In today’s world, credit card usage is becoming increasingly popular. At the same time, its use can get people into financial trouble. Many seniors with low credit scores tend to request credit cards, which might even make it difficult for lenders to approve them. Why do people have bad credit scores?
Untimely payments, Bankruptcy filing, Defaulting on loans, and many more can affect your loan history. This will later make it challenging to obtain and use credit cards. Notwithstanding, some lenders still give out loans to the best people with poor credit scores, but guess what?
They offer them a good perk even with their poor credit scores. Do you have a poor credit score and have been surfing the web to understand how to work it out, worry no more. You’ve come to the right platform. Here, we are keen to walk you through the best nine credit cards for seniors with poor credit.
Best Credit Cards For poor Credit Scores
The list is endless; finding the best credit cards for poor people shouldn’t be impossible. Always know that credit cards exist for every credit score. On the flip side, finding a credit card with a low APR and other benefits might seem impossible. Bet, here are the best cards for poor scores.
1. Capital One Platinum Credit Card
With no annual or hidden fees, Capital One bank doesn’t require you to make a security deposit to obtain your card. It has few frills and features a credit card approval with zero credit history. However, one thing you will need is an income to qualify for this credit card loan. Perhaps they issue a MasterCard network that comes with a reasonably high variable APR. This means you might need to pay your balance in full each month to avoid interest charges.
2. Capital One Platinum Secured Credit Card
This card is second to none. With this credit card, you can enjoy peace of mind with $0 fraud liability. And, of course, you won’t be responsible for unauthorized charges. More so, you can earn back your security deposit as a statement credit when you use your card responsibly. Also, the big feature of this card is that you can earn unlimited 1.5% cash back on every purchase, everywhere, with no particular store limit to how much you can make.
3. Indigo MasterCard
This complete MasterCard is designed to help seniors with poor credit establish or rebuild their credit. It is an unsecured card that has no security deposit. Aside from that, you can use it in any country where MasterCard is accepted. Depending on your credit history and score, you can also pay $0 for this card. But you must pay on time because your credit history will be reported to the three major credit bureaus. You can get future loans with zero down payments if you have an excellent record.
4. Discover it® Secured Credit Card
This is the fourth on our list. It has no credit score requirement to apply, and you can earn at least 2% cash back at gas stations and restaurants. Also, they provide an automatic review after seven months to see if you can get your deposit refunded. At the same time, you can establish your credit line by providing a refundable security deposit of at least $200. Again, you must pay your monthly bill on time to be considered for a credit limit increase and graduation to an unsecured card.
5. Total Visa Card
The Total credit card is also one of the best credit cards for seniors. While it is available to those with poor credit scores, it might not the best for all seniors. Like others, no deposit is required, but it has a program fee to start. Besides, you can know what you’ll pay monthly using your card responsibly. Also, you can develop a good credit score for a less punitive card a year down the road.
6. Milestone® MasterCard
As with the Total Visa card, this Milestone MasterCard is intended for those credit-challenged folks that have no mind paying a fee for an unsecured card. When you get a credit card score greater than 600, it places you into something “fair” by many card issuers. This means your option for more attractive cards begins to improve. Moreover, they protect you from fraud whenever your card is stolen.
7. Capital One QuicksilverOne Cash Rewards Credit Card
With this card, you can earn unlimited 1.5% cash back on every purchase on a daily basis. Not only is that, but it helps strengthen your credit for the future with responsible card use. Meanwhile, they can review your account in six months and increase your credit line depending on your credit history. And most importantly, you will be able to enjoy peace of mind with $0 fraud liability to avoid unauthorized charges.
8. Fortiva® Mastercard® Credit Card
This MasterCard allows you to improve your credit score when you make payments on time. It provides a cashback reward on selected purchases but charges an annual fee. With this card, you can make contactless payments through mobile wallets and earn up to a 3% cashback reward. Besides, you can get free access to your Vantage 3.0 score from Equifax†.
9. Discover it® Student Cash Back
This is the last on our list of selected credit cards for seniors with poor credit scores. As the name implies, it is an ideal card for students who want to build credit and take advantage of rewards. You don’t need a credit score to apply, and it has no annual fee to boost your credit with responsible use. In fact, you can also track your FIO score for free on your monthly account statement.
Summary
You can develop good credit card use with practice. If you have habits that have disturbed your credit score in the past, jump to these nine above. We highly recommend them to help your journey toward a better credit score. But remember, only you can choose the path to get there. So, follow the process!