A bankruptcy filing can be used to obtain a credit score card. You will likely not get many features on your first card and may have to make a deposit to start. But eventually, most good credit card companies will let you upgrade. You can even graduate to a credit card with no security deposit. Here are some helpful tips to obtain a card following bankruptcy.
Milestone Mastercard
Milestone Mastercard credit may be an option for you if your credit history is poor and you have recently filed for bankruptcy. The company matches borrowers with bankruptcy filings to the best possible card for them. There is no security fee and the credit limit can be $300. Considering the high annual fees, the $300 credit limit is quite low. Milestone Mastercard applicants have the option to pre-qualify for their card before they apply. This will not affect their credit score. They cannot guarantee approval.
Many consumers have had problems with Milestone Mastercard despite its positive features. You will also need to pay the cash advance interest rate of 29.9%. If not paid on due dates, this can lead you to incurring serious interest charges. Using the card responsibly will help you rebuild your credit history, but you must also be aware of its terms and conditions. Milestone Mastercard's terms and condition are the same as any other credit card. Late payments may cause you to lose your score.
First Access Visa
First Access Visa r Credit Card (if you have poor credit) might be a good option for you. This unsecured card doesn't require a security deposit and has a $300 credit limit. The card's downside is its high fees. The initial $170 fee is payable upfront. There are also annual and transaction charges.
The card has an average 21-day payment deadline. Many other cards only allow 24-25 days for payments to be considered late. You may be charged a $3 copying fee if you have to print documents because of a billing error. The card does not offer rewards or an introductory APR. However, it waives the cash advance fee, monthly service fee (upto $8.25), and 3 percent cash advances.
Bank of America Customized Cash Rewards Secured Credit Card
The Bank of America Customized Money Rewards Secured credit card offers three percent cashback in your chosen category. Other purchases earn one percent cashback, while purchases made at restaurants and grocery stores earn two percent. You can switch the category once a month. In addition, you can enjoy a 0 percent intro APR for 15 billing cycles on balance transfers. The feature is only available for purchases of at least $2,500 made on your card in one quarter.
The Bank of America Customized Cash Rewards Secured Card is designed especially for people with bad credit. This card will help you rebuild credit. It has no annual fee and provides free credit score monitoring. Even though it can be difficult for bankruptcy victims to build credit, there are many ways to use this card to start the recovery process. The best thing about this credit card for bankrupts? It offers great rewards. Cashback can be earned on certain purchases. You can also get rewards for purchases at wholesale clubs and grocery stores.