Whether a person has good or bad credit, understanding which credit cards are best suited for them is significant in regard to achieving optimal rewards and building a clean credit history. Most people don’t fully understand that applying for a bunch of card offers or the wrong types of cards can actually hurt one’s credit score.
For those who don’t have good credit, doing these things can “put the nail in the coffin” to being able to ascertain any card. Checking credit history is one of the first things a lender will do when an application for a credit card is submitted. The more applications a person has in their credit history, the lower the score will be. If a person’s credit score is in the positive then it doesn’t affect things as much as a person in the negative. That being said, it’s still important to apply to cards that will adequately benefit an individual’s financial situation. In the following list, one can find the two best credit cards and rewards for both good and bad credit.
Best Credit Cards for Bad Credit
Discover Card It
The Discover Card is superlative for individuals who need a secured card with rewards because it has zero yearly fees and comes with pre-qualification. The annual percentage rate for the Discover It Secured Card is at 23.49 percent. There is no penalty on the average return rate.The benefits include a free Fair Isaac Corporation credit score, benefits do not ever terminate and there is no foreign transaction stipend. The balance transfer fee is 3% on transactions and 5% for cash advances. When receiving a cash advance, there must be no less than ten dollars withdrawn. As one can see, the Discover It credit card is one of the absolute top options for people who have poor credit and need to re-establish their score to a better standing point.
Credit One Bank Cash Back Credit Card
The Credit One Bank Card can be established or issued to people who have reasonable credit scores. The annual fee varies greatly and the average rate fluctuates between 17 and 25%. Additional credit card benefits include no fraud liability from any unapproved purchases, online accessibility to account for viewing transactions and other activity, the ability to pre-qualify without it showing on one’s score and the ability to choose the date of payment. This credit card has an advantage to it whereby the holder can obtain a proliferation in their credit line if the account is in good standing. Another great advantage to the Credit One Bank Card is that a person can get mobile alerts for important account information. There is an option to design one’s own card as well, with a fee.
Best Credit Cards for Good Credit
First National Bank Platinum Edition Visa Card
The First Bank Card has no annual fee and the annual percentage rate varies between 10.49%, 15.49%, and 18.49%. There are no penalties on the APR and the introductory period is 0% for the initial fifteen billing sequences. The balance transfer charge is approximately three percent and if the cash advance feature is implemented it costs 5%. The lowest amount one can transfer is $15. Additional benefits for this card include no liability, car and travel insurance plans, acquisition protection and an extended warranty safeguard.
Capital One Platinum Credit Card
A person wishing to acquire a Capital One Credit Card will need to have either a limited, fair or average credit score. There’s no annual fee for this card and the APR is 24.99 percent. There are no penalty fees and to use the cash advance feature it will cost three percent of the total amount, but no less than $10 can be withdrawn.Additional perks are included below:
- Theft coverage
- An increase in credit with good payment status
- 24-hour web access to the account