2017 RANKING & REVIEWS
TOP RANKING BEST LOW CREDIT CARDS
Introduction: Credit Cards for Low Income and the Best Unsecured Credit Cards for Low Credit Scores
It is not easy to find credit cards for low income in today’s world. A few bad financial decisions here and there can leave you without a lot of options when it comes to applying for credit cards for low credit.
However, having access to a credit card is often a financial necessity, especially when the only other option is to visit your local loan shark.
Luckily, many banks and credit card issuers are beginning to offer credit cards for low income. These cards come both in secured and unsecured options, and with responsible use of the best credit cards for low credit, you’ll be able to begin the process of rebuilding your FICO credit score. With so many different best credit cards for low income earners out there, how do you know which option to choose?
Award Emblem: Top 6 Best Low Credit & Low Income Credit Cards
In this brief article, AdvisoryHQ will review the top six low income credit cards on the market today. We will begin by looking at the benefits of credit cards for low credit before offering a helpful comparative table of the most important terms and conditions of the best credit cards for low income.
We will also look at the top features of the best credit cards for low credit as well as explain where you can find the best credit cards for low income. Finally, we offer a complete review of the six best credit cards for low credit out there.
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The Benefits of the Best Credit Cards for Low Credit
Image source: Bigstock
If your credit score is hovering around the 600 mark or anywhere below that, chances are that you are not getting a bunch of credit card offers in the mail. If you are, you will most likely be wasting your time by sending in your applications. The catch-22 of not having good credit is that by not being able to apply to many of the best credit cards out there, you won’t be able to improve your credit score.
Finding a credit card for low-income earners is by far the easiest way to start the process of improving your credit score. By making on-time payments on your outstanding balance and avoiding keeping a balance that pushes the actual credit limit on your best credit card for low income, you’ll see your credit score begin to improve monthly.
By building your credit score with credit cards for low credit, you are also improving your chances of being able to get better terms for personal loans, auto loans, and even a future home mortgage.
Lastly, finding the best low income credit cards or unsecured credit cards for low credit scores will give you access to electronic payment options which are almost a necessity in our increasingly cashless society.
AdvisoryHQ’s List of the Top 6 Best Credit Cards for Low Income
List is sorted alphabetically (click any of the credit card names below to go directly to the detailed review section for that credit card):
- BankAmericard® Secured Credit Card
- Capital One Journey Student Credit Card
- Discover it® Secured Credit Card
- nRewards® Secured Credit Card
- SunTrust Secured Credit Card
- Wells Fargo Secured Credit Card
Top 6 Best Credit Cards for Low Credit| Brief Comparison & Ranking
Best Credit Cards for Low Income | APR % for Purchases | APR % for Cash Advances | Annual Fee |
| BankAmericard® Secured Credit Card | 20.49% | 20.49%–25.24% | $39 |
| Capital One Journey Student Credit Card | 20.24% | 20.24% | None |
| Discover it® Secured Credit Card | 23.24% | 25.24% | None |
| nRewards® Secured Credit Card | 9.24%–18.00% | 11.24%–20.00% | None |
| SunTrust Secured Credit Card | 20.24% | 25.24% | $32 |
| Wells Fargo Secured Credit Card | 19.24% | 24.24% | $25 |
Table: Top 6 Best Credit Cards for Low-Income Earners| Above list is sorted alphabetically
Top Features of the Best Credit Cards for Low Income Earners
When looking for the best credit card for low credit, it is important to take into consideration a variety of factors.
Many people who suffer from low credit scores will often jump at the opportunity the first time their application for a credit card for low income is accepted. However, with so many different best credit cards for low credit and unsecured credit cards for low credit scores out there, it’s important to carefully consider the options available to you.
Firstly, it’s always important to check the APR on the credit card for low income you’re applying to. While almost all of the best credit cards for low income people will have a substantially higher APR than other options for better credit scores, you can still find quite a difference among the credit cards for low income options.
Furthermore, you’ll want to look at whether or not the APR changes dramatically for cash advances on the best credit cards for low income that you are comparing. Many companies who offer the best credit cards for low-income earners will often advertise one low APR for purchases but substantially raise the APR on cash advances.
Lastly, you also want to check on whether or not the credit card for low-income earners that you are considering comes with an annual fee, a foreign transaction fee or high penalty fees for late payments. You can find low credit credit cards with minimum fees, so it pays to shop around.
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Where to Find the Best Credit Card for Low Income
Almost all major banks offer some sort of credit card for low credit. The majority of these best credit cards for low credit are secured cards, meaning you’ll have to make a deposit on the card in order to be given a credit line.
However, you can also find a few unsecured credit cards for low credit scores, especially if you’re a student or in the military. We will review one of the top unsecured credit cards for low credit scores below.
AdvisoryHQ’s Selection Methodology
What methodology does AdvisoryHQ use in selecting and finalizing the credit cards, financial products, firms, services, and products that are ranked on its various top rated lists?
Please click here “AdvisoryHQ’s Ranking Methodologies” for a detailed review of AdvisoryHQ’s selection methodologies for ranking top rated credit cards, financial accounts, firms, products, and services.
Detailed Review – Top Ranking Best Low Credit Credit Cards
Below, please find the detailed review of each credit card on our list of credit cards for low credit. We have highlighted some of the factors that allowed these credit cards for low income to score so high in our selection ranking.
BankAmericard® Secured Credit Card Review
The BankAmericard® Secured Credit Card is one of the best credit cards for low credit. While this card does require a deposit, the amount you deposit on this credit card for low income is completely refundable. You can also choose what your credit line will be by depositing anywhere between $300 and $4,900.
Image Source: Bank of America Corporation
With this top credit card for low credit, you will have to pay a $39 annual fee which is a bit higher than the other best credit cards for low income on this list. However, since this is one of the easiest best credit cards for low credit to receive a refund of your initial deposit, the annual fee might very well be a negligible fee if you can get back what you paid in.
Related: Top Best Credit Cards with No Annual Fee | Ranking & Reviews | Best No Annual Fee Credit Cards
Capital One Journey Student Credit Card Review
If you’re a college-aged student, you probably don’t have a great credit score. Many credit card issuers understand that your relative lack of financial experience shouldn’t count against you and will offer you unsecured credit cards for low credit scores. The Capital One Journey Student Credit Card is one of the top unsecured credit cards for low credit scores offered to students today.
Image Source: Capital One Corporation
As one of the best unsecured credit cards for low credit scores, it comes with no annual fee or foreign transaction fees –a plus for penny-pinching college students who are looking to travel abroad. At the same time, this credit card for low credit will allow you to earn 1% cash back on all your purchases as well as give you unlimited access to follow and track your credit score.
Discover it® Secured Credit Card Review
Of the best credit cards for low income that also come with a quality rewards program, the Discover it® Secured Credit Card is by far the leader of the pack. With this secured best credit card for low income, you can gain access to a credit for as little as a $200 deposit. This card also comes with no annual fee.
Image Source: Discover Corporation
What makes this card one of the best credit cards for low income, however, is the rewards program that comes with it. Among low credit credit cards, the Discover it® Secured Credit Card allows you to earn 1% cash back on every purchase and 2% cash back at restaurants or gas stations. This card proves that the best credit cards for low credit can also be rewarding.
nRewards® Secured Credit Card Review
For current or former members of the military and their families, the nRewards® Secured Credit Card is one of the best credit cards for low income. With this top credit card for low credit, you may be able to benefit from an APR as low as 9.24%. The high-end range of APR tops off at 18% which is still quite a bit lower than other best credit cards for low credit on this list.
Furthermore, this credit card for low income also comes with a rewards program that allows you to earn 1 point for every dollar spent. There is no annual fee associated with the card which means that you can enjoy your rewards without any hidden fees attached. To find out if you are eligible for this card, refer to the Navy Federal Credit Union website for more information.
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SunTrust Secured Credit Card Review
The SunTrust secured credit card is another quality option for people looking for the best credit cards for low income. With this top credit card for low credit, you will benefit from 2% cash back on grocery and gas purchases and 1% cash back on all other purchases. Furthermore, the SunTrust card comes with flexible rewards options that allow you to choose between cash back, travel rewards, gift cards, and more.
Of the best credit cards for low credit, this card also offers you free access to your FICO credit score and a credit education program to help you best understand how to improve your credit through the responsible use of the card.
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Wells Fargo Secured Credit Card Review
The Wells Fargo Secured Credit Card is the last of the low credit credit cards that we’ll review. With this top credit card for low income, you can gain access to a credit line with a low $300 deposit. The card does come with a $25 annual fee, but you can benefit from a 19.24% APR on purchases, which is on the lower end of low credit credit cards.
Furthermore, the Wells Fargo Secured Credit Card also offers the option to upgrade to an unsecured card over time, making it one of the best credit cards for low credit for long-term use.
After using your secured card responsibly for several months, Wells Fargo will report your use of the card to the credit bureaus. Once your credit score improves, you may be able to apply for one of the top unsecured credit cards for low credit scores also offered by Wells Fargo.
Conclusion – Top 6 Unsecured Credit Cards for Low Credit Scores
Finding the best credit card for low income shouldn’t be a hassle. There are dozens of low credit credit cards on the market today, and all of them offer decent terms and conditions that will help you start the process of rebuilding your credit score.
Whether you choose secured credit cards for low credit or unsecured credit cards for low credit scores, any of the six cards reviewed above is a great option for your credit needs.
AdvisoryHQ (AHQ) Disclaimer:
Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.
