Best Credit Cards for Improving Your Credit Score

April 12, 2019

Millions of people struggle with the problem of bad credit. If you have made poor financial decisions or used a credit card in an irresponsible manner, the chances are high that your credit score is less than perfect. However, there is always hope even if you have bad credit. With the right credit card and responsible usage, you can gradually begin to improve your score. It’s important to be patient and diligent, but this is very possible. Here are credit cards that are good for improving your credit score.

Capital One Secured MasterCard

One of the best ways to improve your credit is to get a secured credit card. A secured card works in the same way as one that is unsecured, except that it is backed by a deposit of your own money. The Capital One Secured MasterCard is one of the best options. To qualify for the credit card, you need a credit score of anything from 350 to 629. It has no annual fee and requires a deposit of $49, $99 or $200. At first, you will get a credit limit of $200, but after you make your payments on time within the first five months of opening your account, you may be granted the opportunity to increase that. Just like with an unsecured credit card, your use is reported to Experian, Equifax and TransUnion, the three major credit bureaus.

Discover it Secured Credit Card

Another good secured credit card for improving your credit is the Discover it Secured card. It also carries no annual fee and requires a security deposit of $200 to $2,500. While you gradually improve your credit, you can also enjoy cash back rewards using this card. You can receive 2 percent cash back when you make purchases at gas stations and restaurants and 1 percent cash back on all other purchases. By the end of your first year of opening your account, you will even get double the cash back. While you use the Discover it Secured credit card, your account will be monitored every eight months. If you are responsible while using the card, you can get a refund on your deposit and move up to an unsecured credit card.

Credit One Bank Unsecured Visa with Cash Back Rewards

If you have bad credit and want to improve your credit score, the Credit One Bank Unsecured Visa with Cash Back Rewards is a great choice. The annual fee ranges from nothing to $99 and the APR is 20.24 to 26.24 percent. Meanwhile, you can also earn 1 percent cash back rewards for making purchases at grocery stores, gas stations, on your cell phone service, Internet, cable or satellite TV service, eating out and more. Use the credit card responsibly and you will gradually see your credit score increasing over time.

Total Visa Unsecured Credit Card

If you have bad credit or are rebuilding your credit, you may want to give the Total Visa Unsecured credit card a chance. The card has an initial credit line of only $300, but when you use it responsibly and pay off your entire balance each month, you can take advantage of a lower APR. Over time, when you keep making timely payments and purchases within 30 percent of your total credit utilization, you will be able to switch over to another unsecured credit card with lower or fewer fees.

Indigo Platinum MasterCard

If your credit stands to receive improvement, especially if you have ever filed for bankruptcy, you may want to consider signing up for the Indigo Platinum MasterCard. A perk of this credit card is leniency in a bankruptcy staying on your credit report for 10 years. You can still qualify even with a bankruptcy. The annual fee ranges from free to $99 and the APR is 23.9 percent.

These are some of the best credit cards for improving your credit score. If your score is bad, you can improve it while using one of these cards.