By now, those who were looking for a solid way to rebuild their credit histories have already looked into and/or applied for a secured credit card. While that remains the one sure way of gaining approval for a credit card, there also exists several credit card offers that are geared toward those with poor to fair credit and that do not require a security of any kind.
These unsecured credit cards do have some guidelines an applicant must qualify for, but for the most part, the approval process is significantly more forgiving than today’s gold credit cards or other credit cards with higher restrictions. Here, we’ve outlined a few of those unsecured credit card options that you may qualify for if you’re struggling to rebuild your credit.
Orchard Bank Classic MasterCard
This unsecured credit card offer covers all the bases many are looking for, especially those whose credit ratings aren’t as solid as they could be or once were. First, Orchard Bank reports to all three major credit bureaus each month. This certainly lends to a positive effort of increasing your scores. Plus, card holders are afforded all of the safety considerations behind the MasterCard name.
You’ll enjoy real time access to your account and you can stay on top of it, even when you’re away from home. Sign up for text messaging for bill reminders, purchase alerts and even payment alerts. Naturally, you’re going to be paying a higher interest rate, but keeping your eye on the proverbial ball means you can enjoy those lower interest rates a better credit score provides. Your APR for cash advances is high, as well.
It’s likely you’ll pay 20% or more. There are also other fees, including an annual fee that ranges from $19 to $59, depending on which card you are approved for. Finally, for those whose credit isn’t strong enough for the unsecured offer, Orchard Bank offers a secured credit card. It’s a great jumping off point that will get you back to the land of unsecured credit card offers.
Household Bank Rewards MasterCard
Unlike the Orchard Bank offer, the Household Bank Rewards MasterCard has a points reward program. You’ll earn up to 2% cash back on all of your purchases, plus, you’re rebuilding your credit in the process.
Pay bills online, do your holiday shopping – it all qualifies for cash back. You’ll also enjoy an introductory 0% APR for nine months that’s applicable for your purchases and balance transfers. Keep in mind, though, cash advances aren’t included in the promotional APR reduction. Enjoy the flexibility of choosing your own payment date and you can set up bill pay for all of your bills. If you do not qualify for the Household Bank MasterCard, you’ll be offered a prepay program designed to rebuild your credit so that you can qualify for an unsecured credit card sooner.
Orchard Bank Visa
Finally, we take a look at the Orchard Bank Visa unsecured credit card offer. This credit card also allows you to transfer balances, providing an opportunity to pay down your debt at a lower interest rate. The Orchard Visa reports to all three credit bureaus each month, which can help rebuild your credit history faster. There is an annual fee that’s based on creditworthiness. It generally ranges from $19 to $59 and of course, your APR is based on your creditworthiness as well. Other fees include a $30 late fee, a $19 over the credit limit fee and a processing fee might apply once approved. Of course, avoiding the over the limit and late fees is easy with on time payments and responsible use of the credit card.
These are just a few of the unsecured credit card offers designed to help you rebuild your credit without a huge security deposit or matching deposits. Be sure to read the terms and conditions carefully as these offers will vary slightly from the traditional credit card offer. Your goal is to pick up the pieces and move forward and even if you’re not quite ready for an unsecured credit card, we encourage you to consider the power of a secured credit card, as these are designed to ensure you have better options in the future. Choose wisely and your less than perfect credit history will be just that: history.
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