In today’s increasingly digital world, credit cards are now a necessity. The good news is that they do not have to be a costly one. If you suffer from fair or bad credit, you may just be starting your credit history or rebuilding it after having made some credit mistakes.
Low income earners find obtaining good credit cards especially challenging, but it does not have to be. Fair credit applicants can select between no annual fee cards or rewards cards with an annual fee. We look at the best credit cards for low income earners with fair and bad credit next.
Best “Fair” Credit Cards
The Capital One Platinum Credit Card offers a perk to low income earners in the form of no annual fee. After you make your first five timely monthly payments, they may give you a higher credit line too. You get full fraud coverage and online banking access as well.
Meanwhile, the Credit One Bank Platinum Visa offers you no annual fee, a comparatively competitive APR, and a one percent cash back rewards program for all purchases. You also get access to your Experian bureau credit score online for free each month, and you can even select your own payment due date.
Best “Bad” Credit Cards
The Capital One Secured MasterCard offers low income earners with bad credit a no annual fee credit card with all of its advantages to building up your credit. Capital One pledges to report your history to all three of the major consumer credit bureaus. You make a cash deposit of $49, $99, or $200 and receive a starter credit line of $200.
Once you have made your first five monthly payments in a timely fashion, you will receive a higher credit limit too.
Another one to consider is the Milestone MasterCard that allows you to pre-qualify without having to suffer a hard credit inquiry on your credit report. They provide fraud protection and mobile account access to your account. This is a no frills card intended for people recovering from past credit mistakes, and it reports payment history to all three credit reporting bureaus.