Unfortunately, credit card holders with less-than-stellar credit seem to always get the short end of the stick. They are usually subject to higher APRs and interest rates, and are stuck with minuscule spending limits. Having bad credit can be no fun, but it doesn’t have to be all bad. There are some credit and prepaid debit cards that can help put bad credit right back on its track and most of the applications can be filled out easily online. Here are few credit cards for bad credit consumers:
Green Dot Prepaid MasterCard. This card is doesn’t require a credit check and doesn’t have all the traditional fees associated with a prepaid debit card. There is no credit check with this card. Also, this Green Dot card doesn’t require a minimum balance, it doesn’t charge for overdrafts or transaction fees on US purchases, there isn’t a monthly fee and activation is free when signing up online.
First Premier Bank MasterCard Credit Card. This is a secure credit card, which is different from a normal unsecured credit card. Secure credit cards require an upfront security deposit, which is returned after the pre-determined credit limit has been reached. A checking account, $95 security deposit, and completion of the simple online application form are all that is needed for approval. Once approved, the credit card will have a $300 spending limit and there is no penalty APR. Another good thing about this card is that MasterCard sends the results to the three major credit reporting agencies; this means that if you pay your bill on time and pay more than the minimum balance, it will have a positive effect on your credit score. A lot of secure credit cards say that they report the information, but fail to.
Wal-Mart MoneyCard Prepaid Visa. This is another good prepaid card, especially when direct deposit is set up. Direct deposit is free, but as an added bonus, cardholders who qualify for direct deposit will receive $10. Also, there is no minimum balance required with the card, no credit check, no overdraft fees, and no bank account is required.
Having bad credit in a world that revolves around credit can be a sad and limiting fate. Thankfully, bad credit no longer has to mean the end of affluence. By exploring some of the credit and prepaid credit card options above, you can use your card anywhere MasterCard and Visa are otherwise accepted.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.