You can apply for a credit card if you have filed bankruptcy. Your first card will not come with many features and you might need to pay a security deposit before you can get started. Most credit card companies are willing to let you upgrade. Even without a security deposit, you can upgrade to a credit-card. Here are some tips on how to get a new card after bankruptcy.
Milestone Mastercard
If you have filed for bankruptcy and have negative marks on your credit report, you may want to consider applying for the Milestone Mastercard credit card. The company matches bankruptcy filers with the best card. There is no security deposit and the credit limit is $300. Considering the high annual fees, the $300 credit limit is quite low. Milestone Mastercard allows applicants pre-qualify before applying. This will not adversely affect their credit scores. They cannot guarantee approval.
Milestone Mastercard is not without fault. Its cash advance APR, at 29.9%, can lead to high interest rates if not paid on the due date. Although responsibly using the card can help you rebuild your credit rating, you must be aware of all terms and conditions. Milestone Mastercard, like all credit cards, has strict terms and conditions. Late payments can cause your score to drop.
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 only problem is the high fees that come with the card. A $170 initial fee and additional annual and transaction fees are required.
The card has a 21 day payment deadline. This is slightly shorter than average credit cards. The payment deadline for other cards is 24-25 days. There may be a $3 fee for copying documents due to billing errors. This card doesn’t offer rewards programs or an introductory interest rate. However, the cash advance fee is waived and a monthly service fee of $3 may be charged for cash advances.
Bank of America Customized Cash Rewards Secured Credit Card
The Bank of America Customized cash Rewards Secured card gives you three percent cash back in any category. Other purchases earn 1% cash back, while meals and grocery store purchases earn 2%. You can switch the category once a month. For balance transfers, you will be eligible to enjoy a 0 per cent intro APR for 15 consecutive billing cycles. This feature is not available if you spend less than $2,500 on your card in a quarter.
The Bank of America Customized Rewards Cash Rewards Secured Card is made for people with poor credit. This card is free of annual fees and can help rebuild credit. 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. One of the biggest advantages of this credit card for bankrupts is that it offers great rewards. You can get cash back on selected purchases and rewards for purchases made at wholesale clubs or grocery stores.