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There are hundreds of credit cards on the market, each offering different benefits – cash rewards, travel points, building credit, 0% APR, and so on. It can be overwhelming and difficult to know which one is the best credit card for you.
Want a credit card but have bad credit? We have options for you!
If you’re having trouble choosing, there are steps you can take to narrow down the options and find a card that’s the best fit for you, your spending habits, and your credit situation.
We’re here to help make this process a whole lot easier. Below, we’ll walk you through the four steps you should take, the questions to ask, and help you find the best card for you.
Step 1. Check Your Credit Score and Report
Before you start browsing credit card offers you must understand your credit score. All credit issuers will take your credit score into account and most have minimum credit score requirements. You can check your credit score and report online at myFICO or through the major credit bureaus. Understanding your credit situation will help you identify which credit cards you’re likely to qualify for and which ones may be out of reach.
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Step 2: Decide on the Right Type of Credit Card
There are numerous types of credit cards each designed to cater to specific financial needs and lifestyles. Consider your priorities and preferences when choosing the type of credit card that suits you best. Do you want to earn rewards? Are you interested in building credit? There’s a credit card out there for everyone.
Rewards Credit Cards
If you want to earn cashback, travel rewards, or points for your spending, consider rewards credit cards. They often come with various bonus categories and perks.
As a Bonus: Earn cash back rewards, improve your credit, and get a cash advance with First Digital Mastercard®. Perfect credit is NOT required.
Credit Builder Cards
There are credit cards specifically for people with poor to fair credit. These cards are easier to get, do not require a security deposit, and will help you improve your credit with on time payments.
As a Bonus: Apply online for Surge Platinum Mastercard and get a credit limit of up to $1,000 that doubles in just 6 months.
Retail Cards
Merchant cards or retail cards are easier to be approved for than regular credit cards and can help you build credit with on time payments. Some don’t even require a credit check.
New
As a Bonus: We have a card for you! Apply online for Merit Platinum and you can be approved with no credit check and no employment check.
Secured Credit Cards
If you’re rebuilding or establishing credit, a secured credit card can be an excellent option. These do require a security deposit which serves as your credit limit.
As a Bonus: Build your credit with Go2bank’s Secured Credit Card. Get a credit limit starting at $100 with no credit check and no annual fee!
Step 3: Shop Around for the Best Card Offers
Now it’s time for the fun part, comparing credit card offers from different issuers. Consider bonus categories of rewards cards and the credit-building tools of credit builder cards. Pay attention to the annual percentage rate (APR) offered, especially if you plan on carrying a balance. This is the amount of interest you will pay. Always factor in fees. Most cards come with fees – annual fee, late payment fee, foreign transaction fee – so be sure you understand what fees are charged and if they’re worth it. Lastly, ask if the card issuer provides a credit limit increase. A higher credit limit can help you improve your credit score.
As a Bonus: Explore Extra, the debit card that boosts credit by 48 points on average. Build credit, earn rewards, and avoid debt!
Step 4: Apply for the Credit Card You Want
Once you’ve identified the credit card that gives you the best value it’s time to see if you prequalify before you apply. Prequalifying will not hurt your credit score, let you know if you have a shot at the card, and it is easy to do. Once you’ve prequalified, you can apply for the card of your choice via their website. Be sure to include all your income – government benefits, social security, child support, spousal income. A higher income will help you qualify and get you a higher credit limit, but be honest. Approval can take a few minutes or a few weeks. Once approved you’ll receive your card in the mail. Activate it and you’re ready to start using it.
As a Bonus: Prequalify for Destiny Mastercard! Destiny, the card that welcomes people of all credit types and helps build your credit.
Final Thoughts
Selecting the best credit card for you is an important decision. You have to assess your credit profile, determine the right type of card, compare offers, and apply strategically. But don’t stop there. Use your credit card the right way to get the most value from it. If you have a credit builder card or secured credit card and are trying to establish credit, be sure to pay your bills on time and in full every month and keep your credit use below 30% of your credit limit. These two practices will help boost your credit score and save you money. If you choose a rewards credit card, use your card for everyday purchases and pay your bills in full every month to rack up those rewards. The card you choose should help you reach your financial goals easily and affordably.
Do you have your eye on a credit card but don’t have the credit score yet to qualify? Read How to Turn Bad Credit Into Good Credit in 60 Days to find out how to boost your score fast and get your dream card.
