Are you struggling with bad credit but still want to take advantage of the perks that come with a premier credit card? You’re in luck! In this guide, we’ll introduce you to some of the top premier credit cards designed specifically for people with bad credit. Say goodbye to being denied and start reaping the benefits of responsible credit card use that can help improve your credit score and get you back on track.
Premier Credit Cards For Bad Credit Table of Contents
What is a Premier Credit Card?
A premier credit card is a high-end card that offers exclusive perks and benefits such as travel rewards, cash back, concierge services, and more. These cards typically require a good-to-excellent credit score (usually above 670) and may come with hefty annual fees.
Can You Get a Premier Credit Card with Bad Credit?
Yes, you can! While it may be more challenging to find a premier credit card with bad credit, there are options available that cater specifically to those who are rebuilding their credit. These cards may offer perks similar to traditional premier cards while helping you improve your credit score over time.
Considerations for Bad Credit Premier Credit Cards
Before applying for any credit card, be sure to keep the following key factors in mind:
- Annual fee: Many premier credit cards for bad credit come with substantial annual fees, so weigh the benefits against the cost.
- Interest rate: These cards often have higher interest rates than traditional premier cards, so try to pay your balance in full each month to avoid paying unnecessary interest.
- Credit limits: Premier cards for bad credit may have low credit limits initially, but responsible use may lead to credit limit increases over time.
- Perks and rewards: While these cards may have fewer or less valuable rewards compared to traditional premier cards, take full advantage of the perks that are offered.
Top Premier Credit Cards for Bad Credit
Below are some of the best premier credit cards available for individuals with bad credit:
1. Secured Mastercard® from Capital One
- Refundable security deposit of $49, $99, or $200 based on your creditworthiness
- Initial credit limit of $200, with access to a higher credit line after making the first 5 monthly payments on time
- No annual fee
- Helps you build credit with responsible use, as Capital One reports to all three major credit bureaus
2. Discover it® Secured Credit Card
- Refundable security deposit of $200 up to $2,500, which determines your credit limit
- Earn unlimited 1% cash back on all purchases, plus 2% cash back at gas stations and restaurants (up to $1,000 in combined purchases each quarter)
- No annual fee
- Discover will review your account after eight months for potential unsecured card graduation
3. Credit One Bank® Platinum Visa® for Rebuilding Credit
- Available to those with bad credit, no deposit required
- Earn 1% cash back on eligible purchases
- Annual fee ranges from $0 to $99, depending on your creditworthiness
- Accounts are regularly reviewed for credit line increases
Premier Credit Cards For Bad Credit Example:
Imagine you have a credit score of 580 and are looking to rebuild your credit while also enjoying some perks. After reviewing your options, you decide to apply for the Discover it® Secured Credit Card. You provide a $500 security deposit and receive a $500 credit limit. Over the next few months, you consistently make all of your payments on time and use your card responsibly, earning cash back on purchases. After eight months, Discover reviews your account, and you are graduated to an unsecured card, with your security deposit refunded to you. Now, not only have you rebuilt your credit, but you've also enjoyed premier card benefits in the process.
Rebuilding your credit doesn't mean you have to miss out on the perks and benefits offered by premier credit cards. By exploring the options available to you and using your card responsibly, you can work towards a better credit score while still enjoying some of the advantages of a premier credit card. If this guide helped you find the perfect credit card for your needs, be sure to share it with others and explore more helpful content here on Flik Eco!