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What Are the Best Credit Cards to Rebuild Bad Credit?

When you’re looking for the best credit cards for bad credit to rebuild your borrowing power you do have a few choices: A secured credit card, an unsecured credit card, and prepaid credit cards.

Each of these credit cards for bad credit can help rebuild your credit score and have different benefits as well as drawbacks.

Rebuilding your credit can take time – there’s no quick fix. So choosing the best credit card for bad credit will be even more important because you may need that particular credit card for a while.

Also, remember that the primary purpose is to rebuild your credit, and not just having another credit card for spending. This is an opportunity to make a fresh start.

What to Keep in Mind When it Comes to Secured Credit Cards:

Usually, the best credit cards for bad credit to rebuild your creditworthiness are secured credit cards. A secured credit card requires the borrower put down collateral, or a cash deposit, that then becomes their line of credit.

So, if your credit card company requires a cash deposit of $1000, that’s the maximum amount that you can charge. The maximum amount a bank or credit card company allows will vary. Many companies require a $500 deposit, but you’ll see we found other examples.

Whether your credit limit is $500 or $2000, it’s still crucial that you pay your credit card for bad credit on time to successfully rebuild your credit history.Credit card with 5000 limit with bad credit

Another feature you’ll find with secured credit cards is that they often come with much higher interest rates. When your credit history shows late payments and loan defaults, you become a bigger risk to lenders. Consider the higher interest rate a trade-off for the chance to improve your borrowing options in the future.

Secured credit cards also report your payment history to the major credit bureaus. As you demonstrate a responsible performance of managing debt, your credit score will improve.

We did a bit of research and the following options represent some of the best credit cards for bad credit to rebuild your FICO score that we could find.

Wells Fargo Secured Visa Card Credit Card

Like many secured credit cards, the Wells Fargo Secured Visa Card has a high-interest rate: An ongoing APR of approximately 18 percent.

However, it also has a maximum credit line of $10,000. This generous credit limit is what makes it one of the best credit cards for bad credit to rebuild your financial reputation. You’ll need to make a collateral deposit, regardless of what your preferred credit limit is. If you wanted to obtain the maximum credit line, this would be a good card to get if you were selling your home to downsize. For a lower amount, but still substantial, you might consider using the money from your tax refund.

Other pros and cons include:

  • Annual fee is $25 (quite low compared to other cards)
  • Potential to be upgraded to an unsecured card
  • Doesn’t have any rewards perks
  • Doesn’t offer free credit scores

The higher credit line (you’ll see comparisons) will also work to keep your credit utilization low. That means that you have more credit than you’re using. This higher credit limit also gives you access to money for an emergency (and not an emergency trip to the mall).

US Bank Secured Visa Credit Card

One of the results of having poor credit is the high-interest rates you’ll face until you begin to improve your debt performance and credit score. The US Bank Secured Credit Card is no different: Interest rates range from 13 – 24 percent.

However, the US Bank Secured Visa Card also comes with a higher than usual credit limit of $5000 (maximum). While you may not have $5k to invest in improving your credit, even a few thousand dollars gives you an emergency fund as well as helping your credit utilization ratio.

Here are a few additional pros and cons of this card:

  • Annual fee is $29
  • Automatic evaluation after 12 months
  • Potential to be upgraded to an unsecured card
  • No longer offers free FICO scores

Despite the high-interest rate, the other advantages make this a very good option for a credit card to rebuild your bad credit. And part of the rebuilding process involves not charging merchandise you don’t really need, so your credit card bill should be low.

Capital One Secured MasterCard Credit Card

With a high-interest rate (24 percent) and no rewards program, the Capital One Secured Master Card still has some impressive features. You can opt for a credit limit of $3000 and even pay your collateral cash deposit over time.

More pros of the Capital One Secured Master Card include:

  • There is no annual fee
  • Reports to the major credit agencies
  • Has access to Credit Tracker
  • A higher credit line possible without extra deposit

If you don’t have a lot of extra money for your collateral deposit, you have up to 80 days to fund your card for the credit line you can afford.

Digital Federal Credit Union Visa Platinum Secured Credit Card

Begin the journey to improve your credit standing with a credit card for bad credit that also allows you to build a relationship with a new financial organization Digital Federal Credit Union (DCU).

The Digital Federal Credit Union Visa Platinum Secured Credit Card has no annual fee and joining DCU has a one-time donation of $10 to an eligible charity.

The annual percentage rate (APR) for this card is quite low – 11.5 percent. There is no rewards program

Other features of the DCU Visa Platinum Secured Credit Card include:

  • DCU membership requirements are lenient
  • DCU serves all 50 states
  • DCU offers other banking and lending services
  • The credit card is compatible with Apple Pay

If you’re interested in more than just a bank credit card, the DCU Visa Platinum Secured Card is a wise choice.

What Is an Unsecured Credit Card?

An unsecured credit card is the most common type of credit card: You apply to the bank or credit card company and once you’re approved you agree to the terms and credit limit you’re offered. There is no cash deposit required and the interest rates are low: sometimes as low as 8 percent. Many unsecured credit cards have very high borrowing limits – sometimes as much as $15,000.Credit card with 5000 limit with bad credit

Unsecured credit cards also report your payment history to credit agencies. So as you show you can properly manage debt, your credit score remains intact.

However, getting an unsecured credit card for bad credit to rebuild your relationship with lenders will have different terms:

  • Lower credit limits
  • Higher interest artes
  • May charge an application fee
  • May charge a processing fee

Having a poor credit performance can limit your opportunities for credit of any kind. Some credit card companies prey on people with bad credit histories because of these limited options.

While you may benefit from not having to provide a cash deposit for your credit limit, you should still look closely at the terms and conditions of the credit card you’re considering.

The annual fees may be higher and in some cases increase over time, regardless of your payment history.

Begin by researching reputable banks and well-known credit card companies first.

Also make sure the company reports to the three major credit bureaus – Equifax, Experian, and Trans Union – so when you demonstrate a solid payment history your credit score will reflect that.

Here are two options for unsecured credit cards for bad credit to rebuild the way you handle debt:

#1 Credit One Bank Credit Card with Gas Rewards

The Credit One Bank Credit Card with Gas Rewards is unique in that as an unsecured credit card for bad credit it has some very strong benefits.

This application for this card is structured as a pre-approval. That way if a borrower is denied the request doesn’t appear on their credit report as a “hard inquiry.” Too many “hard inquiries” (e.g. applying for and being denied credit) can hurt your credit score.

This is key since the process you’re undertaking is to rebuild your credit.

Another reason the Credit One Bank Credit Card is unique is the gas rewards offered. Cardholders earn unlimited 1 percent cash back on gas purchases. Most secured credit cards have no rewards program built into their programs. The rewards are reflected in your statement each month – there is no timetable to earn a certain amount to receive credit.

The Credit One Bank card is a very good credit card for bad credit to rebuild your credit performance because you also receive emails and text alerts to remind you of your upcoming payment.

Other pros and cons of the Credit One Bank Credit Card with Gas Rewards include:

  • Credit limit of $500 or lower
  • Free online credit score tracking every month
  • An annual fee of $39 – $99
  • Interest rate is 23.9 percent

This card also offers the potential for credit line increases. So, it’s possible that after making the first six payments on time, your limit will be raised.

It’s also advised that whenever the credit card interest rate is high (18 percent and higher) to use the card sparingly so you’re more likely to be able to pay the monthly balance in full.

#2 The Milestone Gold MasterCard

The Milestone Gold MasterCard also utilizes a pre-approval process. Again, the result will appear on your credit report as a soft pull or soft inquiry. The pre-approval then comes with the terms of the cards that you can apply for. Then you choose what is best for your situation.

Unlike the Credit One card that is clearly associated with Credit One Bank, the Milestone Gold MasterCard is a credit product issued through Mid America Bank and Trust.

Here are a few features of this card:

  • An APR of 23.9 percent
  • Borrower chooses from three different cards
  • The annual fees vary depending on the card

The Milestone Gold MasterCard makes for a reliable option for a credit card for bad credit to rebuild your credit standing because of the variety.

By supplying three options for applicants that have bad credit, there is the opportunity to look for the credit card that will fit your current needs. This also prepares you to meet your future goals to reestablish a good credit history.

Many unsecured credit cards for bad credit to help you rebuild your FICO score come with terms and fees that could make your financial situation worse. One card we researched charged 36 percent on purchases and cash advances. The credit limit was low ($300) and the card required a $95 security deposit.

Since neither the Milestone or Credit One cards report hard inquiries to the credit bureaus, you might be better off applying for either (or both) cards first, if you cannot afford the cash deposit for a secured credit card.

Just remember that even with the secured credit cards with higher lines of credit, you can choose the amount of money you’ll fund.

Some Concerns About Prepaid Cards

One reason prepaid credit cards are popular is because anyone can get one. There’s no credit check, and unlike unsecured or secured credit cards for bad credit to rebuild your debt management, there is no actual line of credit.

Because companies that provide prepaid credit cards don’t require your credit history or report to credit agencies, they’re not useful if your goal is to restore or improve your credit rating.

Many secured and unsecured credit cards require an annual fee. However, some prepaid credit cards can charge fee for your initial application, as well as charges on transaction fees, balance inquiries, and monthly maintenance fees.

Choosing the best credit card for bad credit to rebuild your future will depend on your individual situation. The credit cards here represent a few choices for you to consider.

You may want to do some additional research and look more closely at the features of these cards – or others you find – so you really do wind up with the best credit card for bad credit to rebuild your creditworthiness.


I have bad credit and am looking to borrow £5000 over 36 months for a car loan

Tim Carpenter, Car Finance Expert

Hi Rachel, I had a trust deed which was discharged in 2006. My current credit score is 481, I am a homeowner, in full time employment and have been on the voters roll for 7 years at my current address.

Credit card with 5000 limit with bad credit

Rachel Wilson Underwriting Manager

Hi Bobby, thanks for using the Q&A.

Answer correct as of September 2016

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In this illustration your credit score is set to

Best available rate

Total cost of credit

We compare products from 18 of the UK's top lenders to get you the best deal.

Representative example. Excellent Credit

Borrowing £7,500 over 48 months with a representative APR of 16.8% , an annual interest rate of 16.8% and a deposit of £0.00 , the amount payable would be: £211.25 a month, with a total cost of credit of £2,640 and a total amount payable of £10,140 .

CarFinance 247 is a broker and not a lender

More related questions

I have a poor credit rating and have applied a few times with various lenders but they keep turning down self employed people like myself which doesn't help. Do you have any ideas as i want £6000 for a used car to use in my business?

Credit card with 5000 limit with bad credit

Hi Allen, thanks for your question. We do have bad credit car loan lenders on our panel that help self employed customers like yourself. Please make an application and we'll see if we can get you approved. Rachel

Answer correct as of September 2011

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hi i am looking to borrow £5000 over 36 months for a nissan note i have poorcredit history from about 7/8 years i have £3.500 to put as a deposit and have just been refused through a dealer i do not own any property and rent privately and have been with the same employer for the last 7 years is there any company who can help me where the interest rate is not to high

Credit card with 5000 limit with bad credit

Hi Gill, thanks for using our Q&A. We'll be able to help no problem if your bad credit period was over 5 years ago. Just a couple of things - do you work and are you on the electoral roll at your current address? The finance rate obtained will all depend upon the company you get approved with. You will expect to pay slightly higher rates as you're seen as a bigger risk to lenders. Please make an application and we'll get it processed immediately.

Answer correct as of December 2011

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I'm looking to buy a car for my business using a loan, I have £1000 as a deposit and I am looking to borrow £5000 over 36 months. I don't have bad credit, but simply haven't needed credit. I'm 30 and self employed (IT) and apart from a Current Account I haven't got any other credit cards which apparently can be a negative thing in terms of credit history. What's the % of success for people in this position from your experience?

Credit card with 5000 limit with bad credit

Hi James, we should be able to get you approved as we do have lenders who help people with little to no credit. Are you on the electoral roll at your currenta ddress? As you're self employed you'll need to provide 3 months bank stats to prove your income - would that be an issue? Realistically the rate you'll receive will be between 10%-15%. Kind Regards, Rachel

Answer correct as of December 2011

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Hi Rachel am looking to barrow £5000 with bad credit to by a car.i would like to pay it back in 3 years.can you help me to get that loan please.

Credit card with 5000 limit with bad credit

Hi Allan, you've come to the right place! Car Finance 247 are the bad credit specialists and if we get you accepted for a car loan £5000 won't be an issue. Do you have a deposit or part exchange also? Lastly i'd say everyone's credit is different and while we cannot 100% guarantee you an acceptance i would say we have access to a vast majority of sub prime lenders on the market. Good luck and i'll be on the look out for your application. Thank you, Rachel

Answer correct as of January 2012

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Hi Rachel, I'm currently looking to get my own car as i've been using a car my parents bought recently. I would want to borrow £2500 and pay it back over 4 or 5 months as i'm in temporary work. I would also like to get a car sorted asap, preferably before summer this year. I have a bad credit rating because of a mess up at Barclaycard and the only up to date proof I have of paying bills on time is for my mobile phone which is direct debited each month. Would i be wasting everyones time by asking for finance or is it a possibility? Thank you for your time.

Credit card with 5000 limit with bad credit

Hi John, if you only wanted £2500 over 4 to 5 months we wouldn't be able to help as our minimum lend is £3500 and the minimum term is over 24 months (you could settle early though). Kind Regards, Rachel

Answer correct as of April 2012

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Liked by 3 People

Hi, I'm looking to get a vauxhall corsa on finance. I'm 20 and I have a bad credit history due to having a credit card and the fact that i didn't pay everything back in time due to losing my job. Any way you can help? I'm employed by tesco and I work 23 hours a week plus overtime.

Credit card with 5000 limit with bad credit

Hi Sarah, we'd love to help and thank you for your question. We can help people who work part time and have bad credit so there is certainly hope. Do you have a deposit or part exchange to put into the deal or not? Also, how much do you want to borrow and over how long? Have you applied anywhere else online yet? Kind Regards, Rachel

Answer correct as of April 2012

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Hi, I have really poor credit due to a previous relationship. I am on the electrol roll, i am working and am in the process of repaying my debts. I have a car currently so would have around £3000 deposit. My parents would also be happy to be guarantors. Can you help?

Credit card with 5000 limit with bad credit

Hi Georgina, thank you for using our Q&A. We specialise in helping people with bad credit but as you can appreciate we can't guarantee an approval so it all depends upon how bad your credit actually is. The great news is that you have a large deposit. This is always a massive help as it shows commitment to the lenders from your part. If one of your parents has a good credit history please add them onto the application as a joint hirer to give yourself a better chance of being approved. The fact that you're in employment and on the electoral roll is a big help too. Please apply and we'll try our best to help you get the finance you require at a rate that meets your circumstances. Kind Regards, Rachel

Answer correct as of June 2012

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I have a current credit score of 657. Can i still get car finance for about £5000?

Credit card with 5000 limit with bad credit

Hi Aaron, with a score of 657 i'm quietly confident we'll be able to get you £5000. Are you employed, on the electoral roll and do you have a deposit at all?

Answer correct as of July 2012

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I have a credit rating of 749 but can't get finance for a car. How much of a deposit would i need for a £5000 car? I have missed a few payments in the last year on credit cards and loans etc!

Credit card with 5000 limit with bad credit

Hi Blair, a 10% deposit of £500 would see you in a healthy position to obtain a loan through us. Please apply when you feel you're ready. Regards, Rachel

Answer correct as of July 2012

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Hello, I'm in need of car finance for around £5000, I have around £600 deposit to put down. My car has completely died and will cost far too much in repairs more than what it's worth, so I need a really good reliable car that is big enough for all of my equipment for work. Ideally a 4x4 i'm looking at the Rav 4, 5 door. The Big problem is, I moved in April, and applied for credit for a new sofa, I was declined even though my credit score is excellent. I then phoned experian and they explained that i'm not on the electoral roll at my current address. I sent off the form but apparently its not due to be updated until October 15th. It's impossible for me to work without a reliable car. I don't want to apply for a loan and be declined again, which will then affect my credit score even more. Can you help?

Credit card with 5000 limit with bad credit

Hi Dawn, have you changed your address yet on all of your current active credit accounts into your new address? If so we may be able to help but i can't promise anything as being registered on the electoral roll is very important. If you haven't changed anything over yet it may well be worth applying for finance in your old address if you're desperate as you'll still be on the electoral register and that's where all your credit is stored. If approved the £5000 for a Toyota Rav 4 shouldn't be an issue as you have a decent deposit. Regards, Rachel