases you make today. As your eyes widen, the clerk pulls out an application form.
Store cards allow you to use the new account to pay for your purchase the day you apply, usually at a significant discount.
The clerk will enter your information into the system, and unless theres a snag, youll receive a temporary account number you can use until the card arrives in the mail. Youre now free to go on a one-day shopping spree until you hit your typically modest credit limit.
The same-day discount can be pretty handy if you already plan to buy a relatively big-ticket item. However, the benefit is dubious if it encourages you to buy things you dont need . Unnecessary purchases arent helpful if you are currently building credit .
A store cards same-day discount can be enticing but ultimately counterproductive. As you pile up more of these cards, your total available credit can climb to uncomfortable heights.
For example, suppose you own half a dozen store cards, each with a $1,000 credit limit. If you were to apply for a personal loan, a timid lender may dislike your potential $6,000 in unsecured credit card debt and turn down your application. If instead, you had one open-loop card with a more modest credit limit, your personal loan application may sail through.
Join Prime To Get 2% Back7
|Secured Card features|
|2% back on Amazon purchases||5% back on Amazon purchases|
IMPORTANT DETAILS ABOUT OFFERS AND BENEFITS OF AMAZON CREDIT CARDS ISSUED BY SYNCHRONY BANK:
- THE AMAZON STORE CARD AND PRIME STORE CARD , and
- THE AMAZON SECURED CARD AND AMAZON PRIME SECURED CARD
Store Cards and Secured Cards are issued by Synchrony Bank. If you have questions about any of these cards, call 1-866-634-8379, available 24 hours a day. Store Card accounts and Secured Card accounts may be used for most purchases at Amazon.com and select physical Amazon stores that accept such card accounts as payment options . In addition, Store Card accounts, and Amazon Secured Card accounts opened before January 1, 2021, may be used for purchases from other merchants who have enabled such card accounts as payment options using Amazon Pay.
1. Limited Time Offer Details. Upon approval of a Store Card application, an Amazon Gift Card with the value described above will be loaded into your Amazon.com account. Amazon Gift Cards are issued by ACI Gift Cards, Inc., a Washington Company. See for complete terms and conditions.
9. SPECIAL FINANCING AND EQUAL MONTHLY PAYMENTS: These offers are subject to credit approval.
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Purchasing Through Another Retailer
Many retailers, such as Best Buy and Samsung, offer 0% promotional APR credit line financing similar to Amazons. For example, Best Buy offers 12 months of no-interest financing on purchases $299 or greater when you use a My Best Buy Credit Card. Not everyone will be approved through store credit accounts, though, so be mindful of your credit score before applying.
Theres not much of a difference if you wanted to go with store credit card financing or Amazon Store Card financing, so you might choose whichever retailer has the best deal on the equipment you want or where you shop the most generally. However, keep in mind that youll be charged interest on your purchase if you havent paid the balance within the allotted promotional time period. Interest rates and promotional financing will vary between stores and can be high, so do your research before you open an account.
Be sure you have a clear plan for repayment for any debt you pick up, and be mindful of any fees you might incur.
Pros Of A Credit Card For Bad Credit
- Raise your credit score. Using a credit card responsibly is one of the fastest ways to grow your credit score and improve your credit history. As you continue to raise your score, youre seen as less of a credit risk. This will help give you access to credit cards and loans that come with better perks and lower rates and fees.
- Easier approval process. If youre just starting out or rebuilding your credit after financial setbacks, many credit cards can be out of reach. Credit cards for bad credit are designed with a low barrier of entry to help consumers build their credit from the ground up.
- . Credit cards in this category frequently offer a host of financial education resources, free access to your credit score and auto-pay. Some issuers will even review your account for a credit line increase after several months of good financial behavior.
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What Is A Bad Credit Score In Canada
Your credit score is expressed as a number, generally between 300 and 900, that represents how credit-worthy you are. Meaning: How much of a risk you could pose to lenders or creditors to not pay money back. Your score is affected by all sorts of variables including the amount of debt you carry, whether you repay in full and on time, and even how long your credit history is. The higher your credit score, the better.
|Excellent||760 to 900|
Just as your financial habits created your credit score, so they can improve it. Here are the five variables that most affect your credit score, with the most impactful first.
Financing Options With The Amazon Store Credit Builder Card
The following finance options are available:
Special Financing Option
No interest is charged if you pay in full within the stipulated time frame. Depending on your purchase amount, this timeframe can be six, twelve, or 24 months.
Remember that this is deferred interest and not a 0% APR offer. If you fail to pay within the designated time frame, youll be charged the full interest accrued.
This financing option applies only to qualifying items. With this finance option, youll not be eligible for the 5% rewards rate.
Equal Pay Option
This option extends equal monthly installments, which must be paid back within a fixed timeframe. Depending upon your purchases, the time frame can be six, twelve, or 24 months. If you pay within the fixed timeframe, no interest will be charged.
This financing option applies only to qualifying items. Youll not be eligible for the 5% rewards rate with this finance option.
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