Credit Cards, Insights

Best Credit Cards for a 500 Credit Score in 2022

flik eco finance personal best credit cards for a 500 credit score

If you have a 500 credit score, you’re not alone. In fact, about 1 in 4 Americans have a credit score of 500 or below. This doesn’t mean that you can’t get a credit card though! There are many great credit cards for people with a 500 credit score. In this article, we will discuss the best credit cards for people with a 500 credit score. We will also provide tips on how to improve your credit score.

What Are Credit Cards?

Credit cards are one of the most popular methods of payment today. A credit card allows you to borrow money from a lender and then pay it back over time. Credit cards can be used for purchases made in stores, online, or over the phone. They can also be used to withdraw cash from ATMs.

What Are The Different Types of Credit Cards for 500 Credit Score?

There are a few different types of credit cards for 500 credit score. The best one for you will depend on your spending habits and what you want to use the card for.

If you’re looking for a general purpose credit card, then a secured credit card is likely your best option. Secured cards require a deposit, but they can help you build your credit score while still giving you access to a line of credit.

If you’re looking for a card with more perks and rewards, then you’ll want to look at unsecured cards. These don’t require a deposit, but they often have higher interest rates and fees. However, if you use the card responsibly, you can still earn rewards like cash back or points.

Finally, if you have bad credit, there are a few options available to you. Some cards may have higher fees and interest rates, but they can help you rebuild your credit score. Just make sure to read the terms and conditions carefully before signing up for any card.

What Are The Benefits of Getting a Credit Card for a 500 Credit Score?

There are a few benefits of getting a credit card for 500 credit score. One is that it can help improve your credit score. If you use the credit card responsibly and make all of your payments on time, you will see your credit score gradually improve. This can be beneficial if you are looking to apply for loans in the future.

Another benefit of having a credit card for 500 credit score is that it can help you build up your credit history. If you don’t have much credit history, it can be difficult to get approved for loans or other lines of credit. Having a credit card can help you establish a good payment history, which will make it easier to get approved for credit in the future.

Lastly, having a credit card for 500 credit score can give you access to emergency funds. If you ever find yourself in a situation where you need money quickly, having a credit card can be a lifesaver. You can use it to cover unexpected expenses or even to help pay for things like car repairs or medical bills.

What Are The Best Credit Cards for a 500 Credit Score?

If you have a credit score of 500, you’re not alone. In fact, according to Experian, 21% of Americans have a FICO® Score of 300 to 499. While your credit score may not be where you want it to be, there are still some options for credit cards available to you. Here are a few of the best credit cards for people with a 500 credit score:

The Capital One® Secured Mastercard®

The Capital One® Secured Mastercard® is one option that people with bad credit can consider. With this card, you’ll need to make a security deposit equal to your credit limit in order to open an account. The minimum deposit is $49, and the maximum is $200. You’ll also earn 0% APR on your first purchase with the card.

The Discover it® Secured Credit Card

The Discover it® Secured is another option for people with bad credit. This card also requires a security deposit, but you can get started with a minimum deposit of just $200. You’ll also earn cash back on your purchases, and there’s no annual fee.

The Citi® Secured Mastercard®

The Citi® Secured Mastercard® is another option to consider if you have bad credit. With this card, you’ll need to make a security deposit of at least $200. However, you can get started with a smaller deposit of just $49 if you’re willing to pay an annual fee of $25. You’ll also earn 0% APR on your first purchase with the card.

These are just a few of the best credit cards for people with a 500 credit score. If you have bad credit, you may not be able to get approved for the best rewards credit cards or the best travel credit cards.

However, there are still some options available to you.

Consider one of these secured credit cards in order to help rebuild your credit. Once you’ve improved your credit score, you can apply for a better card. In the meantime, these secured cards can help you get started on the road to good credit.

How to Decide Which Type of Credit Card for a 500 Credit Score You Want?

There are a few things to think about when you’re trying to decide which type of credit card is best for you. First, what is your credit score? If it’s below average, then you might want to consider a secured credit card. These cards require a deposit, but they can help you build up your credit score.

Another thing to think about is whether or not you want a rewards card. These cards offer points or cash back on your purchases, but they usually have higher interest rates. If you carry a balance on your card, then the rewards probably aren’t worth it.

Finally, consider what kind of perks you’re looking for in a credit card. Do you want a low APR? Cash back on gas purchases? A card that doesn’t have an annual fee? There are a lot of different cards out there, so take some time to research and find the best one for you.

If you have a 500 credit score, then you might be limited in your choices for credit cards. However, there are still a few good options out there. Here are the best credit cards for a 500 credit score:

Secured Credit Cards

These cards require a deposit, but they can help you build up your credit score. Look for cards with low fees and APRs.

Rewards Cards

These cards offer points or cash back on your purchases, but they usually have higher interest rates. If you carry a balance on your card, then the rewards probably aren’t worth it.

Perks Cards

These cards offer perks like cash back or a low APR. Look for cards that don’t have an annual fee and that fit your spending habits.

What Credit Limit Do Credit Cards for a 500 Credit Score Have?

Most credit cards for a 500 credit score have a credit limit of $500. However, there are some cards that have a higher credit limit. For example, the Citi® Secured Mastercard® has a credit limit of $2000.

What Is the Interest Rate on Credit Cards for a 500 Credit Score?

The interest rate on credit cards for a 500 credit score is usually between 20% and 30%. However, there are some cards that have a lower interest rate. For example, the Discover it® Secured Card has an APR of only 14.99%.

Do Credit Cards for a 500 Credit Score Report to The Three Major Credit Bureaus?

The best credit cards for a 500 credit score will report to the three major credit bureaus. This is important because it will help you improve your credit score. A high credit score is important for getting approved for loans, mortgages, and other lines of credit. It can also help you get lower interest rates on those things. So, if you have a good credit card that reports to the three major credit bureaus, it can help you out in the long run.

What is The Best Way to Use a Credit Card?

If you have a credit card with a low limit, you may be wondering if it’s worth using it. The best way to use a credit card is to make small purchases that you can afford to pay off each month. This will help you build your credit score and improve your financial situation.

There are a few things to keep in mind when using your credit card:

  • Use your credit card for everyday expenses like gas or groceries.
  • Make sure you can pay off your balance each month.
  • Avoid using your credit card for cash advances or gambling.
  • Keep your credit utilization low by only using a small portion of your available credit.

Do The Best Credit Cards for a 500 Credit Score Have Any Annual Fees?

The best credit cards for a 500 credit score generally don’t have any annual fees. However, you may be able to find some cards that have low annual fees.

If you’re looking for a card with no annual fee, you may want to consider a secured credit card. Secured credit cards require a deposit, which is used as collateral for the credit limit.

This means that if you default on your payments, the issuer can keep your deposit.

Do The Best Credit Cards for a 500 Credit Score Offer 0% APR?

The best credit cards for a 500 credit score will offer you 0% APR on your purchases. This means that you won’t have to pay any interest on your purchase for a certain period of time.

Do The Best Credit Cards for a 500 Credit Score Come With Sign-Up Bonuses?

The best credit cards for a 500 credit score will come with sign-up bonuses that can help you improve your credit score. These bonuses can be in the form of cash back, points, or miles. However, you should make sure that you read the terms and conditions of these offers before you apply for them.

Can a 500 Credit Score Get An Amex Card?

The answer is yes, but it isn’t going to be easy. American Express has some of the best credit cards on the market, but they also have some of the strictest requirements. If you have a 500 credit score, you’re going to need to jump through a few hoops to get approved.

First things first, you’ll need to make sure that your 500 credit score is actually accurate. Check your credit report for any errors or inaccuracies and dispute them if necessary. Once you’re confident that your credit score is accurate, you can start shopping around for an Amex card.

There are a few Amex cards that could be a good fit for someone with a 500 credit score. The Blue Cash Everyday® Card from American Express is a great option for people who want to earn cash back on their everyday purchases. The card comes with no annual fee and offers a 0% intro APR on purchases and balance transfers for 15 months.

If you’re looking for a travel rewards card, the Starwood Preferred Guest® Credit Card from American Express could be a good option. The card comes with an annual fee of $95, but it’s waived the first year. You can also earn up to 25,000 bonus points after you spend $3000 on purchases in the first three months.

Is It Easy to Qualify for a Credit Card With a 500 Credit Score?

No, it’s not easy to qualify for a credit card with a 500 credit score. In fact, it’s quite difficult.

There are a lot of factors that go into determining whether or not you’ll be approved for a credit card, and your credit score is just one of them.

That being said, there are still some credit cards out there that you may be able to qualify for if you have a 500 credit score. Here are some of the best options:

  • The Discover It Secured Card: This is one of the best secured cards on the market. It offers cash back rewards, and you can get your deposit back after 12 months if you’ve used the card responsibly.
  • The Capital One Platinum Credit Card: This is a great option for people with bad credit. It has no annual fee, and you can get a higher credit limit if you make your payments on time.
  • The Citi Secured Mastercard: This is another great secured card that offers cash back rewards. It also has no annual fee.

These are just a few of the best credit cards for people with a 500 credit score.

author-avatar

About Jermaine Hagan (The Plantsman)

Jermaine Hagan, also known as The Plantsman is the Founder of Flik Eco. Jermaine is the perfect hybrid of personal finance expert and nemophilist. On a mission to make personal finance simple and accessible, Jermaine uses his inside knowledge to help the average Joe, Kwame or Sarah to improve their lives. Before founding Flik Eco, Jermaine managed teams across several large financial companies, including Equifax, Admiral Plc, New Wave Capital & HSBC. He has been featured in several large publications including BBC, The Guardian & The Times.

Related Posts