Responsible credit card use is one of the most important aspects of maintaining and building strong personal financial health.
For consumers with bad or no credit, however, it could be difficult to apply for new credit cards, or other financial products, due to the limitations of their score. Still, there are options out there for people with poor or limited credit, looking to boost up their rating through responsible card use. Here are 10 credit cards to consider in 2020 for building credit.
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10 Credit Cards For Building Great Credit
1. Deserve® EDU Mastercard
While college students may not necessarily have bad credit, they likely lack the credit history needed to build a strong credit score. As a result, having a good student card to establish credit history is important. The Deserve® EDU Mastercard is a great starter card for college students, as it comes with no annual fee and 1% cash back on all purchases. The Deserve EDU also offers a free year-long subscription to Amazon Prime Student.
2. Reflex Mastercard® Credit Card
The Reflex Mastercard® Credit Card has an initial credit limit of $500 and requires a checking account. Reflex boasts a fast and easy application process, with results in seconds. The card can be used everywhere Mastercard is accepted, and also features free 24/7 online account access.
3. Merrick Bank Double Your Line™ Platinum Visa® Credit Card
The Merrick Bank Double Your Line™ Platinum Visa® Credit Card may be a mouthful, but the card is a great option for building credit and increasing your credit limit. With initial credit lines ranging from $550 to $1,250, users can double their limits by making at least their minimum monthly payment for the first seven months. The card features no penalty rates or over-limit fees.
4. First Access Visa® Card
Another great option for people without the strongest credit is the First Access Visa® Card. Consumers approved for a First Access card will pay a program free for access to a $300 credit limit. The issuer reports to all three major credit bureaus, which can boost a cardholder’s credit report and score if they make timely payments. The three credit bureaus (Equifax, Experian, and TransUnion) compile credit reports, which creditors use to assess the creditworthiness of applicants.
5. First Digital NextGen Mastercard®
The First Digital NextGen Mastercard® is a full-feature, unsecured credit card that is accepted at millions of merchant and ATM locations nationwide and online. Through responsible use, the card builds credit by reporting to all three major credit bureaus. Users also may become eligible for a credit line increase six months.
6. Milestone Gold Mastercard®
The Milestone Gold Mastercard® is another card that welcomes all credit types, which is evident by its instant pre-qualification feature for all applicants who qualify. The card has 24/7 online and mobile account access, and also allows users to change their card image for no extra charge. The Milestone card reports to all three major credit bureaus.
7. Applied Bank® Secured Visa® Gold Preferred® Card
Some of the best cards for building credit are known as secured cards, which are literally “secured” by a cash deposit to obtain the card. The Applied Bank® Secured Visa® Gold Preferred® Card requires a $200 minimum deposit ($1,000 maximum) which doubles as the cardholder’s line of credit. The Applied Bank Visa Gold requires no credit check or minimum credit score from applicants, making it ideal for consumers with poor credit.
8. Green Dot Platinum Visa® Credit Card
Another secured card option, the Green Dot Platinum Visa® Credit Card also has an initial security deposit minimum of $200. The maximum deposit, however, is $5,000 which allows users to build up even more credit through responsible card use (i.e., making on-time payments in full) thanks to the increased credit line. The card does not require a credit check or bank account to get approved.
9. OpenSky® Secured Visa® Card
The OpenSkyⓇ Secured Visa® Card checks all the major boxes you’re looking for with a secured card: no credit check for applicants, a refundable deposit that doubles as your credit line, and reporting to all three major credit bureaus. According to OpenSky, 99% of consumers without a credit score earned one within six months after using the card.
10. Total Visa® Credit Card
While secured credit cards are excellent cards for building credit, there are some people who can’t afford the minimum deposits. That’s where the Total Visa® Credit Card comes in, as an unsecured credit card that allows borrowers with bad credit to start building their way back up. The card reports to all three credit bureaus, so as long you make your payments on time and in full, you should start to see your credit score increase, as long as your other credit activity doesn’t hamper the progress.