When you have bad or no credit, many credit card companies will require that you pay a deposit before extending a line of credit. These are known as secured credit cards. However, there are some credit cards that do not require a deposit called unsecured credit cards. Our editorial team has done the work to find the top offers based on factors like APR, card requirements, rewards, introductory offers, automatic reviews, and more.
If you’re looking for credit cards for bad credit, these are the best unsecured credit cards of 2022.
Credit One will periodically review your account to check for timely payment history, and it could lead to credit line increases, giving you more freedom to spend. You have the option to set your own payment date to best fit your schedule so you can help ensure on-time payments that will help boost your credit score over time. You will need to pay an annual fee, although it is discounted in the first year from $99 to $75.
Pros
Accepts bad creditNo deposit requiredCash back rewards
Cons
Very high advance feeForeign transaction feeHigh APR
To help you improve your credit, you have free access to Capital One’s CreditWise program that you can use to monitor your credit score. There is also $0 Fraud Liability included with your card membership. Pros
Fair credit neededNo annual fee or foreign transaction feesNo balance transfer fees
Cons
High interestNo introductory offerA limited line of credit
Like the Platinum card, Capital One offers an automatic account review usually within six months to assess your payment history and determine whether you are due for an increase in credit line. There is also free access to CreditWise for credit monitoring and a $0 Fraud Liability program should your card ever become lost or stolen. Pros
Unlimited rewardsNo foreign transaction feeFair credit needed
Cons
High APRNo rewardsNo intro APR
Pros
Extra cashbackIntroductory balance transfer feeIntroductory APR
Cons
A small line of creditRising transfer APRIncreasing transfer APR
There are also unlimited rewards with up to 1.5% cashback, so you do not have to track categories or spending. There is 1% cashback when you spend and up to 1.5% with timely payments, plus 2% to 10% off select merchants. The way you spend matters, too, with up to 1.5% cashback when you swipe your card. Pros
No feesLow starting APRCashback
Cons
APR can run highNo intro offerConfusing rewards structure
APR: How much you pay in interest can have an enormous bearing on your financial state, especially since unsecured credit cards may have higher interest rates than credit cards for good credit.Card requirements. Some credit card companies may require that you furnish other details to provide a financial overview without the need for a credit score.Rewards. Many credit card issuers offer perks for credit cards, such as cashback, points, or miles that can all be redeemed with different programs and partners. Introductory offer. credit cards may also come with an introductory offer, such as one that skips the purchase or balance transfer APR for a certain period. Automatic review: Most credit card companies will complete an automatic review to assess your spending and payment history. If you show a history of responsible payments, you could receive a lower rate for your credit card.
Take the time to seriously consider your needs before shopping and comparing your options for the best unsecured credit card for you. The three major credit bureaus are Equifax, Experian, and TransUnion. The best unsecured credit cards include options from leading financial institutions, such as Capital One and Chase. Ultimately, the best unsecured credit card for no credit all depends on your specific needs and financial goals. Keep in mind that credit cards typically require credit to apply for them, but we all have to start somewhere. If you have no credit to show, you have options. If your FICO score is below 669 and you need to build credit, you can get an unsecured credit card for fair credit. Just know that you’ll be subjected to higher interest rates and fees since they aren’t backed by cash deposits.
Avant Credit Card: A great alternative for bad credit Capital One VentureOne Rewards Credit Card: Excellent for milesChase Sapphire Reserve®: Travel rewardsCiti® Double Cash Card: Cashback
To help round out your search, consider our picks for the best bankruptcy credit card, the best crypto credit card, and the best small business credit card for 2022.
