If you’ve got bad credit, you may think that you simply can’t qualify for an unsecured credit card. Maybe you’ve had a number of online applications rejected in the past? You know that there are secured cards, but you wish there were options that didn’t require you paying hundreds of dollars up front.
Luckily, even for consumers with the worst credit, there are a number of bad credit unsecured credit cards out there. Here are three of the best choices for 2014:
Horizon Gold Card
Pros: The Horizon Gold Card is the perfect option for consumers with very bad credit looking to rebuild their profile. They don’t conduct any kind of employment or credit check, and everyone is approved for a $500 credit limit. Your credit line and repayment history is reported to all three of the major bureaus, making it easy for anyone to add positive marks.
Cons: While the card is great as a way to help rebuild your credit, its usage is pretty limited. It isn’t branded with any major credit logo, so it can’t be used in most places. It does, however, allow you to shop online for merchandise through Horizon’s portal. Bottom line, it is a powerful tool for rebuilding credit if you have few other options.
Apply for the Horizon Gold Card
Credit One Bank® Credit Card with Gas Rewards
Pros: The Credit One Bank® Credit Card with Gas Rewards is a great unsecured card for people with bad credit as it offers 1% back, in the form of rewards points, from all gas station purchases. This card also comes with valuable credit score tracking, as well as access to the benefits of all Visa Platinum cards.
Cons: Although it is a bad credit unsecured credit card, the Credit One Bank® Credit Card with Gas Rewards may be tough to get approval for depending on your credit profile. It also has an annual fee which ranges from $35-$99, but this can be negated thanks to the gas rewards.
Apply for the Credit One Bank® Credit Card with Gas Rewards
MBNA Rewards Studentawards Credit Card
Pros: Every dollar you spend earns a MBNA reward point. There are also reward point bonuses for making your first purchase, as well as each year on your anniversary with the card. The points can be used for cash back, travel expenses and online at many popular retailers. Perhaps the biggest advantage (that isn’t found in many other bad credit unsecured credit cards) is that there is no annual fee.
Cons: It’s only available for Canadian residents, so US citizens are out of luck on this one. For Americans, consider the Horizon Gold Card or the Credit One Bank® Credit Card with Gas Rewards instead.
Apply for the MBNA Rewards Studentawards Credit Card
No matter which of the bad credit unsecured credit cards you choose to apply for, they should be used as stepping stones to grow your credit score. Mistakes in the past will fall off of your report eventually. By working now to add positive information to your credit profile, you can help ensure your financial freedom in the future.
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