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Unsecured Credit Cards
If used properly, your secured cards should build your credit enough to move on to the next step which is getting unsecured cards.
Do not apply for these cards if your credit score is not above 600.
Unsecured credit cards are useful for the rebuilding process.
However, it might be cheaper to use secured credit cards.
Unsecured credit cards are important to have in case you need a small, short term loan. You do not have to put down a deposit and the credit line will be available when and if you need it. We all know that emergency funds are sometimes needed and these cards should be used for that purpose. Interest rates are usually high. If you use the card, pay it off quickly.
Credit cards for credit score 600 & above
Applicants with FICO credit scores of 600 or above can qualify for the Upgrade Visa® Card with Cash Rewards, and unlike a lot of other cards available to those with less-than-stellar credit, there's no security deposit or annual fee. Because on-time payments are reported to the three major credit bureaus, the card can help you build your credit scores over time with responsible use.
It earns cash-back rewards
The Upgrade Visa® Card with Cash Rewards unveiled a cash-back rewards program in October 2020. You'll earn 1.5% cash back on all purchases, and earnings will be applied to the next month’s balance on your card, almost like a prepayment on your bill. This redemption process may not be ideal for everyone (more on that below). But still, it's uncommon for an unsecured card geared toward those with fair credit to offer rewards and charge a $0 annual fee.
Fixed monthly payments make budgeting easier
Revolving balances on typical credit cards have no set deadline to be paid off in full, and the amount you owe can change — and balloon — over time thanks to variable interest. The Upgrade Visa® Card with Cash Rewards treats your debt like a personal loan. Any time you don’t pay your credit card bill in full, you’re charged a fixed interest rate on the remaining balance. You have 24, 36 or 60 months (depending on what you’re approved for) to pay it off in equal monthly installments. You can also prepay any amount at any time with no penalty, and monthly payments can be debited directly from any bank account.
The Upgrade Visa® Card with Cash Rewards also allows you to see what credit line you’d qualify for without initiating a hard pull on your credit report. Such hard pulls can temporarily ding your credit scores, which isn't ideal for those with low scores to begin with. A hard inquiry is completed only once you agree to the terms.
The Capital One Platinum Credit Card is a good credit card for people with average credit or who are new to credit. It is worth applying for the Capital One Platinum Card because of its $0 annual fee and the fact that it reports account information to the 3 major credit bureaus each month. That’s all you need to build credit inexpensively. Just make sure to pay the monthly bills on time and keep your balance well below Capital One Platinum’s credit limit.
If you need a card for emergencies, this may be the one to get. There is no application fee and no monthly fee. Your credit line will start at $300.00 however they will charge the yearly fee of $75.00 immediately which reduces your available credit to $225. The interest rate could be above 20% so you would want to pay off balances as quickly as possible. If you need access to quick, small loans, this would be a good card for that purpose.
