Second chance credit cards are a great way to rebuild credit.
But choosing a second chance credit card can be overwhelming. We’ve compiled 5 second chance credit cards to help you pick the best credit card to rebuild credit.
Second chance credit cards should be treated just like a traditional credit card when it comes to management. Purchases made on your credit card must be repaid on time. Even though the credit card issuer gives you option to repay your balance over time, it’s best to pay in full each month when you want to rebuild credit.
Once you’ve established a good repayment history over 12 to 24 months, you’ll be in a good position to open credit cards for good credit to take advantage of the many perks, for example:
- Rewards credit cards: Rewards cards pay cash back, miles, or points rewards on your purchases.
- Balance transfer credit cards: Balance transfer cards offer a (temporary) low introductory rate on balances you transfer to the credit card.
- Low interest rate credit cards. Low interest cards offer a low introductory rate on purchases. Some credit cards offer the low rate for both balance transfers and purchases.
Start rebuilding your financial future with a second chance credit card.
5 Second Chance Credit Cards to Rebuild Credit
- All credit types welcome to apply
- Monthly reporting to the three major credit bureaus
- Initial Credit Limit of $400.00* (Subject to available credit)
- Fast and easy application process; results in seconds
- Use your card at locations everywhere Mastercard® is accepted
- Free access to your Vantage 3.0 score from TransUnion* (When you sign up for e-statements)
- Checking Account Required
- Checking Account Required
- Fast and easy application process; response provided in seconds
- A genuine Visa credit card accepted by merchants nationwide across the USA and online
- Manageable monthly payments
- If approved, simply pay a Program Fee to open your account and access your available credit
- Reports monthly to all three major credit bureaus
- Build Your Credit fast with our monthly reporting to all 3 major credit bureaus.
- Choose your credit line as low as $200 up to $3000, secured by a fully-refundable* security deposit.
- Security deposit needs to be submitted before the credit card can be issued.
- No credit check necessary and no checking account required; apply in less than 5 minutes.
- Extra credit when you need it, increase your credit line up to $5000.
- Access to online financial education.
- *View our Cardholder Agreement located at the bottom of the application page for details of the card. Click the Apply Now button to get to the application page.
- Receive Your Card More Quickly with New Expedited Processing Option
- No Credit History or Minimum Credit Score Required for Approval
- Quick and Complete Online Application
- Full-Feature Platinum MasterCard(R) Secured Credit Card
- Good for Car Rental, Hotels; Anywhere Credit Cards are Accepted!
- Monthly Reporting to all 3 Major Credit Bureaus to Establish Credit History
- Credit Line Secured by Your Fully-Refundable Deposit of $200 — $2,000 Submitted with Application
- Just Pay Off Your Balance and Receive Your Deposit Back at Any Time
- 24/7 Online Access to Your Account
- Nationwide Program though not yet available in NY, IA, AR, or WI
*See Card Terms.
How to avoid credit card debt with second chance credit cards
There’s always that possibility of getting into debt with credit cards because you are essentially borrowing money. It can take years to get out of credit card debt, especially if you pay only the minimum due. Here’s how to avoid credit card debt:
- Charge only what you can afford. Never use your credit card to live above your means.
- Purchase only items you need, like gas, groceries, or even pay utilities with a credit card. These are basic necessities which you pay monthly anyway. In order to rebuild credit put the basic purchases on the credit card, then pay in full the next month and you’ll have an excellent payment history.
- Pay your balance in full each month. As long as you’re paying off your credit card balance, you’re staying out of debt.
- If you don’t have the cash in your bank account to cover the full amount purchased with a credit card, don’t make the purchase. Credit cards are not additional income – they are borrowed money.