Choosing a credit card that fits your needs depends to a great extent on your credit score. The higher your score, obviously, the greater your choices. However, a low credit score doesn’t automatically disqualify you from obtaining a credit card.
You will be happy to know that you still have a lot of good credit card options out there. In this article we will discuss some of the best cards to have for high scores as well as cards especially designed for less than perfect credit. First, let’s start with cards for those who have excellent credit.
Best Credit Cards for Excellent Credit
If you have excellent credit, there is a lot of competition for your business. Whether you are interested in travel rewards or cash rewards, there are a lot of great options for you to consider. Below is just a sampling of cards for you to consider. Chase Bank offers a couple of good choices.
Chase Sapphire Preferred
Chase Sapphire is a great card for travel rewards. After opening the account, spend $4000 in three months. This equals 60,000 points or $750 towards travel. You also receive twice the points on restaurant dining and travel. You still get one point for each dollar on all other spending.
Chase Freedom Unlimited
Chase Freedom is a good card for cash back. Spend $500 in three month after opening your account. Get a $150 cash reward. With all purchases you will receive 1.5% cash back. No annual fee with this card.
Discover has a good cash back card. The Discover It Card will actually match all of the cash back you have earned for your purchases once you have owned and used the card for one year. Another great perk is the 5% cash back you receive when using the card at various places. You receive 1% on all other spending.
The above listed cards are among the best of the many cards available. Offers change all the time so do your research and choose the card that works best for you. Other cards to consider if you have excellent or good credit are:
- Bank of America Cash Rewards
- US Bank Cash Signature
- Citi Double Cash
- Capital One Venture
Next, we will consider some of the cards to consider if your credit is fair. These cards should be fairly easy to get approved for.
Best Credit Cards for Fair Credit
If your credit is less than perfect, no need to worry. There are still some very good options for those with fair credit. Capitol One always appears at the top of the list for credit cards for fair credit scores. Below are some of the cards you should consider.
Capital One Quicksilver
If you want a cash back card, consider the Quicksilver card. It offers 1.5% cash back on all purchases. We’re talking unlimited cash back for the life of the account. In addition, if you make five on time payments you will be considered for an increase in your credit line. However, there is an annual fee of $39 but this is still is a good card for the cash back perks.
Capital One Platinum
If you prefer a card with no annual fee then consider the Platinum card. No cash back or other perks but if you’re looking for a good basic card for emergency use rather than daily use, then this is your card.
Other cards to consider are listed below.
- Barclay Rewards Mastercard
- Avant Card
- Indigo Platinum
Again, do your homework and research all credit offers for hidden costs. There is definitely a card out there for anyone with fair credit. Next, we will discuss cards for those whose credit is considered poor.
Best Cards for Poor Credit
Let’s face it. If you have less than perfect or poor credit, your choices are limited. But all is not lost. You can still get a credit card but you will have to pay a bit more for the privilege. Your best bet is to go with a secured card. Below is a list of some you should consider.
Capital One Secured
What’s great about this secured card is there is no annual or monthly fees. You will start out with a line of credit of $200. Your deposit to open an account will be based on a credit review. It could be a low as $49. Worst case scenario is you will need to come up with the entire $200. However, if you use the credit responsibly, you will be on your way to improving your credit.
Credit One Platinum Visa
This Credit One card is offered specifically for those interested in rebuilding their credit. This card comes with a steep fee of $95 annually. However, your credit line will be $300. So if you need quick access to funds in an emergency, then think about this card. It is not a secured card so essentially you are paying $95 for a $205 line of credit. Having said that, if you have bad credit and want to use this card to raise your credit score, then by all means give this card some thought.
Open Sky Credit Card
Open Sky is another secured card for those with bad credit. There is no credit check with this card. What you will need to get this card is $200. In addition, you have to be 18 years old and must be able to make payments on time. There is an annual fee of $35 which is reasonable. Since Open Sky reports to the three major credit bureaus, this card offers you a great chance to rebuild your credit.
Simple Rules When Applying For A Card
There are a couple of simple rules to follow before you apply for a credit card. Here are some essential tips to consider:
- Know your credit score
- Decide if you want a card or if you really need a short-term loan. If it’s the latter, check out the Best Bad Credit Loan options.
- Sign up for a credit monitoring service
- Consider using a prepaid debit card if you find yourself falling behind
Understanding your credit score is a key factor when applying for any kind of credit. Government law permits you to get a free duplicate of your credit report from every credit reporting office. In this way, you can guarantee the data being reported on your credit reports is right.
To get a duplicate of your free credit report from the three credit reporting offices, visit AnnualCreditReport.com. Not only will checking your credit regularly help you comprehend what’s going with your credit report, it can also likewise shield you from future negative effects of identity theft or credit card fraud. In another one of our post we suggested trying a free copy of Identity Guard for your credit monitoring needs.